FPSC senior auditor accounting auditing sample paper

Accounting & Auditing Mcqs from FPSC Past Papers

1) Double entry book-keeping was fathered by:
(a) F.W.Taylor
(b) Henry Fayol
(c) Lucas Pacioli.

(2) Funds Flow Statement and sources and application statement are:’
(a) Synonymous
(b) Antagonistic
(c) None of these.

(3) Depreciation in spirit is similar to:
(a) Depletion
(b) Amortization
(c) Depression.

4) Balance Sheet is always prepared:
(a) for the year ended.
(b) As on a specified date.
(c) None of these.

(5) In Insurance, the following Profit and Loss Accounts are prepared:
(a) Separate for Fire, Marine, and Accidents etc.
(b) Consolidated for Fire, Marine, and Accidents etc.(c) None of these.

(6) Partners in Pakistan can today be fixed at the following numbers:
(a) 20
(b) 50
(c) 75.

(7) Flexible budget is a budget with the following features:
(a) Changes with volume of production.
(b) Changes with variable expenses
(c) Changes in Direct material.

(8) Break Even can be calculated as under:
(a) ______VC_______
FC- TR TC
(b) FC
I- VC TR(c) None of these.

(9) Quick Ratio can be computed as under:
(a) Quick . Assets/Quick Liabilities
(b) Quick . Liabilities Current Assets
(c) Current Assets/ Current Liabilities

(10) In straight line method of depreciation, the written down value of a fixed asset will be at the end of the life of the asset as under:
(a) Rupee one
(b) Rupee zero (c) None of these.

(11) Sales budget must be prepared:
(a) Independently
(b) Depending on production capacity
(c) Based on Sales forecasts of market.

(12) Consolidation of subsidiary accounts in the balance sheet of a unlisted Holding company is at present in Pakistan:
(a) Compulsory
(b) Voluntary
(c) Required.

(13) Retained earning is synonymous to:
(a) Accumulated profit and loss account
(b) Profit for the year
(c) None of these.

(14) The requirements of an audit report for a Banking Company in Pakistan is under:
(a) Under the Banking Companies Ordinance, 1962.
(b) Under the Companies Ordinance, 1984.
(c) Under (a) and (b) above.

(15) Deferred Taxation is:
(a) Fixed asset
(b) Fixed liabilities
(c) Part of Owners Equity.

(16) Investment Corporation of Pakistan follows:
(a) Open-end mutual funds
(b) Closed-end mutual funds
(c) None of these.

(17) Directors Report is —- in respect of financial report constituent.
(a) Mandatory for a limited Company
(b) Voluntary for a limited Company
(c) None of these.

(18) Every limited Company in Pakistan is required by law to include the following along with financial reports:
(a) Ratio Analysis
(b) Chairman’s Review
(c) None of these.

(19) Cash budget excludes the following:
(a) Non-Cash items
(b) Cash items
(c) Purchase on Credit items.

(20) NGOs are legally required to:
(a) Prepare accounts in a prescribed manner under the law.(b) Prepare accounts as desired by donors.
(c) None of these.

1. Fixed Cost:
a. Changes with production
b. Never changes even if production capacity is doubled
c. None of the above

2. Conversion cost is:
a. Material Cost + Overhead Cost
b. Direct Labour + Material Cost
c. Labour Cost + Overhead Cost

3. Process Costing is relevant to:
a. Cement industry
b. Job Order cost oriented Projects
c. None of the above

4. Operating Profit is:
a. Profit after deducting financial costs
b. Profit after deducting taxes
c. Profit after deducting normal operating expenses including depreciation

5. A good Cost Accounting System is:
a. If it computes estimated cost only
b. If it cannot be reconciled with financial accounts
c. If it enables management to increase productivity and rationalize cost structure

6. Verification includes:
a. Checking Vouchers
b. Examining audit report
c. None of the above

7. Stratified audit sample means:
a. Randomly selected items for audit
b. Purposively selected items for audit
c. Items carefully selected from each group

8. Internal Control is totally synonymous with:
a. Internal check
b. Internal audit
c. None of above

9. Audit of a bank is generally conducted through:
a. Routine checking
b. Couching
c. Balance sheet audit

10. An auditor is liable for his annual audit of accounts o:
a. Creditors
b. Bankers
c. Owners

11. Income Tax is levied on:
a. Agricultural Income
b. Presumptive Income
c. None of above

12. If a firm has paid super-tax, its partners may follow any one of the following behaviours:
a. No need to pay income tax, even if the income exceeds the taxable limit.
b. Pay income tax, even if the income does not exceed the taxable income.
c. Pay income tax as required under the law.

