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NAT IIM Management Science Finance Hard Test MCQs With Answers
Question # 1
Bin card is maintained by
Choose an answer
Purchase manager
Sales manager
Store keeper
Finance manager
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Question # 2
Purchase Requisition is sent to
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Accounts department
Purchase department
Finance department
None of above
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Question # 3
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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Question # 4
Trading account shows ----------- result.
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Net
Gross
Profit
Loss
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Question # 5
In operating expense includes
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Marketing expense
Admin expense
Selling expense
All of the above
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Question # 6
Endorsement is made:
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For settlement of debts
For settlement of income
For settlement of profit
None
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Question # 7
The cost flow must match the
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Output
Outflow
Inflow
Workflow
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Question # 8
The cost of holding the stock in storage is called
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Ordering cost
Material cost
Caring cost
All of the above
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Question # 9
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 # 10
Which one is not accounting convention?
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Materiality
Full disclosure
Consistency
Going concern
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Question # 11
The cost flow must watch the
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Output
Outflow
Inflow
Workflow
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Question # 12
Doubtful debts are shown on:
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Profit side of statement of profit and loss
Liabilities side of balance sheet
Asset side of balance sheet
Not shown anywhere
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Question # 13
Accounting is the
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Art
Science
Both
None
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Question # 14
In payroll include the remunerations of
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Direct labour
Indirect labour
Both a & b
None of the above
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Question # 15
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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