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

00:00
Question # 1

A property which is received by virtue of a will of a person after his death is known as

Question # 2

Provision of doubtful debts are also known as:

Question # 3

A cost whose magnitude will be affected by decision being made is called

Question # 4

Dishonor of the bill occurs when:

Question # 5

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

Question # 6

Material are charged to production at actual cost under

Question # 7

The ------------- includes a control account entitled general ledger that shows is equity of the general office in the factory.

Question # 8

Compound entry is an entry in which:

Question # 9

Any written evidence of a business transaction is known as

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 Good received note is prepared by
A. Purchase department
B. Sales department
C. Receiving department
D. All of the above
2 Statement of a affairs is a sort of -----------
A. Profit and loss statement
B. Nominal account
C. Statement of changes in equity
D. Balance sheet
3 Trading account shows ----------- result.
A. Net
B. Gross
C. Profit
D. Loss
4 The cost of holding the stock in storage is called
A. Ordering cost
B. Material cost
C. Caring cost
D. All of the above
5 Cost which is calculated before manufacture operation is called
A. Sunk cost
B. Mixed cost
C. Standard cost
D. None of above
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 The cost flow must match the
A. Output
B. Outflow
C. Inflow
D. Workflow
8 Which ratio tells how many times in a year stock is used up and replaced?
A. Gross profit ratio
B. Net profit ratio
C. Cost ratio
D. None of these
9 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
10 Which one is not a functional classification?
A. Manufacturing cost
B. Marketing cost
C. Finance cost
D. Mixed cost

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