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

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

Question # 2

Accounting is the

Question # 3

Provision of doubtful debts are also known as:

Question # 4

Petty cash book is a book which record

Question # 5

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

Question # 6

Which one is not accounting convention?

Question # 7

Loss which arises due to ----------- is known as abnormal loss

Question # 8

A property which is received by virtue of a will of a person after his death is known as

Question # 9

Accounts which are related with properties are known as

Question # 10

Which one is not a functional classification?

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

Sr.# Question Answer
1 Cost which is calculated before manufacture operation is called
A. Sunk cost
B. Mixed cost
C. Standard cost
D. None of above
2 How many of grace are given?
A. 5
B. 4
C. 3
D. 2
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 Which one is not a classification according to the accounting period?
A. Capital expenditure
B. Revenue expenditure
C. Product cost
D. Administrative cost
5 In bill of exchange, the party who accepts a bill is known as:
A. Drawer
B. Drawee
C. Payee
D. Third party
6 Historical cost which is irrecoverable in a given situation is called
A. Imputed cost
B. Standard cost
C. Opportunity cost
D. Sunk cost
7 A person is said to be insolvent when his
A. Assets are sufficient
B. Assets are enough to pay his liabilities
C. Assets are not enough to pay his liabilities
D. None
8 Provision of doubtful debts are also known as:
A. Allowances for uncollectable
B. Allowances for collectable
C. Bad debts
D. None
9 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
10 Cost which cannot be conveniently identified with individual cost unit is called
A. Direct material cost
B. Indirect material cost
C. Indirect labour cost
D. Caring cost

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