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MTH-501 Quiz Online Test MCQs With Answers

Question # 1

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 # 2

Which of the following account balance will be shown on debit side of trail balance ?

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Capital account

Sundry credit accounts

Cash account

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Question # 3

Which of the following essentials are shown in Bank book?1.Date of transaction ,2.Narration of transaction ,3.Cheque Number

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1,2

2,3

1,3

1,2,3

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Question # 4

Economic resource owned by a business and expected to benefit for the future operation are called :

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Expenses

Assets

Capital

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Question # 5

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 # 6

The favourable balance of profit and loss account should be:

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added in liabilities

subtracted from current assets

Subtracted from liabilities

added in capital

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Question # 7

A summarized record of transaction related to individual or things is called

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Account

Voucher

Journal

Trail Balance

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Question # 8

An estimate of the income and expenses needed to carry out business plans for a fiscal year is known as :

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Budgeting

costing

Management

Auditing

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Question # 9

When a liability is reduced or decreased,it is recorded on the

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Right or the debt side of the account

Left or the debt side of the account

Left or the credit side of the account

Right or the credit side of the account

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Question # 10

Depreciation arises because of :

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Fall in the market value of an asset

Fall in the value of money

Physical wear and tour

All of the above

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