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

  • Total Questions10

  • Time Allowed15

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NAT II Management Science Finance & Accounting

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Question # 1

Goodwill is ----------- for company.

Question # 2

Dishonor of the bill occurs when:

Question # 3

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

Question # 4

The objective of financial accounting is to ascertain:

Question # 5

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

Question # 6

Any written evidence of a business transaction is known as

Question # 7

Offsetting expenses against revenue is the concept of:

Question # 8

Which one is not include in factory overhead?

Question # 9

Under perpetual inventory system stock taking is under taken at the

Question # 10

What is accounting period?

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

Sr.# Question Answer
1 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.
2 If spoiled goods are considered a normal part of production process than debit to
A. Work in process
B. General expense
C. F.o.H control
D. None of above
3 Cost which cannot be conveniently identified with individual cost unit is called
A. Direct material cost
B. Indirect material cost
C. Indirect labour cost
D. Caring cost
4 Trading account shows ----------- result.
A. Net
B. Gross
C. Profit
D. Loss
5 A credit purchases are:
A. If goods purchased and payment made at the same time
B. If goods purchased and payment not made at the same time
C. If goods sold and payment receive at the same time
D. If goods sold and payment not receive at the same time
6 Costs whose consumption may be identified with specific production units in called
A. Direct labour cost
B. Indirect labour cost
C. Direct material cost
D. Indirect material cost
7 Which one is not accounting convention?
A. Materiality
B. Full disclosure
C. Consistency
D. Going concern
8 Per Unit cost is calculated by dividing the cost of goods sold by
A. The number of units sold
B. The number of units purchase
C. The number of units manufactured
D. All of the above
9 Treble column cash book has three columns of:
A. Cash, bank and discount
B. Income, expense and bank
C. Cash, bank and profit or loss
D. None
10 Good received note is prepared by
A. Purchase department
B. Sales department
C. Receiving department
D. All of the above

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