This post includes Auditing ,
Accounting, Public Procurement Rules (PPRA) mcqs for the FPSC Senior Auditor
test conducted by the FPSC (Federal Public Service Commission). FPSC has of SENIOR
AUDITOR (BS-16), TEMPORARY LIKELY TO BECOME PERMANENT, PAKISTAN MILITARY
ACCOUNTS DEPARTMENT, MINISTRY OF DEFENCE. Test for the
of FPSC Senior Auditor will be MCQS based carrying 100 marks.
AUDITING
MCQS FOR FPSC SENIOR AUDITOR TEST
1. A company is owned by its
(A) Directors
(B) Managers
(C) Shareholders
(D) Employs
2. Shares of listed companies are
traded in the
(A) Stock Exchange
(B) Option
Market
(C) Future
Exchange
(D) None
of these
3. What from the following is an
integral part of business?
(A) Profit
(B) Risk
(C) Certainty
(D) Profit
and Risk
4. A company sold goods of worth
Rs.1 million, the manufacturing cost of the goods were Rs.600,000. The
transport used in the sale cost Rs.100,000 and the wages paid during the
process of sale were also Rs.100,000. What is the gross and net profit?
(A) Gross
Profit = Rs.600,000 and Net Profit = Rs.400,000
(B) Gross
Profit = Rs.400,000 and Net Profit = Rs.600,000
(C) Gross
Profit = Rs.200,000 and Net Profit = Rs.400,000
(D) Gross
Profit = Rs.400,000 and Net Profit = Rs.200,000
5. Every transaction has a _____
effect.
(A) Zero
(B) Single
(C) Double
(D) Triple
6. The main source(s) of
Generally Accepted Accounting Principles (GAAP) is/are:
(A) Company
Law
(B) Accounting
standards
(C) Both A and
B
(D) None
of these
7. What standards are used to
prepare financial statements by most of the countries and companies?
(A) International
Financial Reporting Standards
(B) International
Financial Accounting Standards
(C) International
Accounting & Auditing Standards
(D) International
Risk Reporting Standards
8. The correct form of
Accounting equation is
(A) Assets
+ Liabilities = Equity
(B) Assets – Liabilities
= Equity
(C) Assets –
Receivable = Equity
(D) Assets
+ Receivable = Equity
9. A company sold goods worth
$5,000 on 5 June and $10,000 on 28 June. The company received the first payment
on 25 June and second on 7 July. The company prepared the financial statement
on 30 June. What would be the total sale on the financial statement?
(A) $0
(B) $5,000
(C) $10,000
(D) $15,000
10. Advance payments are
recognized as
(A) Receivable
(B) Payable
(C) Bad
debt
(D) None
of these
ACCCOUNTING MCQS FOR FPSC SENIOR
AUDITOR TEST
11. What from the following is
NOT a current asset?
(A) Patent
rights
(B) Inventory
(C) Cash
(D) Trade
receivables
12. What from the following is
NOT a non-current asset?
(A) Capital
(B) Property
(C) Patent
rights
(D) Inventory
13. What from the following
is/are NOT tangible asset(s)?
I. Patent rights
II. Goodwill
III. Land
II. Goodwill
III. Land
(A) I
only
(B) II
only
(C) I and II
only
(D) I,
II and III
14. A machine price was $1,000
and was carried through a truck. The truck’s fares were $500. The engineers
charged $500 for the installation. The cost of the machine is?
(A) $1,000
(B) $1,500
(C) $2,000
(D) $2,500
15. Depreciable amount =
(A) Cost
of an asset + Residual value
(B) Cost of an
asset – Residual value
(C) Residual
value – Cost of an asset
(D) None
of these
16. The accounting process of
allocation cost of intangible assets is called
(A) Amortization
(B) Depletion
(C) Going
Concern
(D) Residual
Value
17. The process of recording
consumption of natural resources (or wasting assets) is called
(A) Amortization
(B) Depletion
(C) Going
Concern
(D) Residual
Value
18. The concept that the
enterprise will continue in a foreseeable future is known as
(A) Amortization
(B) Depletion
(C) Going
Concern
(D) Residual
Value
19. What from the following is
NOT a capital expense?
