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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  • Time Allowed15

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NAT II Management Science Finance & Accounting

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Question # 1

The primary objective of cost accounting is to

Question # 2

Difference in cost of alternative choices is called

Question # 3

Assets which have to no market value are called

Question # 4

Under perpetual inventory system stock taking is under taken at the

Question # 5

If spoiled good are considered as abnormal part of production process then debited to

Question # 6

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

Question # 7

Which ratio tells how many times in a year stock is used up and replaced?

Question # 8

Which one is not accounting convention?

Question # 9

Tenor is the period of time ------------ which a bill becomes payable

Question # 10

Accounts which are related with properties are known as

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

Sr.# Question Answer
1 The cost flow must watch the
A. Output
B. Outflow
C. Inflow
D. Workflow
2 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
3 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
4 The price at which assets will be sold at the end of its useful life is known as:
A. Scrap value
B. Residual value
C. Written down value
D. All of the above
5 Goodwill is ----------- for company.
A. Intangible asset
B. Fixed asset
C. Current asset
D. Quick asset
6 Cost which is calculated before manufacture operation is called
A. Sunk cost
B. Mixed cost
C. Standard cost
D. None of above
7 In operating expense includes
A. Marketing expense
B. Admin expense
C. Selling expense
D. All of the above
8 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
9 Offsetting expenses against revenue is the concept of:
A. Realization
B. Dual aspect
C. Matching
D. Conventions
10 Loss which arises due to ----------- is known as abnormal loss
A. Breakage of goods
B. Leakage
C. Fire
D. Shrinkage

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