MGT101 Midterm MCQs 2024 by Miss Mehwish

Past Papers for Mids./Finals are also Available · MGT101 (Mega File) · Mid Term (Live Quiz)

Q1. Income is recorded when received either earned or not according to: Cash accounting

Accrual accounting Cost accounting Management accounting

Q2. An event can be classified as monetary:

Winning a trophy Losing a match Purchases on cash Placing purchase order

Q3. Which of the following best describes the 'Chart of accounts'? List of all assets and liabilities

List of accounting heads List of cash inflows and outflows List of ledger balances

Q4. Profitability of an entity is referred as:

Cash flow during the period All of the given options Financial strength on a specific date Financial performance during the period

Q5. Contra account for debtors is:

Q6. ABC & CO purchased goods for resale purposes on cash. Which one of the following account head will increase?

Creditor Capital Expense

Q7. Withdrawals by the owner for personal use reduces:

Loss Cash

Q8. _____ is prepared to know the financial performance of an entity. Statement of Profit or Loss

Statement of Changes in equity Statement of Cash Flows Statement of Financial Position

Q9. Standard (IAS) 1?

Statement of cash in hand Statement of cash inflows Statement of cash flows Statement of cash outflows

Q10. If the payment of transaction is postponed for specific future date on purchases of goods then the transaction is called:

Barter transaction Cash transaction Credit transaction Paper transaction

Which of the following is an asset?

Prepaid insurance ✅ Sales Account payable

•  Identify the two accounting heads that are affected from the transaction of Rent received in cash. Rent income and cash account ✅ Rent expense and bank account Rent expense and cash account