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

How many types of inventories are in cost of goods sold statement?

Question # 2

Offsetting expenses against revenue is the concept of:

Question # 3

According to possible for an event or transaction which is not measurable in terms of money

Question # 4

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

Question # 5

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

Question # 6

Deferred liabilities are debts which are repayable less than ----------

Question # 7

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

Question # 8

Goodwill is ----------- for company.

Question # 9

Cost which is calculated before manufacture operation is called

Question # 10

How many types of bank accounts are there?

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

Sr.# Question Answer
1 Which one is not include in factory overhead?
A. Power hear & light
B. Indirect labour cost
C. Depreciation of plant
D. Salary of accountant
2 Accounting is the
A. Art
B. Science
C. Both
D. None
3 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
4 Doubtful debt are:
A. Definite loss to the business
B. Definite profit to the business
C. Expected loss to the business
D. Expected profit to the business
5 Per Unit cost is calculated by dividing the cost of goods sold by
A. The number of units sold
B. The number of units purchase
C. The number of units manufactured
D. All of the above
6 If applied factory overhead is less than actual factory overhead, it is called
A. Applied F.o.H
B. Over applied F.o.H
C. Under-applied F.o.H
D. None of above
7 Treble column cash book has three columns of:
A. Cash, bank and discount
B. Income, expense and bank
C. Cash, bank and profit or loss
D. None
8 Petty cash book is a book which record
A. Assets
B. Liabilities
C. Large payments
D. Small payments
9 From the following statements which one is not true about over applied F.o.H
A. Less from cost of goods sold at normal
B. Less from entire production if required
C. Add in gross profit if required
D. Less from Net profit.
10 During period of rising material prices, ----------- method results in profit inflation
A. LIFO
B. FIFO
C. Weighted average
D. All of the above

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