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

What is accounting period?

Question # 2

The technique and process of ascertaining cost is termed as

Question # 3

Compound entry is an entry in which:

Question # 4

Provision of doubtful debts are also known as:

Question # 5

If spoiled goods are considered a normal part of production process than debit to

Question # 6

What are accrued expenses?

Question # 7

Which one is not accounting convention?

Question # 8

The cost flow must match the

Question # 9

The cost of holding the stock in storage is called

Question # 10

Spoiled goods cannot be

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

Sr.# Question Answer
1 Deferred liabilities are debts which are repayable less than ----------
A. One month
B. Six month
C. One year
D. None
2 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
3 Cost goods sold is Rs. 1650, gross profit ratio is 17.5% then sales is
A. 1800
B. 1900
C. 2000
D. 2200
4 Spoiled goods cannot be
A. Sold without repairing
B. Repair and sold as damaged goods
C. Both A and B
D. None of above
5 In operating expense includes
A. Marketing expense
B. Admin expense
C. Selling expense
D. All of the above
6 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
7 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
8 Office salaries are include in
A. Direct material cost
B. Indirect material cost
C. Factory overhead cost
D. Total payroll
9 Quick assets are
A. Cash in hand
B. Cash at bank
C. Debtors
D. All of the above
10 How many types of bank accounts are there?
A. 4
B. 3
C. 5
D. 6

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