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MGT-101 Final Term Exams Preparation Virtual University MCQs With Answers
Question # 1
Depreciation arises because
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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 # 2
Depreciation value of an asset is equal to
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cost + scrape value
cost + market value
cost - scrap value
none of the given
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Question # 3
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 # 4
The price paid for an item , in terms of currency is called
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Sale
Cost
Debt
Revenue
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Question # 5
The product that are ready for sale are known as
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raw material
work in process
finished in goods
closing stock
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Question # 6
The asset which have limited useful life are termed as :
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Limited assets
Depreciation assets
Unlimited assets
None of the given option
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Question # 7
The allocation of the cost of a tangible plant asset to expenses in the periods ,in which service are received from the asset is termed as
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Appreciation
Depreciation
Fluctuation
None of the gievn
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Question # 8
Commercial accounting is based on
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Single entry book keeping
Double entry book keeping
Both single and double entry book keeping
cash basic of book keeping
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Question # 9
Accountancy cover which of the following series
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bookkeeping
accounting
auditing
all of the above
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Question # 10
Which of the following is NOT include in the specimen of a payment voucher?
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Name of organization
cash payment amount
date of transaction
Bank receipt
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