NAT IIM Management Science Finance & Accounting Online Test for Pakistani Students

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 goods are considered a normal part of production process than debit to

Question # 2

The primary object of non-profit organizations is

Question # 3

A person is said to be insolvent when his

Question # 4

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

Question # 5

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

Question # 6

Name the main accounts which are prepared in accounting?

Question # 7

The stages of accounting cycle are

Question # 8

Quick assets are

Question # 9

Which one is not a functional classification?

Question # 10

What is negotiable instrument?

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

Sr.# Question Answer
1 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
2 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
3 Historical cost which is irrecoverable in a given situation is called
A. Imputed cost
B. Standard cost
C. Opportunity cost
D. Sunk cost
4 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
5 Spoiled goods cannot be
A. Sold without repairing
B. Repair and sold as damaged goods
C. Both A and B
D. None of above
6 Offsetting expenses against revenue is the concept of:
A. Realization
B. Dual aspect
C. Matching
D. Conventions
7 Cash or goods taken away by owner for personal use from business are known as:
A. Capital
B. Drawings
C. Revenue
D. Expense
8 Office salaries are include in
A. Direct material cost
B. Indirect material cost
C. Factory overhead cost
D. Total payroll
9 Sales prices is calculated as follow:-
A. Cost + operating expense
B. Direct material + Direct labour + F.o.H
C. Cost + operating expenses + profit
D. None of above
10 The bills which are drawn and accepted against the sale and purchase of goods on credits are called
A. Trade bills
B. Bill of exchange
C. In-land bills
D. Foreign bills

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