NAT IIM Management Science Finance & Accounting Online Test for Pakistani Students

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

Any written evidence of a business transaction is known as

Question # 2

Which one is not a functional classification?

Question # 3

What are accrued expenses?

Question # 4

Bin card is maintained by

Question # 5

Accounting is the

Question # 6

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

Question # 7

Which one of the following is not a negotiable instrument?

Question # 8

Treble column cash book has three columns of:

Question # 9

Costs whose consumption may be identified with specific production units in called

Question # 10

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

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

Sr.# Question Answer
1 Loss which arises due to ----------- is known as abnormal loss
A. Breakage of goods
B. Leakage
C. Fire
D. Shrinkage
2 Which one is not a classification according to the accounting period?
A. Capital expenditure
B. Revenue expenditure
C. Product cost
D. Administrative cost
3 Spoiled goods cannot be
A. Sold without repairing
B. Repair and sold as damaged goods
C. Both A and B
D. None of above
4 Treble column cash book has three columns of:
A. Cash, bank and discount
B. Income, expense and bank
C. Cash, bank and profit or loss
D. None
5 In job order costing system, each job is assigned a job cost
A. Unit
B. Center
C. Driver
D. Sheet
6 The technique and process of ascertaining cost is termed as
A. Costing
B. Cost accounting
C. Calculation of cost
D. Controlling cost
7 Work in process opening and closing inventory includes:-
A. Arterial in process
B. Labour in process
C. F.o.H in process
D. All of the above
8 During period of rising material prices, ----------- method results in profit inflation
A. LIFO
B. FIFO
C. Weighted average
D. All of the above
9 Quick assets are
A. Cash in hand
B. Cash at bank
C. Debtors
D. All of the above
10 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

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