PPSC Lecturer of commerce

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

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

All of above statement are true regarding purpose of accounting

Provision of base for decision making is purpose of accounting

The purpose of accounting provide information to manager

Accounting purpose gives quantitative information to economic decision makers

2 / 25

There is a difference between:

Worksheet as combination of results of profits and financial positions

None of these

Worksheet and profit and loss account

Worksheet and Balance Sheet

3 / 25

Audit and special audit are the same:

None of these

In Banking Company

In Insurance Company

4 / 25

Return of Equity will be calculated as under:

Operating Profit x 100/Equity

Net profit x 100/Paid up Capital only

None of these

5 / 25

Acid test is the same as:

Liquid test

Quick test

None of these

6 / 25

Acid Test Ratio is calculated as under:

Liquid Assets/Current Liabilities

Current Assets/Current Liabilities

None of these

Fixed Assets/Current Liabilities

7 / 25

Process Cost is very much applicable in:

Construction Industry

Pharmaceutical Industry

None of these

Air line company

8 / 25

Preparation of annual report of a firm is governed under:

Partnership Act 1932

Under partnership Deed

None of these

9 / 25

Deferred Taxation amount be treated as:

An item in the Balance Sheet on asset side

Foot note

None of these

10 / 25

Increase in income constitutes:

Outflows

Inflows

None of these

11 / 25

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

None of these

12 / 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

none

all

(i) Only

(ii) Only

13 / 25

Inventory turnover is calculated as under:

Sales/Opening Inventory

Cost of Goods sold/Closing Inventory

None of these

Gross profit/Closing Inventory

14 / 25

An endowment insurance policy can be taken in respect of:

Fire insurance

Accident insurance

None of these

Life insurance

15 / 25

Current maturity of long term loan is:

Current Liability

Long Term Liability

None of these

16 / 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

17 / 25

Depreciation is based on:

Normal life of asset

Declared life of asset by supplier

Economic life of asset

None of these

18 / 25

Deferred Revenue is:

Asset

Liability

None of these

19 / 25

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

Two variance approaches

Four variance approaches

None of these

Three variance approaches

20 / 25

Which of the following statements is incorrect?

Assets - Capital = Liabilities

Liabilities + Assets = Capital

Assets – Liabilities = Capital

Liabilities + Capital = Assets

21 / 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

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

A company is run by directors on behalf of its stockholders

22 / 25

M & A stands for:

Mergers & Acquisitions

Mergers & Allocation

None of these

Mergers & Analysis

23 / 25

Expenditure incurred in procuring machinery is:

None of these

An admissible expenditure for tax purposes

No admissible for tax purposes

24 / 25

Random sampling in auditing means:

Selection through convenience sampling

None of these

25 / 25

Preparation of final financial reports is governed in Pakistan under:

Companies Ordinance 1984

No law

None of these

Your score is

The average score is 58%

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