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

The allocation of the cost of a tangible plant asset to expenses in the periods ,in which service are received from the asset is termed as

Question # 2

Which of the following is NOT include in the specimen of a payment voucher?

Question # 3

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

Question # 4

An informal accounting statement that lists the ledger account balance at a time and compare the total of debit balance with the total of credit balance is known as :

Question # 5

Cost incurred for the maintenance of the shop is considered as

Question # 6

In an account if credit< debit side then the balance is known as

Question # 7

Which of the following is not depreciated?

Question # 8

If the cost of the sales is Rs 60,000 are Rs 95,000 and opening expenses are Rs 20,000 during the year.What would be the net profit?

Question # 9

The product that are ready for sale are known as

Question # 10

Double entry accounting system include:

Question # 11

Firms chargers depreciation each year :

Question # 12

In accounting accumulated depreciation is :

Question # 13

In a balance sheet fixed asset is shown at

Question # 14

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

Question # 15

The amount brought propritier in the business should be credited to

Question # 16

Word credit is derived from

Question # 17

The favourable balance of profit and loss account should be:

Question # 18

Income of the business includes:

Question # 19

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

Question # 20

We can say that business in profit when

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Virtual University MGT-101 Chapter 1 Important MCQ's

Sr.# Question Answer
1 In cost of goods sold statement the total factory cost is equal to
A. l cost of material + Labor cost
B. cost of material consumed + conversion cost
C. cost of material consumed + total factory cost
2 Which of the following is an alternate term which can be used for "Capital"?
A. Liability
B. Owner net worth
C. Asset
D. Working Capital
3 A decrease in value of a fixed asset due to age wear and tear is known as
A. depreciation
B. accumulated depreciation
C. administrative expenses
D. operating expenses
4 Accountancy cover which of the following series
A. bookkeeping
B. accounting
C. auditing
D. all of the above
5 All the cost incurred on the incomplete assets up to the balance sheet date must be transferred to:
A. Capital account
B. Capital work in progress
C. Relevant asset account
6 Which one of the following is equal to the carrying cost of an asset?
A. original cost minus accumulated depreciation
B. original cost plus accumulated depreciation
C. original cost minus residual value
7 A summarized record of transaction related to individual or things is called a
A. Account
B. Voucher
C. Journal
D. Trail Balance
8 Which of the following shows summary of a company financial position at a specific date?
A. Profit and loss account
B. Cash flow statement
C. Balance Sheet
9 Following are the inventories of Manufacturing Concern EXCEPT
A. Raw material
B. work in process
C. finished goods
D. merchandise inventory
10 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

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