*MGT101 ? MIDTERM PAPER REVIEW* *Date: 04 June 2026* *Time: 08:00 AM* *MCQs:* - MCQs were easy. - Mostly from handouts. - Some MCQs were similar to quizzes and practice files. - Concepts included: - Asset, Liability, Expense - Debit & Credit - Real, Personal, Nominal Accounts - Event vs Transaction - Trial Balance - Bank Reconciliation Statement (BRS) - Accounting Equation - Debtors & Creditors *Short Questions:* *Q1:* Some statements were given and we had to identify whether they were: - Event - Transaction - Debt/Liability related *Q2:* Prepare Trial Balance. Given: - Motor Bike Account = Rs. 70,000 - Rent Expense Account = Rs. 50,000 - Loan Payable = Rs. 120,000 Required: Prepare Trial Balance by placing accounts on Debit and Credit sides. *Long Questions:* *Q1:* Cla