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

During period of rising material prices, ----------- method results in profit inflation

Question # 2

Doubtful debts are shown on:

Question # 3

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

Question # 4

Which one is not a classification according to the accounting period?

Question # 5

Name the main accounts which are prepared in accounting?

Question # 6

Historical cost which is irrecoverable in a given situation is called

Question # 7

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

Question # 8

A credit purchases are:

Question # 9

In operating expense includes

Question # 10

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

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

Sr.# Question Answer
1 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
2 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
3 Excess of assets over liabilities is known as:
A. Capital fund
B. Accumulated fund
C. Surplus fund
D. All options are correct
4 Any written evidence of a business transaction is known as
A. Voucher
B. Pay-in-slip
C. Debit note
D. Credit note
5 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
6 How many types of inventories are in cost of goods sold statement?
A. 1
B. 2
C. 3
D. 4
7 Trading account shows ----------- result.
A. Net
B. Gross
C. Profit
D. Loss
8 Which one is not accounting convention?
A. Materiality
B. Full disclosure
C. Consistency
D. Going concern
9 Profit will be lower where prices are rising under
A. FIFO method
B. LIFO method
C. Weighted average method
D. All of the above
10 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

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