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

Question # 1

Which of the following is not depreciated?

Choose an answer

factory building

office equipment

Plant

Land

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Question # 2

What would be the affects on component of the accounting equation if goods are purchased on cash?

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increase in cash and decrease in equity

increase in cash and increase in goods

increase in cash and decrease in goods

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Question # 3

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 # 4

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 # 5

Which of the following is an alternate term which can be used for "Capital"?

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Liability

Owner net worth

Asset

Working Capital

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Question # 6

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

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Expenses

Assets

Capital

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Question # 7

Which of the financial statement DO NOT show the financial health of a business at specific date?

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Profit and Loss account

Balane Sheet

Statement of financial position

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Question # 8

In an account if credit< debit side then the balance is known as

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Negative Balance

Debit Balance

Positive Balance

Credit Balance

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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

Which of the following essentials are shown in Bank book?1.Date of transaction ,2.Narration of transaction ,3.Cheque Number

Choose an answer

1,2

2,3

1,3

1,2,3

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Question # 11

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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