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

  • Time Allowed15

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NAT II Management Science Finance & Accounting

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Question # 1

Offsetting expenses against revenue is the concept of:

Question # 2

Variable cost and fixed cost have been treated as product cost in

Question # 3

Under perpetual inventory system stock taking is under taken at the

Question # 4

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

Question # 5

If applied factory overhead is less than actual factory overhead, it is called

Question # 6

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

Question # 7

Work in process opening and closing inventory includes:-

Question # 8

Which one is not a functional classification?

Question # 9

What is amortization?

Question # 10

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

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

Sr.# Question Answer
1 Excess of assets over liabilities is known as:
A. Capital fund
B. Accumulated fund
C. Surplus fund
D. All options are correct
2 Good received note is prepared by
A. Purchase department
B. Sales department
C. Receiving department
D. All of the above
3 Cash or goods taken away by owner for personal use from business are known as:
A. Capital
B. Drawings
C. Revenue
D. Expense
4 Which one is not accounting convention?
A. Materiality
B. Full disclosure
C. Consistency
D. Going concern
5 Deferred liabilities are debts which are repayable less than ----------
A. One month
B. Six month
C. One year
D. None
6 Doubtful debt are:
A. Definite loss to the business
B. Definite profit to the business
C. Expected loss to the business
D. Expected profit to the business
7 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
8 Work in process opening and closing inventory includes:-
A. Arterial in process
B. Labour in process
C. F.o.H in process
D. All of the above
9 During period of rising material prices, ----------- method results in profit inflation
A. LIFO
B. FIFO
C. Weighted average
D. All of the 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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