Question # 1

If spoiled good are considered as abnormal part of production process then debited to

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Work in process

General expense

F-o-H control

None of above

A person is said to be insolvent when his

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Assets are sufficient

Assets are enough to pay his liabilities

Assets are not enough to pay his liabilities

None

Which one is non-manufacturing costs?

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Direct material cost

Labour cost

Research and development cost

All of above

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

How many types of inventories are in cost of goods sold statement?

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1

2

3

4

Purchase Requisition is sent to

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Accounts department

Purchase department

Finance department

None of above

The primary objective of cost accounting is to

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Control cost

Calculate profit

Avoid cost

All of above

The objective of financial accounting is to ascertain:

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True results of profit

True results of loss

True results of profit or loss

None

The technique and process of ascertaining cost is termed as

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Costing

Cost accounting

Calculation of cost

Controlling cost

Loss which arises due to ----------- is known as abnormal loss

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Breakage of goods

Leakage

Fire

Shrinkage

Office salaries are include in

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Direct material cost

Indirect material cost

Factory overhead cost

Total payroll

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NAT II Management Science Finance & Accounting MCQs With Answers

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