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

Historical cost which is irrecoverable in a given situation is called

Question # 2

Excess of assets over liabilities is known as:

Question # 3

Depreciation is a loss due to wear and tear of an asset.

Question # 4

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

Question # 5

What are bad debts?

Question # 6

Trading account shows ----------- result.

Question # 7

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

Question # 8

Doubtful debts are shown on:

Question # 9

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

Question # 10

If applied factory overhead is less than actual factory overhead, it is called

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

Sr.# Question Answer
1 In payroll include the remunerations of
A. Direct labour
B. Indirect labour
C. Both a & b
D. None of the above
2 How many branches are there in accounting?
A. 1
B. 3
C. 2
D. 4
3 The cost of holding the stock in storage is called
A. Ordering cost
B. Material cost
C. Caring cost
D. All of the above
4 Spoiled goods cannot be
A. Sold without repairing
B. Repair and sold as damaged goods
C. Both A and B
D. None of above
5 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
6 Trading account shows ----------- result.
A. Net
B. Gross
C. Profit
D. Loss
7 Difference in cost of alternative choices is called
A. Total costing
B. Differential costing
C. Full costing
D. Variable costing
8 Lead time is the time between the time on item reaches --------------- and ---------- of
A. Order level, dispatch of material
B. Order level, maximum level
C. Maximum level, minimum level
D. Order level, actual receipt
9 Accounting is the
A. Art
B. Science
C. Both
D. None
10 During period of rising material prices, ----------- method results in profit inflation
A. LIFO
B. FIFO
C. Weighted average
D. All of the above

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