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

Outstanding expenses are also known as

Question # 2

Trading account shows ----------- result.

Question # 3

Depreciation is a loss due to wear and tear of an asset.

Question # 4

A credit purchases are:

Question # 5

Which one is not include in factory overhead?

Question # 6

If spoiled goods are considered a normal part of production process than debit to

Question # 7

The cost flow must watch the

Question # 8

Name the main accounts which are prepared in accounting?

Question # 9

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

Question # 10

Which one is not a functional classification?

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

Sr.# Question Answer
1 Historical cost which is irrecoverable in a given situation is called
A. Imputed cost
B. Standard cost
C. Opportunity cost
D. Sunk cost
2 Difference in cost of alternative choices is called
A. Total costing
B. Differential costing
C. Full costing
D. Variable costing
3 Dishonor of the bill occurs when:
A. The drawer refuse to pay
B. The acceptor refuses to meet the bill on due date
C. The endorsee accepts to meet the bill
D. None
4 What is accounting period?
A. It is a time for which business prepares its financial statements
B. It is time for which business prepares its profit and loss statement
C. It is a time for which business prepares its balance sheet
D. None
5 Which one is non-manufacturing costs?
A. Direct material cost
B. Labour cost
C. Research and development cost
D. All of above
6 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
7 Which one is not a functional classification?
A. Manufacturing cost
B. Marketing cost
C. Finance cost
D. Mixed cost
8 The cost flow must match the
A. Output
B. Outflow
C. Inflow
D. Workflow
9 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
10 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

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