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

00:00
Question # 1

Realisation concept is the concept in which revenue is ------------ at the time when goods are sold or services rendered.

Question # 2

The cost of holding the stock in storage is called

Question # 3

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

Question # 4

Compound entry is an entry in which:

Question # 5

The ------------- includes a control account entitled general ledger that shows is equity of the general office in the factory.

Question # 6

What is accumulated depreciation?

Question # 7

Sales prices is calculated as follow:-

Question # 8

Tenor is the period of time ------------ which a bill becomes payable

Question # 9

From the following statements which one is not true about over applied F.o.H

Question # 10

The primary objective of cost accounting is to

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

Sr.# Question Answer
1 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
2 Offsetting expenses against revenue is the concept of:
A. Realization
B. Dual aspect
C. Matching
D. Conventions
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 Costs whose consumption may be identified with specific production units in called
A. Direct labour cost
B. Indirect labour cost
C. Direct material cost
D. Indirect material cost
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 Section of the business to which cost can be charged is termed as
A. Cost driver
B. Cost center
C. Cost unit
D. All of above
7 Petty cash book is a book which record
A. Assets
B. Liabilities
C. Large payments
D. Small payments
8 Which one is not a functional classification?
A. Manufacturing cost
B. Marketing cost
C. Finance cost
D. Mixed cost
9 Deferred liabilities are debts which are repayable less than ----------
A. One month
B. Six month
C. One year
D. None
10 Which ratio tells how many times in a year stock is used up and replaced?
A. Gross profit ratio
B. Net profit ratio
C. Cost ratio
D. None of these

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