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

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NAT II Management Science Finance & Accounting

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Question # 1

What is accounting period?

Question # 2

The cost flow must match the

Question # 3

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

Question # 4

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

Question # 5

Tenor is the period of time ------------ which a bill becomes payable

Question # 6

What is negotiable instrument?

Question # 7

How many branches are there in accounting?

Question # 8

Doubtful debt are:

Question # 9

If spoiled goods are considered a normal part of production process than debit to

Question # 10

Quick assets are

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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 Profit will be lower where prices are rising under
A. FIFO method
B. LIFO method
C. Weighted average method
D. All of the above
3 Purchase Requisition is sent to
A. Accounts department
B. Purchase department
C. Finance department
D. None of above
4 The bills which are drawn and accepted against the sale and purchase of goods on credits are called
A. Trade bills
B. Bill of exchange
C. In-land bills
D. Foreign bills
5 If spoiled goods are considered a normal part of production process than debit to
A. Work in process
B. General expense
C. F.o.H control
D. None of above
6 Which one is not accounting convention?
A. Materiality
B. Full disclosure
C. Consistency
D. Going concern
7 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
8 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
9 A credit purchases are:
A. If goods purchased and payment made at the same time
B. If goods purchased and payment not made at the same time
C. If goods sold and payment receive at the same time
D. If goods sold and payment not receive at the same time
10 Section of the business to which cost can be charged is termed as
A. Cost driver
B. Cost center
C. Cost unit
D. All of above

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