NAT IIM Management Science Finance Hard Test With Answers

NAT IIM Management Science Finance Hard Test

Sr. # Questions Answers Choice
1 If spoiled good are considered as abnormal part of production process then debited to Work in process General expense F-o-H control None of above
2 If spoiled goods are considered a normal part of production process than debit to Work in process General expense F.o.H control None of above
3 The cost flow must match the Output Outflow Inflow Workflow
4 Spoiled goods cannot be Sold without repairing Repair and sold as damaged goods Both A and B None of above
5 Under perpetual inventory system stock taking is under taken at the Start of the accounting year End of the accounting Regular bases None of above
6 Purchase Requisition is sent to Accounts department Purchase department Finance department None of above
7 Good received note is prepared by Purchase department Sales department Receiving department All of the above
8 Bin card is maintained by Purchase manager Sales manager Store keeper Finance manager
9 Profit will be lower where prices are rising under FIFO method LIFO method Weighted average method All of the above
10 Material are charged to production at actual cost under Weighted average method FIFO method LIFO method Both ii & iii
11 During period of rising material prices, ----------- method results in profit inflation LIFO FIFO Weighted average All of the above
12 Lead time is the time between the time on item reaches --------------- and ---------- of Order level, dispatch of material Order level, maximum level Maximum level, minimum level Order level, actual receipt
13 Which ratio tells how many times in a year stock is used up and replaced? Gross profit ratio Net profit ratio Cost ratio None of these
14 The cost of holding the stock in storage is called Ordering cost Material cost Caring cost All of the above
15 Cost which cannot be conveniently identified with individual cost unit is called Direct material cost Indirect material cost Indirect labour cost Caring cost
16 Costs whose consumption may be identified with specific production units in called Direct labour cost Indirect labour cost Direct material cost Indirect material cost
17 In payroll include the remunerations of Direct labour Indirect labour Both a & b None of the above
18 The ------------- includes a control account entitled general ledger that shows is equity of the general office in the factory. General ledger Head office ledger Factory ledger None of these
19 The cost flow must watch the Output Outflow Inflow Workflow
20 In job order costing system, each job is assigned a job cost Unit Center Driver Sheet
Download This Set

Is this page helpful?