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MGT-101 Final Term Exams Preparation Virtual University MCQs With Answers
Question # 1
Firms chargers depreciation each year :
Choose an answer
To ensure there is enough money in the firm to replace the asset
To spread the cost of the asset over its working life
Because the law state must be reduced
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Question # 2
Cost incurred for the maintenance of the shop is considered as
Choose an answer
Deferred expense
Capital expenses
Revenue expenses
Preliminary expenses
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Question # 3
Accountancy cover which of the following series
Choose an answer
bookkeeping
accounting
auditing
all of the above
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Question # 4
The product that are ready for sale are known as
Choose an answer
raw material
work in process
finished in goods
closing stock
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Question # 5
Which of the financial statement DO NOT show the financial health of a business at specific date?
Choose an answer
Profit and Loss account
Balane Sheet
Statement of financial position
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Question # 6
An asset that is not physical in nature is called ____
Choose an answer
intangible asset
liquid assets
current asset
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Question # 7
An estimate of the income and expenses needed to carry out business plans for a fiscal year is known as :
Choose an answer
Budgeting
costing
Management
Auditing
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Question # 8
Which of the following is NOT prepared by Non Profit organization?
Choose an answer
Profit and loss account
Income and expenditure account
Receipts and payments accounts
Balance sheet
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Question # 9
The price paid for an item , in terms of currency is called
Choose an answer
Sale
Cost
Debt
Revenue
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Question # 10
The favourable balance of profit and loss account should be:
Choose an answer
added in liabilities
subtracted from current assets
Subtracted from liabilities
added in capital
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Question # 11
In a balance sheet fixed asset is shown at
Choose an answer
cost price
market value
fair value
written down value
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