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

  • Total Questions10

  • Time Allowed15

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NAT II Management Science Finance & Accounting

00:00
Question # 1

In bill of exchange, the party who accepts a bill is known as:

Question # 2

What is accumulated depreciation?

Question # 3

Deferred liabilities are debts which are repayable less than ----------

Question # 4

Material are charged to production at actual cost under

Question # 5

The objective of financial accounting is to ascertain:

Question # 6

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

Question # 7

Assets which have to no market value are called

Question # 8

Tenor is the period of time ------------ which a bill becomes payable

Question # 9

Offsetting expenses against revenue is the concept of:

Question # 10

How many branches are there in accounting?

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

Sr.# Question Answer
1 Quick assets are
A. Cash in hand
B. Cash at bank
C. Debtors
D. All of the above
2 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
3 Debentures are
A. Fixed assets
B. Fixed liabilities
C. Capital
D. Prepaid expenses
4 Rebate is the --------- in the amount of bill paid
A. Premium
B. Increase
C. Expense
D. Concession
5 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
6 Under perpetual inventory system stock taking is under taken at the
A. Start of the accounting year
B. End of the accounting
C. Regular bases
D. None of above
7 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
8 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
9 Compound entry is an entry in which:
A. More than one account is debited
B. More than one account is credited
C. Both a and b are correct
D. None of the above
10 Section of the business to which cost can be charged is termed as
A. Cost driver
B. Cost center
C. Cost unit
D. All of above

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