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

Purchase Requisition is sent to

Question # 2

The cost flow must match the

Question # 3

The bills which are drawn and accepted against the sale and purchase of goods on credits are called

Question # 4

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

Question # 5

A--------------- is an account in which those transaction are entered which cannot be placed to their accounts

Question # 6

Trading account shows ----------- result.

Question # 7

What is amortization?

Question # 8

What are accrued expenses?

Question # 9

Which one is not a classification according to the accounting period?

Question # 10

Debentures are

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    Mehwish 26 - Aug - 2021 01 Min 10 Sec 10/10
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NAT-II Finance & Accounting Chapter 0 Important MCQ's

Sr.# Question Answer
1 Hypothetical cost which are specially computed outside the accounting system for the purpose of decision making is called
A. Future cost
B. Replacement cost
C. Imputed cost
D. Sunk cost
2 A--------------- is an account in which those transaction are entered which cannot be placed to their accounts
A. Nominal account
B. Suspense account
C. Personal account
D. Debtor account
3 If applied factory overhead is less than actual factory overhead, it is called
A. Applied F.o.H
B. Over applied F.o.H
C. Under-applied F.o.H
D. None of above
4 Endorsement is made:
A. For settlement of debts
B. For settlement of income
C. For settlement of profit
D. None
5 Manufacturing concern cycle is ---------- than trading concern cycle:
A. Shorter
B. Greater
C. Medium
D. None of above
6 Cost goods sold is Rs. 1650, gross profit ratio is 17.5% then sales is
A. 1800
B. 1900
C. 2000
D. 2200
7 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
8 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
9 Variable cost and fixed cost have been treated as product cost in
A. Absorption costing
B. Direct costing
C. Full costing
D. All of above
10 Purchase Requisition is sent to
A. Accounts department
B. Purchase department
C. Finance department
D. None of above

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