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NAT II Management Science Finance & Accounting MCQs With Answers

Question # 1

The technique and process of ascertaining cost is termed as

Choose an answer

Costing

Cost accounting

Calculation of cost

Controlling cost

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Question # 2

What are accrued expenses?

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The expenses that have been incurred during current year and paid till the end of current year

The expenses that have been incurred previous year and paid in the current year

The expenses that have been incurred during current year and not paid till the end of current year

The expenses that have been incurred previous year and not paid till the end of current year

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Question # 3

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 # 4

The primary object of non-profit organizations is

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Not to earn profit

Work for the welfare of society

Buy/sell goods

A and B but not C

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Question # 5

Endorsement is made:

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For settlement of debts

For settlement of income

For settlement of profit

None

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Question # 6

If applied factory overhead is less than actual factory overhead, it is called

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Applied F.o.H

Over applied F.o.H

Under-applied F.o.H

None of above

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Question # 7

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 # 8

Difference in cost of alternative choices is called

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Total costing

Differential costing

Full costing

Variable costing

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Question # 9

Trading account shows ----------- result.

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Net

Gross

Profit

Loss

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Question # 10

Good received note is prepared by

Choose an answer

Purchase department

Sales department

Receiving department

All of the above

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