Thread: Solved MCQs of Accounting & Auditing Past Papers
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Old Wednesday, January 04, 2012
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Accounting & Auditing Paper-I (2003)


(1) Acid Test Ratio is calculated as under:
(a) Current Assets/Current Liabilities
(b) Fixed Assets/Current Liabilities
(c) Liquid Assets/Current Liabilities
(d) None of these

(2) Deferred cost is a:
(a) Liability
(b)Asset
(c) None of these

(3) Work Sheet is:
(a) Balance Sheet
(b) Fund Flows Statement
(c) A combination of Profit and Loss Account and Balance Sheet items
(d) None of these

(4) Banks, for the preparation of financial statements, are governed under:
(a) Banking Companies Ordinance, 1962
(b) State Bank of Pakistan Act
(c) None of these

(5) Return on investment is computed:
(a) Investment/Profit x 100
(b) Profit x 100/Investment
(c) None of these

Accounting & Auditing Paper-II (2003)


Write only the correct answer in the Answer Book. Do not reproduce the questions.

(1) Rent of the premises constitutes variable expenses for cost allocation:
(a) True
(b) False

(2) Sugar used in a sugarcane company is:
(a) Variable cost
(b) Fixed cost
(c) None of these

(3) An auditor is liable under the following circumstances:
(a) Third Party Liabilities
(b) Fraud perpetrated in highly sophisticated circumstances
(c) None of these

(4) Agricultural income is taxable under the Income Tax Laws of Pakistan:
(a) True
(b) False

(5) Principal and markup payment within one year constitutes long term liability for disclosure in the balance sheet of a company.
(a) True
(b) False

(6) Ordinarily one can have the following partners in a partnership in Pakistan under the Partnership Act 1932.
(a) 10
(b) 20
(c) 30
(d) None of these

(7) Working Capital finance can be termed as “Running Finance” in a limited company.
(a) True
(b) False

(8) Income from Capital gains arising out of trading on a stock strange in Pakistan is taxable these days:
(a) True
(b) False

(9) Conversion Cost is calculated as under:
(a) Labour Plus Materials
(b) Labour plus overheads
(c) None of these

(10) Current Ratio can be calculated as under:
(a) Current Liabilities/Current Assets
(b) Current Assets/Current Liabilities
(c) None of these
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