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NAT IIM Management Science Finance Hard Test MCQs With Answers
Question # 1
Trading account shows ----------- result.
Choose an answer
Net
Gross
Profit
Loss
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Question # 2
Difference in cost of alternative choices is called
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Total costing
Differential costing
Full costing
Variable costing
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Question # 3
Office salaries are include in
Choose an answer
Direct material cost
Indirect material cost
Factory overhead cost
Total payroll
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Question # 4
During period of rising material prices, ----------- method results in profit inflation
Choose an answer
LIFO
FIFO
Weighted average
All of the above
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Question # 5
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 # 6
How many branches are there in accounting?
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1
3
2
4
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Question # 7
Purchase Requisition is sent to
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Accounts department
Purchase department
Finance department
None of above
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Question # 8
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 # 9
Historical cost which is irrecoverable in a given situation is called
Choose an answer
Imputed cost
Standard cost
Opportunity cost
Sunk cost
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Question # 10
Cost which cannot be conveniently identified with individual cost unit is called
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Direct material cost
Indirect material cost
Indirect labour cost
Caring cost
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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
Goodwill is ----------- for company.
Choose an answer
Intangible asset
Fixed asset
Current asset
Quick asset
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Question # 13
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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Question # 14
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 # 15
Statement of a affairs is a sort of -----------
Choose an answer
Profit and loss statement
Nominal account
Statement of changes in equity
Balance sheet
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