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MTH-501 Quiz Online Test MCQs With Answers

Question # 1

Net profit + expenses =______

Choose an answer

Liabilities

assets

capital

income

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Question # 2

Economic resource owned by a business and expected to benefit for the future operation are called :

Choose an answer

Expenses

Assets

Capital

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Question # 3

An estimate of the income and expenses needed to carry out business plans for a fiscal year is known as :

Choose an answer

Budgeting

costing

Management

Auditing

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Question # 4

A book in which receipts and payments are recorded is known as

Choose an answer

Pass book

Cash book

Purchase book

Sales book

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Question # 5

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

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for the year 2008 only

for the last day of 10th year only

over 10 year

nothing can be said about it

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Question # 6

Depreciation value of an asset is equal to

Choose an answer

cost + scrape value

cost + market value

cost - scrap value

none of the given

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Question # 7

Bank reconciliation statement is :

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a memorandum statement

a ledger account

a part of cash book

a part of journal

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Question # 8

Which of the following account will be credit,if business sold goods for Rs 10,000 on credit?

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Cash account

Sales account

account receivable account

purchase account

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Question # 9

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

Choose an answer

Liability

Owner net worth

Asset

Working Capital

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Question # 10

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

Choose an answer

Polish and finish material for chair

A piece of wood for the production of wood

Production worker wages

Depreciation expenses

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