(A) Purchase
of property
(B) Purchase
of office equipment
(C) Replacement
of a vehicle,
(D) Repair of
a vehicle
20. An item of equipment cost
$300,000 and has a residual value of $50,000 at the end of its expected useful
life of four years. What is the depreciable amount?
(A) $50,000
(B) $250,000
(C) $300,000
(D) $350,000
ACCOUNTING MULTIPLE CHOICE QUESTIONS FOR FPSC
SENIOR AUDITOR TEST
21. The expected disposal value of the asset (after deducting
disposal costs) at the end of its expected useful life is called
(A) Residual
value
(B) Net book
value
(C) Depreciation
(D) Substance over
form
22. The figure that appears in the statement of financial
position, after the depreciation, is known as
(A) Depreciation
(B) Substance
over form
(C) Residual value
(D) Net book
value
23. Which from the following asset is NOT depreciated?
I. Advances
II. Land
III. Machinery
II. Land
III. Machinery
(A) I only
(B) II only
(C) I and II
(D) II and III
24. Depreciation is normally charged as
(A) Payable
(B) Receivable
(C) Expenses
(D) Advances
25. A company purchases a non-current asset in Year 1 for
$90,000. The depreciation charge is $15,000. What net book value would be
recorded in financial position statement (or balance sheet) at the end of
Year-2?
(A) $75,000
(B) $60,000
(C) $30,000
(D) $15,000
PUBLIC
PROCUREMENT RULES MCQS FOR FPSC SENIOR AUDITOR TEST
26. All procurement
opportunities over _______ rupees should be advertised in the newspaper.
(A) 0.5 million
(B) 1.5 million
(C) 1.5 million
(D) 2.0
million
27. The procurement opportunities over two million rupees
should be advertised in at least _______ newspaper(s).
(A) One
(B) Two
(C) Three
(D) Four
28. The principal method for the procurement of goods,
services and works is
(A) Open
competitive bidding
(B) Close competitive
bidding
(C) FIFO
(D) LIFO
29. The bidder with the _______ evaluated bid shall be awarded
the procurement contract.
(A) Highest
(B) Lowest
(C) Average
(D) Zero variance
30. Where needed the procuring agency shall require the
successful bidder to furnish a performance guarantee which shall not exceed
_______ of the contract amount.
(A) 5%
(B) 7.5%
(C) 10%
(D) 12.5%
31. The bids for procurement opportunities shall be submitted
in a/an _______ package or packages.
(A) Open
(B) Sealed
(C) Transparent
(D) None of these
32. Where the procuring agency require the bidders to furnish
a bid security, the bid security should not exceed _______ of the bid price.
(A) 5.0%
(B) 7.5%
(C) 10.0%
(D) 12.5%
33. All bids shall be opened
(A) Randomly
(B) Privately
(C) Secretly
(D) Publicly
34. There are _____ procedures of open competitive bidding.
(A) 2
(B) 3
(C) 4
(D) 5
35. The main open competitive bidding procedure is
(A) Single stage
one envelope bidding
(B) Single
stage two envelope procedure
(C) Two stage
bidding procedure
(D) Two stage two
envelope bidding procedure
36. Where alternative technical proposals are possible, the
bidding process used is
(A) Single stage
one envelope procedure
(B) Single stage
two envelope procedure
(C) Two stage
bidding procedure
(D) Two stage
two envelope bidding procedure
37. Where the bids are to be evaluated on technical and
financial grounds and price is taken into account after technical evaluation,
the bidding process used is
(A) Single stage
one envelope procedure
(B) Single
stage two envelope procedure
(C) Two stage
bidding procedure
(D) Two stage two
envelope bidding procedure
38. In large and complex contracts where technically unequal
proposals are likely to be encountered, or there are two or more equally
acceptable technical solutions available to the procuring agency, the bidding
process used is
(A) Single stage
one envelope procedure
(B) Single stage
two envelope procedure
(C) Two stage
bidding procedure
(D) Two stage two
envelope bidding procedure
39. Any bidder feeling aggrieved by any act of the procuring
agency may lodge a written complaint concerning his grievances not later than
_______ days after the announcement of the bid evaluation report.
(A) 7
(B) 10
(C) 15
(D) 30
40. The committee shall investigate and decide upon the
complaint within _______ days of the receipt of the complaint.
(A) 15
(B) 30
(C) 45
(D) 60
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