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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  • Time Allowed15

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NAT II Management Science Finance & Accounting

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Question # 1

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

Question # 2

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

Question # 3

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

Question # 4

A person is said to be insolvent when his

Question # 5

What are accrued expenses?

Question # 6

Which ratio tells how many times in a year stock is used up and replaced?

Question # 7

Historical cost which is irrecoverable in a given situation is called

Question # 8

The objective of financial accounting is to ascertain:

Question # 9

Per Unit cost is calculated by dividing the cost of goods sold by

Question # 10

Purchase Requisition is sent to

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

Sr.# Question Answer
1 Which one of the following is not a negotiable instrument?
A. Cheque
B. Promissory note
C. Bill of exchange
D. None of the above
2 Good received note is prepared by
A. Purchase department
B. Sales department
C. Receiving department
D. All of the above
3 Which one is non-manufacturing costs?
A. Direct material cost
B. Labour cost
C. Research and development cost
D. All of above
4 Name the main accounts which are prepared in accounting?
A. Assets, liabilities, income and expenses
B. Assets, liabilities, income and revenue
C. Assets, owner's equity, income and expenses
D. Assets, liabilities and expenses
5 The primary objective of cost accounting is to
A. Control cost
B. Calculate profit
C. Avoid cost
D. All of above
6 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
7 Lead time is the time between the time on item reaches --------------- and ---------- of
A. Order level, dispatch of material
B. Order level, maximum level
C. Maximum level, minimum level
D. Order level, actual receipt
8 Hypothetical cost which are specially computed outside the accounting system for the purpose of decision making is called
A. Future cost
B. Replacement cost
C. Imputed cost
D. Sunk cost
9 Cost which is calculated before manufacture operation is called
A. Sunk cost
B. Mixed cost
C. Standard cost
D. None of above
10 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

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