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

Which one is not accounting convention?

Question # 2

What is negotiable instrument?

Question # 3

What are accrued expenses?

Question # 4

From the following statements which one is not true about over applied F.o.H

Question # 5

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

Question # 6

A credit purchases are:

Question # 7

Realisation concept is the concept in which revenue is ------------ at the time when goods are sold or services rendered.

Question # 8

Name the main accounts which are prepared in accounting?

Question # 9

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

Question # 10

Depreciation expenditure is a

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

Sr.# Question Answer
1 Material are charged to production at actual cost under
A. Weighted average method
B. FIFO method
C. LIFO method
D. Both ii & iii
2 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
3 Purchase Requisition is sent to
A. Accounts department
B. Purchase department
C. Finance department
D. None of above
4 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
5 Statement of a affairs is a sort of -----------
A. Profit and loss statement
B. Nominal account
C. Statement of changes in equity
D. Balance sheet
6 Section of the business to which cost can be charged is termed as
A. Cost driver
B. Cost center
C. Cost unit
D. All of above
7 Good received note is prepared by
A. Purchase department
B. Sales department
C. Receiving department
D. All of the above
8 The cost flow must match the
A. Output
B. Outflow
C. Inflow
D. Workflow
9 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
10 How many of grace are given?
A. 5
B. 4
C. 3
D. 2

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