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MGT-101 Final Term Exams Preparation Virtual University MCQs With Answers

Question # 1

In a balance sheet fixed asset is shown at

Choose an answer

cost price

market value

fair value

written down value

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Question # 2

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

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Stock Account

Cash Account

Supplier Account

Work in process account

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Question # 3

Firms chargers depreciation each year :

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To ensure there is enough money in the firm to replace the asset

To spread the cost of the asset over its working life

Because the law state must be reduced

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Question # 4

Word credit is derived from

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latin

english

french

chinese

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Question # 5

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

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Cash account

Sales account

account receivable account

purchase account

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Question # 6

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?

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Rs 15000

Rs 35000

Rs 55000

Rs 60000

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Question # 7

All the cost incurred on the incomplete assets up to the balance sheet date must be transferred to:

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Capital account

Capital work in progress

Relevant asset account

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Question # 8

The asset which have limited useful life are termed as :

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Limited assets

Depreciation assets

Unlimited assets

None of the given option

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Question # 9

Depreciation value of an asset is equal to

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cost + scrape value

cost + market value

cost - scrap value

none of the given

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Question # 10

Which of the following is non profit-able organization?

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Partnership

Trust

Limited Company

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