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

Statement of a affairs is a sort of -----------

Question # 2

Historical cost which is irrecoverable in a given situation is called

Question # 3

What are accrued expenses?

Question # 4

Manufacturing concern cycle is ---------- than trading concern cycle:

Question # 5

A cost whose magnitude will be affected by decision being made is called

Question # 6

Cost which cannot be conveniently identified with individual cost unit is called

Question # 7

Name the main accounts which are prepared in accounting?

Question # 8

Excess of assets over liabilities is known as:

Question # 9

Cash or goods taken away by owner for personal use from business are known as:

Question # 10

The cost flow must match the

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

Sr.# Question Answer
1 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
2 Offsetting expenses against revenue is the concept of:
A. Realization
B. Dual aspect
C. Matching
D. Conventions
3 Endorsement is made:
A. For settlement of debts
B. For settlement of income
C. For settlement of profit
D. None
4 Under perpetual inventory system stock taking is under taken at the
A. Start of the accounting year
B. End of the accounting
C. Regular bases
D. None of above
5 Provision of doubtful debts are also known as:
A. Allowances for uncollectable
B. Allowances for collectable
C. Bad debts
D. None
6 What is amortization?
A. Decrease in the value of fixed assets
B. Decrease in the value of intangible assets
C. Increase in the value of fixed assets
D. Increase in the value of intangible assets
7 Material are charged to production at actual cost under
A. Weighted average method
B. FIFO method
C. LIFO method
D. Both ii & iii
8 The cost flow must watch the
A. Output
B. Outflow
C. Inflow
D. Workflow
9 The stages of accounting cycle are
A. Transaction-ledger-journal-trial balance-final accounts
B. Transaction-journal-ledger-trial balance-final accounts
C. Transaction-journal-trial balance-ledger-final accounts
D. Transaction-journal-ledger-final accounts-trial balance
10 Treble column cash book has three columns of:
A. Cash, bank and discount
B. Income, expense and bank
C. Cash, bank and profit or loss
D. None

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