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

Name the main accounts which are prepared in accounting?

Question # 2

Section of the business to which cost can be charged is termed as

Question # 3

Which one is non-manufacturing costs?

Question # 4

During period of rising material prices, ----------- method results in profit inflation

Question # 5

Offsetting expenses against revenue is the concept of:

Question # 6

Compound entry is an entry in which:

Question # 7

What is accounting period?

Question # 8

Cost which is calculated before manufacture operation is called

Question # 9

What is amortization?

Question # 10

The primary objective of cost accounting is to

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

Sr.# Question Answer
1 Which ratio tells how many times in a year stock is used up and replaced?
A. Gross profit ratio
B. Net profit ratio
C. Cost ratio
D. None of these
2 Variable cost and fixed cost have been treated as product cost in
A. Absorption costing
B. Direct costing
C. Full costing
D. All of above
3 Historical cost which is irrecoverable in a given situation is called
A. Imputed cost
B. Standard cost
C. Opportunity cost
D. Sunk cost
4 Office salaries are include in
A. Direct material cost
B. Indirect material cost
C. Factory overhead cost
D. Total payroll
5 If spoiled goods are considered a normal part of production process than debit to
A. Work in process
B. General expense
C. F.o.H control
D. None of above
6 Endorsement is made:
A. For settlement of debts
B. For settlement of income
C. For settlement of profit
D. None
7 The primary objective of cost accounting is to
A. Control cost
B. Calculate profit
C. Avoid cost
D. All of above
8 If spoiled good are considered as abnormal part of production process then debited to
A. Work in process
B. General expense
C. F-o-H control
D. None of above
9 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
10 What is negotiable instrument?
A. A document which is not transferable
B. A document which is transferable
C. A document which is accepted
D. None

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