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

Provision of doubtful debts are also known as:

Question # 2

The cost of holding the stock in storage is called

Question # 3

Offsetting expenses against revenue is the concept of:

Question # 4

The primary object of non-profit organizations is

Question # 5

Accounts which are related with properties are known as

Question # 6

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

Question # 7

Any written evidence of a business transaction is known as

Question # 8

Under perpetual inventory system stock taking is under taken at the

Question # 9

The objective of financial accounting is to ascertain:

Question # 10

How many branches are there in accounting?

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    Mehwish 26 - Aug - 2021 01 Min 10 Sec 10/10
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NAT-II Finance & Accounting Chapter 0 Important MCQ's

Sr.# Question Answer
1 Doubtful debts are shown on:
A. Profit side of statement of profit and loss
B. Liabilities side of balance sheet
C. Asset side of balance sheet
D. Not shown anywhere
2 Good received note is prepared by
A. Purchase department
B. Sales department
C. Receiving department
D. All of the above
3 Sales prices is calculated as follow:-
A. Cost + operating expense
B. Direct material + Direct labour + F.o.H
C. Cost + operating expenses + profit
D. None of above
4 Debentures are
A. Fixed assets
B. Fixed liabilities
C. Capital
D. Prepaid expenses
5 Excess of assets over liabilities is known as:
A. Capital fund
B. Accumulated fund
C. Surplus fund
D. All options are correct
6 Outstanding expenses are also known as
A. Prepared expenses
B. Accrued expenses
C. Un-earned income
D. None
7 Spoiled goods cannot be
A. Sold without repairing
B. Repair and sold as damaged goods
C. Both A and B
D. None of above
8 How many types of inventories are in cost of goods sold statement?
A. 1
B. 2
C. 3
D. 4
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 Compound entry is an entry in which:
A. More than one account is debited
B. More than one account is credited
C. Both a and b are correct
D. None of the above

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