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

Statement of a affairs is a sort of -----------

Question # 2

Dishonor of the bill occurs when:

Question # 3

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

Question # 4

The stages of accounting cycle are

Question # 5

The primary objective of cost accounting is to

Question # 6

Offsetting expenses against revenue is the concept of:

Question # 7

Loss which arises due to ----------- is known as abnormal loss

Question # 8

What are accrued expenses?

Question # 9

The objective of financial accounting is to ascertain:

Question # 10

Cost which is calculated before manufacture operation is called

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

Sr.# Question Answer
1 Realisation concept is the concept in which revenue is ------------ at the time when goods are sold or services rendered.
A. Recognized
B. Not recognized
C. Paid
D. Received
2 Cost goods sold is Rs. 1650, gross profit ratio is 17.5% then sales is
A. 1800
B. 1900
C. 2000
D. 2200
3 Office salaries are include in
A. Direct material cost
B. Indirect material cost
C. Factory overhead cost
D. Total payroll
4 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
5 Provision of doubtful debts are also known as:
A. Allowances for uncollectable
B. Allowances for collectable
C. Bad debts
D. None
6 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
7 What is accumulated depreciation?
A. Depreciation expense of the current year
B. Sum of all depreciations in different accounting year
C. Depreciations of previous accounting year
D. None
8 Depreciation expenditure is a
A. Fixed cost
B. Variable cost
C. Semi-variable cost
D. Step fixed cost
9 Material are charged to production at actual cost under
A. Weighted average method
B. FIFO method
C. LIFO method
D. Both ii & iii
10 Quick assets are
A. Cash in hand
B. Cash at bank
C. Debtors
D. All of the above

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