NAT IIM Management Science Finance & Accounting Online Test for Pakistani Students

MCQ's Test For NAT II Management Science Finance & Accounting

Try The MCQ's Test For NAT II Management Science Finance & Accounting

  • Total Questions10

  • Time Allowed15

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NAT II Management Science Finance & Accounting

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Question # 1

The cost flow must watch the

Question # 2

Under perpetual inventory system stock taking is under taken at the

Question # 3

A person is said to be insolvent when his

Question # 4

Profit will be lower where prices are rising under

Question # 5

Depreciation is a loss due to wear and tear of an asset.

Question # 6

Cost which cannot be conveniently identified with individual cost unit is called

Question # 7

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

Question # 8

The stages of accounting cycle are

Question # 9

Doubtful debt are:

Question # 10

The bills which are drawn and accepted against the sale and purchase of goods on credits are called

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NAT-II Finance & Accounting Chapter 0 Important MCQ's

Sr.# Question Answer
1 The stages of accounting cycle are
A. Transaction-ledger-journal-trial balance-final accounts
B. Transaction-journal-ledger-trial balance-final accounts
C. Transaction-journal-trial balance-ledger-final accounts
D. Transaction-journal-ledger-final accounts-trial balance
2 Difference in cost of alternative choices is called
A. Total costing
B. Differential costing
C. Full costing
D. Variable costing
3 Costs whose consumption may be identified with specific production units in called
A. Direct labour cost
B. Indirect labour cost
C. Direct material cost
D. Indirect material cost
4 Trading account shows ----------- result.
A. Net
B. Gross
C. Profit
D. Loss
5 In job order costing system, each job is assigned a job cost
A. Unit
B. Center
C. Driver
D. Sheet
6 During period of rising material prices, ----------- method results in profit inflation
A. LIFO
B. FIFO
C. Weighted average
D. All of the above
7 Realisation concept is the concept in which revenue is ------------ at the time when goods are sold or services rendered.
A. Recognized
B. Not recognized
C. Paid
D. Received
8 Name the main accounts which are prepared in accounting?
A. Assets, liabilities, income and expenses
B. Assets, liabilities, income and revenue
C. Assets, owner's equity, income and expenses
D. Assets, liabilities and expenses
9 If spoiled good are considered as abnormal part of production process then debited to
A. Work in process
B. General expense
C. F-o-H control
D. None of above
10 Sales prices is calculated as follow:-
A. Cost + operating expense
B. Direct material + Direct labour + F.o.H
C. Cost + operating expenses + profit
D. None of above

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