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NAT II Management Science Finance & Accounting MCQs With Answers

Question # 1

A cost whose magnitude will be affected by decision being made is called

Choose an answer

Historical cost

Relevant cost

Irrelevant cost

Sunk cost

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Question # 2

The objective of financial accounting is to ascertain:

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True results of profit

True results of loss

True results of profit or loss

None

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Question # 3

What is negotiable instrument?

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A document which is not transferable

A document which is transferable

A document which is accepted

None

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Question # 4

Which one is not a classification according to the accounting period?

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Capital expenditure

Revenue expenditure

Product cost

Administrative cost

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Question # 5

What is amortization?

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Decrease in the value of fixed assets

Decrease in the value of intangible assets

Increase in the value of fixed assets

Increase in the value of intangible assets

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Question # 6

The price at which assets will be sold at the end of its useful life is known as:

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Scrap value

Residual value

Written down value

All of the above

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Question # 7

Petty cash book is a book which record

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Assets

Liabilities

Large payments

Small payments

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Question # 8

If spoiled goods are considered a normal part of production process than debit to

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Work in process

General expense

F.o.H control

None of above

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Question # 9

What are accrued expenses?

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The expenses that have been incurred during current year and paid till the end of current year

The expenses that have been incurred previous year and paid in the current year

The expenses that have been incurred during current year and not paid till the end of current year

The expenses that have been incurred previous year and not paid till the end of current year

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Question # 10

Quick assets are

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Cash in hand

Cash at bank

Debtors

All of the above

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