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PPSC Lecturer Commerce Test 7 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.
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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

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

Assets - Expenses = Liabilities - Income - Capital

Assets + Expenses = Liabilities + Income - Capital

ssets + Expenses = Liabilities + Income + Capital

Assets - Expenses = Liabilities + Income + Capital

2 / 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. 26,300

14,350

Rs. 5,500

Rs. 15,850

3 / 25

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

Expense

Liabilities

Owner Equity

Asset

4 / 25

Goodwill is an example of:

Fixed asset

A current assets

Intangible Assets

Tangible Assets

5 / 25

The largest expense of most manufacturing firms is?

Salaries Expense

Amortization Expense

Cost of goods sold

Rent Expense

6 / 25

Marketable securities are primarily:

Short-term equity securities

Short-term debt instruments

Long-term debt instruments

Long-term equity securities

7 / 25

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

Goodwill

Dividends

Patents

Depreciation charges

8 / 25

A balance sheet is designed to show:

What it would cost to set up a similar enterprise

What the enterprise could be sold for

The performance of the enterprise for the year

The financial position of an enterprise under accounting conventions

9 / 25

Which of the following is correct?

Profit increases equity

Equity can only come from profit

Profit reduces equity

Profit does not alter equity

10 / 25

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

An understatement of net income

All of these

An overstatement of expense

None of these

11 / 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:

$2,800

$3,500

$3,200

$2,900

12 / 25

Finance has been described as:

The lifeblood of the business

The lifebuoy of the business

The lifeboat of the business

The lifeline of the business

13 / 25

Which of the following is not an asset?

Buildings

Debtors

Cash balance

Loan from Ali

14 / 25

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

final accounts

None

Nominal accounts

Real accounts

15 / 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?

110% of total manufacturing cost

Cannot be determined from the information presented

($20,000 - $15,000)/0.90

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

16 / 25

Gross profit is the difference between:

Purchase and sale

Liabilities & assets

Net sales and operating expenses

Net sales and cost of goods sold

17 / 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 Salaries Payable, $12,000; credit Cash, $12,000

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

Debit Salary Expense, $12,000; credit Salaries Payable, $12,000

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

18 / 25

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

Inspection

Audit

Budget

Reporting

19 / 25

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

Social activities

None of these

Personal activities

Economic activities

20 / 25

Which of the following item of revenue nature?

Fee earned

Payment for building improvement

Dividends payable

Rent incur

21 / 25

Which of the following is an expense:

Purchasing cleaning service

Purchasing a computer for the accounting

Purchasing operating equipment

Purchasing an investment of another company

22 / 25

Which of the following is true for every adjusting entry:

They affect only accounts with normal debit balance

They affect balance sheet account and an income statement account

They affect only income statement accounts

They affect only balance sheet accounts

23 / 25

Earnings are the result of the difference between:

Revenue and expenses

Revenue and assets

Liabilities and expenses

Revenue and liabilities

24 / 25

All of following are Expenses except:

Salaries

Wages

Rent Payable

Carriage

25 / 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:

Profit Rs. 1,000

Profit Rs. 2,500

Loss Rs. 2,500

Loss Rs. 1,500

Your score is

The average score is 39%

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