SPSC Account Officer Past Paper 17 01 2024 MCQs

SPSC Account Officer Past Paper 17 01 2024 MCQs for preparation. ( CSS FPSC IBA )

Which statement shows the flow of cash and cash equivalents during the financial period ?

  1. Cash flow statement
  2. Statement of changes in equity
  3. Balance sheet
  4. Income statement

A method used in a comparative analysis of financial statement is:

  1. Graphical analysis
  2. Preference analysis
  3. Common size analysis
  4. Returning analysis

An un adjusted balance in cash book is because of the result of which error?

  1. Unpresented cheques
  2. Outstanding cheques
  3. The omission of Bank charges
  4. Deposit in transit

In cash book, the favorable balance indicates

  1. Credit Balance
  2. Debit Balance
  3. Bank Overdraft
  4. Adjusted Balance

On balance sheet, accruals, notes payable, and account payable are listed under which category?

  1. Current Liabilities
  2. Accumulated Liabilities
  3. Non current Liabilities
  4. Accrued Liabilities

What does the consumer price index (CPI) calculate?

  1. Price of services only
  2. Price of goods only
  3. Price of both goods and services
  4. None of the above

Offshoring is :

  1. Importing
  2. Exporting
  3. Subcontracting a part of production to another firm.
  4. Substituting foreign for domestic labor.

Which one of the following is a single-use plan?

  1. Strategy
  2. Budget
  3. Rule
  4. Method

Stock control through stock levels and EOQ is called .

  1. automatic order method.
  2. control by important and exception.
  3. perpetual inventory system.
  4. demand and supply method.

Depreciation of fixed assets is an example of:

  1. Deferred Revenue Expenditure
  2. Capital Expenditure
  3. Revenue Expenditure
  4. None of these

Audit fess is a part of ___.

  1. administration overhead
  2. distribution overhead
  3. selling overhead
  4. works on cost

When the sales increase from Rs 40,000 to Rs 60,000 and profit increases by Rs 5,000, the P/V ratio is —

  1. 0.25
  2. 6.78
  3. 1.00
  4. 2.00

GAAP stands for

  1. Generally accepted accounting principles
  2. Globally accepted accounting practices
  3. Generally accepted accounting policy
  4. Generally accepted accounting practices

The reduction or covering of foreign exchange risk is called ?

  1. arbitrage
  2. intervention
  3. speculation
  4. hedging

Which round of international trade negotiations resulted in the creation of the World Trade Organization ?

  1. Doha Round of 2003-2007
  2. Uruguay Round of 1986-1993
  3. Tokyo Round of 1973-1979
  4. Kennedy Round of 1964-1967

Economic order quantity is that quantity at which cost of holding and carrying inventory is:

  1. Maximum and equal
  2. Minimum and equal
  3. It can be maximum or minimum depending upon case to case
  4. Minimum and unequal

Which of the following accounts are not closed at the end of an accounting period?

  1. Asset accounts
  2. Drawing accounts
  3. Expense accounts
  4. Revenue accounts

____ refer to those goods which satisfy the wants of the consumer directly.

  1. Consumption goods
  2. Capital goods
  3. Producer goods
  4. None of these

Which of the following options is not recorded in the Balance sheet?

  1. Goodwill
  2. Building
  3. Rent expenses
  4. Cash

Which statement shows the flow of cash and cash equivalents during the financial period?

  1. Income statement
  2. Balance sheet
  3. Cash flow statement
  4. Statement of changes in equity

What should be the criteria of selection when choosing among mutually exclusive projects?

  1. Selecting a project with a lower cost of capital
  2. Selecting a project with the quickest payback
  3. Selecting a project with the longest payback
  4. Selecting a project with the highest net present value

Criterion for IRR (Internal Rate of Return)?

  1. Accept IRR = Cost of capital
  2. Accept IRR < Cost of capital
  3. Accept IRR > Cost of capital
  4. None of these

Which of the following has the highest cost of capital?

  1. Preference shares
  2. Bonds
  3. Loans
  4. Equity shares

I am allergic to cats, ­­­­__ I have three of them.

  1. so
  2. yet
  3. and
  4. or

Which of the following statement measures the financial position of the entity on particular time?

