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

Top Scorers Of NAT II Management Science Finance & Accounting MCQ`s Test

Sr.#	Question	Answer
1	Accounts which are related with properties are known as	A. Real accounts B. Nominal accounts C. Property accounts D. A and C are correct Accounting principles:
2	Which one is not accounting convention?	A. Materiality B. Full disclosure C. Consistency D. Going concern
3	A cost whose magnitude will be affected by decision being made is called	A. Historical cost B. Relevant cost C. Irrelevant cost D. Sunk cost
4	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
5	Assets which have to no market value are called	A. Fictitious assets B. Liquid assets C. Intangible assets D. Real assets
6	Offsetting expenses against revenue is the concept of:	A. Realization B. Dual aspect C. Matching D. Conventions
7	In job order costing system, each job is assigned a job cost	A. Unit B. Center C. Driver D. Sheet
8	How many types of bank accounts are there?	A. 4 B. 3 C. 5 D. 6
9	The objective of financial accounting is to ascertain:	A. True results of profit B. True results of loss C. True results of profit or loss D. None
10	Profit will be lower where prices are rising under	A. FIFO method B. LIFO method C. Weighted average method D. All of the above