Testing time and question management

Odisha Joint Entrance Examinations Board

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Fani Warraich ECONOMICS   -   Microeconomics

Who is the father of economics?

Fani Warraich

GOOD

Fani Warraich

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Janib Khan

Right

Janib Khan ECONOMICS   -   Microeconomics

The branch of economics that deals with the allocation of resources is called ______.

Fani Warraich

macroeconomics

Sumera Nawaz ECONOMICS   -   Microeconomics

Which of the following factors does NOT influence the demand for a good?

The cost of production is a determinant of supply, not demand. Demand is influenced by factors such as price of related goods, income, and future expectations.
Sumera Nawaz ECONOMICS   -   Microeconomics

If the demand for a product increases while its supply remains constant, what will happen to the equilibrium price and quantity?

An increase in demand with constant supply will lead to an increase in both equilibrium price and quantity traded.
Sumera Nawaz ECONOMICS   -   Microeconomics

Which of the following statements about elasticity of demand is true?

Elasticity of demand measures how much quantity demanded responds to a change in price. Elastic demand means consumers are sensitive to price changes.
Sumera Nawaz ECONOMICS   -   Microeconomics

Which of the following events would lead to a decrease in the equilibrium price of oranges?

A decrease in the price of a complement to oranges (orange juice) would increase the demand for oranges, leading to a decrease in equilibrium price.
Sumera Nawaz ECONOMICS   -   Microeconomics

If demand is perfectly elastic, what is the value of price elasticity of demand?

Perfectly elastic demand means any change in price results in an infinite change in quantity demanded.
Sumera Nawaz ECONOMICS   -   Microeconomics

When is the price elasticity of supply perfectly inelastic?

Perfectly inelastic supply means the quantity supplied does not change at all in response to changes in price.
Sumera Nawaz ECONOMICS   -   Microeconomics

If both supply and demand increase but the increase in supply is larger, what will happen to equilibrium price and quantity?

When both supply and demand increase, but the increase in supply is larger, the increase in quantity supplied will outweigh the increase in quantity demanded, leading to a decrease in price and an increase in quantity.
Sumera Nawaz ECONOMICS   -   Microeconomics

Which of the following is an example of a substitute good?

Substitute goods are those that can be used in place of each other, such as tea and coffee.
Sumera Nawaz ECONOMICS   -   Microeconomics

Which of the following would lead to a rightward shift of the supply curve?

An improvement in technology increases efficiency and lowers production costs, leading to an increase in supply.
Sumera Nawaz ECONOMICS   -   Microeconomics

If the price elasticity of demand for a good is less than 1, the demand is considered

If the price elasticity of demand is less than 1, it indicates that quantity demanded is not very responsive to changes in price, hence the demand is considered inelastic.
Fani Warraich ECONOMICS   -   Macroeconomics

Macroeconomics distinguishes between the real economy and the

Spending is influenced by both the amounts of products and services purchased and their dollar-denominated pricing.
Fani Warraich ECONOMICS   -   Macroeconomics

Until the First World War, the prices

The price-level was balanced over long periods of 20-50 years.
Sumera Nawaz ECONOMICS   -   Macroeconomics

Which of the following is NOT included in the calculation of Gross Domestic Product (GDP)?

Transfer payments are not counted in GDP as they do not represent production of goods and services.
Sumera Nawaz ECONOMICS   -   Macroeconomics

Which of the following measures is used to adjust Gross Domestic Product (GDP) for inflation?

Real GDP adjusts for inflation by removing the effects of price changes, providing a measure of GDP in constant prices.
Sumera Nawaz ECONOMICS   -   Macroeconomics

If Gross Domestic Product (GDP) is $10 trillion and Gross National Product (GNP) is $11 trillion, what is the value of net factor income from abroad (NFIA)?

GNP - GDP = NFIA, so $11 trillion - $10 trillion = $1 trillion.
Sumera Nawaz ECONOMICS   -   Macroeconomics

Which of the following transactions would be included in the calculation of Gross Domestic Product (GDP)?

