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

The basic purpose of depreciation is to achieve the :

Choose an answer

matching principle

Dual aspect principle

separate entity concept

In a balance sheet fixed asset is shown at

Choose an answer

cost price

market value

fair value

written down value

What will be the effect on accounting equation ,which payment is made to the creditor of the business?

Choose an answer

Decrease in an asset ,decrease in liability

Increase in asset,increase in liability

Increase in asset ,increase in owner equity

Economic resource owned by a business and expected to benefit for the future operation are called :

Choose an answer

Expenses

Assets

Capital

Word credit is derived from

Choose an answer

latin

english

french

chinese

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

Choose an answer

Present Value

Fair Value

Book Value

Which of the following is NOT include in the specimen of a payment voucher?

Choose an answer

Name of organization

cash payment amount

date of transaction

Bank receipt

Net profit + expenses =______

Choose an answer

Liabilities

assets

capital

income

Gross profit>Operating expenses=?

Choose an answer

Net profit

Cost of loss sold

Net loss

Gross loss

Bank book is a part of :

Choose an answer

Voucher

General journal

General ledger

trail balance

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer