MTH-501 Quiz Online Test With Answers

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MTH-501 Quiz Online Test

Sr. # Questions Answers Choice
1 A book in which receipts and payments are recorded is known as Pass book Cash book Purchase book Sales book
2 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 balance sheet trail balance cash book
3 Which of the following financial statement summarizes the profitability of an organization for a particular period? Trade and profit & loss account cash flow statement balance sheet
4 Which of the following is NOT prepared by Non Profit organization? Profit and loss account Income and expenditure account Receipts and payments accounts Balance sheet
5 What type of expense are paid out of gross profit? Selling expenses general expenses financial expenses All of the above
6 Which of the following shows summary of a company financial position at a specific date? Profit and loss account Cash flow statement Balance Sheet
7 Which of the following is not an item of Balance Sheet? Accounts receivable accounts payable sales revenue marketable securities
8 Which of the following is an alternate term which can be used for "Capital"? Liability Owner net worth Asset Working Capital
9 Which one of the following is CORRECT about closing stock? It appears in the asset side of the balance sheet it decrease the value of cost of goods sold It becomes the opening stock of the next year All of the above
10 _____ is the amount for which an assets could be exchanged between knowledge willing parties in a arm length transaction Present Value Fair Value Book Value
11 If you start with cash book favourable balance in Bank Reconciliation Statement which item will be added? cheaque deposited but not credit by the bank Cheques omitted to be deposited into the bank any amount directly collected by bank on behalf of customer but not recorded in cash book Debit side cash book was overcast.
12 ____ is the detail of transaction in one account provided by the bank bank statement income statement bank reconciliation statement
13 Accountancy cover which of the following series bookkeeping accounting auditing all of the above
14 Depreciation arises because fall in market value of an asset fall in the value of money physical wear and tear all of the above
15 Firm charges each year to ensure there is enough money in the firm to replace the asset to spread the cost of the asset over its working file because the law states they must be reduced
16 Net profit + expenses =______ Liabilities assets capital income
17 An estimate of the income and expenses needed to carry out business plans for a fiscal year is known as : Budgeting costing Management Auditing
18 Which one of the following is equal to the carrying cost of an asset? original cost minus accumulated depreciation original cost plus accumulated depreciation original cost minus residual value
19 Firms chargers depreciation each year : To ensure there is enough money in the firm to replace the asset To spread the cost of the asset over its working life Because the law state must be reduced
20 The basic purpose of depreciation is to achieve the : matching principle Dual aspect principle separate entity concept
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