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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

Inventory turnover is calculated as under:

None of these

Sales/Opening Inventory

Cost of Goods sold/Closing Inventory

Gross profit/Closing Inventory

2 / 25

Expenditure incurred in procuring machinery is:

None of these

No admissible for tax purposes

An admissible expenditure for tax purposes

3 / 25

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

Four variance approaches

Two variance approaches

None of these

Three variance approaches

4 / 25

Acid Test Ratio is calculated as under:

Liquid Assets/Current Liabilities

None of these

Current Assets/Current Liabilities

Fixed Assets/Current Liabilities

5 / 25

Preparation of annual report of a firm is governed under:

None of these

Partnership Act 1932

Under partnership Deed

6 / 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

all

none

(i) Only

(ii) Only

7 / 25

Deferred Taxation amount be treated as:

Foot note

An item in the Balance Sheet on asset side

None of these

8 / 25

Preparation of final financial reports is governed in Pakistan under:

No law

Companies Ordinance 1984

None of these

9 / 25

M & A stands for:

None of these

Mergers & Acquisitions

Mergers & Allocation

Mergers & Analysis

10 / 25

Deferred Revenue is:

None of these

Asset

Liability

11 / 25

Which of the following statements is incorrect?

Liabilities + Capital = Assets

Liabilities + Assets = Capital

Assets – Liabilities = Capital

Assets - Capital = Liabilities

12 / 25

There is a difference between:

Worksheet and profit and loss account

Worksheet as combination of results of profits and financial positions

Worksheet and Balance Sheet

None of these

13 / 25

Increase in income constitutes:

Inflows

None of these

Outflows

14 / 25

Process Cost is very much applicable in:

Pharmaceutical Industry

Construction Industry

None of these

Air line company

15 / 25

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

Accounting purpose gives quantitative information to economic decision makers

The purpose of accounting provide information to manager

All of above statement are true regarding purpose of accounting

Provision of base for decision making is purpose of accounting

16 / 25

Prime cost is calculated as under:

None of these

Direct Method plus factory overheads

Direct labour + Direct Material

Manufacturing Cost/Cost of Goods Sold

17 / 25

Depreciation is based on:

None of these

Economic life of asset

Declared life of asset by supplier

Normal life of asset

18 / 25

Random sampling in auditing means:

None of these

Selection through convenience sampling

19 / 25

An endowment insurance policy can be taken in respect of:

None of these

Life insurance

Accident insurance

Fire insurance

20 / 25

Acid test is the same as:

None of these

Liquid test

Quick test

21 / 25

Return of Equity will be calculated as under:

None of these

Net profit x 100/Paid up Capital only

Operating Profit x 100/Equity

22 / 25

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

None of these

23 / 25

Which of the following statement is true?

The directors of a company are liable for any losses of the company

A sole trader business is owned by shareholders and operated by the proprietor

A company is run by directors on behalf of its stockholders

Partners are liable for losses in a partnership in proportion to their profit share ratio

24 / 25

Current maturity of long term loan is:

Current Liability

None of these

Long Term Liability

25 / 25

Audit and special audit are the same:

In Banking Company

In Insurance Company

None of these

Your score is

The average score is 56%

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