English: 20 Questions
1. __________ the bad weather, the outdoor party was rescheduled.
- (A) Because of
- (B) In order to
- (C) Despite
- (D) None of these
2. __________ loosing the first match, our team has won the world cup.
- (A) Because of
- (B) In order to
- (C) Despite
- (D) None of these
3. You are wearing an army's uniform, but the __________ is missing.
- (A) Epic
- (B) Epoch
- (C) Epithet
- (D) None of these
4. University professors visit the website wwwsheirorg and ___________ the data.
- (A) Inform
- (B) Appraise
- (C) Apprise
- (D) None of these
5. I am afraid __________ cats.
- (A) To
- (B) From
- (C) Of
- (D) None of these
6. We did not have __________ questions for the lecturer.
- (A) Any
- (B) Some
- (C) None of these
7. Although its publicity has been ___, the film itself is intelligent, well-acted, handsomely produced and
altogether ___
- (A) Tasteless … respectable
- (B) Extensive … moderate
- (C) Sophisticated … moderate
- (D) None of these
8. Why are you still sleeping? you 'll be late. _ of bed now.
- (A) Get up
- (B) Get out
- (C) Out
- (D) None of these
9. If I had money, I __________ it now.
- (A) will purchase
- (B) Would purchase
- (C) Would have purchased
- (D) None of these
10. The man __________ you met is an anchorperson.
- (A) Who
- (B) Whose
- (C) Whom
- (D) None of these
11. The woman __________ is standing by the table works in electronic media.
- (A) Who
- (B) Whose
- (C) Whom
- (D) None of these
12. If humans were totally deprived of sleep, they ________ hallucinations, anxiety, coma, and eventually, death.
- (A) Would experience
- (B) Experience
- (C) Would have experienced
- (D) None of these
13. He is looking for accommodation __________ in flat or shared house.
- (A) Both
- (B) Either
- (C) Until
- (D) None of these
14. You can go neither by train __________ by bus.
- (A) No
- (B) Nor
- (C) Or
- (D) None of these
15. Before designing a public park, the architect must __________ the public.
- (A) Consider
- (B) Considers
- (C) Recognize
- (D) None of these
16. When she was younger, she __________ five kilometers a day.
- (A) Walked
- (B) Had walked
- (C) Has been walking
- (D) None of these
17. To check for acidity, one had better ________ litmus paper.
- (A) Use
- (B) Using
- (C) To use
- (D) None of these
18. The house is large __________ is quite old-fashioned.
- (A) And
- (B) Or
- (C) But
- (D) None of these
19. We need to find __________ method to solve this problem.
- (A) Other
- (B) The other
- (C) Another
- (D) None of these
20. The students in our school are __________ in other schools.
- (A) Smarter
- (B) Smarter than
- (C) Smarter than those
- (D) None of these.
Professional: 80 Questions
21. __________ is a systematic examination of the books and records or a business.
