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

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

Question # 2

Doubtful debt are:

Question # 3

Loss which arises due to ----------- is known as abnormal loss

Question # 4

Manufacturing concern cycle is ---------- than trading concern cycle:

Question # 5

In payroll include the remunerations of

Question # 6

Depreciation is a loss due to wear and tear of an asset.

Question # 7

What are bad debts?

Question # 8

What is amortization?

Question # 9

How many types of inventories are in cost of goods sold statement?

Question # 10

A property which is received by virtue of a will of a person after his death is known as

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

Sr.# Question Answer
1 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
2 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
3 According to possible for an event or transaction which is not measurable in terms of money
A. True
B. False
C. May be
D. None
4 The bills which are drawn and accepted against the sale and purchase of goods on credits are called
A. Trade bills
B. Bill of exchange
C. In-land bills
D. Foreign bills
5 What is accounting period?
A. It is a time for which business prepares its financial statements
B. It is time for which business prepares its profit and loss statement
C. It is a time for which business prepares its balance sheet
D. None
6 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
7 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
8 Loss which arises due to ----------- is known as abnormal loss
A. Breakage of goods
B. Leakage
C. Fire
D. Shrinkage
9 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:
10 Petty cash book is a book which record
A. Assets
B. Liabilities
C. Large payments
D. Small payments

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