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

Compound entry is an entry in which:

Question # 2

How many types of inventories are in cost of goods sold statement?

Question # 3

The technique and process of ascertaining cost is termed as

Question # 4

A person is said to be insolvent when his

Question # 5

Dishonor of the bill occurs when:

Question # 6

The stages of accounting cycle are

Question # 7

Depreciation expenditure is a

Question # 8

The bills which are drawn and accepted against the sale and purchase of goods on credits are called

Question # 9

Historical cost which is irrecoverable in a given situation is called

Question # 10

Rebate is the --------- in the amount of bill paid

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

Sr.# Question Answer
1 How many of grace are given?
A. 5
B. 4
C. 3
D. 2
2 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
3 Which one of the following is not a negotiable instrument?
A. Cheque
B. Promissory note
C. Bill of exchange
D. None of the above
4 Cost which cannot be conveniently identified with individual cost unit is called
A. Direct material cost
B. Indirect material cost
C. Indirect labour cost
D. Caring cost
5 Office salaries are include in
A. Direct material cost
B. Indirect material cost
C. Factory overhead cost
D. Total payroll
6 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
7 In bill of exchange, the party who accepts a bill is known as:
A. Drawer
B. Drawee
C. Payee
D. Third party
8 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.
9 What are accrued expenses?
A. The expenses that have been incurred during current year and paid till the end of current year
B. The expenses that have been incurred previous year and paid in the current year
C. The expenses that have been incurred during current year and not paid till the end of current year
D. The expenses that have been incurred previous year and not paid till the end of current year
10 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

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