Question # 1

Goodwill is ----------- for company.

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Intangible asset

Fixed asset

Current asset

Quick asset

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.

Which one is non-manufacturing costs?

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Direct material cost

Labour cost

Research and development cost

All of above

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

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

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Net

Gross

Profit

Loss

Which one of the following is not a negotiable instrument?

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Cheque

Promissory note

Bill of exchange

None of the above

Variable cost and fixed cost have been treated as product cost in

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Absorption costing

Direct costing

Full costing

All of above

Material are charged to production at actual cost under

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Weighted average method

FIFO method

LIFO method

Both ii & iii

Hypothetical cost which are specially computed outside the accounting system for the purpose of decision making is called

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Future cost

Replacement cost

Imputed cost

Sunk cost

Provision of doubtful debts are also known as:

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Allowances for uncollectable

Allowances for collectable

Bad debts

None

Rebate is the --------- in the amount of bill paid

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Premium

Increase

Expense

Concession

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NAT II Management Science Finance & Accounting MCQs With Answers

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