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

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

Question # 2

What is accounting period?

Question # 3

How many types of inventories are in cost of goods sold statement?

Question # 4

Spoiled goods cannot be

Question # 5

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

Question # 6

Per Unit cost is calculated by dividing the cost of goods sold by

Question # 7

A property which is received by virtue of a will of a person after his death is known as

Question # 8

Provision of doubtful debts are also known as:

Question # 9

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

Question # 10

Section of the business to which cost can be charged is termed as

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

Sr.# Question Answer
1 The primary objective of cost accounting is to
A. Control cost
B. Calculate profit
C. Avoid cost
D. All of above
2 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
3 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
4 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
5 A--------------- is an account in which those transaction are entered which cannot be placed to their accounts
A. Nominal account
B. Suspense account
C. Personal account
D. Debtor account
6 Cost goods sold is Rs. 1650, gross profit ratio is 17.5% then sales is
A. 1800
B. 1900
C. 2000
D. 2200
7 Quick assets are
A. Cash in hand
B. Cash at bank
C. Debtors
D. All of the above
8 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
9 The cost of holding the stock in storage is called
A. Ordering cost
B. Material cost
C. Caring cost
D. All of the above
10 The price at which assets will be sold at the end of its useful life is known as:
A. Scrap value
B. Residual value
C. Written down value
D. All of the above

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