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MGT-101 Final Term Exams Preparation Virtual University MCQs With Answers
Question # 1
A decrease in value of a fixed asset due to age ,wear and tear is known as
Choose an answer
depreciation
accumulated depreciation
WDV
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Question # 2
The asset which have limited useful life are termed as :
Choose an answer
Limited assets
Depreciation assets
Unlimited assets
None of the given option
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Question # 3
Double entry accounting system include:
Choose an answer
Accrual accounting only
Cash accounting only
Both A and B
None of the given
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Question # 4
Which of the following essentials are shown in Bank book?1.Date of transaction ,2.Narration of transaction ,3.Cheque Number
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1,2
2,3
1,3
1,2,3
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Question # 5
The area of accounting concerned with reporting financial information to the interested parties is called
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cost accounting
financial accounting
management accounting
tax accounting
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Question # 6
____ is the detail of transaction in one account provided by the bank
Choose an answer
bank statement
income statement
bank reconciliation statement
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Question # 7
Which of the following shows summary of a company financial position at a specific date?
Choose an answer
Profit and loss account
Cash flow statement
Balance Sheet
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Question # 8
Following are the inventories of Manufacturing Concern EXCEPT
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Raw material
work in process
finished goods
merchandise inventory
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Question # 9
Depreciation arises because
Choose an answer
fall in market value of an asset
fall in the value of money
physical wear and tear
all of the above
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Question # 10
Which of the following account will be credit,if business sold goods for Rs 10,000 on credit?
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Cash account
Sales account
account receivable account
purchase account
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Question # 11
What type of expense are paid out of gross profit?
Choose an answer
Selling expenses
general expenses
financial expenses
All of the above
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