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

Question # 1

Net profit + expenses =______

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Liabilities

assets

capital

income

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Question # 2

In a balance sheet fixed asset is shown at

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cost price

market value

fair value

written down value

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Question # 3

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 # 4

Following are the inventories of Manufacturing Concern EXCEPT

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Raw material

work in process

finished goods

merchandise inventory

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Question # 5

The product that are ready for sale are known as

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raw material

work in process

finished in goods

closing stock

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Question # 6

In an accounting if credit sale < debit side then the balance is known as :

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Negative balance

debit balance

positive balance

credit balance

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Question # 7

In accounting accumulated depreciation is :

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Treated as reserve

Treated as a contra asset

Treated as surplus

Treated as expense

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Question # 8

An informal accounting statement that lists the ledger account balance at a time and compare the total of debit balance with the total of credit balance is known as :

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Income statement

balance sheet

trail balance

cash book

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Question # 9

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

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Profit and loss account

Cash flow statement

Balance Sheet

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Question # 10

Accrued expenses are the example of

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Current liabilities

Long term liabilities

Capital expenses

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Question # 11

An estimate of the income and expenses needed to carry out business plans for a fiscal year is known as :

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Budgeting

costing

Management

Auditing

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