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

A person is said to be insolvent when his

Question # 2

Any written evidence of a business transaction is known as

Question # 3

Work in process opening and closing inventory includes:-

Question # 4

Which ratio tells how many times in a year stock is used up and replaced?

Question # 5

The technique and process of ascertaining cost is termed as

Question # 6

Compound entry is an entry in which:

Question # 7

Accounts which are related with properties are known as

Question # 8

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

Question # 9

What are bad debts?

Question # 10

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

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

Sr.# Question Answer
1 Assets which have to no market value are called
A. Fictitious assets
B. Liquid assets
C. Intangible assets
D. Real assets
2 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
3 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
4 Provision of doubtful debts are also known as:
A. Allowances for uncollectable
B. Allowances for collectable
C. Bad debts
D. None
5 Variable cost and fixed cost have been treated as product cost in
A. Absorption costing
B. Direct costing
C. Full costing
D. All of above
6 Which one is not accounting convention?
A. Materiality
B. Full disclosure
C. Consistency
D. Going concern
7 Cash or goods taken away by owner for personal use from business are known as:
A. Capital
B. Drawings
C. Revenue
D. Expense
8 How many types of bank accounts are there?
A. 4
B. 3
C. 5
D. 6
9 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
10 During period of rising material prices, ----------- method results in profit inflation
A. LIFO
B. FIFO
C. Weighted average
D. All of the above

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