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

00:00
Question # 1

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

Question # 2

Any written evidence of a business transaction is known as

Question # 3

What is negotiable instrument?

Question # 4

Loss which arises due to ----------- is known as abnormal loss

Question # 5

In job order costing system, each job is assigned a job cost

Question # 6

Which one is not include in factory overhead?

Question # 7

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

Question # 8

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

Question # 9

A--------------- is an account in which those transaction are entered which cannot be placed to their accounts

Question # 10

Costs whose consumption may be identified with specific production units in called

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

Sr.# Question Answer
1 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
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 accounting convention?
A. Materiality
B. Full disclosure
C. Consistency
D. Going concern
4 The primary object of non-profit organizations is
A. Not to earn profit
B. Work for the welfare of society
C. Buy/sell goods
D. A and B but not C
5 If spoiled goods are considered a normal part of production process than debit to
A. Work in process
B. General expense
C. F.o.H control
D. None of above
6 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
7 In job order costing system, each job is assigned a job cost
A. Unit
B. Center
C. Driver
D. Sheet
8 In bill of exchange, the party who accepts a bill is known as:
A. Drawer
B. Drawee
C. Payee
D. Third party
9 Offsetting expenses against revenue is the concept of:
A. Realization
B. Dual aspect
C. Matching
D. Conventions
10 Difference in cost of alternative choices is called
A. Total costing
B. Differential costing
C. Full costing
D. Variable costing

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