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Online Tests
MTH-501 Quiz Online Test MCQs With Answers
Question # 1
Firm charges each year
Choose an answer
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
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Question # 2
Which of the following account will be credit,if business sold goods for Rs 10,000 on credit?
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Cash account
Sales account
account receivable account
purchase account
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Question # 3
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 # 4
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 # 5
We can say that business in profit when
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Assets exceeds expenditure
Assets exceeds liabilities
income exceeds expenditure
income exceeds liabilities
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Question # 6
Which of the following account balance will be shown on debit side of trial balance?
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Cash account
Furniture account
Motor account
all of the above
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Question # 7
Accountancy cover which of the following series
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bookkeeping
accounting
auditing
all of the above
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Question # 8
The stock of manufacturing concern consists of
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work in process inventory
raw material inventory
finished goods inventory
all of the given option
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Question # 9
Bank reconciliation statement is :
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a memorandum statement
a ledger account
a part of cash book
a part of journal
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Question # 10
The asset which have limited useful life are termed as :
Choose an answer
Limited assets
Depreciation assets
Unlimited assets
None of the given option
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Question # 11
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 # 12
Double entry accounting system include:
Choose an answer
Accrual accounting only
Cash accounting only
Both A and B
None of the given
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Question # 13
Accrued expenses are the example of
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Current liabilities
Long term liabilities
Capital expenses
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Question # 14
Cash book is a part of
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Voucher
general ledger
general journal
Trail balance
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Question # 15
Which one of the following is CORRECT about closing stock?
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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
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Question # 16
Which of the following shows summary of a company financial position at a specific date?
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Profit and loss account
Cash flow statement
Balance Sheet
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Question # 17
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 # 18
Word credit is derived from
Choose an answer
Latin
English
French
Chinese
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Question # 19
Following are the inventories of Manufacturing Concern EXCEPT
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Raw material
work in process
finished goods
merchandise inventory
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Question # 20
Accrued expenses are the example of
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Current liability
Long term liability
Capital expenses
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Question # 21
Which of the following is not an item of Balance Sheet?
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Accounts receivable
accounts payable
sales revenue
marketable securities
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