MGT101 Final Term Solved Mega File by Amber

MGT101 FINAL TERM SOLVED PAPER BY AMBER SHAHEEN

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Q1. Shares for which amount is paid by public are called ________ shares. (1 marks)

1. Paid up
2. Authorized
3. Bonus share
4. All are correct options

Correct answer: Paid up

Q2. The area of accounting concerned with reporting financial information to the interested parties is called: (1 marks)

1. Cost Accounting
2. Financial Accounting
3. Management Accounting
4. Tax Accounting

Correct answer: Financial Accounting

Q3. An organization operating with the objective of making profit from the sale of goods or services is called: (1 marks)

1. Transaction
2. Business
3. Society
4. Trust

Correct answer: Business

Q4. Which of the following essentials are shown in Bank Book? (1 marks)

(1) Date of transaction (2) Narration of transaction (3) Cheque number

1. (1) & (2) only
2. (2) & (3) only
3. (1) & (3) only
4. (1), (2) & (3)

Correct answer: (1), (2) & (3)

Q5. Which of the following summarizes the cash movements during a specified period? (1 marks)

1. Trading account
2. Profit & Loss account
3. Receipts & Payments account
4. Balance Sheet

Correct answer: Profit & Loss account

Q6. What type of expenses are paid out of Gross Profit? (1 marks)

1. Selling Expenses
2. General Expenses
3. Financial Expenses
4. All of the given options

Correct answer: All of the given options

Q7. Following are the inventories of Manufacturing Concern EXCEPT: (1 marks)

1. Raw material
2. Work in process
3. Finished goods
4. Merchandise inventory

Correct answer: Merchandise inventory

Q8. In cost of goods sold statement, the ‘cost of material consumed’ is equal to: (1 marks)

1. Opening raw material inventory + Purchases – Ending raw material inventory
2. Opening raw material inventory - Purchases + Ending raw material inventory
3. Ending raw material inventory + Opening raw material inventory - Purchases
4. Ending raw material inventory + Opening raw material inventory + Purchases

Correct answer: Opening raw material inventory + Purchases – Ending raw material inventory

Q9. If, Cost of machine = Rs.400, 000 (1 marks)

Useful life = 5 years = Rs.25, 000 The depreciation of machine per year using straight line method is?

1. Rs. 160,000
2. Rs. 96,000
3. Rs. 75,000
4. Rs. 57,600

Correct answer: Rs. 75,000

Q10. The Primary objective of providing depreciation is: (1 marks)

1. To calculate true profit
2. To show the asset on market value
3. To reduce tax Burdon
4. To provide funds for replacement

Correct answer: To show the asset on market value

Q11. Consider the following: (1 marks)

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

Q20. units Rs. 13 per unit Eighty-five units were sold, what is the value of the ending inventory using the FIFO method of inventory costing?

1. Rs.260
2. Rs.232
3. Rs.284
4. Rs.268

Correct answer: Rs.260

Q12. Accounting is the language of: (1 marks)

1. Business
2. School
3. Proprietor
4. Management

Correct answer: Business

Q13. Find out the missing value of an Accounting Equation with the help of given data: (1 marks)

Owner’s equity Rs. 22,500 Total Liabilities Rs. 80, 385 Cash in hand Rs. 1,000 Cash at bank Rs. 2,000 Debtors Rs. 500

1. Rs. 1, 02,885 other assets
2. Rs. 1, 02,885 other liabilities
3. Rs. 99,885 current liabilities