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

Debentures are

Question # 2

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

Question # 3

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

Question # 4

Treble column cash book has three columns of:

Question # 5

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

Question # 6

Doubtful debts are shown on:

Question # 7

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

Question # 8

Bin card is maintained by

Question # 9

Accounting is the

Question # 10

Which one is not a functional classification?

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

Sr.# Question Answer
1 How many types of bank accounts are there?
A. 4
B. 3
C. 5
D. 6
2 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
3 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
4 Offsetting expenses against revenue is the concept of:
A. Realization
B. Dual aspect
C. Matching
D. Conventions
5 Lead time is the time between the time on item reaches --------------- and ---------- of
A. Order level, dispatch of material
B. Order level, maximum level
C. Maximum level, minimum level
D. Order level, actual receipt
6 During period of rising material prices, ----------- method results in profit inflation
A. LIFO
B. FIFO
C. Weighted average
D. All of the above
7 How many types of inventories are in cost of goods sold statement?
A. 1
B. 2
C. 3
D. 4
8 The cost flow must watch the
A. Output
B. Outflow
C. Inflow
D. Workflow
9 The bills which are drawn and accepted against the sale and purchase of goods on credits are called
A. Trade bills
B. Bill of exchange
C. In-land bills
D. Foreign bills
10 What is amortization?
A. Decrease in the value of fixed assets
B. Decrease in the value of intangible assets
C. Increase in the value of fixed assets
D. Increase in the value of intangible assets

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