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

Assets which have to no market value are called

Question # 2

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

Question # 3

Office salaries are include in

Question # 4

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

Question # 5

Compound entry is an entry in which:

Question # 6

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

Question # 7

Historical cost which is irrecoverable in a given situation is called

Question # 8

If applied factory overhead is less than actual factory overhead, it is called

Question # 9

Costs whose consumption may be identified with specific production units in called

Question # 10

Dishonor of the bill occurs when:

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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 Deferred liabilities are debts which are repayable less than ----------
A. One month
B. Six month
C. One year
D. None
3 Which one is not a classification according to the accounting period?
A. Capital expenditure
B. Revenue expenditure
C. Product cost
D. Administrative cost
4 Statement of a affairs is a sort of -----------
A. Profit and loss statement
B. Nominal account
C. Statement of changes in equity
D. Balance sheet
5 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
6 What is accumulated depreciation?
A. Depreciation expense of the current year
B. Sum of all depreciations in different accounting year
C. Depreciations of previous accounting year
D. None
7 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
8 Provision of doubtful debts are also known as:
A. Allowances for uncollectable
B. Allowances for collectable
C. Bad debts
D. None
9 A person is said to be insolvent when his
A. Assets are sufficient
B. Assets are enough to pay his liabilities
C. Assets are not enough to pay his liabilities
D. None
10 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

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