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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

Current maturity of long term loan is:

None of these

Current Liability

Long Term Liability

2 / 25

Audit and special audit are the same:

None of these

In Insurance Company

In Banking Company

3 / 25

M & A stands for:

None of these

Mergers & Analysis

Mergers & Allocation

Mergers & Acquisitions

4 / 25

Acid test is the same as:

None of these

Quick test

Liquid test

5 / 25

Expenditure incurred in procuring machinery is:

None of these

An admissible expenditure for tax purposes

No admissible for tax purposes

6 / 25

Deferred Revenue is:

None of these

Liability

Asset

7 / 25

Deferred Taxation amount be treated as:

Foot note

An item in the Balance Sheet on asset side

None of these

8 / 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

9 / 25

Acid Test Ratio is calculated as under:

None of these

Fixed Assets/Current Liabilities

Current Assets/Current Liabilities

Liquid Assets/Current Liabilities

10 / 25

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

None of these

11 / 25

Preparation of final financial reports is governed in Pakistan under:

None of these

No law

Companies Ordinance 1984

12 / 25

Preparation of annual report of a firm is governed under:

Under partnership Deed

None of these

Partnership Act 1932

13 / 25

Random sampling in auditing means:

Selection through convenience sampling

None of these

14 / 25

Process Cost is very much applicable in:

Pharmaceutical Industry

Air line company

None of these

Construction Industry

15 / 25

Which of the following statement is true?

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

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

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

16 / 25

Which of the following statements is incorrect?

Assets - Capital = Liabilities

Liabilities + Assets = Capital

Liabilities + Capital = Assets

Assets – Liabilities = Capital

17 / 25

An endowment insurance policy can be taken in respect of:

Fire insurance

Accident insurance

Life insurance

None of these

18 / 25

Depreciation is based on:

None of these

Normal life of asset

Economic life of asset

Declared life of asset by supplier

19 / 25

There is a difference between:

None of these

Worksheet as combination of results of profits and financial positions

Worksheet and Balance Sheet

Worksheet and profit and loss account

20 / 25

Prime cost is calculated as under:

Manufacturing Cost/Cost of Goods Sold

Direct Method plus factory overheads

None of these

Direct labour + Direct Material

21 / 25

Inventory turnover is calculated as under:

Sales/Opening Inventory

None of these

Cost of Goods sold/Closing Inventory

Gross profit/Closing Inventory

22 / 25

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

Four variance approaches

Two variance approaches

Three variance approaches

None of these

23 / 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

(i) Only

(ii) Only

none

all

24 / 25

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

Provision of base for decision making is purpose of accounting

All of above statement are true regarding purpose of accounting

Accounting purpose gives quantitative information to economic decision makers

The purpose of accounting provide information to manager

25 / 25

Increase in income constitutes:

Inflows

None of these

Outflows

Your score is

The average score is 56%

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