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Home FPSC

FPSC Senior Auditor Test MCQS

August 13, 2020
in FPSC, Past Papers
0
FPSC Senior Auditor test mcqs

FPSC Senior Auditor Test MCQS

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 recently announced 1007 posts of SENIOR AUDITOR (BS-16), TEMPORARY LIKELY TO BECOME PERMANENT, PAKISTAN MILITARY ACCOUNTS DEPARTMENT, MINISTRY OF DEFENCE  in February 2019. Test for the of FPSC Senior Auditor will be MCQS based carrying 100 marks.

Responsibilities/ Job Description/ Duties and Syllabus + Study material pdf for the FPSC Senior Auditor (BS-16)

 

Cost and Management Accounting-615A Multiple Choice Questions.

 

  1. Basic objectives of cost accounting is .
    1. tax
    2. financial
    3. cost
    4. profit

 

  1. Direct cost incurred can be identified with _____.
    1. each
    2. each unit of
    3. each
    4. each 

 

  1. Overhead cost is the total of ___.
    1. all indirect
    2. all direct
    3. indirect and direct
    4. all specific costs

 

  1. Imputed cost is a _________.
    1. notional
    2. real
    3. normal
    4. variable cost

 

  1. Operating costing is suitable for .
    1. job order
    2.  
    3. sugar
    4. service industries

 

  1. Process costing is suitable for .
    1.  
    2. oil reefing
    3. transport
    4. brick laying

 

  1. Cost classification can be done in .
    1. two
    2. three
    3. four
    4. several

 

  1. Costing refers to the techniques and processes of                    
    1. Ascertainment of
    2. Allocation of
    3. Apportion of
    4. Distribution of

 

  1. Cost accounting was developed because of the .
    1. limitations of the financial
    2. limitations of the management
    3. limitations of the human resource
    4. limitations of the double entry ANSWER: A

 

  1. Multiple costing is a technique of using two or more costing methods for ascertainment of cost
    1. the same
    2. the several
    3. the same
    4. the several ANSWER: A

 

  1. Wages paid to a labour who was engaged in production activities can be termed
    1. direct
    2. indirect
    3. sunk cost.
    4. imputed ANSWER: A

 

  1. The cost which is to be incurred even when a business unit is closed is
    1. imputed
    2. historical
    3. sunk cost.
    4. shutdown

 

 

 

ANSWER: D

 

  1. Classification of cost is useful .
    1. to find gross
    2. to find net
    3. to identify
    4. to identify ANSWER: C

 

  1. Elements of costs
    1. three
    2. four
    3. five
    4. seven ANSWER: A

 

  1. Direct expenses are also called .
    1. major expenses.
    2. chargeable
    3. overhead
    4. sundry ANSWER: B

 

  1. Indirect material used in production is classified
    1. office
    2. selling
    3. distribution
    4. production ANSWER: D

 

  1. Warehouse rent is a part of .
    1. prime cost.
    2. factory
    3. distribution
    4. production ANSWER: C

 

  1. Indirect material scrap is adjusted along with .
    1. prime cost.
    2. factory
    3. labour
    4. cost of goods sold. ANSWER: B

 

  1. Which one of the following is not considered for preparation of cost sheet?
    1. Factory
    2. Goodwill written
    3. Selling

 

 

 

  1. Labour ANSWER: B

 

  1. Sale of defectives is reduced from .
    1. prime cost.
    2. works
    3. cost of
    4. cost of ANSWER: C

 

  1. Tender is
    1. estimation of
    2. estimation of
    3. estimation of selling
    4. estimation of ANSWER: C

 

  1. Cost of sales plus profit is .
    1. selling
    2. value of finished
    3. value of goods
    4. value of ANSWER: A

 

  1. Prime cost
    1. direct materials, direct wages and indirect expenses .
    2. indirect materials and indirect labour and indirect
    3. direct materials, direct wages and direct
    4. direct materials, indirect wages and indirect ANSWER: C

 

  1. Total of all direct costs is termed as .
    1. prime cost.
    2. works
    3. cost of
    4. cost of ANSWER: A

 

  1. Depreciation of plant and machinery is a part of .
    1. factory
    2. selling
    3. distribution
    4. administration ANSWER: A

 

  1. Audit fess is a part of .
    1. works on cost.
    2. selling

 

 

 

  1. distribution
  2. administration ANSWER: D

 

  1. Counting house salary is part of .
    1. factory
    2. selling
    3. distribution
    4. administration ANSWER: D

 

  1. Factory overhead can be charged on the basis of -.
    1. material
    2. labour
    3. prime
    4. direct expenses ANSWER: A

 

  1. Office and administrative expenses can be charged on the basis of .
    1. material
    2. labour
    3. prime
    4. factory ANSWER: C

 

