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

  • Total Questions10

  • Time Allowed15

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NAT II Management Science Finance & Accounting

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Question # 1

Dishonor of the bill occurs when:

Question # 2

Sales prices is calculated as follow:-

Question # 3

Section of the business to which cost can be charged is termed as

Question # 4

A credit purchases are:

Question # 5

The bills which are drawn and accepted against the sale and purchase of goods on credits are called

Question # 6

Which one is not accounting convention?

Question # 7

Assets which have to no market value are called

Question # 8

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

Question # 9

Under perpetual inventory system stock taking is under taken at the

Question # 10

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

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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 If applied factory overhead is less than actual factory overhead, it is called
A. Applied F.o.H
B. Over applied F.o.H
C. Under-applied F.o.H
D. None of above
3 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
4 During period of rising material prices, ----------- method results in profit inflation
A. LIFO
B. FIFO
C. Weighted average
D. All of the above
5 Realisation concept is the concept in which revenue is ------------ at the time when goods are sold or services rendered.
A. Recognized
B. Not recognized
C. Paid
D. Received
6 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
7 How many types of inventories are in cost of goods sold statement?
A. 1
B. 2
C. 3
D. 4
8 Good received note is prepared by
A. Purchase department
B. Sales department
C. Receiving department
D. All of the above
9 Sales prices is calculated as follow:-
A. Cost + operating expense
B. Direct material + Direct labour + F.o.H
C. Cost + operating expenses + profit
D. None of above
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

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