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

According to possible for an event or transaction which is not measurable in terms of money

Question # 2

What is negotiable instrument?

Question # 3

Work in process opening and closing inventory includes:-

Question # 4

What are accrued expenses?

Question # 5

In operating expense includes

Question # 6

Outstanding expenses are also known as

Question # 7

Spoiled goods cannot be

Question # 8

Cost which cannot be conveniently identified with individual cost unit is called

Question # 9

Which one of the following is not a negotiable instrument?

Question # 10

Which ratio tells how many times in a year stock is used up and replaced?

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

Sr.# Question Answer
1 Material are charged to production at actual cost under
A. Weighted average method
B. FIFO method
C. LIFO method
D. Both ii & iii
2 Name the main accounts which are prepared in accounting?
A. Assets, liabilities, income and expenses
B. Assets, liabilities, income and revenue
C. Assets, owner's equity, income and expenses
D. Assets, liabilities and expenses
3 From the following statements which one is not true about over applied F.o.H
A. Less from cost of goods sold at normal
B. Less from entire production if required
C. Add in gross profit if required
D. Less from Net profit.
4 Outstanding expenses are also known as
A. Prepared expenses
B. Accrued expenses
C. Un-earned income
D. None
5 Variable cost and fixed cost have been treated as product cost in
A. Absorption costing
B. Direct costing
C. Full costing
D. All of above
6 In payroll include the remunerations of
A. Direct labour
B. Indirect labour
C. Both a & b
D. None of the above
7 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
8 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
9 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
10 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

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