Question # 1 of 20 ( Start time: 02:06:42 PM ) Total Marks: 1
Which of the following is (are) type(s) of Public Limited Companies?
Select correct option:
Listed company
Non listed company
Private limited company
Both Listed Company and non listed company
ans:
Private limited company
Question # 2 of 20 ( Start time: 02:08:01 PM ) Total Marks: 1
Total depreciation of an asset can not exceed its:
Select correct option:
Scrap value
Residual value
Market value
Depreciable value
ans:
Depreciable value
Question # 3 of 20 ( Start time: 02:09:27 PM ) Total Marks: 1
Which of the following is(are) TRUE about the sole trader form of business?
Select correct option:
A sole trader is liable to pay income tax on his/her earnings
Sole traders must have to prepare books of accounts by law
Sole traders must register the name of their business with the Registrar of Companies
All of the given options
ans:
A sole trader is liable to pay income tax on his/her earnings
Question # 4 of 20 ( Start time: 02:10:46 PM ) Total Marks: 1
Which of the following represents the profits which are NOT distribution to shareholders as cash dividend?
Select correct option:
Capital Reserve
Revenue Reserve
Equity
Debts
Question # 5 of 20 ( Start time: 02:11:49 PM ) Total Marks: 1
Which of the following is NOT a characteristic of Journal?
Select correct option:
Transactions are recorded in chronological order
Transaction is first recorded in Journal from Voucher
It is also called "The original book of entry"
None of the given options
ans:
None of the given options
Question # 6 of 20 ( Start time: 02:12:51 PM ) Total Marks: 1
Which one of the following will result in increase in revenues?
Select correct option:
Purchased fixed asset
Received discount
Payment to creditors
Return of goods, sold on credit
ans:
Received discount
Question # 7 of 20 ( Start time: 02:13:35 PM ) Total Marks: 1
Expense incurred for operating activities of the business in providing goods and services is known as:
Select correct option:
Revenue expense
Capital expense
Deferred expense
Preliminary expense
ans:
Capital expense
Question # 8 of 20 ( Start time: 02:15:00 PM ) Total Marks: 1
Cost of goods manufactured + opening finished goods – ending finished goods =?
Select correct option:
Total factory cost
Cost of goods sold
Prime cost
Conversion cost
ans:
Cost of goods sold
Question # 10 of 20 ( Start time: 02:16:04 PM ) Total Marks: 1
At the end of financial year a partner's drawings are transferred to the:
Select correct option:
Credit side of the partner's capital account
Credit side of the partner's current account
Debit side of partnership bank account
Debit side of the partner's current account
ans:
Debit side of partnership bank account
Question # 11 of 20 ( Start time: 02:16:50 PM ) Total Marks: 1
Which of the following is CORRECT if depreciation is given in trial balance?
Select correct option:
It means depreciation has already been deducted from concerned asset
It will be shown as expense in income statement only
It will not deduct from concerned asset in Balance Sheet
All of the given options are correct
ans:
It means depreciation has already been deducted from concerned asset
Question # 12 of 20 ( Start time: 02:17:12 PM ) Total Marks: 1
In cost of goods sold statement, the 'cost of material consumed' is equal to:
Select correct option:
Opening raw material inventory + Purchases – Ending raw material inventory
Opening raw material inventory - Purchases + Ending raw material inventory
Ending raw material inventory + Opening raw material inventory - Purchases
Ending raw material inventory + Opening raw material inventory + Purchases
ans:
Opening raw material inventory + Purchases – Ending raw material inventory
Question # 13 of 20 ( Start time: 02:18:31 PM ) Total Marks: 1
If cost of sales is Rs. 90,000, income from sales Rs. 200,000 and operating expenses Rs. 100,000. What will be net result?
Select correct option:
Rs. 5,000 Losses
Rs.10, 000 Profits
Rs 1, 95,000 Profits
Rs 1, 95,000 Losses
ans:
Rs.10, 000 Profits
Question # 14 of 20 ( Start time: 02:19:22 PM ) Total Marks: 1
What is the proper order of the following steps in the accounting process? I. Prepare and analyze the trial balance II. Record relevant transactions and events in a journal III. Analyze each transaction and event from source documents IV. Post journal information to ledger accounts
Select correct option:
III. IV. I. II.
I. II. III. IV.
III. II. IV. I.
III. II. I. IV.
ans:
III. II. IV. I.
Question # 15 of 20 ( Start time: 02:19:58 PM ) Total Marks: 1
Which of the following entry will be recorded for discount received in a control account?
Select correct option:
Discount Received (Dr) and Creditors Control A/c (Cr)
Discount Received (Dr) and Creditors A/c (Cr)
Creditors Control A/c (Dr) and Discount Received (Cr)
Debtors A/c (Dr) and Discount Received (Cr)
ans:
Creditors Control A/c (Dr) and Discount Received (Cr)
Question # 16 of 20 ( Start time: 02:20:44 PM ) Total Marks: 1
In accounting, which of the following account will be credited if the bad debts are recovered in cash?
Select correct option:
Cash a/c
Bad debt recovered a/c
Doubtful debts a/c
Provision for bad debts a/c
ans:
Bad debt recovered a/c
Question # 17 of 20 ( Start time: 02:22:11 PM ) Total Marks: 1
The Balance Sheet item that represents the resources invested by the owner is known as:
Select correct option:
Accounts Receivable
Cash
Note Payable
Owner's Equity
ANs:
Owner's Equity
Question # 18 of 20 ( Start time: 02:23:58 PM ) Total Marks: 1
Which of the following is NOT cash inflow?
Select correct option:
Purchase of fixed asset
Sale of fixed asset
Issue of debentures
Cash from business operation
Question # 19 of 20 ( Start time: 02:25:28 PM ) Total Marks: 1
Which of the following can offer its share to general public at large?
Select correct option:
Private limited companies
Public limited companies
Partnership firm
All of the given options
Public limited companies
A listed company
Question # 20 of 20 ( Start time: 02:26:49 PM ) Total Marks: 1
Money spent to acquire or upgrade physical assets is known as:
Select correct option:
Revenue Expense
Capital Expense
Administrative Expense
Operating Expense
Capital Expense
***********IN THE NAME OF "ALLAH"
Assalamu'alaikum Wa Rahmatullah e Wa Barakatuhu,*************************
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