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

00:00
Question # 1

Quick assets are

Question # 2

Endorsement is made:

Question # 3

Offsetting expenses against revenue is the concept of:

Question # 4

Costs whose consumption may be identified with specific production units in called

Question # 5

Which one of the following is not a negotiable instrument?

Question # 6

Work in process opening and closing inventory includes:-

Question # 7

Bin card is maintained by

Question # 8

Compound entry is an entry in which:

Question # 9

The cost flow must match the

Question # 10

Debentures are

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

Sr.# Question Answer
1 Offsetting expenses against revenue is the concept of:
A. Realization
B. Dual aspect
C. Matching
D. Conventions
2 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
3 Work in process opening and closing inventory includes:-
A. Arterial in process
B. Labour in process
C. F.o.H in process
D. All of the above
4 Provision of doubtful debts are also known as:
A. Allowances for uncollectable
B. Allowances for collectable
C. Bad debts
D. None
5 The objective of financial accounting is to ascertain:
A. True results of profit
B. True results of loss
C. True results of profit or loss
D. None
6 Variable cost and fixed cost have been treated as product cost in
A. Absorption costing
B. Direct costing
C. Full costing
D. All of above
7 Endorsement is made:
A. For settlement of debts
B. For settlement of income
C. For settlement of profit
D. None
8 What are accrued expenses?
A. The expenses that have been incurred during current year and paid till the end of current year
B. The expenses that have been incurred previous year and paid in the current year
C. The expenses that have been incurred during current year and not paid till the end of current year
D. The expenses that have been incurred previous year and not paid till the end of current year
9 How many types of inventories are in cost of goods sold statement?
A. 1
B. 2
C. 3
D. 4
10 Which one is not a classification according to the accounting period?
A. Capital expenditure
B. Revenue expenditure
C. Product cost
D. Administrative cost

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