CvLTAELG1AAv7GMjp8RSaPGsvS8 MGT101 Latest Mid Term Solved MCQs Paper |
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MGT101 Latest Mid Term Solved MCQs Paper

Which of the following shows summary of a company’s financial position at a specific date?

Profit & Loss Account

Cash Flow Statement

Balance Sheet

Income & Expenditure Account

Which of the following item will appear on the Balance Sheet as current assets?

Prepaid expenses

Accrued expenses

Furniture and Equipment

Unearned revenue

 

which of the following entities is not profit oriented entity?

Sole – proprietorship

Partnership

Companies

Trust

 

Which concept of an accounting describes that for every debit there is a credit?

Dual aspect concept

Matching concept

Separate entity concept

Money measurement concept

 

Which of the following is the act of recording each transaction in the Journal?

Journalizing

Posting

Folioing

Transferring

 

Which of the following account would be debited when direct material is purchased on cash of Rs. 2,000?

Indirect material

FOH

Material/Stock

Cash

 

Which one of the following methods for inventory valuation may increase income tax due during the period of inflation?

FIFO Method

Weighted Average Method

Specific Identification Method

LIFO Method

 

Which of the following is another name of salvage value?

Face value

Fair value

Break up value

Book value


What is the treatment of Depreciation in accounting?

Written in balance sheet under the head of fixed assets

Charged to profit and loss account

Written in balance sheet under the head of current assets

Written in balance sheet under the head of liabilities

 

If:

· Cost of machine = Rs.

· Useful life = 5 years

· Sale price at the end of

What will be the profit or loss?

Loss of Rs. 40,000

Profit of Rs. 40,000

Profit of Rs. 80,000

Loss of Rs. 80,000

 

The main goal of Bank Reconciliation Statement is to determine:

If the discrepancy is due to error rather than timing

If the discrepancy is due to timing rather than error

If the discrepancy is due to error rather than amount

If the discrepancy is due to amount rather than timing

 

Which of the following item appears in Trading Account of a business?

Interest expenses

Wages and salaries

Depreciation expenses

Discount Allowed

 

 

 

Which of the following journal entry will be recorded, if the goods are sold on credit to Mr. ‘Been’?

Mr. “Been” / Accounts Receivable account (Dr) and Sales account (Cr)

Cash account (Dr) and sales account (Cr)

Sales account (Dr) and Mr. Been / Accounts Receivable account (Cr)

Goods Sold account (Dr) and Mr. Been / Accounts Receivable account (Cr)

 

Which of the following particulars are included in the specimen of a cash receipt voucher?

1) Name of the organization

2) Cash code

3) Date of transaction

(1) & (2) only

(1) & (3) only

(2) & (3) only

(1), (2) & (3)

 

Partially completed products that are not yet ready for sale are known as:

Raw material

Work in process

Finished goods

Closing stock

 

Which of the following organizations prepare Income & Expenditure account?

Public libraries

NGOs

Labor unions

All of the given options

 

Which of the following shows summary of a company’s financial position at a specific date?

Profit & Loss Account

Cash Flow Statement

Balance Sheet

Income & Expenditure Account

 

An informal accounting statement that lists the ledger account balances at a point in time and compares the total of debit balances with the total of credit balances is known as:

Income Statement

Balance Sheet

Trial Balance

Cash Book

 

If the cost of sales is Rs. 60,000, sales are Rs. 95,000 and operating expenses

are Rs.20,000 during the year. What would be the Net Profit?

Rs.15,000

Rs. 35,000

Rs. 55,000

Rs. 60,000
Why we use financial accounting

Business need

Accounting need

Financial need

Managerial need

 

Which of the following shows a debit balance under normal circumstances?

Asset

Capital

Liability

Profit

 

Normally the practice of Book Keeping under Single Entry System is followed by:

Small businesses only

Governments only

Large scale businesses only

Both small businesses and governments

 

An accounting system is used by a business to:

Analyze transactions

Handle routine book-keeping tasks

Classify and summarize financial information

All of the given options

 

All the costs incurred on the incomplete assets up to the balance sheet date

must be transferred to:

Capital account

Capital work in progress account

Relevant asset account

Owner’s equity account

 

Which of the following is TRUE for Company’s negative working capital?

Current Asset > Current Liability

Current Asset = Current Liability

Current Asset < Current Liability

None of the given options

 

 

 

What will be the effect of decrease in closing stock on gross profit?

Gross profit increased

Gross profit decreased

No effect on Gross profit

Gross profit will become positive

 

 

Which one of the following is NOT true about Capital Expenditure?

Creates future benefits

Incurred to acquire fixed assets

Incurred to increase the economic life of existing fixed assets

Reduce the profit of the concern

 

Qno.9 Consider the following:

Beginning inventory 10 units @ Rs. 10 per unit

First purchase 35 units @ Rs. 11 per unit

Second purchase 40 units @ Rs. 12 per unit

Third purchase 20 units @ Rs. 13 per unit

Sold 10 units @ 10

35 units @ 11

40 units @ 12

Eighty-five units were sold, what is the value of the ending inventory using the

FIFO method of inventory costing?

Rs.260

Rs.232

Rs.284

Rs.268

 

If, Cost of machine = Rs.400, 000

Useful life = 5 years

Residual value = Rs.25, 000

The depreciation of machine per year using straight line method is?

Rs. 160,000

Rs. 96,000

Rs. 75,000

Rs. 57,600

 

A decrease in value of a fixed asset due to age, wear and tear is known as:

Depreciation

Accumulated Depreciation

Appreciation

Written Down Value

 

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