Tag: Accounting MCQs

MCQs for National Savings Officers Posts (National Savings Organization and Its Functions)

Post author By CSS Times
Post date March 5, 2020
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Who said “Thrift as a national asset is going to play an important part in the building up of the state. So save and invest in Pakistan saving certificates”?
(a) Quaid-I-Azam, Muhammad Ali Jinnah
(b) Nawab Liaqat Ali Khan
(c) President Sikandar Mirza
(d) None of the above
Answer: a

The history of National Savings Organization dates back to the year
(a) 1871
(b) 1872
(c) 1873
(d) 1876
Answer: c

When the Government Savings Bank Act was promulgated in sub continent?
(a) 1871
(b) 1872
(c) 1873
(d) 1876
Answer: c

Tags Accounting MCQs, ILMI MCQs, National Savings Officers, National Savings Officers MCQs

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Accounting and Auditing MCQs | Business Taxation MCQs for Competitive Exams

Post author By CSS Times
Post date August 22, 2019
1 Comment on Accounting and Auditing MCQs | Business Taxation MCQs for Competitive Exams

Government policies that focus on changing taxes and government spending are called:
(a) Fiscal policies
(b) Monetary policies.
(c) Incomes policies.
(d) Supply-side policies.
Answer: a

Who is Tax payer?
(a) Businessman
(b) Assessee
(c) Trust
(d) Farmer
Answer: b

The most important source of income of a government is:
(a) Foreign loans
(b) Sprinting of new money
(c) Sale of government property
(d) Taxes
Answer: d

Tags Accounting & Auditing MCQs, Accounting MCQs, Accounts MCQs, Business MCQs, Business Taxation MCQs, Senior Auditor Test MCQs

Accounting and Auditing MCQs MCQs

Accounting Principles & Procedures MCQs (Set-II) for all Competitive Exams

Post author By CSS Times
Post date August 19, 2019
No Comments on Accounting Principles & Procedures MCQs (Set-II) for all Competitive Exams

What does the certification CA stand for (in Canada)?
(a) Accrued revenue
(b) Chartered Accountant
(c) All of the above
(d) Nome of the above
Answer: b

When you have yet to bill a customer for services rendered and have not received the money in the same financial period that the service was performed, then the transaction is recorded as a(n) ________ (assume accrual basis of accounting)?
(a) accrued revenue
(b) accrued expense
(c) unearned revenue
(d) prepaid expense
Answer: a

What are internal controls designed to do?
(a) only safeguard assets
(b) only ensue accurate accounting records
(c) only achieve maximum revenue
(d) safeguard assets and optimize the use of resources
Answer: d

Tags Accounting & Auditing MCQs, Accounting MCQs, Accounts MCQs, Cost Accounting MCQs, MCQs for Senior Auditor, Senior Auditor Test MCQs

Accounting and Auditing MCQs MCQs

Cost Accounting MCQs (Set-I) | for FPSC and all other One Paper MCQs Tests

Post author By CSS Times
Post date July 29, 2019
1 Comment on Cost Accounting MCQs (Set-I) | for FPSC and all other One Paper MCQs Tests

The difference over the period of time between actual and applied FOH will usually be minimal when the predetermined overhead rate is based on:
(a) Normal capacity
(b) Designed capacity
(c) Direct Labor hours
(d) Machine hours
Answer: a

The cost of goods sold was Rs. 240,000. Beginning and ending inventory balances were Rs. 20,000 and Rs. 30,000, respectively. What was the inventory turnover?
(a) 8.0 times
(b) 12.0 times
(c) 7.0 times
(d) 9.6 times
Answer: d

By using table method where—————- is equal, that point is called Economic order quantity.
(a) Ordering cost
(b) Carrying cost
(c) Ordering and carrying cost
(d) Per unit order cost
Answer: c

A cost unit is
(a) The cost per hour of operating a machine
(b) The cost per unit of electricity consumed
(c) A unit of product or services in relation to which costs are ascertained
(d) A measure of work output in a standard hour
Answer: c

