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MCQ's Test For MGT-101 Final Term Exams Preparation Virtual University
Try The MCQ's Test For MGT-101 Final Term Exams Preparation Virtual University
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Total Questions10
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Time Allowed10
MGT-101 Final Term Exams Preparation Virtual University
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Question # 1
If the cost of the sales is Rs 60,000 are Rs 95,000 and opening expenses are Rs 20,000 during the year.What would be the net profit?
Question # 2
Net profit + expenses =______
Question # 3
Firms chargers depreciation each year :
Question # 4
Economic resource owned by a business and expected to benefit for the future operation are called :
Question # 5
Cost incurred for the maintenance of shop in considered as
Question # 6
Income of the business includes:
Question # 7
In a balance sheet fixed asset is shown at
Question # 8
The amount of depreciation charged on machinery will be debited to:
Question # 9
Assets total Rs 50,000 and liability total rs 10,000 ,What is the equity of the business?
Question # 10
A summarized record of transaction related to individual or things is called
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Virtual University MGT-101 Chapter 1 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | In an accounting if credit sale < debit side then the balance is known as : |
A. Negative balance
B. debit balance
C. positive balance
D. credit balance
|
| 3 | 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
|
| 4 | Cash book is a part of |
A. Voucher
B. general ledger
C. general journal
D. Trail balance
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| 5 | The asset which have limited useful life are termed as : |
A. Limited assets
B. Depreciation assets
C. Unlimited assets
D. None of the given option
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| 6 | Which of the following items appears in Trading account of business? |
A. Interest expenses
B. Wages and salaries
C. Depreciation expenses
D. Discount allowed
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| 7 | Which one of the following is equal to the carrying cost of an asset? |
A. original cost minus accumulated depreciation
B. original cost plus accumulated depreciation
C. original cost minus residual value
|
| 8 | We can say that business in profit when |
A. Assets exceeds expenditure
B. Assets exceeds liabilities
C. income exceeds expenditure
D. income exceeds liabilities
|
| 9 | Which of the financial statement DO NOT show the financial health of a business at specific date? |
A. Profit and Loss account
B. Balane Sheet
C. Statement of financial position
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| 10 | 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 : |
A. Income statement
B. balance sheet
C. trail balance
D. cash book
|
Test Questions
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