Question # 1

Double entry accounting system include:

Choose an answer

Accrual accounting only

Cash accounting only

Both A and B

^{None of the given}

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

Choose an answer

Stock Account

Cash Account

Supplier Account

Work in process account

Firms chargers depreciation each year :

Choose an answer

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

Word credit is derived from

Choose an answer

Latin

English

French

Chinese

Which of the following shows summary of a company financial position at a specific date?

Choose an answer

Profit and loss account

Cash flow statement

Balance Sheet

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

Choose an answer

Revenue expenses

Capital expenses

Operating expenses

Administrative expenses

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

Choose an answer

Bank draft

Accounts Receivable

Notes Receivable

Prepaid Expenses

In cost of goods sold statement the total factory cost is equal to

Choose an answer

l cost of material + Labor cost

cost of material consumed + conversion cost

cost of material consumed + total factory cost

The area of accounting concerned with reporting financial information to the interested parties is called

Choose an answer

cost accounting

financial accounting

management accounting

tax accounting

Which of the following statement is NOT TRUE about current liabilities?

Choose an answer

These are due with in one year

These are short term loans

These are consists of all debts,payable after 12 months

In working capital, these are deducted from current assets

The amount of depreciation charged on machinery will be debited to:

Choose an answer

machinery account

depreciation account

cash account

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer