Lecturer Commerce |

PPSC Lecturer Commerce Test 7 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.
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Test Instructions:-
Test Name	Lecturer Commerce
Subject	Commerce Test 7
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 7

1 / 25

In 2005 work in process inventories of Park Inc., totaled $20,000 on January 1 and $15,000 on December 31. If total manufacturing cost was 90% of cost of goods sold, how much was cost of goods sold?

($20,000 - $15,000) + 110% of total manufacturing cost

110% of total manufacturing cost

Cannot be determined from the information presented

($20,000 - $15,000)/0.90

2 / 25

Which of the following is an expense:

Purchasing operating equipment

Purchasing cleaning service

Purchasing an investment of another company

Purchasing a computer for the accounting

3 / 25

Finance has been described as:

The lifeblood of the business

The lifeboat of the business

The lifebuoy of the business

The lifeline of the business

4 / 25

All of following are Expenses except:

Carriage

Wages

Rent Payable

Salaries

5 / 25

Goodwill is an example of:

Intangible Assets

A current assets

Fixed asset

Tangible Assets

6 / 25

Which of the following would be included in a cash budget?

Dividends

Patents

Depreciation charges

Goodwill

7 / 25

The balance in the office supplies account on July 1 was $3,200, supplies purchased during July were $2,500, and the supplies on hand at July 31 were $2,800. The amount to be used for the appropriate adjusting entry is:

$2,900

$3,200

$3,500

$2,800

8 / 25

Residual interest in the net asset of an entity that remain after deducting its liabilities is:

Liabilities

Owner Equity

Asset

Expense

9 / 25

An examination of records of financial accounts to verify their accuracy is called:

Audit

Reporting

Inspection

Budget

10 / 25

Which of the following is correct?

Profit reduces equity

Profit increases equity

Equity can only come from profit

Profit does not alter equity

11 / 25

Earnings are the result of the difference between:

Revenue and liabilities

Liabilities and expenses

Revenue and assets

Revenue and expenses

12 / 25

The accounts which have their existence after the close of accounting year is called:

Nominal accounts

Real accounts

None

final accounts

13 / 25

Which of the following is not an asset?

Cash balance

Debtors

Loan from Ali

Buildings

14 / 25

Dealing between two persons including money or a valuable thing is called:

None of these

Economic activities

Social activities

Personal activities

15 / 25

A business pays weekly salaries of $15,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Thursday is:

Debit Salary Expense, $18,000; credit Salaries Payable, $18,000

Debit Salaries Payable, $12,000; credit Cash, $12,000

Debit Salary Expense, $12,000; credit Salaries Payable, $12,000

Debit Salary Expense, $12,000; credit Drawing, $12,000

16 / 25

Gross profit is the difference between:

Net sales and cost of goods sold

Liabilities & assets

Net sales and operating expenses

Purchase and sale

17 / 25

Which of the following item of revenue nature?

Rent incur

Dividends payable

Fee earned

Payment for building improvement

18 / 25

Calculate the gross profit if; Sales Rs. 6,000; cost of sales Rs. 5,000; opening stock Rs. 1,000; purchases Rs. 4,000; wages Rs. 2,000 and office rent Rs. 1,000:

Loss Rs. 1,500

Loss Rs. 2,500

Profit Rs. 2,500

Profit Rs. 1,000

19 / 25

If the accountant forgets to adjust the prepaid expense account, there will be:

An understatement of net income

An overstatement of expense

All of these

None of these

20 / 25

Marketable securities are primarily:

Short-term equity securities

Long-term debt instruments

Short-term debt instruments

Long-term equity securities

21 / 25

The extended balance sheet equation, which is the basis of double-entry bookkeeping is:

Assets - Expenses = Liabilities + Income + Capital

Assets - Expenses = Liabilities - Income - Capital

ssets + Expenses = Liabilities + Income + Capital

Assets + Expenses = Liabilities + Income - Capital

22 / 25

A balance sheet is designed to show:

What the enterprise could be sold for

The performance of the enterprise for the year

What it would cost to set up a similar enterprise

The financial position of an enterprise under accounting conventions

23 / 25

The largest expense of most manufacturing firms is?

Amortization Expense

Cost of goods sold

Rent Expense

Salaries Expense

24 / 25

Which of the following is true for every adjusting entry:

They affect only accounts with normal debit balance

They affect only income statement accounts

They affect only balance sheet accounts

They affect balance sheet account and an income statement account

25 / 25

Find out the value of liabilities from the following of cash Rs. 50,600; account receivable Rs. 12,400; office supplies Rs. 1,350 and capital Rs. 50,000:

14,350

Rs. 5,500

Rs. 26,300

Rs. 15,850

Your score is

The average score is 32%

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