Accounting Practice MCQs CS Set 12

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(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

Answer. (b)

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

(a) True

(b) False

Answer. (a)

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

(b) False

Answer. (a)

(9) Conversion Cost is calculated as under:

(a) Labour Plus Materials

(b) Labour plus overheads

(c) None of these

Answer. (b)

(10) Current Ratio can be calculated as under:

(a) Current Liabilities/Current Assets

(b) Current Assets/Current Liabilities

(c) None of these

Answer. (b)

(1) The need for keeping a record of income and expenditure is a clear and systematic manner has given rise to the subject of:

(a) Book keeping

(b) Accounting cycle

(c) Manufacturing

(d) None of these

Answer. (a)

(2) If proper books of accounts are not kept in a business the amount of profit:

(a) Can be ascertained

(b) Cannot be ascertained

(c) Easily ascertained

(d) None of these

Answer. (b)

(3) The stage under which transections are recorded chronologically in the books of accounts is called: (a) Summarizing

(b) Classifying

(c) Recording

(d) None of these

Answer. (c)

(4) Book-keeping is mainly concerned with:

(a) Recording of a financial data relating to business transections

(b) Designing the systems in recording, classifying, summarizing the recorded data

(c) Interpreting the data for internal and external users

(d) None of these

Answer. (a)

(5) The term expenses and expenditure are:

(a) Same in nature

(b) Different in nature

(c) Opposite in nature

(d) None of these

Answer. (a)

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