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Latest Punjab Lecturer Commerce Exam Question (Objective Questions), MCQ in English
Subjects : Commerce
Question Bank Punjab Lecturer Commerce (Paper 2) Exam - English
Commerce
Q 1 :
Accounting is primarily concerned with?
A.Recruiting employees
B.Recording and communicating financial information
C.Producing goods
D.Conducting market surveys
Q 2 :
The main objective of accounting is to?
A.provide financial information for decision-making
B.Eliminate competition
C.Increase production automatically
D.Fix market prices
Q 3 :
Which function is performed first in the accounting process?
A.Interpretation
B.Classification
C.Preparation of balance sheet
D.Identification of financial transactions
Q 4 :
Bookkeeping mainly involves?
A.Recording financial transactions
B.Auditing accounts
C.Financial forecasting
D.Tax assessment
Q 5 :
Which is an internal user of accounting information?
A.Government
B.Investor
C.Management
D.Creditor
Q 6 :
Which is an external user of accounting information?
A.Investor
B.Department head
C.Sales manager
D.Production manager
Q 7 :
Investors generally use accounting information to assess?
A.Employee attendance
B.Product colour
C.Return and risk on investment
D.Factory location only
Q 8 :
Creditors are particularly interested in the firm's?
A.Advertising policy
B.Ability to repay debts
C.Employee recruitment
D.Production design
Q 9 :
Which is a limitation of accounting?
A.It records financial transactions
B.It provides information in monetary terms
C.It may ignore qualitative factors
D.It classifies transactions
Q 10 :
Which information is generally not recorded in financial accounting?
A.Cash sales
B.Credit purchases
C.Employee morale
D.Machinery purchase
Q 11 :
An asset is?
A.A business expense only
B.An owner's withdrawal
C.A present economic resource controlled by an entity
D.An external liability
Q 12 :
A liability represents?
A.Owner's personal asset
B.Business revenue
C.Present obligation of the business
D.Cash receipt only
Q 13 :
Capital represents?
A.Owner's claim against business assets
B.Amount owed to suppliers
C.Operating expense
D.Sales revenue
Q 14 :
Drawings result in?
A.Decrease in owner's equity
B.Increase in liability
C.Increase in owner's equity
D.Increase in revenue
Q 15 :
Revenue normally arises from?
A.Purchase of machinery
B.Owner's capital contribution
C.Borrowing from bank
D.Ordinary business activities
Q 16 :
Expenditure incurred to acquire a fixed asset is generally?
A.Revenue expenditure
B.Deferred income
C.Capital expenditure
D.Current liability
Q 17 :
Wages paid for installation of machinery are treated as?
A.Drawings
B.Revenue expenditure
C.Capital expenditure
D.Revenue receipt
Q 18 :
Ordinary repairs to machinery are generally?
A.Capital expenditure
B.Contingent liability
C.Capital receipt
D.Revenue expenditure
Q 19 :
Amount received from the issue of shares is generally a?
A.Revenue receipt
B.Revenue expenditure
C.Capital receipt
D.Deferred expense
Q 20 :
Under the business entity concept, the business and its owner are?
A.Always treated as one person
B.Treated as separate accounting entities
C.Separate only for taxation
D.Separate only for companies
Q 21 :
The money measurement concept requires recording of?
A.Only events measurable in monetary terms
B.All events
C.Only cash transactions
D.Only credit transactions
Q 22 :
The going concern concept assumes that the business will?
A.Continue operations for the foreseeable future
B.Close immediately
C.Sell all assets annually
D.Avoid credit transactions
Q 23 :
The accounting period concept divides the life of a business into?
A.Artificial reporting periods
B.Product cycles
C.Marketing periods
D.Credit periods only
Q 24 :
The historical cost concept generally records an asset at?
A.Liquidation value
B.Expected selling price
C.Replacement cost only
D.Acquisition cost
Q 25 :
The dual aspect concept forms the basis of?
