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

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

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NAT II Management Science Finance & Accounting

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Question # 1

The stages of accounting cycle are

Question # 2

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

Question # 3

Which one is not accounting convention?

Question # 4

Office salaries are include in

Question # 5

How many types of bank accounts are there?

Question # 6

Loss which arises due to ----------- is known as abnormal loss

Question # 7

A--------------- is an account in which those transaction are entered which cannot be placed to their accounts

Question # 8

A credit purchases are:

Question # 9

Endorsement is made:

Question # 10

Which ratio tells how many times in a year stock is used up and replaced?

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

Sr.# Question Answer
1 Treble column cash book has three columns of:
A. Cash, bank and discount
B. Income, expense and bank
C. Cash, bank and profit or loss
D. None
2 Which one is non-manufacturing costs?
A. Direct material cost
B. Labour cost
C. Research and development cost
D. All of above
3 Loss which arises due to ----------- is known as abnormal loss
A. Breakage of goods
B. Leakage
C. Fire
D. Shrinkage
4 What is accounting period?
A. It is a time for which business prepares its financial statements
B. It is time for which business prepares its profit and loss statement
C. It is a time for which business prepares its balance sheet
D. None
5 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
6 Deferred liabilities are debts which are repayable less than ----------
A. One month
B. Six month
C. One year
D. None
7 Excess of assets over liabilities is known as:
A. Capital fund
B. Accumulated fund
C. Surplus fund
D. All options are correct
8 Dishonor of the bill occurs when:
A. The drawer refuse to pay
B. The acceptor refuses to meet the bill on due date
C. The endorsee accepts to meet the bill
D. None
9 Purchase Requisition is sent to
A. Accounts department
B. Purchase department
C. Finance department
D. None of above
10 Endorsement is made:
A. For settlement of debts
B. For settlement of income
C. For settlement of profit
D. None

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