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NAT II Management Science Finance & Accounting MCQs With Answers

Question # 1

Offsetting expenses against revenue is the concept of:

Choose an answer

Realization

Dual aspect

Matching

Conventions

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Question # 2

The primary object of non-profit organizations is

Choose an answer

Not to earn profit

Work for the welfare of society

Buy/sell goods

A and B but not C

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Question # 3

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

Choose an answer

Cost driver

Cost center

Cost unit

All of above

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Question # 4

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 # 5

Name the main accounts which are prepared in accounting?

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Assets, liabilities, income and expenses

Assets, liabilities, income and revenue

Assets, owner's equity, income and expenses

Assets, liabilities and expenses

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Question # 6

Good received note is prepared by

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Purchase department

Sales department

Receiving department

All of the above

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Question # 7

According to possible for an event or transaction which is not measurable in terms of money

Choose an answer

True

False

May be

None

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Question # 8

Dishonor of the bill occurs when:

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The drawer refuse to pay

The acceptor refuses to meet the bill on due date

The endorsee accepts to meet the bill

None

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Question # 9

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 # 10

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 # 11

Which ratio tells how many times in a year stock is used up and replaced?

Choose an answer

Gross profit ratio

Net profit ratio

Cost ratio

None of these

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