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

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NAT II Management Science Finance & Accounting

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Question # 1

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

Question # 2

Lead time is the time between the time on item reaches --------------- and ---------- of

Question # 3

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

Question # 4

Assets which have to no market value are called

Question # 5

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

Question # 6

Bin card is maintained by

Question # 7

The bills which are drawn and accepted against the sale and purchase of goods on credits are called

Question # 8

Rebate is the --------- in the amount of bill paid

Question # 9

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

Question # 10

How many of grace are given?

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

Sr.# Question Answer
1 How many types of inventories are in cost of goods sold statement?
A. 1
B. 2
C. 3
D. 4
2 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
3 Section of the business to which cost can be charged is termed as
A. Cost driver
B. Cost center
C. Cost unit
D. All of above
4 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
5 Offsetting expenses against revenue is the concept of:
A. Realization
B. Dual aspect
C. Matching
D. Conventions
6 In job order costing system, each job is assigned a job cost
A. Unit
B. Center
C. Driver
D. Sheet
7 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
8 Profit will be lower where prices are rising under
A. FIFO method
B. LIFO method
C. Weighted average method
D. All of the above
9 What is accounting period?
A. It is a time for which business prepares its financial statements
B. It is time for which business prepares its profit and loss statement
C. It is a time for which business prepares its balance sheet
D. None
10 Assets which have to no market value are called
A. Fictitious assets
B. Liquid assets
C. Intangible assets
D. Real assets

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