Lecturer Commerce

Punjab Public Service Commission Pakistan

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Fani Warraich

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Fani Warraich

Hello everybody!

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5 answers

Who conducts test of lecturer commerce?

asked 3 months ago in Lecturer Commerce by

Fani Warraich MANAGEMENT SCIENCES - Financial Accounting

Double entry book-keeping was fathered by?

A. F.W.Taylor. B. Lucas Pacioli. C. Henry Fayol. D. Edward Saeed.

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Explanation

Fani Warraich MANAGEMENT SCIENCES - Financial Accounting

Funds Flow Statement and sources and application statement are:

A. Antagonistic. B. Synonymous. C. None of these. D. All of these.

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Explanation

Fani Warraich

Good

Fani Warraich MANAGEMENT SCIENCES - Financial Accounting

Depreciation in spirit is similar to

A. Depletion. B. Depression. C. Amortization. D. Deletion.

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Explanation

Fani Warraich

option c is not correct but B

Fani Warraich MANAGEMENT SCIENCES - Financial Accounting

Balance Sheet is always prepared

A. For the year ended. B. As on a specified date. C. Till date. D. None of these.

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Explanation

Fani Warraich MANAGEMENT SCIENCES - Financial Accounting

In Insurance, the following Profit and Loss Accounts are prepared

A. Consolidated for Fire, Marine, and Accidents etc.. B. Separate for Fire, Marine, and Accidents etc. C. Partially consolidated for Governments. D. None of these.

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Explanation

Fani Warraich MANAGEMENT SCIENCES - Financial Accounting

Quick Ratio can be computed as under

A. Quick assets / Quick liabilities . B. Quick assets / Current liabilities. C. Current assets / Current liabilities. D. None of these.

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Explanation

The quick ratio is calculated by dividing a company's current liabilities by the value of its "quick" assets. Cash and assets that may be turned into cash quickly, often within 90 days, are referred to as "quick assets."

Fani Warraich MANAGEMENT SCIENCES - Financial Accounting

In 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

A. 10% of the total value. B. Rupee 0. C. Half of the total cost. D. None of these.

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Explanation

Fani Warraich MANAGEMENT SCIENCES - Financial Accounting

Consolidation of subsidiary accounts in the balance sheet of a unlisted Holding company is at present in Pakistan

A. Voluntary. B. Compulsory. C. Not required. D. None of these.

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Explanation

Fani Warraich MANAGEMENT SCIENCES - Financial Accounting

Retained earning is synonymous to

A. Net profit of the year. B. Accumulated profit and loss. C. Net loss of one year. D. None of these.

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Explanation

Fani Warraich MANAGEMENT SCIENCES - Financial Accounting

The requirements of an audit report for a Banking Company in Pakistan is under

A. Under the Banking Companies Ordinance, 1962. B. Under the Companies Ordinance, 2017. C. Under the Companies Ordinance, 2017. D. A & B above.

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Explanation

Fani Warraich

b and c are same. why?

Fani Warraich MANAGEMENT SCIENCES - Financial Accounting

Deferred Taxation is part of

A. Fixed assets. B. Variable assets. C. Owner's equity. D. Creditors account.

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Explanation

Fani Warraich MANAGEMENT SCIENCES - Financial Accounting

Investment Corporation of Pakistan follows

A. Open-end mutual funds. B. Closed-end mutual funds. C. Partial-ended mutual funds. D. None of these.

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Explanation

Fani Warraich MANAGEMENT SCIENCES - Financial Accounting

Directors Report is mandatory in respect of financial report constituent of

A. Limited compnay. B. Partnership. C. Firm. D. None of these.

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Explanation

Fani Warraich MANAGEMENT SCIENCES - Financial Accounting

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

A. Chairman's review. B. Cost analysis. C. Ratio analysis. D. Financial analysis.

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Explanation

Fani Warraich MANAGEMENT SCIENCES - Financial Accounting

Cash budget excludes the following

A. Cash items. B. Non-Cash items. C. Purchase on Credit items. D. None of these.

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Explanation

Fani Warraich MANAGEMENT SCIENCES - Financial Accounting

NGOs are legally required to

A. Prepare accounts in a prescribed manner under the law. B. Prepare accounts as desired by donors. C. None of these. D. All of these.

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Explanation

Fani Warraich

Farid Uddin

okay

Fani Warraich

Testing comments on mobile

Fani Warraich

Reading mcqs under main subject

Jamal Khan MANAGEMENT SCIENCES - Financial Accounting

Operating Profit is

A. After deducting taxes. B. Profit after deducting normal operating expenses including depreciation. C. After deducting Financial expenses. D. None of these.

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Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

Books of original entry are called

A. Journal. B. Ledger. C. Trial Balance. D. Income Statement.

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Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

For preparing balance sheets prepaid expenses are shown as part of

A. Revenue. B. Expenses. C. Assets. D. Liability.

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Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

Unpaid and unrecorded expenses are called

A. Prepaid Expenses. B. Unearned Revenue. C. Accrued Expenses. D. Deferred Cost.

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Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

Amount, cash, or other assets removed from business by owner is called

A. Drawings. B. Self-Help. C. Capital. D. None of these.

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Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

Under the diminishing balance method, depreciation amount is

A. Deficit. B. Surplus. C. Reciept. D. Expenditure.

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Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

Users of accounting information includes

A. Tax department. B. Shareholders. C. Creditors. D. All of these.

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Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

The business form(s) in which the owner(s) is (are) personally liable is (are) the

A. Limited liability company. B. Soleproprietor . C. Partnership. D. Both B &C.

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Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

The investment of personal assets by the owner

A. Decreases liabilities. B. Increases expenses. C. Has no effect on assets but increases owner’s equity. D. Increases total assets and increases owner’s equity.

