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

Which of the following statements is incorrect?

Assets – Liabilities = Capital

Liabilities + Assets = Capital

Assets - Capital = Liabilities

Liabilities + Capital = Assets

2 / 25

Deferred Revenue is:

Liability

None of these

Asset

3 / 25

Process Cost is very much applicable in:

Air line company

Construction Industry

None of these

Pharmaceutical Industry

4 / 25

Inventory turnover is calculated as under:

Gross profit/Closing Inventory

Cost of Goods sold/Closing Inventory

None of these

Sales/Opening Inventory

5 / 25

Audit and special audit are the same:

In Insurance Company

In Banking Company

None of these

6 / 25

Increase in income constitutes:

Outflows

Inflows

None of these

7 / 25

Expenditure incurred in procuring machinery is:

None of these

An admissible expenditure for tax purposes

No admissible for tax purposes

8 / 25

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

Provision of base for decision making is purpose of accounting

All of above statement are true regarding purpose of accounting

Accounting purpose gives quantitative information to economic decision makers

The purpose of accounting provide information to manager

9 / 25

Acid test is the same as:

None of these

Liquid test

Quick test

10 / 25

Return of Equity will be calculated as under:

None of these

Operating Profit x 100/Equity

Net profit x 100/Paid up Capital only

11 / 25

An endowment insurance policy can be taken in respect of:

Accident insurance

None of these

Life insurance

Fire insurance

12 / 25

Deferred Taxation amount be treated as:

Foot note

None of these

An item in the Balance Sheet on asset side

13 / 25

M & A stands for:

Mergers & Acquisitions

None of these

Mergers & Analysis

Mergers & Allocation

14 / 25

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

None of these

Three variance approaches

Two variance approaches

Four variance approaches

15 / 25

Preparation of annual report of a firm is governed under:

Partnership Act 1932

None of these

Under partnership Deed

16 / 25

Depreciation is based on:

None of these

Economic life of asset

Declared life of asset by supplier

Normal life of asset

17 / 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

all

(ii) Only

none

18 / 25

Prime cost is calculated as under:

Direct labour + Direct Material

Manufacturing Cost/Cost of Goods Sold

None of these

Direct Method plus factory overheads

19 / 25

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

None of these

20 / 25

Random sampling in auditing means:

Selection through convenience sampling

None of these

Selection through convenience sampling

21 / 25

Acid Test Ratio is calculated as under:

Fixed Assets/Current Liabilities

Current Assets/Current Liabilities

Liquid Assets/Current Liabilities

None of these

22 / 25

Current maturity of long term loan is:

Current Liability

Long Term Liability

None of these

23 / 25

Which of the following statement is true?

A company is run by directors on behalf of its stockholders

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

24 / 25

There is a difference between:

Worksheet and Balance Sheet

Worksheet and profit and loss account

None of these

Worksheet as combination of results of profits and financial positions

25 / 25

Preparation of final financial reports is governed in Pakistan under:

None of these

No law

Companies Ordinance 1984

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