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

NAT II Management Science Finance & Accounting

Sr. #	Questions	Answers Choice
1	Realisation concept is the concept in which revenue is ------------ at the time when goods are sold or services rendered.	Recognized Not recognized Paid Received
2	Which one is not accounting convention?	Materiality Full disclosure Consistency Going concern
3	Offsetting expenses against revenue is the concept of:	Realization Dual aspect Matching Conventions
4	Accounts which are related with properties are known as	Real accounts Nominal accounts Property accounts A and C are correct Accounting principles:
5	The stages of accounting cycle are	Transaction-ledger-journal-trial balance-final accounts Transaction-journal-ledger-trial balance-final accounts Transaction-journal-trial balance-ledger-final accounts Transaction-journal-ledger-final accounts-trial balance
6	Compound entry is an entry in which:	More than one account is debited More than one account is credited Both a and b are correct None of the above
7	Accounting is the	Art Science Both None
8	How many types of bank accounts are there?	4 3 5 6
9	Any written evidence of a business transaction is known as	Voucher Pay-in-slip Debit note Credit note
10	Name the main accounts which are prepared in accounting?	Assets, liabilities, income and expenses Assets, liabilities, income and revenue Assets, owner's equity, income and expenses Assets, liabilities and expenses