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

Cash or goods taken away by owner for personal use from business are known as:

Question # 2

What are bad debts?

Question # 3

Which one is not a functional classification?

Question # 4

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

Question # 5

Which ratio tells how many times in a year stock is used up and replaced?

Question # 6

Doubtful debt are:

Question # 7

A person is said to be insolvent when his

Question # 8

Doubtful debts are shown on:

Question # 9

Profit will be lower where prices are rising under

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 Tenor is the period of time ------------ which a bill becomes payable
A. Before
B. After
C. Both a and b
D. None
2 Which ratio tells how many times in a year stock is used up and replaced?
A. Gross profit ratio
B. Net profit ratio
C. Cost ratio
D. None of these
3 Which one is not accounting convention?
A. Materiality
B. Full disclosure
C. Consistency
D. Going concern
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 Rebate is the --------- in the amount of bill paid
A. Premium
B. Increase
C. Expense
D. Concession
6 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
7 Purchase Requisition is sent to
A. Accounts department
B. Purchase department
C. Finance department
D. None of above
8 Provision of doubtful debts are also known as:
A. Allowances for uncollectable
B. Allowances for collectable
C. Bad debts
D. None
9 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
10 Per Unit cost is calculated by dividing the cost of goods sold by
A. The number of units sold
B. The number of units purchase
C. The number of units manufactured
D. All of the above

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