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

Loss which arises due to ----------- is known as abnormal loss

Question # 2

Any written evidence of a business transaction is known as

Question # 3

Sales prices is calculated as follow:-

Question # 4

A person is said to be insolvent when his

Question # 5

In job order costing system, each job is assigned a job cost

Question # 6

Material are charged to production at actual cost under

Question # 7

Excess of assets over liabilities is known as:

Question # 8

Under perpetual inventory system stock taking is under taken at the

Question # 9

Quick assets are

Question # 10

Doubtful debts are shown on:

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

Sr.# Question Answer
1 The primary object of non-profit organizations is
A. Not to earn profit
B. Work for the welfare of society
C. Buy/sell goods
D. A and B but not C
2 Any written evidence of a business transaction is known as
A. Voucher
B. Pay-in-slip
C. Debit note
D. Credit note
3 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:
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 A credit purchases are:
A. If goods purchased and payment made at the same time
B. If goods purchased and payment not made at the same time
C. If goods sold and payment receive at the same time
D. If goods sold and payment not receive at the same time
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 In bill of exchange, the party who accepts a bill is known as:
A. Drawer
B. Drawee
C. Payee
D. Third party
8 The technique and process of ascertaining cost is termed as
A. Costing
B. Cost accounting
C. Calculation of cost
D. Controlling cost
9 Petty cash book is a book which record
A. Assets
B. Liabilities
C. Large payments
D. Small payments
10 Offsetting expenses against revenue is the concept of:
A. Realization
B. Dual aspect
C. Matching
D. Conventions

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