Loss by fire is an example of:
(a) Normal Loss
(b) Abnormal Loss
(c) Incremental Loss
(d) Cannot be determined
Answer: a

Tags Accounting MCQs, Cost Accounting MCQs, Cost and Management MCQs, CSS Accountancy MCQs, finance MCQs

Accounting and Auditing MCQs MCQs

Journal, Ledger & Cash Book MCQs for FPSC and other related One Paper MCQs Tests

Post author By CSS Times
Post date July 27, 2019
1 Comment on Journal, Ledger & Cash Book MCQs for FPSC and other related One Paper MCQs Tests

1. The process of recording is done
(a) Two times a year
(b) once a year
(c) Frequently during the accounting period
(d) At the end of a accounting period

2. The act of transferring the information from the General Journal to the General Ledger is called what?
(a) Posting
(b) Journalizing
(c) Transferring
(d) Pasting

3. What is a firm’s payment to a supplier for merchandise inventory recorded in?
(a) sales journal
(b) cash receipts journal
(c) purchases journal
(d) cash disbursements journal

4. Where are amounts owed by customers for credit purchases found?
(a) accounts receivable subsidiary ledger
(b) sales journal
(c) accounts receivable journal
(d) general ledger

5. Which of the following transactions is not recorded in the cash receipts journal?
(a) expensing prepaid rent
(b) receipt of customer payments
(c) borrowing money from a bank
(d) sale of equipment for cash

Tags Accounting MCQs, Business Finance MCQs, Cash Book MCQs, finance MCQs, FPSC MCQs, Senior Auditor MCQs

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Principles of Business & Financial Management MCQs

Post author By CSS Times
Post date July 24, 2019
3 Comments on Principles of Business & Financial Management MCQs

Communication should be:
(a) From Top to Bottom level
(b) From Bottom to top
(c) 2 way
(d) None of these
Answer: c

Which ethical approach is guided by what will result in the greatest good for the greatest number of people?
(a) Moral-Rights approach
(b) Individual approach
(c) Utilitarian approach
(d) Justice approach
Answer: d

Low level management has a complete authority to make decisions in case of:
(a) Centralization
(b) Decentralization
(c) Scalar Chain
(d) Order
Answer: b

Which one of the following individuals is most closely associated with scientific management?
(a) Frederick Taylor
(b) Mary Parker Follett
(c) Harold Koontz
(d) Max Weber
Answer: a

Each subordinate should report to one and only one superior is called:
(a) Authority
(b) Unity of command
(c) Unity of direction
(d) Order
Answer: b

Tags Accounting MCQs, FPSC Senior Auditor MCQs, PROFESSIONAL TEST MCQs, Senior Auditor Test Material

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Financial Planning & Financial Management MCQs | for FPSC Senior Auditor Posts

Post author By Shahzad F. Malik
Post date July 22, 2019
3 Comments on Financial Planning & Financial Management MCQs | for FPSC Senior Auditor Posts

FPSC Senior Auditor MCQs, Financial Planning and Financial Management MCQs

The __________ specifies the financial decisions that result from your personal financial planning.
(a) personal financial plan
(b) personal budget
(c) personal finance objective
(d) None of the above
Answer: a

Which of the following is the least likely way that you may benefit from having an understanding of personal finance?
(a) Assessing the advice of financial advisers
(b) Becoming the president of a large national bank
(c) Making your own financial decisions
(d) Becoming a financial adviser
Answer: b

A(n) __________ represents what you give up as a result of making an alternative decision.
(a) purchase price
(b) financing cost
(c) opportunity cost
(d) liquidity need
Answer: c

A __________ is not a key component of a complete financial plan.
(a) plan for working at a major brokerage firm
(b) plan to manage your liquidity
(c) budget plan
(d) plan for financing (managing your credit and loans)
Answer: a

Your __________ is (are) the value of what you own minus the value of what you owe.
(a) net assets
(b) budget
(c) net liabilities
(d) net worth
Answer: d

Tags Accounting MCQs, Financial Management MCQs, FPSC Senior Auditor MCQs, PROFESSIONAL TEST MCQs, Senior Auditor Test Material