NAT IIM Management Science Finance & Accounting Online Test for Pakistani Students

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

The bills which are drawn and accepted against the sale and purchase of goods on credits are called

Question # 2

Which one is not accounting convention?

Question # 3

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

Question # 4

The cost of holding the stock in storage is called

Question # 5

Doubtful debt are:

Question # 6

What are bad debts?

Question # 7

How many of grace are given?

Question # 8

Depreciation expenditure is a

Question # 9

Section of the business to which cost can be charged is termed as

Question # 10

The technique and process of ascertaining cost is termed as

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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 Depreciation expenditure is a
A. Fixed cost
B. Variable cost
C. Semi-variable cost
D. Step fixed cost
3 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
4 Trading account shows ----------- result.
A. Net
B. Gross
C. Profit
D. Loss
5 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
6 Deferred liabilities are debts which are repayable less than ----------
A. One month
B. Six month
C. One year
D. None
7 What is negotiable instrument?
A. A document which is not transferable
B. A document which is transferable
C. A document which is accepted
D. None
8 Quick assets are
A. Cash in hand
B. Cash at bank
C. Debtors
D. All of the above
9 Bin card is maintained by
A. Purchase manager
B. Sales manager
C. Store keeper
D. Finance manager
10 Doubtful debts are shown on:
A. Profit side of statement of profit and loss
B. Liabilities side of balance sheet
C. Asset side of balance sheet
D. Not shown anywhere

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