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

Question # 1

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 # 2

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 # 3

Net profit + expenses =______

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Liabilities

assets

capital

income

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Question # 4

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 # 5

Depreciation arises because of :

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Fall in the market value of an asset

Fall in the value of money

Physical wear and tour

All of the above

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Question # 6

Bank book is a part of :

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Voucher

General journal

General ledger

trail balance

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Question # 7

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 # 8

What type of expense are paid out of gross profit?

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Selling expenses

general expenses

financial expenses

All of the above

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Question # 9

The basic purpose of depreciation is to achieve the :

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matching principle

Dual aspect principle

separate entity concept

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Question # 10

_____ 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 # 11

Which of the following is the example of direct material cost?

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Polish and finish material for chair

A piece of wood for the production of wood

Production worker wages

Depreciation expenses

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