MTH-501 Quiz Online Test With Answers

image
image
image

MTH-501 Quiz Online Test

Sr. # Questions Answers Choice
1 Depreciation value of an asset is equal to cost + scrape value cost + market value cost - scrap value none of the given
2 In accounting accumulated depreciation is : Treated as reserve Treated as a contra asset Treated as surplus Treated as expense
3 A summarized record of transaction related to individual or things is called Account Voucher Journal Trail Balance
4 Economic resource owned by a business and expected to benefit for the future operation are called : Expenses Assets Capital
5 Which of the following is non profit-able organization? Partnership Trust Limited Company
6 Accrued expenses are the example of Current liabilities Long term liabilities Capital expenses
7 Which of the following account will be credited if business purchased a vehicle on cash? vehicle account cash account bank account
8 The amount brought propritier in the business should be credited to cash account capital account drawing account
9 Which of the following items appears in Trading account of business? Interest expenses Wages and salaries Depreciation expenses Discount allowed
10 The amount of depreciation charged on machinery will be debited to: machinery account depreciation account cash account
11 The main goal of bank reconciliation statement is: If the discrepancy is due to error rather than timing If the discrepancy is due to timing rather than error If the discrepancy is due to error rather than amount If the discrepancy is due to amount rather than timing
12 Cash book is a part of Voucher general ledger general journal Trail balance
13 If a business pays rent in 12 months mit will be treated as: Prepaid expenses of business Long term liability of business Fixed assets of business
14 The basic purpose of depreciation is to achieve the Matching principle Dual aspect principle Separate entity concept Money measurement concept
15 The price paid for an item , in terms of currency is called Sale Cost Debt Revenue
16 The time span in which financial statements of the business are prepared is called Financial year Accounting period Business life cycle Accounting Cycle
17 According to double entry system of accounting,an accounting that obtain benefit is Debit Credit Income
18 Assets total Rs 50,000 and liability total rs 10,000 ,What is the equity of the business? 40000 60000 30000 10000
19 What will be the effect on accounting equation ,which payment is made to the creditor of the business? Decrease in an asset ,decrease in liability Increase in asset,increase in liability Increase in asset ,increase in owner equity
20 In an account if credit< debit side then the balance is known as Negative Balance Debit Balance Positive Balance Credit Balance
Download This Set
×