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

Variable cost and fixed cost have been treated as product cost in

Question # 2

Any written evidence of a business transaction is known as

Question # 3

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

Question # 4

Dishonor of the bill occurs when:

Question # 5

Good received note is prepared by

Question # 6

Accounts which are related with properties are known as

Question # 7

Material are charged to production at actual cost under

Question # 8

The cost flow must match the

Question # 9

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

Question # 10

Petty cash book is a book which record

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Sr.# Question Answer
1 Per Unit cost is calculated by dividing the cost of goods sold by
A. The number of units sold
B. The number of units purchase
C. The number of units manufactured
D. All of the above
2 Outstanding expenses are also known as
A. Prepared expenses
B. Accrued expenses
C. Un-earned income
D. None
3 From the following statements which one is not true about over applied F.o.H
A. Less from cost of goods sold at normal
B. Less from entire production if required
C. Add in gross profit if required
D. Less from Net profit.
4 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
5 Dishonor of the bill occurs when:
A. The drawer refuse to pay
B. The acceptor refuses to meet the bill on due date
C. The endorsee accepts to meet the bill
D. None
6 Which one is not accounting convention?
A. Materiality
B. Full disclosure
C. Consistency
D. Going concern
7 During period of rising material prices, ----------- method results in profit inflation
A. LIFO
B. FIFO
C. Weighted average
D. All of the above
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 Which one is not include in factory overhead?
A. Power hear & light
B. Indirect labour cost
C. Depreciation of plant
D. Salary of accountant
10 Goodwill is ----------- for company.
A. Intangible asset
B. Fixed asset
C. Current asset
D. Quick asset

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