ACCOUNTING MCQS

Q291: Which of the following business forms of business organization is least regulated?

کاروباری تنظیم کی مندرجہ ذیل کاروباری تنظیموں میں سے کون سے کم سے کم باقاعدہ ہے؟

Corporation

Sole proprietorship

General Partnership

None of these

Q292: Net profit is equal to ______?

خالص منافع ______ کے برابر ہے؟

Sales less cost of sales and operating expenses

Gross Profit less operating expenses

Both A and B

None of these

Q293: Which of the following sections deal with the qualification of the auditor?

مندرجہ ذیل میں سے کون سا سیکشن آڈیٹر کی قابلیت سے نمٹتا ہے؟

Section 224 (3) and section 224 (4)

Section 226 (1) and section 226 (2)

Section 224 (1) and section 224 (2)

None of these

Q294: The income statement should be prepared _______?

آمدنی کا بیان ______ تیار کیا جانا چاہئے؟

After the balance sheet and before the retained earnings statement

Before the retained earnings statement and balance sheet

After the retained earnings statement and before the balance sheet

None of these

Q295: An Accounting Officer or Chief Executive may delegate the procurement function of procuring entity to _______?

ایک اکاؤنٹنگ آفیسر یا چیف ایگزیکٹو حصول کے حصول کی خریداری کے کام کو _______ پر دے سکتا ہے؟

Another procuring entity

A third part procurement agents

A sub-division of that entity

None of these

Q296: Assuming a single journal entry is made to adjust Quinn Company's accounting records at January 31, the journal entry includes ______?

فرض کریں کہ 31 جنوری کو کوئن کمپنی کے اکاؤنٹنگ ریکارڈز کو ایڈجسٹ کرنے کے لئے ایک ہی جریدے کا اندراج کیا گیا ہے ، جرنل کے اندراج میں ______ شامل ہے؟

A credit to Cash for $450.

A debit to Rent Expense for $90.

A credit to Accounts Receivable, G. Denton, for $426.

None of these

Q297: Which item comes under financial activities in cash flow?

نقد بہاؤ میں کون سی آئٹم مالی سرگرمیوں کے تحت آتا ہے؟

Interest paid

Redemption of Preference Share

Issue of Preference Share

All of these

Q298: T-shirt City uses a periodic inventory system. During the first year of operations, the company made four purchases of a particular product. Each purchase was for 500 units and the prices paid were $9 per unit in the first purchase, $10 per unit in the second purchase, $12 per unit in the third purchase, and $13 per unit in the fourth purchase. At the year-end, 650 of these units remained unsold. Compute the cost of goods sold under the FIFO method and LIFO method, respectively.

$16,000 (FIFO) and $13,700 (LIFO)

$13,700 (FIFO) and $16,000 (LIFO)

$8,300 (FIFO) and $6,000 (LIFO)

None of these

500 units @ $9 = $4,500

Q299: Bonds with longer maturities generally have ______ interest rate risk.

لمبی پختگی والے بانڈز میں عام طور پر ______ سود کی شرح کا خطرہ ہوتا ہے۔

Lower

Higher

Depends on the type of bond

None of these

Q300: Which of the following voucher is used to record transactions that do not affect bank and cash?

مندرجہ ذیل میں سے کون سا واؤچر ان لین دین کو ریکارڈ کرنے کے لیے استعمال ہوتا ہے جو بینک اور نقدی کو متاثر نہیں کرتے ہیں؟

Payment Voucher

Nominal Voucher

Journal Voucher

Receipt Voucher

ACCOUNTING MCQS

Q291: Which of the following business forms of business organization is least regulated?

Explanation

Q292: Net profit is equal to ______?

Explanation

Q293: Which of the following sections deal with the qualification of the auditor?

Explanation

Q294: The income statement should be prepared _______?

Explanation

Q295: An Accounting Officer or Chief Executive may delegate the procurement function of procuring entity to _______?

Explanation

Q296: Assuming a single journal entry is made to adjust Quinn Company's accounting records at January 31, the journal entry includes ______?

Explanation

Q297: Which item comes under financial activities in cash flow?

Explanation

Explanation

Step 1: Calculate Total Cost of Purchases

Step 2: Identify Sold and Unsold Units

Step 3: FIFO Method (First-In, First-Out)

Step 4: LIFO Method (Last-In, First-Out)

Final Answer:

Q299: Bonds with longer maturities generally have ______ interest rate risk.

Explanation

Q300: Which of the following voucher is used to record transactions that do not affect bank and cash?

Explanation