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NAT IIM Management Science Finance Hard Test MCQs With Answers
Question # 1
Loss which arises due to ----------- is known as abnormal loss
Choose an answer
Breakage of goods
Leakage
Fire
Shrinkage
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Question # 2
Realisation concept is the concept in which revenue is ------------ at the time when goods are sold or services rendered.
Choose an answer
Recognized
Not recognized
Paid
Received
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Question # 3
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 # 4
The objective of financial accounting is to ascertain:
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True results of profit
True results of loss
True results of profit or loss
None
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Question # 5
According to possible for an event or transaction which is not measurable in terms of money
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True
False
May be
None
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Question # 6
Debentures are
Choose an answer
Fixed assets
Fixed liabilities
Capital
Prepaid expenses
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Question # 7
Compound entry is an entry in which:
Choose an answer
More than one account is debited
More than one account is credited
Both a and b are correct
None of the above
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Question # 8
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 # 9
Material are charged to production at actual cost under
Choose an answer
Weighted average method
FIFO method
LIFO method
Both ii & iii
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Question # 10
How many branches are there in accounting?
Choose an answer
1
3
2
4
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Question # 11
If spoiled good are considered as abnormal part of production process then debited to
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Work in process
General expense
F-o-H control
None of above
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Question # 12
Name the main accounts which are prepared in accounting?
Choose an answer
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 # 13
Cost which is calculated before manufacture operation is called
Choose an answer
Sunk cost
Mixed cost
Standard cost
None of above
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Question # 14
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 # 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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