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

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

Question # 2

What is accounting period?

Question # 3

Manufacturing concern cycle is ---------- than trading concern cycle:

Question # 4

In job order costing system, each job is assigned a job cost

Question # 5

Excess of assets over liabilities is known as:

Question # 6

Depreciation expenditure is a

Question # 7

How many types of bank accounts are there?

Question # 8

What are accrued expenses?

Question # 9

Quick assets are

Question # 10

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

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

Sr.# Question Answer
1 Depreciation is a loss due to wear and tear of an asset.
A. Correct
B. Incorrent
C. May be
D. None
2 Offsetting expenses against revenue is the concept of:
A. Realization
B. Dual aspect
C. Matching
D. Conventions
3 Petty cash book is a book which record
A. Assets
B. Liabilities
C. Large payments
D. Small payments
4 Historical cost which is irrecoverable in a given situation is called
A. Imputed cost
B. Standard cost
C. Opportunity cost
D. Sunk cost
5 What is accounting period?
A. It is a time for which business prepares its financial statements
B. It is time for which business prepares its profit and loss statement
C. It is a time for which business prepares its balance sheet
D. None
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 Quick assets are
A. Cash in hand
B. Cash at bank
C. Debtors
D. All of the above
8 Outstanding expenses are also known as
A. Prepared expenses
B. Accrued expenses
C. Un-earned income
D. None
9 Which one of the following is not a negotiable instrument?
A. Cheque
B. Promissory note
C. Bill of exchange
D. None of the above
10 Endorsement is made:
A. For settlement of debts
B. For settlement of income
C. For settlement of profit
D. None

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