  1. Income Statement
  2. Balance Sheet
  3. Cash Flow Statement
  4. Statement of Retained Earning

The person from who goods are bought on credit is known as ____.

  1. Creditor
  2. Debtor
  3. Borrower
  4. None of these

Cost accounting is primarily concerned with:

  1. Calculating profits
  2. Recording financial transactions
  3. Analyzing and controlling costs
  4. Forecasting future sales

Key factor is also known as ____

  1. Principal factor
  2. Governing factor
  3. Limiting factor
  4. All

The dividend-payout ratio is equal to __________.

  1. dividends per share divided by current price per share.
  2. dividends per share divided by par value per share
  3. dividends per share divided by earnings per share
  4. the dividend yield plus the capital gains yield

ABC Ltd. has a Current Ratio of 1.5: 1 and Net Current Assets of Rs. 5,00,000. What are the Current Assets?

  1. Rs. 25,00
  2. Rs. 15,00,000
  3. Rs. 10,00,000,
  4. Rs. 5,00,000

A Current Ratio of Less than One means:

  1. Share Capital > Current Assets
  2. Current Liabilities < Current Assets
  3. Current Assets < Current Liabilities
  4. None of these

Gross Profit Ratio for a firm remains same but the Net Profit Ratio is decreasing. The reason for such behavior could be:

  1. Decrease in Sales.
  2. Increase in Dividend
  3. If Increase in Expense
  4. Increase in Costs of Goods Sold

In Inventory Turnover calculation, what is taken in the numerator?

  1. Closing Stock.
  2. Opening Stock
  3. Cost of Goods Sold,
  4. Sales

An examination of the sources and uses of funds statement is part of:

  1. A forecasting technique
  2. A funds flow analysis.
  3. A ratio analysis.
  4. Calculations for the balance sheet

Which report gives a review on the profitability of a business?

  1. Statement of changes in equit
  2. Cash flow statement
  3. Balance sheet
  4. Income statement

An adjusting entry for prepaid expenses affects

  1. Liabilities and assets
  2. Liabilities and expenses
  3. Assets and expenses
  4. Assets and income

The closing process involves separate entries to close: (1) expenses, (2) dividends, (3) revenues, and (4) income summary. The correct sequencing of the entries is:

  1. (4), (3), (2), (1)
  2. (1), (2), (3), (4)
  3. (3), (1), (4), (2)
  4. (3), (2), (1), (4)

A company makes a credit sale of $750 on June 13, terms 2/10, n/30, on which it grants a return of$50 on June 16. The amount received as payment in full on June 23 is:

  1. $650
  2. $685
  3. $686
  4. $700

__ feature is used to make selected sentence to All Capital letters and All small letters:

  1. Change sentence
  2. change latter
  3. change case
  4. all

Choose the correct spelling_____

  1. Pictorial
  2. Pactorial
  3. Pacorial
  4. None

Rose Company reported net income of $24,000, net sales of $400,000, and average assets of $600,000. Calculate the profit margin ratio.

  1. 12%
  2. 6%
  3. 40%
  4. 200%

Which of the following is not involved in CVP analysis?

  1. Sales mix.
  2. Unit selling prices.
  3. Fixed costs per unit.
  4. Volume or level of activity.

Margin of safety is computed as

  1. Actual sales – break even sales
  2. Contribution margin – fixed costs
  3. Actual sales – Contribution margin
  4. None of these

The antonym of ‘Frugal’ is ?

  1. Rich
  2. Miserable
  3. Happy
  4. Extravagant

Which word means the opposite of ‘tenacious’

  1. bold
  2. hard
  3. evaporate
  4. timid

I am looking forward ____ my holidays.

  1. Starting
  2. To Start
  3. Start
  4. To starting

The food is very good____that restaurant .

  1. At
  2. off
  3. of
  4. in
  5. with

Exquisite means ___?

  1. strange
  2. exclusive
  3. enjoyable
  4. of great beauty

Chose the antonyms of DEARTH

  1. Poverty
  2. Jack
  3. Abundance
  4. Foreign

choose the correct spelling. Amateur, Ameteur, Aematur, Amature.

  1. Amateur
  2. Ameteur
  3. Aematur
  4. Amature.

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