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MGT-101 Final Term Exams Preparation Virtual University

Sr. #	Questions	Answers Choice
1	Which of the financial statement DO NOT show the financial health of a business at specific date?	Profit and Loss account Balane Sheet Statement of financial position
2	The favourable balance of profit and loss account should be:	added in liabilities subtracted from current assets Subtracted from liabilities added in capital
3	Accrued expenses are the example of	Current liability Long term liability Capital expenses
4	Gross profit>Operating expenses=?	Net profit Cost of loss sold Net loss Gross loss
5	While making income and expenditure account,excess of income over expenses in a specified accounting is called :	Profit Loss Surplus Deficit
6	Bank book is a part of :	Voucher General journal General ledger trail balance
7	In an accounting if credit sale < debit side then the balance is known as :	Negative balance debit balance positive balance credit balance
8	What would be the affects on component of the accounting equation if goods are purchased on cash?	increase in cash and decrease in equity increase in cash and increase in goods increase in cash and decrease in goods
9	An asset that is not physical in nature is called ____	intangible asset liquid assets current asset
10	Word credit is derived from	latin english french chinese