Question # 1

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

Assets which have to no market value are called

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Fictitious assets

Liquid assets

Intangible assets

Real assets

Depreciation expenditure is a

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Fixed cost

Variable cost

Semi-variable cost

Step fixed cost

Material are charged to production at actual cost under

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Weighted average method

FIFO method

LIFO method

Both ii & iii

The cost flow must watch the

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Output

Outflow

Inflow

Workflow

Difference in cost of alternative choices is called

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Total costing

Differential costing

Full costing

Variable costing

Per Unit cost is calculated by dividing the cost of goods sold by

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The number of units sold

The number of units purchase

The number of units manufactured

All of the above

How many of grace are given?

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5

4

3

2

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

In operating expense includes

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Marketing expense

Admin expense

Selling expense

All of the above

Quick assets are

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Cash in hand

Cash at bank

Debtors

All of the above

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NAT II Management Science Finance & Accounting MCQs With Answers

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