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

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

Question # 2

The stages of accounting cycle are

Question # 3

Work in process opening and closing inventory includes:-

Question # 4

In operating expense includes

Question # 5

Realisation concept is the concept in which revenue is ------------ at the time when goods are sold or services rendered.

Question # 6

Compound entry is an entry in which:

Question # 7

Assets which have to no market value are called

Question # 8

Bin card is maintained by

Question # 9

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

Question # 10

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

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

Sr.# Question Answer
1 How many types of bank accounts are there?
A. 4
B. 3
C. 5
D. 6
2 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
3 Cost which cannot be conveniently identified with individual cost unit is called
A. Direct material cost
B. Indirect material cost
C. Indirect labour cost
D. Caring cost
4 Profit will be lower where prices are rising under
A. FIFO method
B. LIFO method
C. Weighted average method
D. All of the above
5 Which one is not a functional classification?
A. Manufacturing cost
B. Marketing cost
C. Finance cost
D. Mixed cost
6 Under perpetual inventory system stock taking is under taken at the
A. Start of the accounting year
B. End of the accounting
C. Regular bases
D. None of above
7 How many types of inventories are in cost of goods sold statement?
A. 1
B. 2
C. 3
D. 4
8 What are accrued expenses?
A. The expenses that have been incurred during current year and paid till the end of current year
B. The expenses that have been incurred previous year and paid in the current year
C. The expenses that have been incurred during current year and not paid till the end of current year
D. The expenses that have been incurred previous year and not paid till the end of current year
9 A--------------- is an account in which those transaction are entered which cannot be placed to their accounts
A. Nominal account
B. Suspense account
C. Personal account
D. Debtor account
10 The cost of holding the stock in storage is called
A. Ordering cost
B. Material cost
C. Caring cost
D. All of the above

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