MGT101 Mid Term Solved MCQs Spring 2017

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

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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