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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

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

Question # 2

Depreciation arises because

Question # 3

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

Question # 4

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

Question # 5

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

Question # 6

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

Question # 7

The amount brought propritier in the business should be credited to

Question # 8

The basic purpose of depreciation is to achieve the

Question # 9

Accountancy cover which of the following series

Question # 10

Accrued expenses are the example of

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Virtual University MGT-101 Chapter 1 Important MCQ's

Sr.# Question Answer
1 Which of the following is NOT an example of current Asset?
A. Bank draft
B. Accounts Receivable
C. Notes Receivable
D. Prepaid Expenses
2 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
3 Accrued expenses are the example of
A. Current liabilities
B. Long term liabilities
C. Capital expenses
4 If you start with cash book favourable balance in Bank Reconciliation Statement which item will be added?
A. cheaque deposited but not credit by the bank
B. Cheques omitted to be deposited into the bank
C. any amount directly collected by bank on behalf of customer but not recorded in cash book
D. Debit side cash book was overcast.
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 Cost incurred for the maintenance of shop in considered as
A. revenue expenses
B. capital expenses
C. deferred expenses
7 Firm charges 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 file
C. because the law states they must be reduced
8 The basic purpose of depreciation is to achieve the
A. Matching principle
B. Dual aspect principle
C. Separate entity concept
D. Money measurement concept
9 What would be the affects on component of the accounting equation if goods are purchased on cash?
A. increase in cash and decrease in equity
B. increase in cash and increase in goods
C. increase in cash and decrease in goods
10 The amount of depreciation charged on machinery will be debited to:
A. machinery account
B. depreciation account
C. cash account

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