VU MTH-501 Online Test Preparation

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

In which of the following condition a company will have positive working capital?

Question # 2

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

Question # 3

A summarized record of transaction related to individual or things is called a

Question # 4

In a balance sheet fixed asset is shown at

Question # 5

The basic purpose of depreciation is to achieve the

Question # 6

When a liability is reduced or decreased,it is recorded on the

Question # 7

Income of the business includes:

Question # 8

Which of the following is an alternate term which can be used for "Capital"?

Question # 9

Which of the following essentials are shown in Bank book?1.Date of transaction ,2.Narration of transaction ,3.Cheque Number

Question # 10

Firm charges each year

Question # 11

We can say that business in profit when

Question # 12

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

Question # 13

The area of accounting concerned with reporting financial information to the interested parties is called

Question # 14

What would be the affects on component of the accounting equation if goods are purchased on cash?

Question # 15

Which one of the following is CORRECT about closing stock?

Question # 16

Which of the following is not depreciated?

Question # 17

____ is the detail of transaction in one account provided by the bank

Question # 18

The stock of manufacturing concern consists of

Question # 19

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

Question # 20

Which of the following is non profit-able organization?

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Virtual University MGT-101 Chapter 1 Important MCQ's

Sr.# Question Answer
1 Which of the following essentials are shown in Bank book?1.Date of transaction ,2.Narration of transaction ,3.Cheque Number
A. 1,2
B. 2,3
C. 1,3
D. 1,2,3
2 Under the reducing balance method of depreciation :
A. Amount of depreciation increase every year
B. Amount of depreciation remains constant for every year
C. Amount of depreciationdecrease every year
3 Which of the financial statement DO NOT show the financial health of a business at specific date?
A. Profit and Loss account
B. Balane Sheet
C. Statement of financial position
4 Which of the following is NOT an example of current Asset?
A. Bank draft
B. Accounts Receivable
C. Notes Receivable
D. Prepaid Expenses
5 In which of the following condition a company will have positive working capital?
A. if current assets> current liabilities
B. if current assets < current liabilities
C. if current assets = current liabilities
D. if current assets <= current liabilities
6 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
7 Net profit + expenses =______
A. Liabilities
B. assets
C. capital
D. income
8 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
9 The favourable balance of profit and loss account should be:
A. added in liabilities
B. subtracted from current assets
C. Subtracted from liabilities
D. added in capital
10 Economic resource owned by a business and expected to benefit for the future operation are called :
A. Expenses
B. Assets
C. Capital

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