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

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NAT II Management Science Finance & Accounting

00:00
Question # 1

Excess of assets over liabilities is known as:

Question # 2

Depreciation is a loss due to wear and tear of an asset.

Question # 3

During period of rising material prices, ----------- method results in profit inflation

Question # 4

What is negotiable instrument?

Question # 5

The primary objective of cost accounting is to

Question # 6

Purchase Requisition is sent to

Question # 7

The primary object of non-profit organizations is

Question # 8

Under perpetual inventory system stock taking is under taken at the

Question # 9

Which one of the following is not a negotiable instrument?

Question # 10

Rebate is the --------- in the amount of bill paid

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

Sr.# Question Answer
1 How many types of bank accounts are there?
A. 4
B. 3
C. 5
D. 6
2 In job order costing system, each job is assigned a job cost
A. Unit
B. Center
C. Driver
D. Sheet
3 Hypothetical cost which are specially computed outside the accounting system for the purpose of decision making is called
A. Future cost
B. Replacement cost
C. Imputed cost
D. Sunk cost
4 Petty cash book is a book which record
A. Assets
B. Liabilities
C. Large payments
D. Small payments
5 Material are charged to production at actual cost under
A. Weighted average method
B. FIFO method
C. LIFO method
D. Both ii & iii
6 What is accumulated depreciation?
A. Depreciation expense of the current year
B. Sum of all depreciations in different accounting year
C. Depreciations of previous accounting year
D. None
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 Which one of the following is not a negotiable instrument?
A. Cheque
B. Promissory note
C. Bill of exchange
D. None of the above
9 Outstanding expenses are also known as
A. Prepared expenses
B. Accrued expenses
C. Un-earned income
D. None
10 A person is said to be insolvent when his
A. Assets are sufficient
B. Assets are enough to pay his liabilities
C. Assets are not enough to pay his liabilities
D. None

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