- (A) Auditing
- (B) Vouching
- (C) Verification
- (D) Checking
22. Management audit otherwise called as _______
- (A) Final audit
- (B) Efficiency audit
- (C) Cost audit
- (D) Cash audit
23. For which of the following organization Audit is optional
- (A) Organization
- (B) Joint stock company
- (C) Partnership concern
- (D) None of these
24. Auditor is ________
- (A) A member of the company
- (B) The agent of the of the company
- (C) The agent of the central government
- (D) An assistant to accountant
25. Prospectus is a document _________
- (A) Containing the rules and regulations of the company
- (B) Containing details about the manufacturing process of the company
- (C) Containing details about the share capital of the company
- (D) Containing the information of the sales
26. A sale of Rs. 50000 to Mr. A was entered as a sale to Mr. B. This is an example of
- (A) Error of omission
- (B) Error of commission
- (C) Compensating error
- (D) Error of principle
27. Preliminary expenses are the best example for _________
- (A) Fictitious asset
- (B) Intangible asset
- (C) Wasting asset
- (D) Floating asset
28. Capital reserves are created out of profits of __________
- (A) A revenue nature
- (B) A capital nature
- (C) A secret reserve
- (D) Contingency reserve
29. The main objects of investigation is _________
- (A) To discover errors and frauds
- (B) To prevent errors and frauds
- (C) To verify statements
- (D) All the above
30. The cost of the asset after the expiry of its useful life is called___________
- (A) Written down value
- (B) Residual value
- (C) Expired value
- (D) None of the given options
31. Excess of debit over credit is called:
- (A) Opening balance
- (B) Closing balance
- (D) Debit balance
- (D) Credit balance
32. Manufacturing overhead cost would include
- (A) A marketing cost related to selling the product
- (B) The salary of production line supervisor
- (C) The chief executive officer salary
- (D) Research and development cost of a new product
33. The distinction between revenue account and capital account is necessary for the preparation of
- (A) Final accounts
- (B) Receipt and payment account
- (C) Cash flow statement
- (D) Funds flow statements
34. Depreciation of machinery will be shown in the profit & loss account under the head of
- (A) Selling expense
- (B) Administrative Expenses
- (C) Marketing expense
- (D) Financial expense
35. The accounting system, in which accounting entries are made on the basis of amount having become due for payment
or receipt is known as:
- (A) Cash system of accounting
- (B) Current accounting period
- (C) Accrual system of accounting
- (D) None of the given options
36. Assets which have no physical existence and which cannot be seen, touched or felt are called
- (A) Current assets
- (B) Tangible assets
- (C) Fictitious assets
- (D) Intangible assets
37. Overhead cost is the total of ____________
- (A) All indirect costs
- (B) All direct costs
- (C) Indirect and direct costs
- (D) All specific costs
38. Cost of sales plus profit is __________
- (A) Selling price
- (B) Value of finished product
- (C) Value of goods produced
- (D) Value of stocks
39. Depreciation of plant and machinery is a part of ___________
- (A) Factory overhead
- (B) Selling overhead
- (C) Distribution overhead
- (D) Administration overhead
40. The ratios which reflect managerial efficiency in handling the assets is__________
- (A) Turnover ratios
- (B) Profitability ratios
- (C) Short term solvency ratio
- (D) Long term solvency ratio
41. Return on equity is also called
- (A) Return on investment
- (B) Gross profit ratio
- (C) Return on shareholders’ fund
- (D) Return on net worth
42. ______ involves the sale of used securities from one investor to another
- (A) Primary market
- (B) Secondary market
- (C) Tertiary market
- (D) None of these
43. The process of planning and managing a firm's long-term investments is called:
- (A) Planning Process
- (B) Capital Structure
- (C) Capital Budgeting
- (D) Managing Process
44. An equal increase in both current assets and current liabilities would
- (A) No affect on current ratio
- (B) Increase current ratio
- (C) Decreases current ratio
- (D) None of these
45. _________are short-term, temporary investments that can be readily converted into cash.
- (A) Marketable securities
- (B) Cash equivalents
- (C) Treasury bills
- (D) All of the given options
46. When bank statement shows a debit balance, it means?
- (A) Overdraft balance as per cash book
- (B) Unfavorable balance as per cash book
- (C) Unfavorable balance as per bank book
- (D) None of the above
47. The accounting system, in which accounting entries are made on the basis of amount having become due for payment
or receipt, is known as?
