Question # 1

The technique and process of ascertaining cost is termed as

Choose an answer

Costing

Cost accounting

Calculation of cost

Controlling cost

Excess of assets over liabilities is known as:

Choose an answer

Capital fund

Accumulated fund

Surplus fund

All options are correct

Accounting is the

Choose an answer

Art

Science

Both

None

In bill of exchange, the party who accepts a bill is known as:

Choose an answer

Drawer

Drawee

Payee

Third party

A person is said to be insolvent when his

Choose an answer

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?

Choose an answer

Direct material cost

Labour cost

Research and development cost

All of above

Good received note is prepared by

Choose an answer

Purchase department

Sales department

Receiving department

All of the above

In payroll include the remunerations of

Choose an answer

Direct labour

Indirect labour

Both a & b

None of the above

Spoiled goods cannot be

Choose an answer

Sold without repairing

Repair and sold as damaged goods

Both A and B

None of above

Material are charged to production at actual cost under

Choose an answer

Weighted average method

FIFO method

LIFO method

Both ii & iii

Compound entry is an entry in which:

Choose an answer

More than one account is debited

More than one account is credited

Both a and b are correct

None of the above

Petty cash book is a book which record

Choose an answer

Assets

Liabilities

Large payments

Small payments

In operating expense includes

Choose an answer

Marketing expense

Admin expense

Selling expense

All of the above

Doubtful debts are shown on:

Choose an answer

Profit side of statement of profit and loss

Liabilities side of balance sheet

Asset side of balance sheet

Not shown anywhere

The cost flow must watch the

Choose an answer

Output

Outflow

Inflow

Workflow

Profit will be lower where prices are rising under

Choose an answer

FIFO method

LIFO method

Weighted average method

All of the above

Historical cost which is irrecoverable in a given situation is called

Choose an answer

Imputed cost

Standard cost

Opportunity cost

Sunk cost

Cost goods sold is Rs. 1650, gross profit ratio is 17.5% then sales is

Choose an answer

1800

1900

2000

2200

How many of grace are given?

Choose an answer

5

4

3

2

Depreciation expenditure is a

Choose an answer

Fixed cost

Variable cost

Semi-variable cost

Step fixed cost

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

Choose an answer

1

2

3

4

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