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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  • Time Allowed15

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NAT II Management Science Finance & Accounting

00:00
Question # 1

Excess of assets over liabilities is known as:

Question # 2

Petty cash book is a book which record

Question # 3

Name the main accounts which are prepared in accounting?

Question # 4

The primary objective of cost accounting is to

Question # 5

Profit will be lower where prices are rising under

Question # 6

Difference in cost of alternative choices is called

Question # 7

What is amortization?

Question # 8

The cost flow must match the

Question # 9

Compound entry is an entry in which:

Question # 10

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

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

Sr.# Question Answer
1 Loss which arises due to ----------- is known as abnormal loss
A. Breakage of goods
B. Leakage
C. Fire
D. Shrinkage
2 Which one is not a classification according to the accounting period?
A. Capital expenditure
B. Revenue expenditure
C. Product cost
D. Administrative cost
3 Which one is not include in factory overhead?
A. Power hear & light
B. Indirect labour cost
C. Depreciation of plant
D. Salary of accountant
4 Realisation concept is the concept in which revenue is ------------ at the time when goods are sold or services rendered.
A. Recognized
B. Not recognized
C. Paid
D. Received
5 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
6 How many branches are there in accounting?
A. 1
B. 3
C. 2
D. 4
7 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
8 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
9 The primary objective of cost accounting is to
A. Control cost
B. Calculate profit
C. Avoid cost
D. All of above
10 Offsetting expenses against revenue is the concept of:
A. Realization
B. Dual aspect
C. Matching
D. Conventions

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