NAT IIM Management Science Finance & Accounting Online Test for Pakistani Students

Top Scorers Of NAT II Management Science Finance & Accounting MCQ`s Test

Sr.#	Question	Answer
1	Any written evidence of a business transaction is known as	A. Voucher B. Pay-in-slip C. Debit note D. Credit note
2	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
3	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
4	Material are charged to production at actual cost under	A. Weighted average method B. FIFO method C. LIFO method D. Both ii & iii
5	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
6	The bills which are drawn and accepted against the sale and purchase of goods on credits are called	A. Trade bills B. Bill of exchange C. In-land bills D. Foreign bills
7	How many types of inventories are in cost of goods sold statement?	A. 1 B. 2 C. 3 D. 4
8	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
9	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
10	Offsetting expenses against revenue is the concept of:	A. Realization B. Dual aspect C. Matching D. Conventions