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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  • Time Allowed15

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NAT II Management Science Finance & Accounting

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Question # 1

Accounting is the

Question # 2

Difference in cost of alternative choices is called

Question # 3

The price at which assets will be sold at the end of its useful life is known as:

Question # 4

Which one of the following is not a negotiable instrument?

Question # 5

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

Question # 6

Purchase Requisition is sent to

Question # 7

Offsetting expenses against revenue is the concept of:

Question # 8

Endorsement is made:

Question # 9

A credit purchases are:

Question # 10

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

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

Sr.# Question Answer
1 Statement of a affairs is a sort of -----------
A. Profit and loss statement
B. Nominal account
C. Statement of changes in equity
D. Balance sheet
2 The ------------- includes a control account entitled general ledger that shows is equity of the general office in the factory.
A. General ledger
B. Head office ledger
C. Factory ledger
D. None of these
3 In bill of exchange, the party who accepts a bill is known as:
A. Drawer
B. Drawee
C. Payee
D. Third party
4 Which one is non-manufacturing costs?
A. Direct material cost
B. Labour cost
C. Research and development cost
D. All of above
5 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
6 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.
7 How many types of inventories are in cost of goods sold statement?
A. 1
B. 2
C. 3
D. 4
8 A property which is received by virtue of a will of a person after his death is known as
A. Legacy
B. Donation
C. Subscription
D. Gift
9 Hypothetical cost which are specially computed outside the accounting system for the purpose of decision making is called
A. Future cost
B. Replacement cost
C. Imputed cost
D. Sunk cost
10 If spoiled good are considered as abnormal part of production process then debited to
A. Work in process
B. General expense
C. F-o-H control
D. None of above

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