Question # 1

What is accounting period?

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It is a time for which business prepares its financial statements

It is time for which business prepares its profit and loss statement

It is a time for which business prepares its balance sheet

None

Statement of a affairs is a sort of -----------

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Profit and loss statement

Nominal account

Statement of changes in equity

Balance sheet

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

Debentures are

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Fixed assets

Fixed liabilities

Capital

Prepaid expenses

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

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1

2

3

4

Profit will be lower where prices are rising under

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FIFO method

LIFO method

Weighted average method

All of the above

From the following statements which one is not true about over applied F.o.H

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Less from cost of goods sold at normal

Less from entire production if required

Add in gross profit if required

Less from Net profit.

Excess of assets over liabilities is known as:

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Capital fund

Accumulated fund

Surplus fund

All options are correct

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

Depreciation expenditure is a

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Fixed cost

Variable cost

Semi-variable cost

Step fixed cost

Which one of the following is not a negotiable instrument?

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Cheque

Promissory note

Bill of exchange

None of the above

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NAT II Management Science Finance & Accounting MCQs With Answers

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