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

Question # 1

Which of the following account will be credited ,if business bought goods on credit from Mr.Ali?

Choose an answer

Purchase account

Mr.Ali account

Cash account

Sale account

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Question # 2

When a liability is reduced or decreased,it is recorded on the

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Right or the debt side of the account

Left or the debt side of the account

Left or the credit side of the account

Right or the credit side of the account

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Question # 3

Which of the following financial statement summarizes the profitability of an organization for a particular period?

Choose an answer

Trade and profit & loss account

cash flow statement

balance sheet

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Question # 4

A book in which receipts and payments are recorded is known as

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Pass book

Cash book

Purchase book

Sales book

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Question # 5

Which of the financial statement DO NOT show the financial health of a business at specific date?

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Profit and Loss account

Balane Sheet

Statement of financial position

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Question # 6

An asset that is not physical in nature is called ____

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intangible asset

liquid assets

current asset

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Question # 7

The allocation of the cost of a tangible plant asset to expenses in the periods ,in which service are received from the asset is termed as

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Appreciation

Depreciation

Fluctuation

None of the gievn

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Question # 8

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

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if current assets> current liabilities

if current assets < current liabilities

if current assets = current liabilities

if current assets <= current liabilities

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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

Accrued expenses are the example of

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Current liability

Long term liability

Capital expenses

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