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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

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

Which of the following is an alternate term which can be used for "Capital"?

Question # 3

Which of the following is NOT an example of current Asset?

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

In which of the following condition a company will have positive working capital?

Question # 6

What type of expense are paid out of gross profit?

Question # 7

If a business purchase machinery for rs 30000 on 31 january 2008 having life of 8 years,this expenses will be realized under the concept of accrual accounting

Question # 8

Word credit is derived from

Question # 9

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

Question # 10

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

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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 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
3 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
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 Cash book is a part of
A. Voucher
B. general ledger
C. general journal
D. Trail balance
6 Depreciation arises because of :
A. Fall in the market value of an asset
B. Fall in the value of money
C. Physical wear and tour
D. All of the above
7 Which of the following account balance will be shown on debit side of trial balance?
A. Cash account
B. Furniture account
C. Motor account
D. all of the above
8 According to double entry system of accounting,an accounting that obtain benefit is
A. Debit
B. Credit
C. Income
9 Bank book is a part of :
A. Voucher
B. General journal
C. General ledger
D. trail balance
10 The basic purpose of depreciation is to achieve the :
A. matching principle
B. Dual aspect principle
C. separate entity concept

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