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

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

Question # 2

Dishonor of the bill occurs when:

Question # 3

How many of grace are given?

Question # 4

Statement of a affairs is a sort of -----------

Question # 5

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

Question # 6

Lead time is the time between the time on item reaches --------------- and ---------- of

Question # 7

If applied factory overhead is less than actual factory overhead, it is called

Question # 8

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

Question # 9

The cost flow must match the

Question # 10

Sales prices is calculated as follow:-

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

Sr.# Question Answer
1 The cost flow must watch the
A. Output
B. Outflow
C. Inflow
D. Workflow
2 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
3 Doubtful debts are shown on:
A. Profit side of statement of profit and loss
B. Liabilities side of balance sheet
C. Asset side of balance sheet
D. Not shown anywhere
4 Petty cash book is a book which record
A. Assets
B. Liabilities
C. Large payments
D. Small payments
5 Depreciation expenditure is a
A. Fixed cost
B. Variable cost
C. Semi-variable cost
D. Step fixed cost
6 Difference in cost of alternative choices is called
A. Total costing
B. Differential costing
C. Full costing
D. Variable costing
7 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
8 Manufacturing concern cycle is ---------- than trading concern cycle:
A. Shorter
B. Greater
C. Medium
D. None of above
9 Loss which arises due to ----------- is known as abnormal loss
A. Breakage of goods
B. Leakage
C. Fire
D. Shrinkage
10 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

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