Only final goods and services produced within the country's borders are included in GDP. The purchase of a used car (A), military equipment from a foreign country (C), and tuition fees (D) are not counted in GDP.
Sumera Nawaz ECONOMICS   -   Macroeconomics

Which of the following is NOT a component of the expenditure approach to calculating Gross Domestic Product (GDP)?

All of the listed options are components of the expenditure approach to GDP calculation.
Sumera Nawaz ECONOMICS   -   Macroeconomics

If a country's Gross Domestic Product (GDP) is $500 billion and its population is 100 million, what is the country's GDP per capita?

GDP per capita is calculated by dividing GDP by the population, so $500 billion / 100 million = $5,000.
Sumera Nawaz ECONOMICS   -   Macroeconomics

Which of the following is an example of a transfer payment?

Transfer payments are payments made by the government to individuals or households without the expectation of goods or services in return.
Sumera Nawaz ECONOMICS   -   Macroeconomics

Which of the following is NOT a limitation of Gross Domestic Product (GDP) as a measure of economic welfare?

GDP can be adjusted for inflation to calculate real GDP, addressing this limitation.
Sumera Nawaz ECONOMICS   -   Macroeconomics

In the circular flow of income, which sector consists of households?

The household sector represents individuals or households who consume goods and services and provide factors of production to firms.
Sumera Nawaz ECONOMICS   -   Macroeconomics

If a country's Gross Domestic Product (GDP) is $800 billion and its Gross National Product (GNP) is $750 billion, what is the value of net factor income from abroad (NFIA)?

GNP - GDP = NFIA, so $750 billion - $800 billion = -$50 billion. Since NFIA is negative, it means the country has a net outflow of income to the rest of the world, so the absolute value of NFIA is $50 billion.
Fani Warraich MANAGEMENT SCIENCES   -   Financial Accounting

Double entry book-keeping was fathered by?

Fani Warraich MANAGEMENT SCIENCES   -   Financial Accounting

Funds Flow Statement and sources and application statement are:

Fani Warraich

Good

Fani Warraich MANAGEMENT SCIENCES   -   Financial Accounting

Depreciation in spirit is similar to

Fani Warraich

option c is not correct but B

Fani Warraich MANAGEMENT SCIENCES   -   Financial Accounting

Balance Sheet is always prepared

Fani Warraich MANAGEMENT SCIENCES   -   Financial Accounting

In Insurance, the following Profit and Loss Accounts are prepared

Fani Warraich MANAGEMENT SCIENCES   -   Financial Accounting

Quick Ratio can be computed as under

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

Fani Warraich MANAGEMENT SCIENCES   -   Financial Accounting

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

Fani Warraich MANAGEMENT SCIENCES   -   Financial Accounting

Retained earning is synonymous to

Fani Warraich MANAGEMENT SCIENCES   -   Financial Accounting

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

Fani Warraich

b and c are same. why?