  1. Selling and distribution expenses can be charged on the basis of .
    1. material
    2. labour
    3. prime
    4. factory ANSWER: C

 

  1. The ratios which reflect managerial efficiency in handling the assets is.
    1. turnover ratios
    2. profitability
    3. short term solvency
    4. long term solvency ANSWER: A

 

  1. The ratios which reveal the final result of the managerial policies and performance is .
    1. turnover
    2. profitability
    3. short term solvency
    4. long term solvency ANSWER: B

 

  1. Return on investment is a .
    1. turnover

 

 

 

  1. short term solvency
  2. profitability
  3. long term solvency ANSWER: C

 

  1. Net profit ratio is a .
    1. turnover
    2. long term solvency
    3. short term solvency ratio
    4. profitability ANSWER: D

 

  1. Stock turnover ratio is a .
    1. turnover
    2. profitability
    3. short term solvency
    4. long term solvency ANSWER: A

 

  1. Current ratio is a
    1. short-term solvency
    2. long-term solvency
    3. profitability
    4. turnover ANSWER: A

 

  1. Proprietary ratio is a .
    1. short-term solvency
    2. long-term solvency
    3. profitability
    4. turnover ANSWER: B

 

  1. Fixed assets ratio is a                    
    1. short-term solvency
    2. long-term solvency
    3. profitability
    4. turnover ANSWER: B

 

  1. Fixed assets turnover ratio is a              
    1. short-term solvency
    2. long-term solvency
    3. profitability
    4. turnover ANSWER: D

 

  1. The ratio which measures the profit in relation to capital employed is known as

 

 

 

  1. return on
  2. gross profit
  3. operating
  4. operating profit ANSWER: A
Jump to section

2. FPSC Senior Auditor Test MCQS

  • 1. FPSC Senior Auditor Test MCQS
  • 2. FPSC Senior Auditor Test MCQS
  1. Selling price per unit 10; Variable cost Rs. 8 per unit; Fixed cost Rs. 20,000; Break-even production in units .
  2. 10,000.
  3. 16,300.
  4. 2,000.
  5. 2,500. ANSWER: D

 

  1. Sales Rs. 25,000; Variable cost R 8,000; Fixed cost Rs. 5,000; Break-even sales in value .
  2. Rs. 7,936.
  3. Rs. 7,353.
  4. Rs. 8,333.
  5. Rs. 9,090. ANSWER: B

 

  1. Fixed cost 80,000; Variable cost Rs. 2 per unit; Selling price_Rs. 10 per unit; turnover required for a profit target of Rs. 60,000.
  2. Rs. 1,75,000.
  3. Rs. 1,17,400.
  4. Rs. 1.57,000.
  5. Rs. 1,86,667. ANSWER: A

 

  1. Sales Rs. 25,000; Variable cost R 15,000; Fixed cost Rs .4,000; P/V Ratio is . A. 40% .
  2. 80%
  3. 15%
  4. 30%. ANSWER: A

 

  1. Sales Rs. 50,000; Variable cost R 30,000; Net profit Rs. 6,000; fixed cost is . A. Rs. 10,000.
  2. b. Rs. l4,000 .
  3. Rs. 12,000.
  4. Rs. 8,000. ANSWER: B

 

  1. Actual sales Rs .4,00,000; Break-even sales 2,50,000; Margin of Safety in percentage is .
  2. 33.33%.
  3. 66.67%
  4. 37.5% .
  5. 76.33%.

 

 

 

ANSWER: C

 

  1. P/V Ratio 50%; Variable cost of the produce 25; Selling price is .
    1. 50 .
    2. 40.
    3. 30 .
    4. 55. ANSWER: A

 

  1. Fixed cost 2,00,000; Sales Rs. 8,00,000; P/V Ratio 30%; the amount of’ profit is . A. Rs. 50,000.
  2. Rs. 40,000 .
  3. Rs. 35,000 .
  4. Rs. 45,000 . ANSWER: B

 

  1. P/V Ratio is 25% and Margin of Safety is Rs; 3,00,000, the amount of profit is . Rs. 1,00,000.
  2. Rs. 80,000.
  3. Rs. 75,000.
  4. . Rs. 60,000. ANSWER: C

 

  1. Total sales 20,00,000; Fixed expenses Rs. 4,00,000; P/V Ratio 40%; Break-even capacity in percentage is .
  2. 40% .
  3. 60% .
  4. 50% .
  5. 45%. ANSWER: C

 

  1. Break – even point occurs at 40% of` total capacity, margin of safety will be . 40% .
  2. 60% .
  3. 80% .
  4. 85% . ANSWER: B

 

  1. If the P/V Ratio of a product is 30% and selling price is Rs. 25 per unit, the marginal cost of the product would be .
  2. Rs.18.75 .
  3. 16 .
  4. 15 .
  5. 20 . ANSWER: A

 

