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

Lead time is the time between the time on item reaches --------------- and ---------- of

Question # 2

Which one is non-manufacturing costs?

Question # 3

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

Question # 4

Any written evidence of a business transaction is known as

Question # 5

Trading account shows ----------- result.

Question # 6

The ------------- includes a control account entitled general ledger that shows is equity of the general office in the factory.

Question # 7

Which one of the following is not a negotiable instrument?

Question # 8

Cost goods sold is Rs. 1650, gross profit ratio is 17.5% then sales is

Question # 9

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

Question # 10

Material are charged to production at actual cost under

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

Sr.# Question Answer
1 The bills which are drawn and accepted against the sale and purchase of goods on credits are called
A. Trade bills
B. Bill of exchange
C. In-land bills
D. Foreign bills
2 Debentures are
A. Fixed assets
B. Fixed liabilities
C. Capital
D. Prepaid expenses
3 The cost flow must match the
A. Output
B. Outflow
C. Inflow
D. Workflow
4 Section of the business to which cost can be charged is termed as
A. Cost driver
B. Cost center
C. Cost unit
D. All 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 How many branches are there in accounting?
A. 1
B. 3
C. 2
D. 4
7 From the following statements which one is not true about over applied F.o.H
A. Less from cost of goods sold at normal
B. Less from entire production if required
C. Add in gross profit if required
D. Less from Net profit.
8 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
9 Which one is not include in factory overhead?
A. Power hear & light
B. Indirect labour cost
C. Depreciation of plant
D. Salary of accountant
10 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

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