Accounting and Auditing MCQs (Pdf Download)

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In this article, we have listed the Accounting and auditing MCQs with answers in pdf that have been taken from the last six years papers. The MCQs of Accounting and auditing have been proven to be the most helpful for preparing for any competitive exam. By studying the Accounting and Auditing MCQs carefully, you can boost your ability to perform well in any upcoming test.

Accounting and Auditing MCQs (Pdf Download)

Q. The inventor of double-entry bookkeeping is:

a) F.W.Taylor

(b) Henry Fayol

(c) Lucas Pacioli

Q. The sources, application statement, and funds flow statement are:

(a) Synonymous

(b) Antagonistic

(c) None of these.

Q. Spirit depreciation is comparable to:

(a) Depletion

(b) Amortization

(c) Depression

Q. Always prepare a balance sheet:

(a) For the year ended.

(b) As on a specified date.

(c) None of these

Q. The following profit and loss accounts are created in the insurance industry:

(a) Separate for Fire, Marine, and Accidents etc.

(b) Consolidated for (a) above.

(c) None of these

Q. Today, Pakistani partners can be reached at the following numbers:

(a) 20

(b) 50

(c) 75

Q. A flexible budget has the following characteristics:

(a) Changes with volume of production.

(b) Changes with variable expenses

(c) Changes in Direct material.

Q. Break even can be determined as follows:

(a) ______VC_______ FC- TR TC

(b) FC I- VC TR

(c) None of these.

Q. The quick ratio can be calculated as follows:

(a) Quick . Assets/Quick Liabilities

(b) Quick. Liabilities Current Assets

(c) Current Assets/ Current Liabilities

Q. The written down value of a fixed asset under the straight line method of depreciation will be as follows at the end of the asset’s useful life:

(a) Rupee one

(b) Rupee zero

(c) None of these

Q. Budget for sales must be created:

(a) Independently

(b) Depending on production capacity

(c) Based on Sales forecasts of market.

Q. In Pakistan, unlisted holding company balance sheets now include consolidation of subsidiary accounts:

(a) Compulsory

(b) Voluntary

(c) Required

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