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

The price at which assets will be sold at the end of its useful life is known as:

Question # 2

In bill of exchange, the party who accepts a bill is known as:

Question # 3

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

Question # 4

Which ratio tells how many times in a year stock is used up and replaced?

Question # 5

Doubtful debt are:

Question # 6

What are accrued expenses?

Question # 7

How many branches are there in accounting?

Question # 8

If spoiled good are considered as abnormal part of production process then debited to

Question # 9

Compound entry is an entry in which:

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 Quick assets are
A. Cash in hand
B. Cash at bank
C. Debtors
D. All of the above
2 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
3 How many branches are there in accounting?
A. 1
B. 3
C. 2
D. 4
4 If spoiled goods are considered a normal part of production process than debit to
A. Work in process
B. General expense
C. F.o.H control
D. None of above
5 Accounts which are related with properties are known as
A. Real accounts
B. Nominal accounts
C. Property accounts
D. A and C are correct Accounting principles:
6 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.
7 Cost goods sold is Rs. 1650, gross profit ratio is 17.5% then sales is
A. 1800
B. 1900
C. 2000
D. 2200
8 Tenor is the period of time ------------ which a bill becomes payable
A. Before
B. After
C. Both a and b
D. None
9 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
10 Doubtful debts are shown on:
A. Profit side of statement of profit and loss
B. Liabilities side of balance sheet
C. Asset side of balance sheet
D. Not shown anywhere

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