- (A) Cash system of accounting
- (B) Current accounting period
- (C) Accrual system of accounting
- (D) None of the given options
48. Test of control is not associated with
- (A) Existence of control
- (B) Effectiveness of control
- (C) Continuous of control
- (D) Designing of control
49. The comparison of net profit with the sales of the same year is
- (A) Vertical comparison
- (B) Horizontal comparison
- (C) None of these
50. The term organization means
- (A) Management of the business
- (B) Accomplishment of goals or objectives by all means
- (C) The process of assigning duties to individuals to achieve goals or objectives
51. When shares are forfeited, the share capital account is debited with the
- (A) Nominal value of share
- (B) Paid up value of share
- (C) Called up value of share
- (D) None of these
52. Two companies X co and y co go into liquidation and a new co z is formed then it is known as--------------
- (A) Absorption
- (B) External reconstruction
- (C) Amalgamation
- (D) None of these
53. Financial accounting reports are prepared primarily:
- (A) To value the property of the company
- (B) To show managers the results of their departments
- (C) To help people make decisions about resource
allocation
- (D) To show the value of shares in the company
54. Stock in trade is valued
- (A) At cost price price
- (B) At market price
- (C) At cost or market whichever is less
- (D) At cost less market price
55. Share may be issued
- (A) At par
- (B) At discount
- (C) At premium
- (D) All of these
56. Current ratio is
- (A) Short term solvency ratio
- (B) Long term solvency ratio
- (C) Profitability ratio
- (D) Turnover ratio
57. The ratio which shows the proportion of profits retained in the business out of the current year's profits
is__________
- (A) Retained earnings ratio
- (B) Pay out ratio
- (C) Earnings per share
- (D) Price earnings ratio
58. Trading & Profit & loss account and balance sheet is prepared from
- (A) Ledger balance
- (B) Ledger balances, cash and bank balances
- (C) Cash book and bank book
- (D) Trial balance
59. The amount of resources supplied by the owner in business is called:
- (A) Investments
- (B) Assets
- (C) Capital
- (D) Reserves
60. The process of recording the economic effects of business transactions in a book of
- (A) original entry is known as which of the following?
- (B) Double entry system
- (C) Journalizing
- (D) Debit
(E) Posting
61. Partners in Pakistan can today be fixed at the following numbers
- (A) 20
- (B) 50
- (C) 75
- (D) None of these
62. Economic 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
63. Any expenditure incurred to increase the profit earning capacity of the concern is a Revenue expenditure
- (A) Capital expenditure
- (B) Deferred revenue expenditure
- (C) None of these
64. Which of the following instruments is NOT typically associated with spending?
- (A) Cash
- (B) Credit Card
- (C) Debit Card
- (D) Certificates of Deposits
65. Which of the following options indicate how quickly accounts receivables are converted into cash?
- (A) Accounts receivable turnover
- (B) Days to collect accounts receivable
- (C) Working capital turnover
- (D) Total assets turnover
66. Which of the following principle deals with the valuation and recording of asset at cost
- (A) Entity principle
- (B) Matching principle
- (C) Cost principle
- (D) Dollar currency principle
67. The main electronic component used in first generation computers was
- (A) Transistors
- (B) Vacuum Tubes and Valves
- (C) Integrated Circuits
- (D) None of above
68. Which of the following is the most powerful computers?
- (A) Mainframe Computer
- (B) Mini Computers
- (C) Micro Computers
- (D) Super Computers
69. Assembly language started to be used from
- (A) First generation computers
- (B) Second generation computers
- (C) Third generation computers
- (D) Fourth generation computers
70. The auditor is most likely to examine related party transactions very carefully while vouching
- (A) Credit sales
- (B) sales returns
- (C) Credit purchases
- (D) Cash purchases
71. A shareholder in a company
- (A) Can be its debenture holder
- (B) Cannot be its debenture holder
- (C) Can be member of board of directors
- (D) Can be liable to unlimited entry
72. Production function refers
- (A) Cost to input
- (B) Wages to profit
- (C) Cost to output
- (D) Input to output
73. The board of directors shall appoint first auditor of a company ___________
- (A) within one month of completion of capital subscription state of the company
