Virtual Study Solutions: MGT101 Mid Term Solved MCQs

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MGT101 Mid Term Solved MCQs</h3>
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 <a href="http://virtualstudysolutions.blogspot.com/2017/05/all-mgt-subjects-mid-term-past-papers.html" target="_blank">All MGT Subjects Mid Term Past Papers Collection</a> 
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<tr><td class="tr-caption" style="text-align: center;">MGT101 Mid Term Solved MCQs Spring 2017</td></tr>
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Recommended : <a href="http://virtualstudysolutions.blogspot.com/2017/04/mgt101-short-notes-for-mid-term-from-lec-1-to-22.html">MGT101 Short Notes for Mid term from Lec 1 to 22</a>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 <a href="http://virtualstudysolutions.blogspot.com/">Virtual Study Solutions</a> For Preparation of Mid Term Exams Spring 2017. 
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MGT101 Mid Term Solved MCQs Sample Questions</h3>
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Question No: 1 The expenses that give benefit for a period of more than twelve months are called ________. </div>
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<ul style="text-align: left;">
<li>Capital expenses</li>
<li>Revenue expenses</li>
<li>Preliminary expenses</li>
<li>None of the given options</li>
</ul>
Question No: 2 An expense incurred by the business for the purchase of land & building is an example of: 
<ul style="text-align: left;">
<li>Capital Expense </li>
<li>Revenue Expense </li>
<li>Deferred Expense </li>
<li>Preliminary Expense</li>
</ul>

Question No: 3 Income of the business includes: 
<ul style="text-align: left;">
<li>Cash sales only </li>
<li>Credit sales only </li>
<li>Credit purchases only </li>
<li>Both cash sales and credit sales</li>
</ul>


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Question No: 4 </div>
The basic accounting principle/concept according to which Business is independent from its owner(s) is known as: 
<ul style="text-align: left;">
<li>Separate Entity Concept </li>
<li>Matching Concept </li>
<li>Going Concern Concept </li>
<li>Materialist Concept</li>
</ul>

Question No: 5 Commercial Accounting is based on: 
<ul style="text-align: left;">
<li>Single entry book keeping </li>
<li>Double entry book keeping </li>
<li>Both single and double entry book keeping </li>
<li>Cash basis of book keeping</li>
</ul>

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Question No: 6 </div>
Obligations to pay cash or un-earned incomes by the business are the: 
<ul style="text-align: left;">
<li>Expenses </li>
<li>Assets </li>
<li>Liabilities </li>
<li>Equities</li>
</ul>

Question No: 7 What would be the affect on the components of the accounting equation, if goods are purchased on cash? 
<ul style="text-align: left;">
<li>Increase in cash and decrease in equity </li>
<li>Increase in cash and increase in goods </li>
<li>Increase in goods and decrease in cash </li>
<li>Increase in equipment and increase in equity</li>
</ul>

Question No: 8 When Capital is increased by an amount, it is recorded on the: 
<ul style="text-align: left;">
<li>Left or credit side of the account </li>
<li>Right or debit side of the account </li>
<li>Left or debit side of the account </li>
<li>Right or credit side of the account </li>
</ul>

Question No: 9 Which of the following is also called "The original book of entry"? <ul style="text-align: left;">
<li>General Journal </li>
<li>General Ledger </li>
<li>Trial Balance </li>
<li>Profit and Loss Account</li>
</ul>
 
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Question No: 10 </div>
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: 
<ul style="text-align: left;">
<li>Income Statement </li>
<li>Balance Sheet </li>
<li>Trial Balance </li>
<li>Cash Book</li>
</ul>


 
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Download MGT101 Mid Term Solved MCQs Spring 2017</h4>


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For complete MGT101 Mid Term Solved MCQs Please download the file below:</div>
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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 T...

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