Set 1 in the Accounting & Auditing subject series — 31 solved MCQs from the FPSC Senior Auditor / Assistant Audit Officer subject portion: financial accounting, cost accounting and auditing fundamentals, every answer verified against its source key. This is the complete verified Accounting pool on the blog, in one set. Questions stay in the same shuffled order for your whole sitting, and a new visit brings a fresh order. You have 31 minutes. If you leave in the middle, your picked answers are saved in your own browser so you can continue where you left off. Tap one option per question, then press Check Answers for your score.
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Fixed Cost:
Correct answer: Never changes even if production capacity is doubled.
Conversion cost is:
Correct answer: Labour Cost + Overhead Cost.
Process Costing is relevant to:
Correct answer: Cement industry.
Operating Profit is:
Correct answer: Profit after deducting normal operating expenses including depreciation.
A good Cost Accounting System is:
Correct answer: If it enables management to increase productivity and rationalize cost structure.
Internal Control is totally synonymous with:
Correct answer: None of above.
Audit of a bank is generally conducted through:
Correct answer: Routine checking.
An auditor is liable for his annual audit of accounts to:
Correct answer: Owners.
If a firm has paid super-tax, its partners may follow any one of the following behaviours:
Correct answer: Pay income tax as required under the law.
Current Ratio is calculated as:
Correct answer: Current Assets/Current Liabilities.
Short-term loan can be described as:
Correct answer: If the period is less than one year.
A partnership, in today's Pakistan, under the current law can have the following number of partners:
Correct answer: 20.
Combination can be best described as:
Correct answer: Amalgamation of two different types of businesses.
Books of original entry are called:
Correct answer: Journal.
For preparing balance sheets prepaid expenses are shown as part of:
Correct answer: Assets.
Unpaid and unrecorded expenses are called:
Correct answer: Accrued expenses.
Amount, cash, or other assets removed from business by owner is:
Correct answer: Drawings.
Under the diminishing balance method, depreciation amount is:
Correct answer: Expenditure.
Users of accounting information include:
Correct answer: All of these.
The business form(s) in which the owner(s) is (are) personally liable is (are) the:
Correct answer: Partnership and proprietorship.
The investment of personal assets by the owner:
Correct answer: Increases total assets and increases owner's equity.
All of the following are forms of organizations except:
Correct answer: Retailer.
Economic resources of a business that are expected to be of benefit in the future are referred to as:
Correct answer: Assets.
An owner investment of land into the business would:
Correct answer: Increase owner's equity.
A cash purchase of supplies would:
Correct answer: Have no effect on total assets.
An owner investment of cash into the business would:
Correct answer: Increase assets.
The payment of rent each month for office space would:
Correct answer: Decrease total assets.
Real accounts are related to:
Correct answer: Assets.
Quick assets include which of the following?
Correct answer: Only (a) and (b).
Net income plus operating expenses is equal to:
Correct answer: Gross profit.
Balance sheet is always prepared:
Correct answer: As on a specific date.
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