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Online Practice Tests of Accounting / Account Branch

All important questions related to Account Officers used in PAF initial tests are available here. These MCQs are very helpful and to join Pak Defence Forces. These are applicable for all officers and tests of below ranks. For more notes of the subjects CLICK HERE

Most Important Tests to become an Account Officer

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Accounting Quiz

Principal and markup payment within one year constitutes long term liability for disclosure in the balance sheet of a company.

True

False

Which of the following errors is an error of omission?

The total of the sales journal has not been posted to the Sales Account

Repairs to buildings have been debited to buildings account

Sale of ` 100 was recorded in the Purchases Journal

Wages paid to Mohan have been debited to his account

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?

$2,000

$1,000

$1,500

$2,500

Banks, for the preparation of financial statements, are governed under:

None of these

Banking Companies Ordinance, 1962

State Bank of Pakistan Act

Sales on credit is recorded in which of the following journal?

Purchase journal

Sales journal

Sales return journal

Purchases return journal

Short-term loan can be described as:

If the period is less than one year

If the period is three years

If the period is over one year

What is the basic accounting equation?

Assets + Liabilities = Capital

Capital + Liabilities = assets

Capital + Assets = Liabilities

Liabilities - Capital = Assets

The following is (are) the type(s) of Journal

Cash Journal

Purchase Journal

All of the above

Sales Journal

Capital expenses are shown in______?

Balance Sheet

Profit and Loss A/c

Trading A/c

None

A cash purchase of supplies would:

None of these

Decrease owner’s equity

Have no effect on total assets

Increase liabilities

It means that cash is received by the business from the proprietor. It results in the immediate receipt of cash

Bought goods for cash rs 2,000

Antony commenced business with Rs 10,000

Sold goods for cashrs1000

Charged commission to Chander rs 100

Depreciation is normally charged as

payable

receivable

advances

expenses

The gross decrease in economic benefits for the business are what?

Obligations

Expenses

Income or gain

Creditors

Which of the following accounts can be classified as a real account?

Rent expenses account

Cash account

Rent income account

insurance expenses account

A credit balance remaining in FOH Control account is called:

Over-applied overhead

Under-applied overhead

None of these

Actual overhead

Identify the correct sequence of accounting process:

Identifying -> Communicating -> Recording

Identifying -> Recording -> Communicating

Recording -> Communicating -> Identifying

Communicating -> Recording -> Identifying

Internal Control is totally synonymous with:

Internal audit

Internal check

None of above

Which of the following statements is correct about Trial Balance?

The Trial Balance shows only nominal account balances

The Trial Balance is prepared after preparing the Profit and Loss Account

The Trial Balance has no statutory importance from the point of view of law

The Trial Balance shows only balances of Assets and Liabilities

In accounting, an economic event is referred to as:

Cash

Bank statement

Exchange of money

Transaction

Which of the following specialized journals records “goods returned by customers”?

Purchases return journal

Purchase journal

Sales journal

Sales return journal

Identify the nominal account

Machinery account

Building account

Creditors account

Rent expenses account

Break Even can be calculated as under:

None of these.

FC I- VC TR

______VC_______ FC- TR TC

Income Tax is levied on:

None of above

Agricultural Income

Presumptive Income

Which of the following specialized journals records “goods returned by customers”?

Purchase journal

Sales return journal

Purchases return journal

Sales journal

Amount, cash, or other assets removed from business by owner is:

Drawings

Capital

Assets

None of these

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