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

Material are charged to production at actual cost under

Question # 2

How many types of bank accounts are there?

Question # 3

The stages of accounting cycle are

Question # 4

Realisation concept is the concept in which revenue is ------------ at the time when goods are sold or services rendered.

Question # 5

What is amortization?

Question # 6

Historical cost which is irrecoverable in a given situation is called

Question # 7

Tenor is the period of time ------------ which a bill becomes payable

Question # 8

Which one of the following is not a negotiable instrument?

Question # 9

The cost flow must watch the

Question # 10

Treble column cash book has three columns of:

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Sr.# Question Answer
1 Profit will be lower where prices are rising under
A. FIFO method
B. LIFO method
C. Weighted average method
D. All of the above
2 A cost whose magnitude will be affected by decision being made is called
A. Historical cost
B. Relevant cost
C. Irrelevant cost
D. Sunk cost
3 Offsetting expenses against revenue is the concept of:
A. Realization
B. Dual aspect
C. Matching
D. Conventions
4 Which one is not accounting convention?
A. Materiality
B. Full disclosure
C. Consistency
D. Going concern
5 Cost which cannot be conveniently identified with individual cost unit is called
A. Direct material cost
B. Indirect material cost
C. Indirect labour cost
D. Caring cost
6 What is accounting period?
A. It is a time for which business prepares its financial statements
B. It is time for which business prepares its profit and loss statement
C. It is a time for which business prepares its balance sheet
D. None
7 The ------------- includes a control account entitled general ledger that shows is equity of the general office in the factory.
A. General ledger
B. Head office ledger
C. Factory ledger
D. None of these
8 Variable cost and fixed cost have been treated as product cost in
A. Absorption costing
B. Direct costing
C. Full costing
D. All of above
9 Which ratio tells how many times in a year stock is used up and replaced?
A. Gross profit ratio
B. Net profit ratio
C. Cost ratio
D. None of these
10 Provision of doubtful debts are also known as:
A. Allowances for uncollectable
B. Allowances for collectable
C. Bad debts
D. None

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