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

The stages of accounting cycle are

Question # 2

What are accrued expenses?

Question # 3

The cost flow must watch the

Question # 4

Doubtful debt are:

Question # 5

In bill of exchange, the party who accepts a bill is known as:

Question # 6

Excess of assets over liabilities is known as:

Question # 7

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

Question # 8

A credit purchases are:

Question # 9

Tenor is the period of time ------------ which a bill becomes payable

Question # 10

Doubtful debts are shown on:

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

Sr.# Question Answer
1 Cost which is calculated before manufacture operation is called
A. Sunk cost
B. Mixed cost
C. Standard cost
D. None of above
2 Which one is not accounting convention?
A. Materiality
B. Full disclosure
C. Consistency
D. Going concern
3 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
4 Accounts which are related with properties are known as
A. Real accounts
B. Nominal accounts
C. Property accounts
D. A and C are correct Accounting principles:
5 Costs whose consumption may be identified with specific production units in called
A. Direct labour cost
B. Indirect labour cost
C. Direct material cost
D. Indirect material cost
6 Cash or goods taken away by owner for personal use from business are known as:
A. Capital
B. Drawings
C. Revenue
D. Expense
7 Any written evidence of a business transaction is known as
A. Voucher
B. Pay-in-slip
C. Debit note
D. Credit note
8 In bill of exchange, the party who accepts a bill is known as:
A. Drawer
B. Drawee
C. Payee
D. Third party
9 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
10 Statement of a affairs is a sort of -----------
A. Profit and loss statement
B. Nominal account
C. Statement of changes in equity
D. Balance sheet

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