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Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

All of the following are forms of organizations except

A. Corporation. B. Partnership. C. Properitorship. D. Retailer.

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Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

A cash purchase of supplies would

A. Decrease owner’s equity. B. Increase liabilities. C. Have no effect on total assets. D. None of these.

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Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

An owner investment of each into the business would

A. Increase assets. B. Decrease liabilities. C. Increase withdrawals. D. Decrease owner’s equity.

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Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

The payment of rent each month for office space would

A. Decrease total assets. B. Increase liabilities. C. Increase owner’s equity. D. None of these.

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Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

Real accounts are related to

A. Expenses and incomes. B. Assets. C. Customers and Creditors etc. D. None of these.

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Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

Which one of the following accounts would usually have a debit balance?

A. Cash. B. Salaries. C. Creditors. D. Debtors.

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Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

Quick assets include which of the following?

A. Cash. B. Debtors. C. Inventories. D. A & B.

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Explanation

Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES - Financial Accounting

Accounting principles are generally based on the principle of

A. Subjectivity. B. Ease of recording. C. Practibility. D. None of these.

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Explanation

Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES - Financial Accounting

Rent paid to the land lord should be credited to

A. Cash account. B. Rent account. C. Landlord account. D. None of these.

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Explanation

Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES - Financial Accounting

In the event of dissolution of a partnership firm the provision for doubtful debts is transferred to

A. Liquidation account. B. Suspense account. C. Realization account. D. None of these.

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Explanation

Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES - Financial Accounting

A prospectus for share can be issued only by

A. A private company. B. A public company. C. Semi Government. D. Autonomous bodies.

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Explanation

Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES - Financial Accounting

Preliminary expenses are

A. Deferred cost. B. Prepaid expenses. C. Ficticous assets. D. None of these.

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Explanation

Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES - Financial Accounting

The valuation of closing stock is at

A. Market price or cost whichever is lower. B. Market price. C. Cost price. D. None of these.

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Explanation

As per materiality concept, on account of playing safe, accountant must record assets at lower of either market or cost price.

Fani Warraich

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Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES - Financial Accounting

A liability in the amount of Rs. 500/- is paid in cash which of the fallowing is true

A. Asset decreased liability increased. B. Asset decreased liability decreased. C. Asset increase liability decreased. D. None of these.

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Explanation

Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES - Financial Accounting

Which one of the following account normally have a credit balance?

A. Cash account. B. Creditors account. C. salaries account. D. None of these.

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Explanation

Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES - Financial Accounting

A company collected one year’s rent in advance on October 1st ,2022 the entries Rs 1200 was credited to unearned revenue account the adjusting entry at the December 31,2022 year ended would include

A. A debit to rent earned for Rs 600. B. A credit to unearned revenue for Rs 300. C. A debit to unearned revenue for Rs 600. D. A debit to unearned revenue for Rs 300.

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Explanation

Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES - Financial Accounting

When a small stock dividend is declared which of the fallowing accounts is credited

A. Accumulated profit. B. Dividend account. C. Common stock dividend distributable. D. Common stock.

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Explanation

Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES - Financial Accounting

An advantages of the partnership form of business organization is its

A. Mutual agency. B. Ease of formation. C. Liquidity. D. Solvency.

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Explanation

Diginy Dash MANAGEMENT SCIENCES - Financial Accounting

In balance sheet accumulated loss of company shown as

A. an asset. B. a liability. C. an expense. D. a revenue.

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Explanation

Diginy Dash MANAGEMENT SCIENCES - Financial Accounting

Double Entry Book Keeping was fathered by

A. Yoyji Ijiri. B. Luca Paioli. C. Yoyji Ijiri. D. Yugene Fama.

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Explanation

Fani Warraich MANAGEMENT SCIENCES - Cost & Management Accounting

Flexible budget is a budget with the following features

A. Changes with variable expenses. B. Changes with fixed expenses. C. Changes with volume of production. D. Remains the same.

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Explanation

Fani Warraich MANAGEMENT SCIENCES - Cost & Management Accounting

Break Even can be calculated as under

A. FC I- VC TR. B. ______VC_______ FC - TR TC. C. All of these. D. None of these.

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Explanation

Fani Warraich MANAGEMENT SCIENCES - Cost & Management Accounting

Sales budget must be prepared

A. Depending on production capacity. B. Based on marketing efforts. C. Based on average market volume. D. Based on Sales forecasts of market.

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Explanation

Jamal Khan MANAGEMENT SCIENCES - Cost & Management Accounting

Fixed Cost

A. remains the same if rent increase. B. changes with production. C. Never changes even if production capacity is doubled. D. None of these.

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Explanation

Jamal Khan MANAGEMENT SCIENCES - Cost & Management Accounting

Conversion cost is equal to

A. Labour Cost + Overhead Cost. B. Direct Labour + Material Cost. C. Material Cost + Overhead Cost. D. None of these.

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Explanation

Jamal Khan MANAGEMENT SCIENCES - Cost & Management Accounting

Process Costing method is related to

A. Flour industry. B. Furniture industry. C. Cement industry. D. All of these.

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Explanation

Jamal Khan MANAGEMENT SCIENCES - Cost & Management Accounting

A good Cost Accounting System is

A. If it enables management to increase productivity and rationalize cost structure. B. If it cannot be reconciled with financial accounts. C. If it computes estimated cost only. D. If it only calculate cost figures.

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Explanation