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MCQ's Test For MGT-101 Final Term Exams Preparation Virtual University

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MGT-101 Final Term Exams Preparation Virtual University

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Question # 1

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

Question # 2

An asset that is not physical in nature is called ____

Question # 3

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 :

Question # 4

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

Question # 5

Which one of the following is CORRECT about closing stock?

Question # 6

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

Question # 7

In a balance sheet fixed asset is shown at

Question # 8

Cash book is a part of

Question # 9

Word credit is derived from

Question # 10

Depreciation value of an asset is equal to

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Virtual University MGT-101 Chapter 1 Important MCQ's

Sr.# Question Answer
1 Firms chargers depreciation each year :
A. To ensure there is enough money in the firm to replace the asset
B. To spread the cost of the asset over its working life
C. Because the law state must be reduced
2 Which of the following items appears in Trading account of business?
A. Interest expenses
B. Wages and salaries
C. Depreciation expenses
D. Discount allowed
3 Cost incurred for the maintenance of the shop is considered as
A. Deferred expense
B. Capital expenses
C. Revenue expenses
D. Preliminary expenses
4 Which of the following financial statement summarizes the profitability of an organization for a particular period?
A. Trade and profit & loss account
B. cash flow statement
C. balance sheet
5 The basic purpose of depreciation is to achieve the :
A. matching principle
B. Dual aspect principle
C. separate entity concept
6 Word credit is derived from
A. latin
B. english
C. french
D. chinese
7 Depreciation value of an asset is equal to
A. cost + scrape value
B. cost + market value
C. cost - scrap value
D. none of the given
8 The amount of depreciation charged on machinery will be debited to:
A. machinery account
B. depreciation account
C. cash account
9 Which of the following account balance will be shown on debit side of trail balance ?
A. Capital account
B. Sundry credit accounts
C. Cash account
10 The total of all cost incurred to convert raw material into finished goods is known as :
A. Prime cost
B. Conversion cost
C. Sunk cost

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