Question # 1

A property which is received by virtue of a will of a person after his death is known as

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Legacy

Donation

Subscription

Gift

Hypothetical cost which are specially computed outside the accounting system for the purpose of decision making is called

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Future cost

Replacement cost

Imputed cost

Sunk cost

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

How many branches are there in accounting?

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1

3

2

4

The stages of accounting cycle are

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Transaction-ledger-journal-trial balance-final accounts

Transaction-journal-ledger-trial balance-final accounts

Transaction-journal-trial balance-ledger-final accounts

Transaction-journal-ledger-final accounts-trial balance

What is accumulated depreciation?

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Depreciation expense of the current year

Sum of all depreciations in different accounting year

Depreciations of previous accounting year

None

Profit will be lower where prices are rising under

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FIFO method

LIFO method

Weighted average method

All of the above

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

Office salaries are include in

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Direct material cost

Indirect material cost

Factory overhead cost

Total payroll

The cost of holding the stock in storage is called

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Ordering cost

Material cost

Caring cost

All of the above

Statement of a affairs is a sort of -----------

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Profit and loss statement

Nominal account

Statement of changes in equity

Balance sheet

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NAT II Management Science Finance & Accounting MCQs With Answers

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