Question # 1

How many types of bank accounts are there?

Choose an answer

4

3

5

6

The ------------- includes a control account entitled general ledger that shows is equity of the general office in the factory.

Choose an answer

General ledger

Head office ledger

Factory ledger

None of these

Work in process opening and closing inventory includes:-

Choose an answer

Arterial in process

Labour in process

F.o.H in process

All of the above

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

Choose an answer

Profit and loss statement

Nominal account

Statement of changes in equity

Balance sheet

Office salaries are include in

Choose an answer

Direct material cost

Indirect material cost

Factory overhead cost

Total payroll

Provision of doubtful debts are also known as:

Choose an answer

Allowances for uncollectable

Allowances for collectable

Bad debts

None

How many types of inventories are in cost of goods sold statement?

Choose an answer

1

2

3

4

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

Choose an answer

The number of units sold

The number of units purchase

The number of units manufactured

All of the above

In operating expense includes

Choose an answer

Marketing expense

Admin expense

Selling expense

All of the above

Depreciation expenditure is a

Choose an answer

Fixed cost

Variable cost

Semi-variable cost

Step fixed cost

What is negotiable instrument?

Choose an answer

A document which is not transferable

A document which is transferable

A document which is accepted

None

Costs whose consumption may be identified with specific production units in called

Choose an answer

Direct labour cost

Indirect labour cost

Direct material cost

Indirect material cost

The objective of financial accounting is to ascertain:

Choose an answer

True results of profit

True results of loss

True results of profit or loss

None

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

Purchase Requisition is sent to

Choose an answer

Accounts department

Purchase department

Finance department

None of above

Lead time is the time between the time on item reaches --------------- and ---------- of

Choose an answer

Order level, dispatch of material

Order level, maximum level

Maximum level, minimum level

Order level, actual receipt

The technique and process of ascertaining cost is termed as

Choose an answer

Costing

Cost accounting

Calculation of cost

Controlling cost

Outstanding expenses are also known as

Choose an answer

Prepared expenses

Accrued expenses

Un-earned income

None

Accounting is the

Choose an answer

Art

Science

Both

None

Excess of assets over liabilities is known as:

Choose an answer

Capital fund

Accumulated fund

Surplus fund

All options are correct

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

Choose an answer

Work in process

General expense

F.o.H control

None of above

More Classes

Other Links

NAT IIM Management Science Finance Hard Test MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer