NAT IIM Management Science Finance & Accounting Online Test for Pakistani Students

NAT II Management Science Finance & Accounting

Sr. #	Questions	Answers Choice
1	What are accrued expenses?	The expenses that have been incurred during current year and paid till the end of current year The expenses that have been incurred previous year and paid in the current year The expenses that have been incurred during current year and not paid till the end of current year The expenses that have been incurred previous year and not paid till the end of current year
2	Tenor is the period of time ------------ which a bill becomes payable	Before After Both a and b None
3	The bills which are drawn and accepted against the sale and purchase of goods on credits are called	Trade bills Bill of exchange In-land bills Foreign bills
4	Rebate is the --------- in the amount of bill paid	Premium Increase Expense Concession
5	How many of grace are given?	5 4 3 2
6	Endorsement is made:	For settlement of debts For settlement of income For settlement of profit None
7	Which one of the following is not a negotiable instrument?	Cheque Promissory note Bill of exchange None of the above
8	What is negotiable instrument?	A document which is not transferable A document which is transferable A document which is accepted None
9	Dishonor of the bill occurs when:	The drawer refuse to pay The acceptor refuses to meet the bill on due date The endorsee accepts to meet the bill None
10	In bill of exchange, the party who accepts a bill is known as:	Drawer Drawee Payee Third party