VU MTH-501 Online Test Preparation

MTH-501 Quiz Online Test

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MTH-501 Quiz Online Test

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Question # 1

An informal accounting statement that lists the ledger account balance at a time and compare the total of debit balance with the total of credit balance is known as :

Income statement A
balance sheet B
trail balance C
cash book D

Question # 2

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

Name of organization A
cash payment amount B
date of transaction C
Bank receipt D

Question # 3

Which of the following is NOT an example of current Asset?

Bank draft A
Accounts Receivable B
Notes Receivable C
Prepaid Expenses D

Question # 4

Under the reducing balance method of depreciation :

Amount of depreciation increase every year A
Amount of depreciation remains constant for every year B
Amount of depreciationdecrease every year C

Question # 5

Which one of the following is CORRECT about closing stock?

It appears in the asset side of the balance sheet A
it decrease the value of cost of goods sold B
It becomes the opening stock of the next year C
All of the above D

Question # 6

Double entry accounting system include:

Accrual accounting only A
Cash accounting only B
Both A and B C
^{None of the given} D

Question # 7

Which of the following account will be credited if business purchased a vehicle on cash?

vehicle account A
cash account B
bank account C

Question # 8

Which of the following items appears in Trading account of business?

Interest expenses A
Wages and salaries B
Depreciation expenses C
Discount allowed D

Question # 9

The amount of depreciation charged on machinery will be debited to:

machinery account A
depreciation account B
cash account C

Question # 10

Which of the following statement is NOT TRUE about current liabilities?

These are due with in one year A
These are short term loans B
These are consists of all debts,payable after 12 months C
In working capital, these are deducted from current assets D

Question # 11

According to double entry system of accounting,an accounting that obtain benefit is

Debit A
Credit B
Income C

Question # 12

The area of accounting concerned with reporting financial information to the interested parties is called

cost accounting A
financial accounting B
management accounting C
tax accounting D

Question # 13

Which of the following is not depreciated?

factory building A
office equipment B
Plant C
Land D

Question # 14

Which of the following account will be credited ,if business bought goods on credit from Mr.Ali?

Purchase account A
Mr.Ali account B
Cash account C
Sale account D

Question # 15

If a business pays rent in 12 months mit will be treated as:

Prepaid expenses of business A
Long term liability of business B
Fixed assets of business C

Question # 16

The basic purpose of depreciation is to achieve the

Matching principle A
Dual aspect principle B
Separate entity concept C
Money measurement concept D

Question # 17

Firm charges each year

to ensure there is enough money in the firm to replace the asset A
to spread the cost of the asset over its working file B
because the law states they must be reduced C

Question # 18

Following are the inventories of Manufacturing Concern EXCEPT

Raw material A
work in process B
finished goods C
merchandise inventory D

Question # 19

The total of all cost incurred to convert raw material into finished goods is known as :

Prime cost A
Conversion cost B
Sunk cost C

Question # 20

A decrease in value of a fixed asset due to age wear and tear is known as

depreciation A
accumulated depreciation B
administrative expenses C
operating expenses D

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VU MTH-501 Online Test Preparation

MTH-501 Quiz Online Test

MTH-501 Quiz Online Test

MTH-501 Quiz Online Test

An informal accounting statement that lists the ledger account balance at a time and compare the total of debit balance with the total of credit balance is known as :

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

Which of the following is NOT an example of current Asset?

Under the reducing balance method of depreciation :

Which one of the following is CORRECT about closing stock?

Double entry accounting system include:

Which of the following account will be credited if business purchased a vehicle on cash?

Which of the following items appears in Trading account of business?

The amount of depreciation charged on machinery will be debited to:

Which of the following statement is NOT TRUE about current liabilities?

According to double entry system of accounting,an accounting that obtain benefit is

The area of accounting concerned with reporting financial information to the interested parties is called

Which of the following is not depreciated?

Which of the following account will be credited ,if business bought goods on credit from Mr.Ali?

If a business pays rent in 12 months mit will be treated as:

The basic purpose of depreciation is to achieve the

Firm charges each year

Following are the inventories of Manufacturing Concern EXCEPT

The total of all cost incurred to convert raw material into finished goods is known as :

A decrease in value of a fixed asset due to age wear and tear is known as

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