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

From the following statements which one is not true about over applied F.o.H

Question # 2

Historical cost which is irrecoverable in a given situation is called

Question # 3

Work in process opening and closing inventory includes:-

Question # 4

Quick assets are

Question # 5

If applied factory overhead is less than actual factory overhead, it is called

Question # 6

Name the main accounts which are prepared in accounting?

Question # 7

Assets which have to no market value are called

Question # 8

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

Question # 9

Excess of assets over liabilities is known as:

Question # 10

Statement of a affairs is a sort of -----------

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

Sr.# Question Answer
1 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
2 What are accrued expenses?
A. The expenses that have been incurred during current year and paid till the end of current year
B. The expenses that have been incurred previous year and paid in the current year
C. The expenses that have been incurred during current year and not paid till the end of current year
D. The expenses that have been incurred previous year and not paid till the end of current year
3 Endorsement is made:
A. For settlement of debts
B. For settlement of income
C. For settlement of profit
D. None
4 Any written evidence of a business transaction is known as
A. Voucher
B. Pay-in-slip
C. Debit note
D. Credit note
5 How many of grace are given?
A. 5
B. 4
C. 3
D. 2
6 Excess of assets over liabilities is known as:
A. Capital fund
B. Accumulated fund
C. Surplus fund
D. All options are correct
7 Cost which is calculated before manufacture operation is called
A. Sunk cost
B. Mixed cost
C. Standard cost
D. None of above
8 The cost of holding the stock in storage is called
A. Ordering cost
B. Material cost
C. Caring cost
D. All of the above
9 Assets which have to no market value are called
A. Fictitious assets
B. Liquid assets
C. Intangible assets
D. Real assets
10 If spoiled good are considered as abnormal part of production process then debited to
A. Work in process
B. General expense
C. F-o-H control
D. None of above

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