Lecturer Commerce |

PPSC Lecturer Commerce Test 8 Online Preparation MCQs

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Given below on this Website Online Free Taleem is free online MCQ’s test related to PPSC of Lecturer Commerce. All the individuals who are going to appear in PPSC Lecturer of Commerce written test can attempt these tests in order to prepare for it in best possible way. Our tests include all the important questions MCQs of Lecturer of PPSC Commerce, all Past Papers of Lecturer of Commerce PPSC that have extremely high amount of chances for been included in the actual exam which make our test undoubtedly the best source of preparation.

Note:-

There will be 25 multiple choice question in the test.
Answer of the questions will change randomly each time you start this test.
Practice this test at least 5 times if you want to secure High Marks.
At the End of the Test you can see your Test score and Rating.
If you found any incorrect answer in Quiz. Simply click on the quiz title and comment below on that MCQ. So that I can update the incorrect answer on time.

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Test Instructions:-
Test Name	Lecturer Commerce
Subject	Commerce Test 8
Test Type	MCQs
Total Questions	25
Total Time	20 Minutes
Total Marks	100

You have 20 minutes to pass to the quiz.

PPSC Lecturer Commerce Test 8

1 / 25

Audit and special audit are the same:

In Insurance Company

In Banking Company

None of these

2 / 25

Depreciation is based on:

Economic life of asset

Declared life of asset by supplier

Normal life of asset

None of these

3 / 25

Deferred Taxation amount be treated as:

An item in the Balance Sheet on asset side

Foot note

None of these

4 / 25

Increase in income constitutes:

Inflows

None of these

Outflows

5 / 25

Which of the following statement is true?

A sole trader business is owned by shareholders and operated by the proprietor

Partners are liable for losses in a partnership in proportion to their profit share ratio

The directors of a company are liable for any losses of the company

A company is run by directors on behalf of its stockholders

6 / 25

Current maturity of long term loan is:

Long Term Liability

Current Liability

None of these

7 / 25

Return of Equity will be calculated as under:

Net profit x 100/Paid up Capital only

None of these

Operating Profit x 100/Equity

8 / 25

Deferred Revenue is:

None of these

Asset

Liability

9 / 25

Which of the following statement/s are true?
(i) Accounting can be described as the recording, classifying and summarizing of transactions
(ii) End result of financial accounting is balance sheet only

(i) Only

(ii) Only

all

none

10 / 25

M & A stands for:

Mergers & Analysis

None of these

Mergers & Allocation

Mergers & Acquisitions

11 / 25

Prime cost is calculated as under:

Direct Method plus factory overheads

Direct labour + Direct Material

Manufacturing Cost/Cost of Goods Sold

None of these

12 / 25

Expenditure incurred in procuring machinery is:

No admissible for tax purposes

An admissible expenditure for tax purposes

None of these

13 / 25

Random sampling in auditing means:

None of these

Selection through convenience sampling

14 / 25

Which of the following statement is true about purpose of accounting:

Provision of base for decision making is purpose of accounting

Accounting purpose gives quantitative information to economic decision makers

All of above statement are true regarding purpose of accounting

The purpose of accounting provide information to manager

15 / 25

Preparation of annual report of a firm is governed under:

None of these

Partnership Act 1932

Under partnership Deed

16 / 25

Acid test is the same as:

None of these

Liquid test

Quick test

17 / 25

There is a difference between:

None of these

Worksheet and profit and loss account

Worksheet and Balance Sheet

Worksheet as combination of results of profits and financial positions

18 / 25

Acid Test Ratio is calculated as under:

None of these

Current Assets/Current Liabilities

Fixed Assets/Current Liabilities

Liquid Assets/Current Liabilities

19 / 25

Process Cost is very much applicable in:

Construction Industry

None of these

Pharmaceutical Industry

Air line company

20 / 25

Inventory turnover is calculated as under:

Sales/Opening Inventory

None of these

Cost of Goods sold/Closing Inventory

Gross profit/Closing Inventory

21 / 25

Preparation of final financial reports is governed in Pakistan under:

Companies Ordinance 1984

No law

None of these

22 / 25

Maximum number of partners in a partnership firm set up in Pakistan under Partnership Act, 1932 is:

None of these

23 / 25

An endowment insurance policy can be taken in respect of:

None of these

Accident insurance

Life insurance

Fire insurance

24 / 25

The latest computation of variances of manufacturing overheads is in one the following ways:

Two variance approaches

Four variance approaches

Three variance approaches

None of these

25 / 25

Which of the following statements is incorrect?

Assets - Capital = Liabilities

Assets – Liabilities = Capital

Liabilities + Capital = Assets

Liabilities + Assets = Capital

Your score is

The average score is 55%

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