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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.
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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

Deferred Revenue is:

Asset

Liability

None of these

2 / 25

Increase in income constitutes:

Inflows

Outflows

None of these

3 / 25

There is a difference between:

Worksheet and Balance Sheet

Worksheet and profit and loss account

Worksheet as combination of results of profits and financial positions

None of these

4 / 25

Preparation of final financial reports is governed in Pakistan under:

No law

None of these

Companies Ordinance 1984

5 / 25

M & A stands for:

None of these

Mergers & Analysis

Mergers & Acquisitions

Mergers & Allocation

6 / 25

Random sampling in auditing means:

Selection through convenience sampling

None of these

7 / 25

Deferred Taxation amount be treated as:

None of these

Foot note

An item in the Balance Sheet on asset side

8 / 25

Prime cost is calculated as under:

Manufacturing Cost/Cost of Goods Sold

Direct labour + Direct Material

Direct Method plus factory overheads

None of these

9 / 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

(ii) Only

(i) Only

none

10 / 25

Process Cost is very much applicable in:

Construction Industry

Air line company

None of these

Pharmaceutical Industry

11 / 25

Which of the following statement is true?

A company is run by directors on behalf of its stockholders

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

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

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

12 / 25

Acid test is the same as:

Liquid test

Quick test

None of these

13 / 25

Which of the following statements is incorrect?

Liabilities + Capital = Assets

Assets - Capital = Liabilities

Liabilities + Assets = Capital

Assets – Liabilities = Capital

14 / 25

An endowment insurance policy can be taken in respect of:

Fire insurance

Life insurance

Accident insurance

None of these

15 / 25

Preparation of annual report of a firm is governed under:

Under partnership Deed

None of these

Partnership Act 1932

16 / 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

17 / 25

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

None of these

18 / 25

Depreciation is based on:

Economic life of asset

Normal life of asset

None of these

Declared life of asset by supplier

19 / 25

Acid Test Ratio is calculated as under:

Fixed Assets/Current Liabilities

None of these

Current Assets/Current Liabilities

Liquid Assets/Current Liabilities

20 / 25

Expenditure incurred in procuring machinery is:

An admissible expenditure for tax purposes

None of these

No admissible for tax purposes

21 / 25

Current maturity of long term loan is:

Long Term Liability

None of these

Current Liability

22 / 25

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

Three variance approaches

None of these

Four variance approaches

Two variance approaches

23 / 25

Audit and special audit are the same:

In Insurance Company

In Banking Company

None of these

24 / 25

Inventory turnover is calculated as under:

Cost of Goods sold/Closing Inventory

Gross profit/Closing Inventory

Sales/Opening Inventory

None of these

25 / 25

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

Provision of base for decision making is purpose of accounting

Accounting purpose gives quantitative information to economic decision makers

All of above statement are true regarding purpose of accounting

The purpose of accounting provide information to manager

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