PPSC Lecturer Commerce Test 7 Online Preparation MCQs

2 Comments / By Hassan / October 18, 2020

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.

Please Click Below START Button to Take this Lecturer Commerce Test Online.

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)/0.90

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

110% of total manufacturing cost

Cannot be determined from the information presented

2 / 25

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

None of these

Social activities

Economic activities

Personal activities

3 / 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. 1,000

Profit Rs. 2,500

4 / 25

Which of the following is not an asset?

Buildings

Loan from Ali

Debtors

Cash balance

5 / 25

A balance sheet is designed to show:

What the enterprise could be sold for

The financial position of an enterprise under accounting conventions

What it would cost to set up a similar enterprise

The performance of the enterprise for the year

6 / 25

Which of the following item of revenue nature?

Dividends payable

Rent incur

Payment for building improvement

Fee earned

7 / 25

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

ssets + Expenses = Liabilities + Income + Capital

Assets + Expenses = Liabilities + Income - Capital

Assets - Expenses = Liabilities - Income - Capital

Assets - Expenses = Liabilities + Income + Capital

8 / 25

Gross profit is the difference between:

Purchase and sale

Net sales and operating expenses

Liabilities & assets

Net sales and cost of goods sold

9 / 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, $12,000; credit Salaries Payable, $12,000

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

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

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

10 / 25

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

Real accounts

final accounts

Nominal accounts

None

11 / 25

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

None of these

An understatement of net income

An overstatement of expense

All of these

12 / 25

Finance has been described as:

The lifebuoy of the business

The lifeline of the business

The lifeblood of the business

The lifeboat of the business

13 / 25

Earnings are the result of the difference between:

Liabilities and expenses

Revenue and liabilities

Revenue and assets

Revenue and expenses

14 / 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:

Rs. 15,850

Rs. 5,500

14,350

Rs. 26,300

15 / 25

Marketable securities are primarily:

Long-term equity securities

Long-term debt instruments

Short-term equity securities

Short-term debt instruments

16 / 25

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

Owner Equity

Asset

Liabilities

Expense

17 / 25

Goodwill is an example of:

Fixed asset

Intangible Assets

Tangible Assets

A current assets

18 / 25

Which of the following is an expense:

Purchasing cleaning service

Purchasing a computer for the accounting

Purchasing an investment of another company

Purchasing operating equipment

19 / 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

20 / 25

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

Goodwill

Patents

Depreciation charges

Dividends

21 / 25

Which of the following is true for every adjusting entry:

They affect only income statement accounts

They affect only accounts with normal debit balance

They affect balance sheet account and an income statement account

They affect only balance sheet accounts

22 / 25

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

Reporting

Audit

Budget

Inspection

23 / 25

The largest expense of most manufacturing firms is?

Amortization Expense

Salaries Expense

Rent Expense

Cost of goods sold

24 / 25

Which of the following is correct?

Profit does not alter equity

Equity can only come from profit

Profit reduces equity

Profit increases equity

25 / 25

All of following are Expenses except:

Rent Payable

Carriage

Salaries

Wages

Your score is

The average score is 61%

2 thoughts on “PPSC Lecturer Commerce Test 7 Online Preparation MCQs”

Ubaida
December 17, 2020 at 9:28 pm

For question 25
If accountant fails to record any prepaid …
It affects both
Income statement and,
Balance sheet
Both are showing overstated balance
Because adjusting entry for prepaid is
Expenses Dr
To prepaid
If u overlooked to record just see it will understate expense result in over profit than actual
Second, prepaid doesn’t reduce in BS result in overstatement of Assets

Reply
1. gillani786
  December 17, 2020 at 9:37 pm
  
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  Reply

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