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

Question # 1

Which of the following is not depreciated?

Choose an answer

factory building

office equipment

Plant

Land

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Question # 2

The favourable balance of profit and loss account should be:

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added in liabilities

subtracted from current assets

Subtracted from liabilities

added in capital

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Question # 3

In an account if credit< 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 # 4

Depreciation value of an asset is equal to

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cost + scrape value

cost + market value

cost - scrap value

none of the given

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Question # 5

Word credit is derived from

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Latin

English

French

Chinese

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Question # 6

We can say that business in profit when

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Assets exceeds expenditure

Assets exceeds liabilities

income exceeds expenditure

income exceeds liabilities

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Question # 7

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 # 8

Income of the business includes:

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Cash sales only

Credit sales only

Credit purchase only

Both cash sales and credit sales

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Question # 9

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

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Revenue expenses

Capital expenses

Operating expenses

Administrative expenses

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Question # 10

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

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