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Online Tests
NAT IIM Management Science Finance Hard Test MCQs With Answers
Question # 1
Dishonor of the bill occurs when:
Choose an answer
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 # 2
Cash or goods taken away by owner for personal use from business are known as:
Choose an answer
Capital
Drawings
Revenue
Expense
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Question # 3
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 # 4
Accounting is the
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Art
Science
Both
None
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Question # 5
Accounts which are related with properties are known as
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Real accounts
Nominal accounts
Property accounts
A and C are correct Accounting principles:
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Question # 6
Depreciation is a loss due to wear and tear of an asset.
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Correct
Incorrent
May be
None
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Question # 7
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
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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
Rebate is the --------- in the amount of bill paid
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Premium
Increase
Expense
Concession
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Question # 10
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 # 11
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
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Question # 12
Which one is not accounting convention?
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Materiality
Full disclosure
Consistency
Going concern
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Question # 13
What are bad debts?
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Debts which are irrecoverable from the debtors
Debts which are recoverable from the debtors
Debts which are irrecoverable from the creditors
Debts which are recoverable from the creditors
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Question # 14
Deferred liabilities are debts which are repayable less than ----------
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One month
Six month
One year
None
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Question # 15
During period of rising material prices, ----------- method results in profit inflation
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LIFO
FIFO
Weighted average
All of the above
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Question # 16
Depreciation expenditure is a
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Fixed cost
Variable cost
Semi-variable cost
Step fixed cost
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Question # 17
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 # 18
How many types of bank accounts are there?
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4
3
5
6
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Question # 19
Goodwill is ----------- for company.
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Intangible asset
Fixed asset
Current asset
Quick asset
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Question # 20
Spoiled goods cannot be
Choose an answer
Sold without repairing
Repair and sold as damaged goods
Both A and B
None of above
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Question # 21
What is accumulated depreciation?
Choose an answer
Depreciation expense of the current year
Sum of all depreciations in different accounting year
Depreciations of previous accounting year
None
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