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

00:00
Question # 1

Cost which is calculated before manufacture operation is called

Question # 2

Material are charged to production at actual cost under

Question # 3

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

Question # 4

A credit purchases are:

Question # 5

A person is said to be insolvent when his

Question # 6

Good received note is prepared by

Question # 7

Purchase Requisition is sent to

Question # 8

Spoiled goods cannot be

Question # 9

Which one is not a functional classification?

Question # 10

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

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

Sr.# Question Answer
1 During period of rising material prices, ----------- method results in profit inflation
A. LIFO
B. FIFO
C. Weighted average
D. All of the above
2 A cost whose magnitude will be affected by decision being made is called
A. Historical cost
B. Relevant cost
C. Irrelevant cost
D. Sunk cost
3 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
4 In operating expense includes
A. Marketing expense
B. Admin expense
C. Selling expense
D. All of the above
5 Under perpetual inventory system stock taking is under taken at the
A. Start of the accounting year
B. End of the accounting
C. Regular bases
D. None of above
6 Depreciation expenditure is a
A. Fixed cost
B. Variable cost
C. Semi-variable cost
D. Step fixed cost
7 Cash or goods taken away by owner for personal use from business are known as:
A. Capital
B. Drawings
C. Revenue
D. Expense
8 Accounts which are related with properties are known as
A. Real accounts
B. Nominal accounts
C. Property accounts
D. A and C are correct Accounting principles:
9 From the following statements which one is not true about over applied F.o.H
A. Less from cost of goods sold at normal
B. Less from entire production if required
C. Add in gross profit if required
D. Less from Net profit.
10 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

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