NAT IIM Management Science Finance & Accounting Online Test for Pakistani Students

Top Scorers Of NAT II Management Science Finance & Accounting MCQ`s Test

Sr.#	Question	Answer
1	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
2	What is negotiable instrument?	A. A document which is not transferable B. A document which is transferable C. A document which is accepted D. None
3	Offsetting expenses against revenue is the concept of:	A. Realization B. Dual aspect C. Matching D. Conventions
4	Material are charged to production at actual cost under	A. Weighted average method B. FIFO method C. LIFO method D. Both ii & iii
5	Which one of the following is not a negotiable instrument?	A. Cheque B. Promissory note C. Bill of exchange D. None of the above
6	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
7	Historical cost which is irrecoverable in a given situation is called	A. Imputed cost B. Standard cost C. Opportunity cost D. Sunk cost
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	Depreciation expenditure is a	A. Fixed cost B. Variable cost C. Semi-variable cost D. Step fixed cost