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

The price at which assets will be sold at the end of its useful life is known as:

Question # 2

Doubtful debt are:

Question # 3

Costs whose consumption may be identified with specific production units in called

Question # 4

Provision of doubtful debts are also known as:

Question # 5

Endorsement is made:

Question # 6

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

Question # 7

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

Question # 8

Compound entry is an entry in which:

Question # 9

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

Question # 10

What is negotiable instrument?

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

Sr.# Question Answer
1 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
2 Cash or goods taken away by owner for personal use from business are known as:
A. Capital
B. Drawings
C. Revenue
D. Expense
3 In payroll include the remunerations of
A. Direct labour
B. Indirect labour
C. Both a & b
D. None of the above
4 Historical cost which is irrecoverable in a given situation is called
A. Imputed cost
B. Standard cost
C. Opportunity cost
D. Sunk cost
5 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
6 Manufacturing concern cycle is ---------- than trading concern cycle:
A. Shorter
B. Greater
C. Medium
D. None of above
7 If spoiled good are considered as abnormal part of production process then debited to
A. Work in process
B. General expense
C. F-o-H control
D. None of above
8 Costs whose consumption may be identified with specific production units in called
A. Direct labour cost
B. Indirect labour cost
C. Direct material cost
D. Indirect material cost
9 Excess of assets over liabilities is known as:
A. Capital fund
B. Accumulated fund
C. Surplus fund
D. All options are correct
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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