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

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

Question # 2

How many types of bank accounts are there?

Question # 3

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

Question # 4

Provision of doubtful debts are also known as:

Question # 5

The primary objective of cost accounting is to

Question # 6

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

Question # 7

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

Question # 8

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

Question # 9

What is accounting period?

Question # 10

The stages of accounting cycle are

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

Sr.# Question Answer
1 Which one is non-manufacturing costs?
A. Direct material cost
B. Labour cost
C. Research and development cost
D. All of above
2 The cost flow must match the
A. Output
B. Outflow
C. Inflow
D. Workflow
3 What is accounting period?
A. It is a time for which business prepares its financial statements
B. It is time for which business prepares its profit and loss statement
C. It is a time for which business prepares its balance sheet
D. None
4 According to possible for an event or transaction which is not measurable in terms of money
A. True
B. False
C. May be
D. None
5 The objective of financial accounting is to ascertain:
A. True results of profit
B. True results of loss
C. True results of profit or loss
D. None
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 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
8 Any written evidence of a business transaction is known as
A. Voucher
B. Pay-in-slip
C. Debit note
D. Credit note
9 If applied factory overhead is less than actual factory overhead, it is called
A. Applied F.o.H
B. Over applied F.o.H
C. Under-applied F.o.H
D. None of above
10 The stages of accounting cycle are
A. Transaction-ledger-journal-trial balance-final accounts
B. Transaction-journal-ledger-trial balance-final accounts
C. Transaction-journal-trial balance-ledger-final accounts
D. Transaction-journal-ledger-final accounts-trial balance

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