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NAT IIM Management Science Finance Hard Test MCQs With Answers
Question # 1
Petty cash book is a book which record
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Assets
Liabilities
Large payments
Small payments
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Question # 2
Which one is not include in factory overhead?
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Power hear & light
Indirect labour cost
Depreciation of plant
Salary of accountant
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Question # 3
How many types of bank accounts are there?
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4
3
5
6
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Question # 4
Excess of assets over liabilities is known as:
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Capital fund
Accumulated fund
Surplus fund
All options are correct
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Question # 5
The primary objective of cost accounting is to
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Control cost
Calculate profit
Avoid cost
All of above
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Question # 6
Assets which have to no market value are called
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Fictitious assets
Liquid assets
Intangible assets
Real assets
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Question # 7
A property which is received by virtue of a will of a person after his death is known as
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Legacy
Donation
Subscription
Gift
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Question # 8
How many types of inventories are in cost of goods sold statement?
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1
2
3
4
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Question # 9
Hypothetical cost which are specially computed outside the accounting system for the purpose of decision making is called
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Future cost
Replacement cost
Imputed cost
Sunk cost
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Question # 10
Any written evidence of a business transaction is known as
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Voucher
Pay-in-slip
Debit note
Credit note
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Question # 11
Quick assets are
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Cash in hand
Cash at bank
Debtors
All of the above
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Question # 12
Depreciation expenditure is a
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Fixed cost
Variable cost
Semi-variable cost
Step fixed cost
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Question # 13
How many branches are there in accounting?
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1
3
2
4
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Question # 14
Purchase Requisition is sent to
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Accounts department
Purchase department
Finance department
None of above
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Question # 15
Office salaries are include in
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Direct material cost
Indirect material cost
Factory overhead cost
Total payroll
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