SPSC Commerce MCQs

Most Important Lecturer Commerce MCQs Online Test No. 56

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Online Free Taleem is free online MCQ’s test related to Lecturer Commerce. All the individuals who are going to appear in PPSC, FPSC, KKPSC, SPSC, BPSC, AJ&KPSC, NTS, Lecturer Commerce written test can attempt these tests in order to prepare for it in best possible way. Our tests of Lecturer of Commerce include all the important questions and Past Paper of Lecturer Commerce, 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 56
Test Type	MCQs
Total Questions	25
Total Time	20 Minutes
Total Marks	100

You have 20 minutes to pass to the quiz.

Lecturer Commerce Online Test No. 56

1 / 25

Fixed assets are valued at:

Cost

Market price

Cost or market price whichever is less

Cost less depreciation

2 / 25

Normally, a company auditor is appointed by the:

Central Government

Shareholders

Board of Directors

Corporate Law Authority

3 / 25

Another name of teeming & lading is:

Substantive test

Compliance test

Lapping

All of the above

4 / 25

The following cannot be appointed as an auditor of the company.

A chartered Accountant

A firm of C.A

A body corporate

None of the above

5 / 25

Outstanding expenses should be verified with the help of:

Cash Book

Balance sheet

Both A & B

Journal Proper

6 / 25

Valuation means:

Calculating value of assets

Checking the value of assets

Checking the physical existence of assets

Examining the authenticity of assets.

7 / 25

Investments in hand should be verified with the help of:

Schedule of investments.

Balance sheet

Inspection of Securities

Certificate from the bank

8 / 25

Receipts from sale of investment should be vouched with the help of:

Broker's Budget Notes

Broker's Sold Notes

Minute Book

Inventory of investment

9 / 25

Purchase Returns should be vouched with the help of:

Bought Notes

Credit Notes

Good inwards Book

Cash Book

10 / 25

First auditor of a company is appointed by the:

Shareholders

Central Government

Corporate Law Authority

Board of Directors

11 / 25

Object of verification is:

Physical verification of assets

Checking value of assets

Examining the authority of their acquisition

All of the above

12 / 25

Loose tools should be valued at:

Cost

Cost less depreciation

Market price

None of the above

13 / 25

Payment for bills should be vouched with the help of:

Debtor's Statement

Creditors Statement

Bills Returned

None of the above

14 / 25

Loans given should be verified with the help of:

Statement of Loans

Schedule of book debts

Inspection of agreements.

Certificate from the bank.

15 / 25

Timber should be valued at:

Cost

Market price

Cost or market price whichever is lower

Original cost plus maintenance cost

16 / 25

Plantation products are valued at:

Cost

Market price

Cost or market price whichever is lower

Net amount subsequently realised

17 / 25

Book Debts should be verified with the help of:

Balance sheet

Amount received from Debtors.

Debtor's schedule

Certificate from the management

18 / 25

Stock should be valued at:

Cost

Market price

Cost or Market price whichever is lower

Cost less depreciation

19 / 25

To verify Goodwill, the auditor should check.

Sales Deeds

Purchase agreement

Balance sheet

Certificate from the management

20 / 25

Motor Cars should be valued on the basis of:

Cost

Market price

Cost or Market price whichever is lower.

Depreciated value

21 / 25

Wine should be valued at:

Cost

Above Cost

Market value

Cost or market value whichever is lower.

22 / 25

Floating assets are valued at:

Cost

Market price

Cost or market price whichever is lower

Cost less depreciation

23 / 25

Livestock should be valued with the help of:

Actual counting

Cost

Market value

Schedule of livestock

24 / 25

Which of the following persons is qualified to be a company auditor?

Chartered Accountant

An employee of the company

A body corporate

None of the above

25 / 25

Contingent liability for bills discounted should be verified by:

Balance sheet

Note by management

Bills receivables book

None of the above

Your score is

The average score is 0%

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