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NAT II Management Science Finance & Accounting MCQs With Answers

Question # 1

Per Unit cost is calculated by dividing the cost of goods sold by

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The number of units sold

The number of units purchase

The number of units manufactured

All of the above

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Question # 2

Assets which have to no market value are called

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Fictitious assets

Liquid assets

Intangible assets

Real assets

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Question # 3

Section of the business to which cost can be charged is termed as

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Cost driver

Cost center

Cost unit

All of above

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Question # 4

Cash or goods taken away by owner for personal use from business are known as:

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Capital

Drawings

Revenue

Expense

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Question # 5

Which one of the following is not a negotiable instrument?

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Cheque

Promissory note

Bill of exchange

None of the above

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Question # 6

Rebate is the --------- in the amount of bill paid

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Premium

Increase

Expense

Concession

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Question # 7

Which one is non-manufacturing costs?

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Direct material cost

Labour cost

Research and development cost

All of above

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Question # 8

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

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Historical cost

Relevant cost

Irrelevant cost

Sunk cost

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Question # 9

From the following statements which one is not true about over applied F.o.H

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Less from cost of goods sold at normal

Less from entire production if required

Add in gross profit if required

Less from Net profit.

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Question # 10

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 # 11

Historical cost which is irrecoverable in a given situation is called

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Imputed cost

Standard cost

Opportunity cost

Sunk cost

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