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MGT101 Mid Term Solved MCQs

Here You can read and download MGT101 - Financial Accounting Mid Term Solved MCQs for preparation of Mid Term Exams Spring 2017. MGT101 MCQs are solved by Shabbir ahmed. Previously we shared All MGT Subjects Mid Term Past Papers Collection
MGT101 Mid Term Solved MCQs Spring 2017
MGT101 Mid Term Solved MCQs Spring 2017

Recommended : MGT101 Short Notes for Mid term from Lec 1 to 22
You Can Also Download MGT101 Mid Term Papers, MGT101 Short Notes, MGT101 Assignment Solutions, MGT101 Lecture Wise Questions Answers Files, MGT101 Solved MCQs, MGT101 Solved Quiz ,MGT101 Mid  Term Objective/Subjective Papers from Virtual Study Solutions For Preparation of Mid Term Exams Spring 2017.

MGT101 Mid Term Solved MCQs Sample Questions

Question No: 1
The expenses that give benefit for a period of more than twelve months are called ________.
  • Capital expenses
  • Revenue expenses
  • Preliminary expenses
  • None of the given options
Question No: 2
An expense incurred by the business for the purchase of land & building is an example of:
  • Capital Expense 
  • Revenue Expense 
  • Deferred Expense 
  • Preliminary Expense
Question No: 3
Income of the business includes:
  • Cash sales only 
  • Credit sales only 
  • Credit purchases only 
  • Both cash sales and credit sales
Question No: 4 
The basic accounting principle/concept according to which Business is independent from its owner(s) is known as:
  • Separate Entity Concept 
  • Matching Concept 
  • Going Concern Concept 
  • Materialist Concept
Question No: 5
Commercial Accounting is based on:
  • Single entry book keeping 
  • Double entry book keeping 
  • Both single and double entry book keeping 
  • Cash basis of book keeping
Question No: 6 
Obligations to pay cash or un-earned incomes by the business are the:
  • Expenses 
  • Assets 
  • Liabilities 
  • Equities
Question No: 7
What would be the affect on the components of the accounting equation, if goods are purchased on cash?
  • Increase in cash and decrease in equity 
  • Increase in cash and increase in goods 
  • Increase in goods and decrease in cash 
  • Increase in equipment and increase in equity
Question No: 8
When Capital is increased by an amount, it is recorded on the:
  • Left or credit side of the account 
  • Right or debit side of the account 
  • Left or debit side of the account 
  • Right or credit side of the account 
Question No: 9
Which of the following is also called "The original book of entry"?
  • General Journal 
  • General Ledger 
  • Trial Balance 
  • Profit and Loss Account
Question No: 10 
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

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