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

Outstanding expenses are also known as

Question # 2

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

Question # 3

What are bad debts?

Question # 4

If spoiled goods are considered a normal part of production process than debit to

Question # 5

Dishonor of the bill occurs when:

Question # 6

Any written evidence of a business transaction is known as

Question # 7

Accounts which are related with properties are known as

Question # 8

How many branches are there in accounting?

Question # 9

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

Question # 10

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

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

Sr.# Question Answer
1 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
2 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
3 Which one is not accounting convention?
A. Materiality
B. Full disclosure
C. Consistency
D. Going concern
4 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
5 Name the main accounts which are prepared in accounting?
A. Assets, liabilities, income and expenses
B. Assets, liabilities, income and revenue
C. Assets, owner's equity, income and expenses
D. Assets, liabilities and expenses
6 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
7 The technique and process of ascertaining cost is termed as
A. Costing
B. Cost accounting
C. Calculation of cost
D. Controlling cost
8 The ------------- includes a control account entitled general ledger that shows is equity of the general office in the factory.
A. General ledger
B. Head office ledger
C. Factory ledger
D. None of these
9 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
10 Petty cash book is a book which record
A. Assets
B. Liabilities
C. Large payments
D. Small payments

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