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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

Which of the following is non profit-able organization?

Question # 2

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

Question # 3

The basic purpose of depreciation is to achieve the

Question # 4

Depreciation arises because of :

Question # 5

Depreciation arises because

Question # 6

Accrued expenses are the example of

Question # 7

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

Question # 8

Which of the financial statement DO NOT show the financial health of a business at specific date?

Question # 9

In an account if credit< debit side then the balance is known as

Question # 10

____ is the detail of transaction in one account provided by the bank

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Virtual University MGT-101 Chapter 1 Important MCQ's

Sr.# Question Answer
1 Accrued expenses are the example of
A. Current liability
B. Long term liability
C. Capital expenses
2 The price paid for an item , in terms of currency is called
A. Sale
B. Cost
C. Debt
D. Revenue
3 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
4 A summarized record of transaction related to individual or things is called
A. Account
B. Voucher
C. Journal
D. Trail Balance
5 All the cost incurred on the incomplete assets up to the balance sheet date must be transferred to:
A. Capital account
B. Capital work in progress
C. Relevant asset account
6 Which of the following is NOT prepared by Non Profit organization?
A. Profit and loss account
B. Income and expenditure account
C. Receipts and payments accounts
D. Balance sheet
7 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
8 Accrued expenses are the example of
A. Current liabilities
B. Long term liabilities
C. Capital expenses
9 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
10 If a business pays rent in 12 months mit will be treated as:
A. Prepaid expenses of business
B. Long term liability of business
C. Fixed assets of business

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