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

  • Total Questions10

  • Time Allowed15

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NAT II Management Science Finance & Accounting

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Question # 1

Provision of doubtful debts are also known as:

Question # 2

Which one is not a functional classification?

Question # 3

Which one is not accounting convention?

Question # 4

Statement of a affairs is a sort of -----------

Question # 5

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

Question # 6

A credit purchases are:

Question # 7

Variable cost and fixed cost have been treated as product cost in

Question # 8

Which one is not include in factory overhead?

Question # 9

Difference in cost of alternative choices is called

Question # 10

What are bad debts?

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

Sr.# Question Answer
1 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
2 Profit will be lower where prices are rising under
A. FIFO method
B. LIFO method
C. Weighted average method
D. All of the above
3 Dishonor of the bill occurs when:
A. The drawer refuse to pay
B. The acceptor refuses to meet the bill on due date
C. The endorsee accepts to meet the bill
D. None
4 Compound entry is an entry in which:
A. More than one account is debited
B. More than one account is credited
C. Both a and b are correct
D. None of the above
5 Good received note is prepared by
A. Purchase department
B. Sales department
C. Receiving department
D. All of the above
6 Endorsement is made:
A. For settlement of debts
B. For settlement of income
C. For settlement of profit
D. None
7 Material are charged to production at actual cost under
A. Weighted average method
B. FIFO method
C. LIFO method
D. Both ii & iii
8 Goodwill is ----------- for company.
A. Intangible asset
B. Fixed asset
C. Current asset
D. Quick asset
9 Hypothetical cost which are specially computed outside the accounting system for the purpose of decision making is called
A. Future cost
B. Replacement cost
C. Imputed cost
D. Sunk cost
10 Which one is not a classification according to the accounting period?
A. Capital expenditure
B. Revenue expenditure
C. Product cost
D. Administrative cost

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