Commerce MCQ for PPSC FPSC KKPSC BPSC SPSC Practice Test 6

1-   One of the following is not an officer of a company:

A). Share registrar✔️

B). Controller

C). Secretary

D). Treasurer

2-A deficit appears on the balance sheet:

A). Among the assets

B). As a deduction total paid up capital✔️

C). Among the Liabilities

D). None of these

3- Audit programme is prepared by:

A). Audit staff

B). Chief Accountant

C). Directors

D). Audit Management✔️

E). None of these

4- Verification is carried out for:

A). Closing stock✔️

B). Rent income

C). Dividend Received

D). Wages and salaries

5-Retiring auditor can be appointed at:

A). Statutory Meeting

B). AGM✔️

C). Directors Meeting

D). None of these

6- Unqualified report is favorable for:

A). Management✔️

B). Creditors

C). Debtors

D). Employees

7- Normally test Checking is adopted in case of:

A). Continuous Audit✔️

B). Final Audit

C). Interim Audit

D). None of these

8- In partnership minimum number of members is:

A).2✔️

B).3

C).4

D).5

9- In public Ltd. Company, minimum number of members is:

A).2

B).3

C).5

D).7✔️

10- Short term finance can be arranged through:

A) Sales of Debentures

B). Sales of shares

C). Bank loan✔️

D). None of these

11- Statutory meeting is necessary in case of:

A). Private Ltd.Co.

B). Public Ltd.Co.✔️

C). Partnership

D). None of these

12- Current companies Ordinance is that of:

A).1932

B).2017✔️

C).2001

D).2002

13- The Addition of Material and Labour is called:

A). Conversion cost

B). Prime cost✔️

C). Financial cost

D). None of these

14- Expenses can be called as:

A). Expired cost✔️

B). Project cost

C). Prime cost

D). None of these

15- EOQ is adopted to have efficient:

A). Material Management✔️

B). Labour Management

C). FOH Management

D). None of these

16- Which of the following is Fixed cost?

A). Rent✔️

B). Income tax

C). Repair

D). Insurance

17- The statement prepared under process costing is called:

A). Cost of good sold statement

B). Income Statement

C). Cost of production Report✔️

D). None of these

18- Current Income Tax Ordinance is that of:

A).1990

B).2001✔️

C).2002

D).2003

19- Which of the following will be considered as capital expenditure?

A). Material Expenses

B). Machinery Purchased✔️

C). Labour paid

D). Income tax paid

20- Which of the following is exempted from tax at present?

A). Agricultural income✔️

B). Bank profit

C). Salary income

D). None of above

21- If income year of a salaried person ends on 30th June,2008, than tax year would be.

A).2007_08✔️

B).2008_09

C).2009_10

D). None of above

22- Which of the following can be adjusted against Income Tax Liability?

A). Withholding Tax on Telephone Bills✔️

B).Excise duty paid

C). Custom duty paid

D). Trade and paid

23- The process loss not allowed to affect the cost of goods units is:

A). Normal loss✔️

B). Standard loss

C). Abnormal loss

D). Material loss

24- Agriculture, forestry, hunting and fishing is included in:

A). Genetic industry✔️

B). Extractive industry

C). Manufacturing industry

D). None of these

25- The minimum number of directors in unlisted public limited company is:

A).5

B).10

C).3✔️

D).7

E). None of these

Useful Links:-

Lecturer Commerce Online Tests

One Paper MCQs for PPSC FPSC KKPSC BPSC SPSC AJKPSC NTS

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