MGT101 Financial Accounting virtual university past papers mcqs

MGT101 Financial Accounting virtual university past papers mcqs.MGT101 midterm solved mcqs papers by moaaz . MGT101 finalterm solved mcqs papers by moaaz

Q: Budget is a plan of income, expenses & other financial operations for:?

A. Current period
B. Future period
C. Past period
D. None of the given


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Q: The process of transferring journal entry information to the ledger is called:?

A. Journalizing
B. Posting
C. Balancing
D. Analyzing


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Q: Which of the following should be shown on debit column of Trial Balance by considering the balance as normal??

A. Sales on cash basis
B. Sales on credit basis
C. Utility expenses
D. Creditors/payables


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Q: A statement which is prepared at the end of financial year of a manufacturing concern showing a brief summary of the whole process is called as:?

A. Statement of owner’s equity
B. Balance Sheet
C. Cost of Goods sold statement
D. Income Statement


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Q: Which of the following is the first book to record a transaction??

A. Trial Balance
B. Journal
C. Trial Balance
D. Balance Sheet


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Q: Which of the following entry will be recorded for discount received in a control account??

A. Discount Received (Dr) and Creditors Control A/c (Cr)
B. Discount Received (Dr) and Creditors A/c (Cr)
C. Creditors Control A/c (Dr) and Discount Received (Cr)
D. Debtors A/c (Dr) and Discount Received (Cr)


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Q: In which of the following statement/s closing stock is/are shown??

A. Profit and loss account
B. Balance sheet
C. Income statement
D. All of the given


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Q: Which of the following should be credited on sale of completed goods on cash basis in manufacturing concern??

A. Material account
B. Sales account
C. Finished goods account
D. Cash account


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Q: Which of the following should NOT be recorded in journal voucher??

A. Receipt of cash
B. Depreciation
C. Charge of interest payable
D. Correction of errors


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Q: The proper classification and normal balance of accounts receivables account is:?

A. Assets
B. Liabilities
C. Revenues
D. Expenses


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