VU MTH-501 Online Test Preparation

MCQ's Test For Chapter 1 "MTH-501 Quiz Online Test"

Try The MCQ's Test For Chapter 1 "MTH-501 Quiz Online Test"

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MTH-501 Quiz Online Test

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Question # 1

Which of the following items appears in Trading account of business?

Question # 2

A decrease in value of a fixed asset due to age ,wear and tear is known as

Question # 3

Depreciation value of an asset is equal to

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

Depreciation arises because

Question # 6

Which of the following account will be credited,when the goods are purchase on cash?

Question # 7

A book in which receipts and payments are recorded is known as

Question # 8

Cash book is a part of

Question # 9

_____ is the amount for which an assets could be exchanged between knowledge willing parties in a arm length transaction

Question # 10

Double entry accounting system include:

Question # 11

Which of the following financial statement summarizes the profitability of an organization for a particular period?

Question # 12

The price paid for an item , in terms of currency is called

Question # 13

The favourable balance of profit and loss account should be:

Question # 14

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

Question # 15

What will be the effect on accounting equation ,which payment is made to the creditor of the business?

Question # 16

Which one of the following is equal to the carrying cost of an asset?

Question # 17

Which of the following account will be credit,if business sold goods for Rs 10,000 on credit?

Question # 18

Which of the following shows summary of a company financial position at a specific date?

Question # 19

Word credit is derived from

Question # 20

In cost of goods sold statement the total factory cost is equal to

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Virtual University MGT-101 Chapter 1 Important MCQ's

Sr.# Question Answer
1 Bank reconciliation statement is :
A. a memorandum statement
B. a ledger account
C. a part of cash book
D. a part of journal
2 What will be the effect on accounting equation ,which payment is made to the creditor of the business?
A. Decrease in an asset ,decrease in liability
B. Increase in asset,increase in liability
C. Increase in asset ,increase in owner equity
3 The time span in which financial statements of the business are prepared is called
A. Financial year
B. Accounting period
C. Business life cycle
D. Accounting Cycle
4 Depreciation arises because
A. fall in market value of an asset
B. fall in the value of money
C. physical wear and tear
D. all of the above
5 While making income and expenditure account,excess of income over expenses in a specified accounting is called :
A. Profit
B. Loss
C. Surplus
D. Deficit
6 The favourable balance of profit and loss account should be:
A. added in liabilities
B. subtracted from current assets
C. Subtracted from liabilities
D. added in capital
7 Word credit is derived from
A. latin
B. english
C. french
D. chinese
8 Assets total Rs 50,000 and liability total rs 10,000 ,What is the equity of the business?
A. 40000
B. 60000
C. 30000
D. 10000
9 Which of the following account will be credited,when the goods are purchase on cash?
A. Stock Account
B. Cash Account
C. Supplier Account
D. Work in process account
10 The allocation of the cost of a tangible plant asset to expenses in the periods ,in which service are received from the asset is termed as
A. Appreciation
B. Depreciation
C. Fluctuation
D. None of the gievn

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