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

Cash or goods taken away by owner for personal use from business are known as:

Question # 2

The primary objective of cost accounting is to

Question # 3

Which one is not accounting convention?

Question # 4

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

Question # 5

A person is said to be insolvent when his

Question # 6

What is amortization?

Question # 7

Which one of the following is not a negotiable instrument?

Question # 8

Manufacturing concern cycle is ---------- than trading concern cycle:

Question # 9

Which one is not a functional classification?

Question # 10

Which one is not a classification according to the accounting period?

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

Sr.# Question Answer
1 Endorsement is made:
A. For settlement of debts
B. For settlement of income
C. For settlement of profit
D. None
2 In job order costing system, each job is assigned a job cost
A. Unit
B. Center
C. Driver
D. Sheet
3 How many branches are there in accounting?
A. 1
B. 3
C. 2
D. 4
4 Which one of the following is not a negotiable instrument?
A. Cheque
B. Promissory note
C. Bill of exchange
D. None of the above
5 Cash or goods taken away by owner for personal use from business are known as:
A. Capital
B. Drawings
C. Revenue
D. Expense
6 What is negotiable instrument?
A. A document which is not transferable
B. A document which is transferable
C. A document which is accepted
D. None
7 Which one is not a functional classification?
A. Manufacturing cost
B. Marketing cost
C. Finance cost
D. Mixed cost
8 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
9 A cost whose magnitude will be affected by decision being made is called
A. Historical cost
B. Relevant cost
C. Irrelevant cost
D. Sunk cost
10 In bill of exchange, the party who accepts a bill is known as:
A. Drawer
B. Drawee
C. Payee
D. Third party

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