FPSC National Saving Officer (BS-17) Test 2020 Syllabus

(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.

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

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

(1) The measureable value of an alternative use of resources is referred to as:

(a) An opportunity cost
(b) An imputed cost
(c) A different cost
(d) A sunk cost
(e) None of these

(2) A quantitative expression of management objectives is an:

(a) Organizational chart
(b)Management chart
(c) Budget
(d) Procedural chart
(e) None of these

(3) A cost center is:

(a) A unit of production in relation to which costs are ascertained
(b) A location which is responsible for controlling direct costs
(c) Part of the factory overhead system by which costs are gathered
(d) Any location or department which incurs cost
(e) None of these

(4) At break-even point of 400 units sold the variable costs were Rs. 400 and the fixed costs were Rs.200. What will be the 401 units sold contributing to profit before income tax?

(a) Rs. 0.00
(b) Rs. 0.50
(c) Rs. 1.00
(d) Rs. 1.50
(e) None of these

(5) In considering a special order situation that will enable a company to make use of currently idle capacity, which of the following cost will be irrelevant:

(a) Materials
(b) Depreciation
(c) Direct labour
(d) Variable factory overhead
(e) None of these

(16) A segment of the business that generates both revenue and cost is called:

(a) Profit Center
(b) Cost Center
(c) Cost driver
(d) All of these
(e) None of these

(17) Verification includes:

(a) Checking vouchers
(b) Examining audit report
(c) None of these

(18) Audit of a bank is generally conducted through:

(a) Routine checking
(b) Vouching
(c) Balance sheet audit
(d) None of these

(19) Economics resources of a business that are expected to be of benefit in the future are referred to as:

(a) Liabilities
(b) Owner’s equity
(c) Withdrawals
(d) Assets
(e) None of these

(20) Short term Loan can be best 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
(d) None of these

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

(a) 5
(b) 25
(c) 20
(d) None of these

(2) Preparation of final financial reports is governed in Pakistan under:

(a) No law
(b) Companies Ordinance 1984
(c) None of these

(3) Depreciation is based on:

(a) Economic life of asset
(b) Declared life of asset by supplier
(c) Normal life of asset
(d) None of these

(4) Inventory turnover is calculated as under:

(a) Cost of Goods sold/Closing Inventory
(b) Gross profit/Closing Inventory
(c) Sales/Opening Inventory
(d) None of these

(5) There is a difference between:

(a) Worksheet and Balance Sheet
(b) Worksheet and profit and loss account
(c) Worksheet as combination of results of profits and financial positions
(d) None of these

(6) Deferred Revenue is:

(a) Liability
(b) Asset
(c) None of these

(7) Preparation of annual report of a firm is governed under:

(a) Partnership Act 1932
(b) Under partnership Deed
(c) None of these

(8) Deferred Taxation amount be treated as:

(a) Foot note
(b) An item in the Balance Sheet on asset side
(c) None of these

(9) Return of Equity will be calculated as under:

(a) Operating Profit x 100/Equity
(b) Net profit x 100/Paid up Capital only
(c) None of these

(10) Current maturity of long term loan is:

(a) Current Liability
(b) Long Term Liability
(c) None of these