NAT IIM Management Science Finance Hard Test With Answers

NAT IIM Management Science Finance Hard Test

Sr. # Questions Answers Choice
1 Which one is non-manufacturing costs? Direct material cost Labour cost Research and development cost All of above
2 Which one is not a classification according to the accounting period? Capital expenditure Revenue expenditure Product cost Administrative cost
3 Difference in cost of alternative choices is called Total costing Differential costing Full costing Variable costing
4 Variable cost and fixed cost have been treated as product cost in Absorption costing Direct costing Full costing All of above
5 The primary object of non-profit organizations is Not to earn profit Work for the welfare of society Buy/sell goods A and B but not C
6 A property which is received by virtue of a will of a person after his death is known as Legacy Donation Subscription Gift
7 Petty cash book is a book which record Assets Liabilities Large payments Small payments
8 Debentures are Fixed assets Fixed liabilities Capital Prepaid expenses
9 Provision of doubtful debts are also known as: Allowances for uncollectable Allowances for collectable Bad debts None
10 Quick assets are Cash in hand Cash at bank Debtors All of the above
11 Deferred liabilities are debts which are repayable less than ---------- One month Six month One year None
12 Trading account shows ----------- result. Net Gross Profit Loss
13 Treble column cash book has three columns of: Cash, bank and discount Income, expense and bank Cash, bank and profit or loss None
14 A--------------- is an account in which those transaction are entered which cannot be placed to their accounts Nominal account Suspense account Personal account Debtor account
15 Excess of assets over liabilities is known as: Capital fund Accumulated fund Surplus fund All options are correct
16 A person is said to be insolvent when his Assets are sufficient Assets are enough to pay his liabilities Assets are not enough to pay his liabilities None
17 What is accumulated depreciation? Depreciation expense of the current year Sum of all depreciations in different accounting year Depreciations of previous accounting year None
18 Goodwill is ----------- for company. Intangible asset Fixed asset Current asset Quick asset
19 Statement of a affairs is a sort of ----------- Profit and loss statement Nominal account Statement of changes in equity Balance sheet
20 Loss which arises due to ----------- is known as abnormal loss Breakage of goods Leakage Fire Shrinkage
Download This Set

Is this page helpful?