Question # 1

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

Choose an answer

Future cost

Replacement cost

Imputed cost

Sunk cost

Accounting is the

Choose an answer

Art

Science

Both

None

Debentures are

Choose an answer

Fixed assets

Fixed liabilities

Capital

Prepaid expenses

What is accumulated depreciation?

Choose an answer

Depreciation expense of the current year

Sum of all depreciations in different accounting year

Depreciations of previous accounting year

None

Which one is not include in factory overhead?

Choose an answer

Power hear & light

Indirect labour cost

Depreciation of plant

Salary of accountant

Deferred liabilities are debts which are repayable less than ----------

Choose an answer

One month

Six month

One year

None

Material are charged to production at actual cost under

Choose an answer

Weighted average method

FIFO method

LIFO method

Both ii & iii

The primary objective of cost accounting is to

Choose an answer

Control cost

Calculate profit

Avoid cost

All of above

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

Choose an answer

Less from cost of goods sold at normal

Less from entire production if required

Add in gross profit if required

Less from Net profit.

Sales prices is calculated as follow:-

Choose an answer

Cost + operating expense

Direct material + Direct labour + F.o.H

Cost + operating expenses + profit

None of above

Quick assets are

Choose an answer

Cash in hand

Cash at bank

Debtors

All of the above

Doubtful debt are:

Choose an answer

Definite loss to the business

Definite profit to the business

Expected loss to the business

Expected profit to the business

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

Choose an answer

The number of units sold

The number of units purchase

The number of units manufactured

All of the above

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

Choose an answer

Intangible asset

Fixed asset

Current asset

Quick asset

Outstanding expenses are also known as

Choose an answer

Prepared expenses

Accrued expenses

Un-earned income

None

Spoiled goods cannot be

Choose an answer

Sold without repairing

Repair and sold as damaged goods

Both A and B

None of above

Lead time is the time between the time on item reaches --------------- and ---------- of

Choose an answer

Order level, dispatch of material

Order level, maximum level

Maximum level, minimum level

Order level, actual receipt

The primary object of non-profit organizations is

Choose an answer

Not to earn profit

Work for the welfare of society

Buy/sell goods

A and B but not C

Which one is not a classification according to the accounting period?

Choose an answer

Capital expenditure

Revenue expenditure

Product cost

Administrative cost

In job order costing system, each job is assigned a job cost

Choose an answer

Unit

Center

Driver

Sheet

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

Choose an answer

Premium

Increase

Expense

Concession

More Classes

Other Links

NAT IIM Management Science Finance Hard Test MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer