Commerce MCQ for PPSC FPSC KKPSC BPSC SPSC Practice Test 10

1- Accounting principles are generally based on:

A). Practicability✔️

B). Subjectivity

C). Convenience in recording

D). Daily life

2- Events which are related with money are called:

A). Monetary events✔️

B). Non – monetary events

C). Non- social events

D). Political events

3- Events which are not related with money or which do not change the financial position of a person are known as:

A). Monetary events

B). Non- monetary events✔️

C). Social events

D). Political events

4- A transaction will be possible, when there will be:

A). One party

B). Two parties✔️

C). No party

D). None of the above

5- All the events relevant to business must be measurable in terms of:

A). Goods

B). Units

C). Money✔️

D). Ethical values

6- If there is a change in total value of assets and liabilities of a business concern, it will be consider as:

A). Qualitative change

B). Quantitative change✔️

C). Monetary change

D). Political change

7-  When there is no question of meeting the value of a transaction, it is regarded as a:

A). Each transaction

B). Credit transaction

C). Paper transaction✔️

D). None of the above

8- A transaction taking place with an outside person or organization, is called on :

A). Internal transaction

B). External transaction✔️

C). Paper transaction

D). None of the above

9- A transaction taking place with in which no outside person or organization is involved is called as:

A). Internal transaction✔️

B).  External transaction

C). Paper transaction

D). None of the above

10-  Which of the system of recording transaction on duel aspect concept of accounting:

A). Double account system

B). Double entry system✔️

C). Single entry system

D). Management system

11- Realization concept implies:

A). The receipt of the order

B). The delivery of the goods✔️

C). The receipt of cash from the customer

D). None of the above

12- The proprietor is treated as a creditor to the extent of his capital according to:

A). Cost Concept

B).Business entity Concept✔️

C). Going concern concept

D). None of the above

13- The accounting equation is based on:

A).Going concern concept

B). Dual aspect concept

C). Money measurement concept✔️

D). None of the above

14- An obligation of the entity to owners is treated as a liability in the balance sheet according to:

A). Going concern concept✔️

B). Dual aspect concept

C). Business entity Concept

D). None of the above

15- The accounting equation is:

A). Liabilities= Assets+ capital✔️

B). Assets= capital – Liabilities

C). Assets= capital+ Liabilities

D). None of the above

16- In accounting, all business transactions are recorded as having:

A). Dual aspect✔️

B). Single aspect

C). None of the above

D). Economic aspect

17- Accounting principle is general law or rule follows in the preparation of:

A). Accounting equation

B). Financial statement

C). Personal Accounts

D). Bank Accounts✔️

18- Usefulness, objectivity and feasibility are the three basic norms found in:

A). Accounting transaction

B). Accounting concepts

C). Accounting principles✔️

D). None of the above

19- The cost Concept applied only to the assets and not to:

A). Expenses

B). Liabilities✔️

C). Incomes

D). None of the above

20- The Qualitative aspect of things are ignored by:

A). Dual aspect concept

B). Entity Concept✔️

C). Money measurement concept

D). None of the above

21- The equity of creditors represents debts of the business and are called:

A). Assets

B). Liabilities✔️

C). Capital

D). Income

22- The equity of the owners is called:

A). Assets

B). Liabilities

C). Capital✔️

D). Income

23- The cost Concept is helpful in making:

A). Unreal records

B). Incomplete records

C). Truthful records✔️

D). None of the above

24- The individual record of an asset, a liability, a revenue, an expense or capital in a summarized manner is called:

A). A trial Balance

B). Ledger

C). An account✔️

D). Journal

25- Accounts relating to persons or firms are called:

A). Real Accounts

B). Proprietary Accounts

C). Personal Accounts✔️

D). Nominal Accounts

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