NAT IIM Management Science Finance Hard Test With Answers

NAT IIM Management Science Finance Hard Test

Sr. # Questions Answers Choice
1 Sales prices is calculated as follow:- Cost + operating expense Direct material + Direct labour + F.o.H Cost + operating expenses + profit None of above
2 Cost goods sold is Rs. 1650, gross profit ratio is 17.5% then sales is 1800 1900 2000 2200
3 From the following statements which one is not true about over applied F.o.H Less from cost of goods sold at normal Less from entire production if required Add in gross profit if required Less from Net profit.
4 Work in process opening and closing inventory includes:- Arterial in process Labour in process F.o.H in process All of the above
5 Which one is not include in factory overhead? Power hear & light Indirect labour cost Depreciation of plant Salary of accountant
6 Per Unit cost is calculated by dividing the cost of goods sold by The number of units sold The number of units purchase The number of units manufactured All of the above
7 In operating expense includes Marketing expense Admin expense Selling expense All of the above
8 Office salaries are include in Direct material cost Indirect material cost Factory overhead cost Total payroll
9 If applied factory overhead is less than actual factory overhead, it is called Applied F.o.H Over applied F.o.H Under-applied F.o.H None of above
10 Manufacturing concern cycle is ---------- than trading concern cycle: Shorter Greater Medium None of above
11 How many types of inventories are in cost of goods sold statement? 1 2 3 4
12 Depreciation expenditure is a Fixed cost Variable cost Semi-variable cost Step fixed cost
13 Hypothetical cost which are specially computed outside the accounting system for the purpose of decision making is called Future cost Replacement cost Imputed cost Sunk cost
14 A cost whose magnitude will be affected by decision being made is called Historical cost Relevant cost Irrelevant cost Sunk cost
15 Section of the business to which cost can be charged is termed as Cost driver Cost center Cost unit All of above
16 The technique and process of ascertaining cost is termed as Costing Cost accounting Calculation of cost Controlling cost
17 The primary objective of cost accounting is to Control cost Calculate profit Avoid cost All of above
18 Cost which is calculated before manufacture operation is called Sunk cost Mixed cost Standard cost None of above
19 Which one is not a functional classification? Manufacturing cost Marketing cost Finance cost Mixed cost
20 Historical cost which is irrecoverable in a given situation is called Imputed cost Standard cost Opportunity cost Sunk cost
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