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

The ------------- includes a control account entitled general ledger that shows is equity of the general office in the factory.

Question # 2

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

Question # 3

Assets which have to no market value are called

Question # 4

Profit will be lower where prices are rising under

Question # 5

Variable cost and fixed cost have been treated as product cost in

Question # 6

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

Question # 7

How many branches are there in accounting?

Question # 8

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

Question # 9

Dishonor of the bill occurs when:

Question # 10

Work in process opening and closing inventory includes:-

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

Sr.# Question Answer
1 What are bad debts?
A. Debts which are irrecoverable from the debtors
B. Debts which are recoverable from the debtors
C. Debts which are irrecoverable from the creditors
D. Debts which are recoverable from the creditors
2 How many branches are there in accounting?
A. 1
B. 3
C. 2
D. 4
3 What is amortization?
A. Decrease in the value of fixed assets
B. Decrease in the value of intangible assets
C. Increase in the value of fixed assets
D. Increase in the value of intangible assets
4 Which one is not a classification according to the accounting period?
A. Capital expenditure
B. Revenue expenditure
C. Product cost
D. Administrative cost
5 Cost which is calculated before manufacture operation is called
A. Sunk cost
B. Mixed cost
C. Standard cost
D. None of above
6 If spoiled goods are considered a normal part of production process than debit to
A. Work in process
B. General expense
C. F.o.H control
D. None of above
7 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
8 Material are charged to production at actual cost under
A. Weighted average method
B. FIFO method
C. LIFO method
D. Both ii & iii
9 Which one is not accounting convention?
A. Materiality
B. Full disclosure
C. Consistency
D. Going concern
10 Depreciation is a loss due to wear and tear of an asset.
A. Correct
B. Incorrent
C. May be
D. None

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