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

Dishonor of the bill occurs when:

Question # 2

A cost whose magnitude will be affected by decision being made is called

Question # 3

During period of rising material prices, ----------- method results in profit inflation

Question # 4

Which one of the following is not a negotiable instrument?

Question # 5

Debentures are

Question # 6

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

Question # 7

Sales prices is calculated as follow:-

Question # 8

Petty cash book is a book which record

Question # 9

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

Question # 10

Name the main accounts which are prepared in accounting?

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Sr.# Question Answer
1 Realisation concept is the concept in which revenue is ------------ at the time when goods are sold or services rendered.
A. Recognized
B. Not recognized
C. Paid
D. Received
2 Depreciation expenditure is a
A. Fixed cost
B. Variable cost
C. Semi-variable cost
D. Step fixed cost
3 A--------------- is an account in which those transaction are entered which cannot be placed to their accounts
A. Nominal account
B. Suspense account
C. Personal account
D. Debtor account
4 Any written evidence of a business transaction is known as
A. Voucher
B. Pay-in-slip
C. Debit note
D. Credit note
5 Difference in cost of alternative choices is called
A. Total costing
B. Differential costing
C. Full costing
D. Variable costing
6 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
7 The primary object of non-profit organizations is
A. Not to earn profit
B. Work for the welfare of society
C. Buy/sell goods
D. A and B but not C
8 How many branches are there in accounting?
A. 1
B. 3
C. 2
D. 4
9 Excess of assets over liabilities is known as:
A. Capital fund
B. Accumulated fund
C. Surplus fund
D. All options are correct
10 Outstanding expenses are also known as
A. Prepared expenses
B. Accrued expenses
C. Un-earned income
D. None

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