Fani Warraich MANAGEMENT SCIENCES   -   Financial Accounting

Deferred Taxation is part of

Fani Warraich MANAGEMENT SCIENCES   -   Financial Accounting

Investment Corporation of Pakistan follows

Fani Warraich MANAGEMENT SCIENCES   -   Financial Accounting

Directors Report is mandatory in respect of financial report constituent of

Fani Warraich MANAGEMENT SCIENCES   -   Financial Accounting

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

Fani Warraich MANAGEMENT SCIENCES   -   Financial Accounting

Cash budget excludes the following

Fani Warraich MANAGEMENT SCIENCES   -   Financial Accounting

NGOs are legally required to

Fani Warraich

mj

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

Bashir Farooqi MANAGEMENT SCIENCES   -   Financial Accounting

Books of original entry are called

Bashir Farooqi MANAGEMENT SCIENCES   -   Financial Accounting

For preparing balance sheets prepaid expenses are shown as part of

Bashir Farooqi MANAGEMENT SCIENCES   -   Financial Accounting

Unpaid and unrecorded expenses are called

Bashir Farooqi MANAGEMENT SCIENCES   -   Financial Accounting

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

Bashir Farooqi MANAGEMENT SCIENCES   -   Financial Accounting

Under the diminishing balance method, depreciation amount is

Bashir Farooqi MANAGEMENT SCIENCES   -   Financial Accounting

Users of accounting information includes

Bashir Farooqi MANAGEMENT SCIENCES   -   Financial Accounting

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

Bashir Farooqi MANAGEMENT SCIENCES   -   Financial Accounting

The investment of personal assets by the owner

Bashir Farooqi MANAGEMENT SCIENCES   -   Financial Accounting

All of the following are forms of organizations except

Bashir Farooqi MANAGEMENT SCIENCES   -   Financial Accounting

A cash purchase of supplies would

Bashir Farooqi MANAGEMENT SCIENCES   -   Financial Accounting

An owner investment of each into the business would

Bashir Farooqi MANAGEMENT SCIENCES   -   Financial Accounting

The payment of rent each month for office space would

Bashir Farooqi MANAGEMENT SCIENCES   -   Financial Accounting

Real accounts are related to

Bashir Farooqi MANAGEMENT SCIENCES   -   Financial Accounting

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

Bashir Farooqi MANAGEMENT SCIENCES   -   Financial Accounting

Quick assets include which of the following?

Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES   -   Financial Accounting

Accounting principles are generally based on the principle of

Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES   -   Financial Accounting

Rent paid to the land lord should be credited to

Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES   -   Financial Accounting

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

Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES   -   Financial Accounting

A prospectus for share can be issued only by

Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES   -   Financial Accounting

Preliminary expenses are

Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES   -   Financial Accounting

The valuation of closing stock is at

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

Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES   -   Financial Accounting

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

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

Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES   -   Financial Accounting

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

Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES   -   Financial Accounting

An advantages of the partnership form of business organization is its

Diginy Dash MANAGEMENT SCIENCES   -   Financial Accounting

In balance sheet accumulated loss of company shown as

Diginy Dash MANAGEMENT SCIENCES   -   Financial Accounting

Double Entry Book Keeping was fathered by

Fani Warraich MANAGEMENT SCIENCES   -   Financial Accounting

Which of the following statements is NOT true about the relationship between the chronological journal and the general journal?

While the chronological journal captures transactions in real-time, it's not a mandatory step. Transactions can be directly recorded in the general journal with proper explanations.
Fani Warraich MANAGEMENT SCIENCES   -   Financial Accounting

A company mistakenly recorded a purchase of inventory for $10,000 as an expense. How can a strong internal control system help identify this error most effectively?

egregation of duties (b) ensures the purchasing department raises a purchase order, which the accounting department uses to record the inventory purchase. This prevents the accidental recording of the purchase as an expense. While bank reconciliations (a) and general ledger reviews (d) are important controls, they might not catch this specific error.
Fani Warraich MANAGEMENT SCIENCES   -   Financial Accounting

Company A uses a single general journal for all transactions, while Company B utilizes a sales journal and a purchases journal. Which company is likely to be more efficient in recording transactions?

Special journals like sales and purchases journals (b) group similar transactions, reducing repetitive entries and saving time. This is particularly beneficial for companies with high transaction volumes.
Fani Warraich MANAGEMENT SCIENCES   -   Financial Accounting

A company has a trial balance that balances perfectly. Does this guarantee the absence of errors in the journals and general ledger?

A balanced trial balance (a) only indicates equal total debits and credits. Transposition errors (e.g., $125 instead of $251) or recording an expense as an asset with the same amount wouldn't affect the balance (b).
Fani Warraich MANAGEMENT SCIENCES   -   Financial Accounting

A company pays rent for a full year upfront on January 1st for $12,000. How should this transaction be recorded in the journals?

Since the rent benefits the entire year, it's treated as a prepaid expense (b). Option (c) wouldn't capture the full cost upfront. The answer depends on the company's policy (d) for handling prepaid expenses. Some companies might choose to record monthly rent expense based on an accrual basis.

Contributor(7)

Fani Warraich
Janib Khan
Bashir Farooqi
Jamal Khan
Muhammad Tayyab Ikhlas
Diginy Dash
Sumera Nawaz