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

Which one is not a functional classification?

Question # 2

Offsetting expenses against revenue is the concept of:

Question # 3

A credit purchases are:

Question # 4

How many branches are there in accounting?

Question # 5

Any written evidence of a business transaction is known as

Question # 6

Accounts which are related with properties are known as

Question # 7

Per Unit cost is calculated by dividing the cost of goods sold by

Question # 8

Petty cash book is a book which record

Question # 9

The primary objective of cost accounting is to

Question # 10

Difference in cost of alternative choices is called

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

Sr.# Question Answer
1 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
2 Work in process opening and closing inventory includes:-
A. Arterial in process
B. Labour in process
C. F.o.H in process
D. All of the above
3 If spoiled good are considered as abnormal part of production process then debited to
A. Work in process
B. General expense
C. F-o-H control
D. None of above
4 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
5 Lead time is the time between the time on item reaches --------------- and ---------- of
A. Order level, dispatch of material
B. Order level, maximum level
C. Maximum level, minimum level
D. Order level, actual receipt
6 The primary objective of cost accounting is to
A. Control cost
B. Calculate profit
C. Avoid cost
D. All of above
7 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
8 Provision of doubtful debts are also known as:
A. Allowances for uncollectable
B. Allowances for collectable
C. Bad debts
D. None
9 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
10 In payroll include the remunerations of
A. Direct labour
B. Indirect labour
C. Both a & b
D. None of the above

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