13. A resident multinational company need not:
a. Pay income tax, if it s caused under Double Taxation agreement.
b. If it is not enjoying tax exemption under the Income Tax Ordinance, 1979 (Second Schedule).
c. None of above

14. Income Tax rates are the same for:
a. Limited Companies
b. Banking Companies
c. None of above

15. Super Tax on companies is:
a. In vogue in Pakistan
b. Not in vogue in Pakistan
c. None of above

16. Current Ratio is calculated as:
a. Fixed Assets/Current Liabilities
b. Current Liabilities/Current Assets
c. Current Assets/Current Liabilities

17. Short-term loan can be described as:
a. If the period is three years
b. If the period is less than one year
c. If the period is over one year

18. A partnership, in today’s Pakistan, under the current law can have the following number of partners:
a. 50
b. 20
c. 100

19. Combination can be best described as:
a. Restructuring of Capital of a Company
b. Reduction of Capital of a Company
c. Amalgamation of two different types of businesses

20. Sources of funds can be increased by:
a. Describing selling prices
b. Increasing expenditure
c. None of above

Past Questions

About Islam

  1. Important Questions about Islamic Studies
  2. Hazrat Muhammad PBUH
  3. General Knowledge About Hazrat Muhammad PBUH Life
  4. Wives of Hazrat Muhammad PBUH
  5. Important Islamic History Events
  6. Important points of The Holy Quran
  7. Al-Quran MCQs
  8. About SAHABA KARAM
  9. Namaz
  10. Zakat
  11. Fasting (Roza)
  12. Imortant Article of Faith and Fundamental of ISLAM
  13. Important Islamic terms and Places
  14. Islamic Months of Years
  15. General Knowledge-Heavenly Books
  16. Important Angles
  17. Ashra-e-Mubrashra
  18. Reign Of 4 Caliphates(Khulafa Rashideen)
  19. Famous Islamic Generals
  20. Famous Islamic Battles
  21. Important Personalities and Their Titles in Islam
  22. Famous Muslim Scientists

  23. PPSC GENERAL KNOWLEDGE
  24. PPSC PAST Papers General Knowledge Questions


  25. About World

  26. World Records
  27. World Records (Guniees Book)
  28. 7 Wonders of the World
  29. Inventions and Inventors
  30. Important Facts of Worlds
  31. Important Places Of World
  32. Important Awards Of World
  33. Top 10 Languages of World
  34. Highest Military Awards of World
  35. Important Geographical Lines of World
  36. World Imortant National Days
  37. Importnat Religions of World
  38. Important Political terms and concepts
  39. Important News Agency of the World
  40. About UNO
  41. Organs of UNO
  42. Important Specialized agency of the UNO
  43. World Country with Capitals & Currency
  44. Famous Name of Places(Country)

  45. About Pakistan
  46. Basic Information About Pakistan
  47. Districts of Pakistan
  48. RIVERS OF PAKISTAN
  49. The Largest in Pakistan
  50. The Longest and Tallest in Pakistan
  51. Mountain Passes in Pakistan
  52. Chairman Senate and seats Distibutions of Pakistan
  53. Chief Justices of Pakistan
  54. Pakistan Affairs
  55. Who is First in PAKISTAN
  56. PAKISTAN GOVERNOR GENERALS
  57. PAKISTAN Presidents
  58. PAKISTAN Prime Ministers
  59. Attorney Generals of Pakistan
  60. State Bank Governors of pakista
  61. Army Chiefs of PAKISTAN
  62. Federal Cabinet of PAKISTAN
  63. Location of important Metalic and Non Metalic Minerals
  64. Constitutional Amedments Since 1973
  65. Army,PAF and Navy Officer Ranks
  66. Who is Who and What is What

  67. MOUNTAINS
  68. IMPORTANT MOUNTAIN PASSES
  69. OCEANS
  70. FAMOUS SEA PORTS
  71. FAMOUS STRAITS
  72. WORLD RIVERS
  73. FAMOUS ISLANDS
  74. FAMOUS DESERTS
  75. CITIES ON RIVER BANKS
  76. GEOGRAPHICAL DISCOVERIES
  77. WORLD COUNTRIES
  78. GENERAL KNOWLEDGE ABOUT WORLD
  79. IMPORTANT PHYSICAL PROPERTIES
  80. Ten LARGEST COUNTRIES BY AREA
  81. IMPORTANT ABBREVIATIONS
  82. IMPORTANT UNITS OF MEASUREMENT
  83. IMPORTANT INFORMATION ABOUT RAYS AND WAVES
  84. IMPORTANT INFORMATION ABOUT UNIVERSE
  85. NOBLE PRIZE
  86. NATIONAL EMBLEM
  87. FAMOUS EPITHETS
  88. IMPORTANT GEOGRAPHICAL LINES OF WORLD
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  90. Basic Geometry Math Defination
  91. Important Units of Measurments
  92. Basic Scientific Questions