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

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

Question # 2

Quick assets are

Question # 3

Manufacturing concern cycle is ---------- than trading concern cycle:

Question # 4

Any written evidence of a business transaction is known as

Question # 5

Cost which cannot be conveniently identified with individual cost unit is called

Question # 6

The bills which are drawn and accepted against the sale and purchase of goods on credits are called

Question # 7

Dishonor of the bill occurs when:

Question # 8

Rebate is the --------- in the amount of bill paid

Question # 9

Under perpetual inventory system stock taking is under taken at the

Question # 10

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

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

Sr.# Question Answer
1 Outstanding expenses are also known as
A. Prepared expenses
B. Accrued expenses
C. Un-earned income
D. None
2 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
3 What are bad debts?
A. Debts which are irrecoverable from the debtors
B. Debts which are recoverable from the debtors
C. Debts which are irrecoverable from the creditors
D. Debts which are recoverable from the creditors
4 How many branches are there in accounting?
A. 1
B. 3
C. 2
D. 4
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 Under perpetual inventory system stock taking is under taken at the
A. Start of the accounting year
B. End of the accounting
C. Regular bases
D. None of above
7 A--------------- is an account in which those transaction are entered which cannot be placed to their accounts
A. Nominal account
B. Suspense account
C. Personal account
D. Debtor account
8 A cost whose magnitude will be affected by decision being made is called
A. Historical cost
B. Relevant cost
C. Irrelevant cost
D. Sunk cost
9 Which one is not include in factory overhead?
A. Power hear & light
B. Indirect labour cost
C. Depreciation of plant
D. Salary of accountant
10 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

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