A.Single-entry system
B.Cost sheet
C.Cash budgeting
D.Double-entry system
Q 26 :
The accounting equation is?
A.Assets = Capital − Liabilities
B.Revenue = Assets + Liabilities
C.Liabilities = Assets + Capital
D.Assets = Liabilities + Owner's Equity
Q 27 :
Under accrual accounting, revenue is generally recognized when it is?
A.Converted into cash
B.Collected only
C.Deposited in bank only
D.Earned
Q 28 :
Under cash basis accounting, expenses are normally recognized when they are?
A.Paid
B.Incurred
C.Estimated
D.Budgeted
Q 29 :
The matching principle requires expenses to be recognized?
A.Only when cash is paid
B.With related revenues of the accounting period
C.Only at liquidation
D.Before revenue arises
Q 30 :
Prudence primarily requires accountants to exercise?
A.Tax avoidance
B.Optimism in asset valuation
C.Secrecy
D.Caution under uncertainty
Q 31 :
Consistency in accounting policies improves?
A.Production efficiency
B.Cash balance automatically
C.Comparability between periods
D.Market demand
Q 32 :
Materiality relates to the?
A.Location of business
B.Physical size of assets only
C.Number of employees
D.Significance of accounting information
Q 33 :
IFRS stands for?
A.International Financial Reporting Standards
B.Indian Fiscal Reporting System
C.International Finance Recording System
D.Internal Financial Regulation Standards
Q 34 :
IFRS Standards are issued by the?
A.IMF
B.WTO
C.IASB
D.ILO
Q 35 :
IASB stands for?
A.Indian Accounting Supervisory Board
B.International Accounting Standards Board
C.International Audit Standards Bureau
D.Internal Accounting Systems Board
Q 36 :
A voucher is primarily used as?
A.A trial balance
B.A ledger account
C.Documentary evidence of a transaction
D.A financial statement
Q 37 :
A cash memo is commonly issued for?
A.Depreciation
B.Credit purchases only
C.Cash transactions
D.Bad debts
Q 38 :
An invoice is an important source document for?
A.Closing stock adjustment only
B.Depreciation
C.Provision for tax
D.Sale or purchase of goods
Q 39 :
A debit note is commonly prepared by the buyer when?
A.Capital is introduced
B.Cash sales are made
C.Goods are returned to supplier
D.Salary is paid
Q 40 :
A credit note is generally issued by a seller when?
A.Bank loan is received
B.Machinery is purchased
C.Capital is withdrawn
D.Goods are returned by a customer
Q 41 :
The journal is known as the?
A.Final account
B.Principal financial statement
C.Book of original entry
D.Balance book
Q 42 :
Recording a transaction in the journal is called?
A.Posting
B.Balancing
C.Journalising
D.Casting
Q 43 :
Transfer of entries from journal to ledger is called?
A.Vouching
B.Journalising
C.Posting
D.Auditing
Q 44 :
A ledger is principally a collection of?
A.Accounts
B.Vouchers
C.Invoices
D.Trial balances
Q 45 :
The main purpose of a ledger is to?
A.Calculate market share
B.Prepare source documents
C.Authorize transactions
D.Classify transactions account-wise
Q 46 :
The purchases book records?
A.Credit purchases of goods
B.Cash purchases of all assets
C.Credit purchases of machinery
D.Cash sales
Q 47 :
The sales book records?
A.Cash sales
B.Credit sales of goods
C.Sale of fixed assets
D.All receipts
Q 48 :
Purchase returns are generally recorded in the?
A.Cash book
B.Returns inward book
C.Sales book
D.Returns outward book
Q 49 :
Sales returns are generally recorded in the?
A.Returns outward book
B.Returns inward book
C.Purchases book
D.Journal proper only
Q 50 :
A cash book records?
A.Credit purchases only
B.Credit sales only
C.Cash and bank transactions
D.Depreciation only
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