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MCQ's Test For Chapter 1 "MTH-501 Quiz Online Test"
Try The MCQ's Test For Chapter 1 "MTH-501 Quiz Online Test"
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Total Questions20
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Time Allowed20
MTH-501 Quiz Online Test
00:00
Question # 1
In accounting accumulated depreciation is :
Question # 2
Gross profit>Operating expenses=?
Question # 3
The basic purpose of depreciation is to achieve the
Question # 4
Word credit is derived from
Question # 5
If you start with cash book favourable balance in Bank Reconciliation Statement which item will be added?
Question # 6
A summarized record of transaction related to individual or things is called
Question # 7
When a liability is reduced or decreased,it is recorded on the
Question # 8
Accountancy cover which of the following series
Question # 9
Following are the inventories of Manufacturing Concern EXCEPT
Question # 10
Depreciation arises because
Question # 11
Income of the business includes:
Question # 12
If a business pays rent in 12 months mit will be treated as:
Question # 13
Cost incurred for the maintenance of shop in considered as
Question # 14
Which of the following financial statement summarizes the profitability of an organization for a particular period?
Question # 15
A decrease in value of a fixed asset due to age ,wear and tear is known as
Question # 16
Word credit is derived from
Question # 17
Bank book is a part of :
Question # 18
The basic purpose of depreciation is to achieve the :
Question # 19
Accrued expenses are the example of
Question # 20
In an account if credit< debit side then the balance is known as
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Virtual University MGT-101 Chapter 1 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Which of the following account will be credited if business purchased a vehicle on cash? |
A. vehicle account
B. cash account
C. bank account
|
| 2 | _____ is the amount for which an assets could be exchanged between knowledge willing parties in a arm length transaction |
A. Present Value
B. Fair Value
C. Book Value
|
| 3 | Double entry accounting system include: |
A. Accrual accounting only
B. Cash accounting only
C. Both A and B
D. None of the given
|
| 4 | A summarized record of transaction related to individual or things is called |
A. Account
B. Voucher
C. Journal
D. Trail Balance
|
| 5 | Firm charges each year |
A. to ensure there is enough money in the firm to replace the asset
B. to spread the cost of the asset over its working file
C. because the law states they must be reduced
|
| 6 | Which of the following is the example of direct material cost? |
A. Polish and finish material for chair
B. A piece of wood for the production of wood
C. Production worker wages
D. Depreciation expenses
|
| 7 | Which of the following is non profit-able organization? |
A. Partnership
B. Trust
C. Limited Company
|
| 8 | The amount of depreciation charged on machinery will be debited to: |
A. machinery account
B. depreciation account
C. cash account
|
| 9 | The price paid for an item , in terms of currency is called |
A. Sale
B. Cost
C. Debt
D. Revenue
|
| 10 | An asset that is not physical in nature is called ____ |
A. intangible asset
B. liquid assets
C. current asset
|
Test Questions