MGT101 Midterm Past Papers by Attiq Kundi and Group

MGT101 MID-Term · BY · Attiq Kundi group · 100 % CORRECT MCSQ · AND Many MoRe

Q1. An event can be classified as non-monetary:

1. Purchase on cash
2. Placing purchase Oder
3. Lose Accident
4. Selling on credit

Q2. Which voucher is used as proof that debtor MR. A has created his/her outstanding amount or balance?

1. Cash Payment voucher
2. Bank payment voucher
3. Petty Cash voucher
4. Cash receipt voucher

Q3. Which one the following is wrong? Select the correct option

1. Nature of owner equity is credit
2. Nature of assets is Debit
3. Nature of expense is Debit
4. Nature of income is Debit

Q4. In ___________, ledger accounts produce balance continually throughout the according period like after each Cr/Dr Posting.

1. Report style
2. Running balance style
3. T account style
4. All of the given option

Q5. Post reference Colum of a journal entry is:

1. None of these
2. Event occurring after transaction takes place
3. Nam recording the journal entry
4. Page no of relevant ledger account

Q6. Which of the following account is /are “credit” if sold goods on credit to ABC cooperation for Rs.8000 and for cash Rs.4000?

1. Cash Account
2. Debtor Account
3. Both debtor and cash Account
4. Sale Account

Q7. Which of the following represent the deadline between two persons which change the financial position of the business?

1. Message
2. Event
3. Transaction
4. Communication

Q8. Bank overdraft will fail under which of the following Classification of account?

1. Revenue
2. Liabilities
3. Assets
4. Expenses

Q9. Commission paid will fall down under which of the following classification of accounts:

1. Revenue
2. Expenses
3. Assets
4. Labilities

Q10. All of the following contra accounts except: Select the correct option

1. Drawing
2. Purchase
3. Sale return
4. Provision for doubtful debit

Q11. Credit note is issued by the seller when______ are returned.

1. Credit sale
2. Credit purchase
3. Cash purchase
4. Debit sale

Q12. The Normal Balance of capital account is similar to:

1. Expense Account
2. Income Account
3. Asset Account
4. Drawing Account

Q13. Outcome claim against the assets of the business is also consider as _______ for entity?

1. Source
2. Income
3. Expense
4. Liabilities

Q14. What is nature of Capital account? Select the correct option

1. Debit
2. Credit