MCQs Past Paper| Accounting & Auditing| Online Test Preparation

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MCQs solved Past paper

MCQs Past Paper, Accounting & Auditing, Online Test Preparation

MCQs Past Paper, Accounting & Auditing Solved Past Paper Online Test Preparation series 2020. Here, Guys, you will prepare any type of exam test, general knowledge MCQs, Islamiyat, Urdu, English, Science, Geography, Current affair, math solution, NTS Exams, PPSC, FPSC, CSS, PMS Extra.

                    Accounting & Auditing Paper -I

 MCQs Past Paper

Q:1 Double-entry book-keeping was fathered by:

  1. W.Taylor
  2. Henry Fayol
  3. Lucas Pacioli

Q: 2 Funds Flow Statement and sources and application statements are?

  • Synonymous
  • Antagonistic
  • None of these.

Q:3 Depreciation in spirit is similar to:

  • Depletion
  • Amortization
  • none of these

Q: 4) Balance Sheet is always prepared:

  1. For the year ended.
  2. As on a specified date.
  3. None of these.

Q:5) In Insurance, the following Profit and Loss Accounts are prepared?

  1. Separate for Fire, Marine, and Accidents, etc.
  2. Consolidated for Fire, Marine, and Accidents, etc.
  3. (c) None of these.

Q:6) Partners in Pakistan can today be fixed at the following numbers:

  1. 20
  2. 50
  3. 40

Q:7) Flexible budget is a budget with the following features?

  1. Changes with the volume of production.
  2. variable expenses
  3.  Direct material.

Q:8) Break-Even can be calculated as under:

  1. VC FC- TR TC
  2. FC VC TR
  3. None of these.

Q:9) Quick Ratio can be computed as under:

  1. Assets/Quick Liabilities
  2. Liabilities Current Assets
  3. Current Assets/ Current Liabilities

Q: 10 in the straight-line method of depreciation, the written down value of a fixed asset will be at the end of the life of the asset as under?

  1. Rupee one
  2. Rupee zero
  3. (c) None of these.

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Q: 11) Sales budget must be prepared:

  1. Independently
  2. Depending on production capacity
  3. Based on Sales forecasts of the market.

      Q: 12) Consolidation of subsidiary accounts in the balance sheet of an unlisted Holding company is at present in Pakistan:

  1. Compulsory
  2. Voluntary
  3. Required

   Q: 13) Retained earning is synonymous to:

  1. Accumulated profit and loss account
  2. Profit for the year
  3. None of these.

Q:14) The requirements of an audit report for a Banking Company in Pakistan is under:

  1.  the Banking Companies Ordinance, 1962.
  2.  the Companies Ordinance, 1984.
  3. Under (a) and (b) above.

Q:15 Deferred Taxation is:

  1. Fixed asset
  2. Fixed liabilities
  3. Part of Owners Equity.

    Q:16 Investment Corporation of Pakistan follows:

  1. Open-end mutual funds
  2. Closed-end mutual funds
  3. None of these.

Q: 17 Directors Report is in respect of financial report constituent.

  1. Mandatory for a limited Company
  2. Voluntary for a limited Company
  3. None of these.

Q:18 Every limited Company in Pakistan is required by law to include the following along with financial reports:

  1. Ratio Analysis
  2. Chairman’s Review
  3. None of these

Q: 19 Cash budget excludes the following:

  1. Non-Cash items
  2. Cash items
  3. Purchase on Credit items.

Q: 20 NGOs are legally required to:

  1. Prepare accounts in a prescribed manner under the law.
  2. Prepare accounts as desired by donors.
  3. None of these.

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Accounting & Auditing Paper -II

MCQs Past Paper

Q: 21 Fixed Costs?

  1. Changes with production
  2. Never changes even if production is doubled
  3. None of the above

Q: 22 Conversion cost is?

  1. Material Cost + Overhead Cost
  2. Direct Labour + Material Cost
  3. Labour Cost + Overhead Cost

Q: 23) Process Costing is relevant to?

  1. Cement industry
  2. Job Order cost-oriented Projects
  3. None of the above

Q: 24) Operating Profit is?

  1. Profit After financial costs
  2. deduct taxes
  3. Profit after deducting normal operating expenses including depreciation

Q: 25 A good Cost Accounting System is?

  1. If it computes estimated to cost only
  2. If it cannot be reconciled with financial accounts
  3.  enables management to increase productivity & rationalize cost structure

Q: 26 Verification includes?

  1. Checking Vouchers
  2. Examining the audit report
  3. None of the above

Q: 27) Stratified audit sample means?

  1. Randomly selected items for audit
  2. Purposively selected items for audit
  3. Items carefully selected from each group

Q: 28 Internal Control is totally synonymous with?

  1. Internal check
  2. Internal audit
  3. None of the above

Q: 29 Audit of a bank is generally conducted through?

  1. Routine checking
  2. Couching
  3. Balance sheet audit

Q: 30) An auditor is liable for his annual audit of accounts of?

  1. Creditors
  2. Bankers
  3. Owners

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Q:31 Income Tax is levied on?

  1. Agricultural Income
  2. Presumptive Income
  3. None of the above

Q: 32) If a firm has paid super-tax, its partners may follow any one of the following behaviors?

  1.  if the income exceeds the taxable limit.
  2. Pay income tax
  3. Pay income tax such required under the law

Q: 33) A resident multinational company need not?

  1. Pay income tax, as the Double Taxation Agreement.
  2.  under the Income Tax Ordinance, 1979
  3. None of the above

Q: 34) Income Tax rates are the same for?

  1. Limited Companies
  2. Banking Companies
  3. None of the above

Q: 35) Super Tax on companies is?

  1. In vogue in Pakistan
  2. Not in vogue in Pakistan
  3. None of the above

Q: 36) Current Ratio is calculated as?

  1. Fixed Assets/Current Liabilities
  2. Current Liabilities/Current Assets
  3. Current Assets/Current Liabilities

Q: 37) Short-term loans can be described as?

  1. If the period is less than one year
  2. If the period is over one year

Q: 38) A partnership, in today’s oF Pakistan, as the present law can have the following number of partners?

  1. 50
  2. 20
  3. 100

Q: 39) Combination can be best described as?

  1. Restructuring of Capital of a Company
  2. Reduction of Capital of a Company
  3. An amalgamation of two different types of businesses

Q: 40) Sources of funds can be increased by?

  1. Describing selling prices
  2. Increasing expenditure
  3. None of the above

 

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