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

Assets which have to no market value are called

Question # 2

How many branches are there in accounting?

Question # 3

Profit will be lower where prices are rising under

Question # 4

The objective of financial accounting is to ascertain:

Question # 5

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

Question # 6

Outstanding expenses are also known as

Question # 7

What are accrued expenses?

Question # 8

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

Question # 9

Office salaries are include in

Question # 10

A person is said to be insolvent when his

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

Sr.# Question Answer
1 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
2 Accounting is the
A. Art
B. Science
C. Both
D. None
3 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
4 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
5 A property which is received by virtue of a will of a person after his death is known as
A. Legacy
B. Donation
C. Subscription
D. Gift
6 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
7 Which one is not a classification according to the accounting period?
A. Capital expenditure
B. Revenue expenditure
C. Product cost
D. Administrative cost
8 Hypothetical cost which are specially computed outside the accounting system for the purpose of decision making is called
A. Future cost
B. Replacement cost
C. Imputed cost
D. Sunk cost
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 According to possible for an event or transaction which is not measurable in terms of money
A. True
B. False
C. May be
D. None

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