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

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?

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Rs 15000

Rs 35000

Rs 55000

Rs 60000

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Question # 2

The time span in which financial statements of the business are prepared is called

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Financial year

Accounting period

Business life cycle

Accounting Cycle

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Question # 3

Assets total Rs 50,000 and liability total rs 10,000 ,What is the equity of the business?

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40000

60000

30000

10000

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Question # 4

The basic purpose of depreciation is to achieve the

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Matching principle

Dual aspect principle

Separate entity concept

Money measurement concept

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Question # 5

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

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Account

Voucher

Journal

Trail Balance

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Question # 6

Accountancy cover which of the following series

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bookkeeping

accounting

auditing

all of the above

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Question # 7

Gross profit>Operating expenses=?

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Net profit

Cost of loss sold

Net loss

Gross loss

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Question # 8

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

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Present Value

Fair Value

Book Value

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Question # 9

Economic resource owned by a business and expected to benefit for the future operation are called :

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Expenses

Assets

Capital

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Question # 10

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

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Profit and loss account

Income and expenditure account

Receipts and payments accounts

Balance sheet

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Question # 11

Depreciation arises because

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fall in market value of an asset

fall in the value of money

physical wear and tear

all of the above

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