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MGT-101 Final Term Exams Preparation Virtual University MCQs With Answers

Question # 1

Accrued expenses are the example of

Choose an answer

Current liabilities

Long term liabilities

Capital expenses

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Question # 2

The asset which have limited useful life are termed as :

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Limited assets

Depreciation assets

Unlimited assets

None of the given option

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Question # 3

_____ is the amount for which an assets could be exchanged between knowledge willing parties in a arm length transaction

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Present Value

Fair Value

Book Value

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Question # 4

Bank book is a part of :

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Voucher

General journal

General ledger

trail balance

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Question # 5

While making income and expenditure account,excess of income over expenses in a specified accounting is called :

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Profit

Loss

Surplus

Deficit

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Question # 6

Income of the business includes:

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Cash sales only

Credit sales only

Credit purchase only

Both cash sales and credit sales

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Question # 7

Which of the following items appears in Trading account of business?

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Interest expenses

Wages and salaries

Depreciation expenses

Discount allowed

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Question # 8

According to double entry system of accounting,an accounting that obtain benefit is

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Debit

Credit

Income

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Question # 9

The amount of depreciation charged on machinery will be debited to:

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machinery account

depreciation account

cash account

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Question # 10

If the cost of the sales is Rs 60,000 are Rs 95,000 and opening expenses are Rs 20,000 during the year.What would be the net profit?

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Rs 15000

Rs 35000

Rs 55000

Rs 60000

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Question # 11

Bank reconciliation statement is :

Choose an answer

a memorandum statement

a ledger account

a part of cash book

a part of journal

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