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MCQ's Test For Chapter 1 "MTH-501 Quiz Online Test"

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MTH-501 Quiz Online Test

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Question # 1

Under the reducing balance method of depreciation :

Question # 2

_____ is the amount for which an assets could be exchanged between knowledge willing parties in a arm length transaction

Question # 3

The favourable balance of profit and loss account should be:

Question # 4

In a balance sheet fixed asset is shown at

Question # 5

Which of the following financial statement summarizes the profitability of an organization for a particular period?

Question # 6

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

Question # 7

Net profit + expenses =______

Question # 8

Depreciation value of an asset is equal to

Question # 9

The basic purpose of depreciation is to achieve the

Question # 10

Gross profit>Operating expenses=?

Question # 11

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

Question # 12

If you start with cash book favourable balance in Bank Reconciliation Statement which item will be added?

Question # 13

Commercial accounting is based on

Question # 14

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

Question # 15

The price paid for an item , in terms of currency is called

Question # 16

Which one of the following is CORRECT about closing stock?

Question # 17

Income of the business includes:

Question # 18

The time span in which financial statements of the business are prepared is called

Question # 19

If a business pays rent in 12 months mit will be treated as:

Question # 20

Which of the following is not an item of Balance Sheet?

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Virtual University MGT-101 Chapter 1 Important MCQ's

Sr.# Question Answer
1 Which of the following account balance will be shown on debit side of trial balance?
A. Cash account
B. Furniture account
C. Motor account
D. all of the above
2 In accounting accumulated depreciation is :
A. Treated as reserve
B. Treated as a contra asset
C. Treated as surplus
D. Treated as expense
3 Which of the following account balance will be shown on debit side of trail balance ?
A. Capital account
B. Sundry credit accounts
C. Cash account
4 If you start with cash book favourable balance in Bank Reconciliation Statement which item will be added?
A. cheaque deposited but not credit by the bank
B. Cheques omitted to be deposited into the bank
C. any amount directly collected by bank on behalf of customer but not recorded in cash book
D. Debit side cash book was overcast.
5 Which of the following account will be credited if business purchased a vehicle on cash?
A. vehicle account
B. cash account
C. bank account
6 _____ 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
7 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
8 In an accounting if credit sale < debit side then the balance is known as :
A. Negative balance
B. debit balance
C. positive balance
D. credit balance
9 What would be the affects on component of the accounting equation if goods are purchased on cash?
A. increase in cash and decrease in equity
B. increase in cash and increase in goods
C. increase in cash and decrease in goods
10 What will be the effect on accounting equation ,which payment is made to the creditor of the business?
A. Decrease in an asset ,decrease in liability
B. Increase in asset,increase in liability
C. Increase in asset ,increase in owner equity

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