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

Cost incurred for the maintenance of shop in considered as

Question # 2

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

Question # 3

What will be the effect on accounting equation ,which payment is made to the creditor of the business?

Question # 4

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

Question # 5

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

Question # 6

Depreciation arises because

Question # 7

Accountancy cover which of the following series

Question # 8

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

Question # 9

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

Question # 10

Double entry accounting system include:

Question # 11

Firms chargers depreciation each year :

Question # 12

Depreciation arises because of :

Question # 13

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

Question # 14

Assets total Rs 50,000 and liability total rs 10,000 ,What is the equity of the business?

Question # 15

Which of the following statement is NOT TRUE about current liabilities?

Question # 16

Cash book is a part of

Question # 17

Accrued expenses are the example of

Question # 18

In accounting accumulated depreciation is :

Question # 19

We can say that business in profit when

Question # 20

In cost of goods sold statement the total factory cost is equal to

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Virtual University MGT-101 Chapter 1 Important MCQ's

Sr.# Question Answer
1 Commercial accounting is based on
A. Single entry book keeping
B. Double entry book keeping
C. Both single and double entry book keeping
D. cash basic of book keeping
2 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
3 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
4 The total of all cost incurred to convert raw material into finished goods is known as :
A. Prime cost
B. Conversion cost
C. Sunk cost
5 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
A. Appreciation
B. Depreciation
C. Fluctuation
D. None of the gievn
6 Income of the business includes:
A. Cash sales only
B. Credit sales only
C. Credit purchase only
D. Both cash sales and credit sales
7 Accrued expenses are the example of
A. Current liability
B. Long term liability
C. Capital expenses
8 Following are the inventories of Manufacturing Concern EXCEPT
A. Raw material
B. work in process
C. finished goods
D. merchandise inventory
9 Which of the following is not an item of Balance Sheet?
A. Accounts receivable
B. accounts payable
C. sales revenue
D. marketable securities
10 If a business purchase machinery for rs 30000 on 31 january 2008 having life of 8 years,this expenses will be realized under the concept of accrual accounting
A. for the year 2008 only
B. for the last day of 10th year only
C. over 10 year
D. nothing can be said about it

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