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

Question # 1

Which of the following is NOT prepared by Non Profit organization?

Choose an answer

Profit and loss account

Income and expenditure account

Receipts and payments accounts

Balance sheet

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Question # 2

The amount brought propritier in the business should be credited to

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cash account

capital account

drawing account

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Question # 3

The cost of moving planet and machinery to a new site will be treated as:

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Revenue expenses

Capital expenses

Operating expenses

Administrative expenses

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Question # 4

The stock of manufacturing concern consists of

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work in process inventory

raw material inventory

finished goods inventory

all of the given option

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Question # 5

Income of the business includes:

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Cash sales only

Credit sales only

Credit purchase only

Both cash sales and credit sales

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Question # 6

Which of the following account will be credited if business purchased a vehicle on cash?

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vehicle account

cash account

bank account

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Question # 7

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

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Account

Voucher

Journal

Trail Balance

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Question # 8

Cost incurred for the maintenance of the shop is considered as

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Deferred expense

Capital expenses

Revenue expenses

Preliminary expenses

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Question # 9

The total of all cost incurred to convert raw material into finished goods is known as :

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Prime cost

Conversion cost

Sunk cost

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Question # 10

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 # 11

Cash book is a part of

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Voucher

general ledger

general journal

Trail balance

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