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 good are considered as abnormal part of production process then debited to

Question # 2

Which one is not accounting convention?

Question # 3

Any written evidence of a business transaction is known as

Question # 4

Depreciation is a loss due to wear and tear of an asset.

Question # 5

The cost of holding the stock in storage is called

Question # 6

The stages of accounting cycle are

Question # 7

How many types of bank accounts are there?

Question # 8

Provision of doubtful debts are also known as:

Question # 9

Doubtful debt are:

Question # 10

Cost goods sold is Rs. 1650, gross profit ratio is 17.5% then sales is

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

Sr.# Question Answer
1 According to possible for an event or transaction which is not measurable in terms of money
A. True
B. False
C. May be
D. None
2 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
3 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.
4 Cash or goods taken away by owner for personal use from business are known as:
A. Capital
B. Drawings
C. Revenue
D. Expense
5 Offsetting expenses against revenue is the concept of:
A. Realization
B. Dual aspect
C. Matching
D. Conventions
6 How many types of bank accounts are there?
A. 4
B. 3
C. 5
D. 6
7 If applied factory overhead is less than actual factory overhead, it is called
A. Applied F.o.H
B. Over applied F.o.H
C. Under-applied F.o.H
D. None of above
8 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
9 A person is said to be insolvent when his
A. Assets are sufficient
B. Assets are enough to pay his liabilities
C. Assets are not enough to pay his liabilities
D. None
10 In bill of exchange, the party who accepts a bill is known as:
A. Drawer
B. Drawee
C. Payee
D. Third party

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