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

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

Question # 2

Quick assets are

Question # 3

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

Question # 4

Which one of the following is not a negotiable instrument?

Question # 5

Cost goods sold is Rs. 1650, gross profit ratio is 17.5% then sales is

Question # 6

Excess of assets over liabilities is known as:

Question # 7

What is accumulated depreciation?

Question # 8

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

Question # 9

Cost which is calculated before manufacture operation is called

Question # 10

Material are charged to production at actual cost under

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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 During period of rising material prices, ----------- method results in profit inflation
A. LIFO
B. FIFO
C. Weighted average
D. All of the above
3 A person is said to be insolvent when his
A. Assets are sufficient
B. Assets are enough to pay his liabilities
C. Assets are not enough to pay his liabilities
D. None
4 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
5 If applied factory overhead is less than actual factory overhead, it is called
A. Applied F.o.H
B. Over applied F.o.H
C. Under-applied F.o.H
D. None of above
6 Realisation concept is the concept in which revenue is ------------ at the time when goods are sold or services rendered.
A. Recognized
B. Not recognized
C. Paid
D. Received
7 The primary object of non-profit organizations is
A. Not to earn profit
B. Work for the welfare of society
C. Buy/sell goods
D. A and B but not C
8 A property which is received by virtue of a will of a person after his death is known as
A. Legacy
B. Donation
C. Subscription
D. Gift
9 In payroll include the remunerations of
A. Direct labour
B. Indirect labour
C. Both a & b
D. None of the above
10 What are bad debts?
A. Debts which are irrecoverable from the debtors
B. Debts which are recoverable from the debtors
C. Debts which are irrecoverable from the creditors
D. Debts which are recoverable from the creditors

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