- (B) within one month of the promotion of the company
- (C) within one month of the commencement of the business of the company
- (D) within one month of incorporation of the company
74. Real accounts are related with
- (A) Assets
- (B) Expenses and incomes
- (C) Customers and creditors
- (D) None of these
75. Which of the following is the acronym for GAAP?
- (A) Generally Applied Accountability Principles
- (B) General Accounting Assessment Principles
- (C) Generally Accepted Accounting Principles
- (D) General Accepted Assessment Principles
76. Which of the following is not among the five main kinds of current asset?
- (A) Cash and equivalents
- (B) Deferred income
- (C) Accounts receivable
Prepaid expenses
77. The audit is not a necessary requirement for which of the following companies.
- (A) Limited companies
- (B) Corporation
- (D) Sole proprietorship
- (D) Partnerships
78. Which of the following feature is shown by the income statement for a merchandising company?
- (A) Gross profit
- (B) Cost of goods sold
- (C) sales revenue section
- (D) All of the given options
79. Which one of the following is temporary account?
- (A) Cash
- (B) Accounts receivables
- (C) Insurance expense
- (D) Accounts payable
80. An entry that affects more than oe accounts is known as
- (A) Journal entry
- (B) Composed entry (compound entry)
- (C) Adjusting entry
- (D) Reversing entry
81. A bank offers 20% compounded monthly. What would be the effective annual rates of return?
- (A) 20.00%
- (B) 20.50%
- (C) 21.00%
- (D) 21.99%
82. The discount account is a
- (A) Personal account
- (B) Real account
- (C) Nominal account
- (D) Asset account
83. Direct expenses are charged on
- (A) Balance sheet
- (B) Profit & loss account
- (C) Trading account
- (D) None of these
84. Heavy expenditures on advertisement of a new product is a
- (A) Capital expenditure
- (B) Revenue expenditure
- (C) Deffered revenue expenditure
- (D) None of these
85. Which one of these is considered as a non cash item?
- (A) Inventory
- (B) Accounts payable
- (C) Accounts receivable
- (D) Depreciation
86. Costing stock appearing in trial balance will be taken to
- (A) Trading account only
- (B) Balance sheet only
- (C) Trading account and balance sheet
- (D) Profit and loss account only
87. Dividends are usually paid on
- (A) Authorized capital
- (B) Issued capital
- (C) Paid up capital
- (D) None of these
88. The current account of a partner
- (A) Always has a credit balance
- (B) Always has a debit balance
- (C) Always has no balance
- (D) May have a debit balance ar credit balance
89. Wages are paid to a labur, who was engaged in production activities can be termed as
- (A) Direct cost
- (B) Indirect cost
- (C) Sunk cost
- (D) imputed cost
90. The ratios which reveal the final result of the managerial policies and performance is
- (A) Turnover ratios
- (B) Profitability ratios
- (C) Short term solvency ratio
- (D) Long term solvency ratio
91. Sales Rs. 25000 Variable cost Rs. 8000 Fixed cost Rs. 5000 Break even sales in value
- (A) Rs. 7936
- (B) Rs. 7353
- (C) Rs. 8333
- (D) Rs. 9090
92. Which of the following term refers to the use of debt financing?
- (A) Operating Leverage
- (B) Financial Leverage
- (C) Manufacturing Leverage
- (D) None of these
93. Which of the following statement shows assets, liabilities and net worth as on a specific date?
- (A) Income Statement
- (B) Balance Sheet
- (C) Owner’s Equity Statement
- (D) Cash Flow Statement
94. Which one of the following is not a form of business organization?
- (A) Sole proprietorship
- (B) Partnership
- (C) Joint stock company
- (D) Co-operative society
95. In which type of business, all owners share in gains ans losses and all have unlimited liabilities for all
business debts?
- (A) Sole proprietorship
- (B) General partnership
- (C) Limited partnership
- (D) Corporation
96. A borrower is able to pay Rs. 40000 in 5 years. Given a discount rate of 12 percent. What amount of money the
lender should lend?
- (A) Rs. 14,186
- (B) Rs. 18,256
- (C) Rs. 22,697
- (D) Rs. 28,253
97. Rule of 72 for finding the number of periods is fairly applicable to which of the following range of discount
rates?
- (A) 2% to 8%
- (B) 4% to 25%
- (C) 5% to 20%
- (D) 10% to 50%
98. Which one of the following is the rate of return that firm’s creditors demand on new borrowing?
- (A) Cost of debt
- (B) Cost of preferred stock
- (C) Cost of common stock
- (D) Cost of retained earnings
99. The difference between an investments market value and its cost is called ----------- of the investment?
- (A) Net present value
- (B) Economic value
- (C) Book value
- (D) Future value
100. A model which makes an assumption about the futue growth of dividends is known as
- (A) Dividend price model
- (B) Dividend growth model
- (C) Dividend policy model
- (D) All of these