  1. Absorption costing is also known as .
    1. historical

 

 

 

  1. real
  2. marginal
  3. real costing . ANSWER: A

 

  1. Under marginal costing stock are valued at .
    1. fixed
    2. semi-variable
    3. variable
    4. market ANSWER: C

 

  1. The budget is a .
    1. a post-mortem analysis .
    2. a substitute of management
    3. an aid to management
    4. calculation . ANSWER: C

 

  1. One of the most important tools of cost planning is .
    1.  
    2. direct
    3. unit
    4. cost ANSWER: A

 

  1. Sales budget is a .
    1. Functional
    2. Expenditure budget.
    3. Master budget .
    4. Flexible ANSWER: A

 

  1. The budget which usually takes the form of budgeted profit and loss account and balance sheet is known as          
    1. Flexible budget .
    2. Master
    3. Cash budget .
    4. Purchase budget. ANSWER: B

 

  1. Which of the following is usually a long-term budget?.
    1. .Fixed
    2. Cash
    3. Sales budget
    4. Capital expenditure ANSWER: D

 

 

 

  1. The fixed-variable cost classification has `a special significance in the preparation of .
    1. Capital
    2. Cash
    3. Master budget .
    4. Flexible budget . ANSWER: D

 

  1. The budget, which is prepared first of all
    1. Master
    2. Cash
    3. Budget for key
    4. Flexible ANSWER: C

 

  1. Preparing budget figures for different levels of activity within a range under flexible budgeting is

              .

  1. Formula method.
  2. Multi-activity
  3. Budget cost allowance
  4. Proportionate method. ANSWER: B

 

  1. What type of budget is designed to take into account forecast change in costs, prices, etc?
    1. Master
    2. Rolling
    3. Flexible budget .
    4. Functional ANSWER: B

 

  1. Operation budgets normally cover a period of .
    1. one to ten
    2. one to two
    3. one to five years.
    4. one year or ANSWER: D

 

  1. The entire process of preparing the budgets is known as .
    1.  
    2.  
    3.  
    4. ANSWER: C

 

  1. Budgetary control starts with .
    1.  
    2.  
    3.  
    4.  

 

 

 

ANSWER: C

 

  1. Budgetary control ends with .
    1.  
    2. Organizing
    3.  
    4. ANSWER: D

 

  1. Budget designed to remain constant irrespective of the level of activity attained is called .
    1. Fixed
    2. Flexible budget.
    3. Sales
    4. Production budget ANSWER: A

 

  1. Long-term budgets are prepared for .
    1. 1
    2. 1-3
    3. 1-5
    4. 5-10 ANSWER: D

 

  1. The budget which shows the budgeted quantity of output to be produced during a specific period is.
    1. Fixed
    2. Flexible budget.
    3. Sales
    4. Production budget ANSWER: D

 

  1. Material consumption budget is prepared on the basis of .
    1. Production
    2. Sales
    3. Fixed
    4. Flexible ANSWER: A

 

  1. Material budget consists of two parts, one is the consumption budget and another Is .
    1. Material purchase budget.
    2. Material sales
    3. Material production
    4. Material ANSWER: A

 

  1. Materials purchase budget is prepared on the basis of .
    1. Material sales
    2. Material consumption

 

 

 

  1. Material production
  2. Material ANSWER: B

 

  1. Labour budget is a part of .
    1. Fixed
    2. Sales
    3. Production
    4. Flexible ANSWER: C

 

  1. Labour budget is prepared by .
    1. Personnel
    2. Sales
    3. Purchase department.
    4. Accounts ANSWER: A

 

  1. Budget of indirect costs in the form of indirect wages, indirect material and indirect expenses in the factory is .
    1. Production overhead
    2. Administration overhead
    3. Selling and distribution overhead
    4. Master ANSWER: A

 

  1. The budget prepared to estimate the expenditure to be incurred for planning, organizing, direction and control function of the management is .
    1. . Production overhead
    2. Administration overhead
    3. Selling and distribution overhead
    4. Master ANSWER: B

 

  1. The budget prepared to estimate expenditure to be incurred to sell the product and its distribution is

                        .

  1. Production overhead
  2. Administration overhead
  3. Selling and distribution overhead
  4. Master budget ANSWER: C

 

  1. The budget prepared to estimate the research and development expenditure to be incurred during a specific period is .
    1. Production overhead
    2. Administration overhead
    3. Selling and distribution overhead
    4. Research and development

 

 

 

ANSWER: D

 

  1. The budget prepared to estimate the expenditure on fixed assets is known
    1. Capital expenditure budget
    2. Production overhead
    3. Administration overhead
    4. Selling and distribution overhead ANSWER: A

 

  1. The budget prepared for replacement of assets, expansion of production facilities, adoption of new technologies is .
    1. Capital expenditure
    2. Production overhead
    3. Administration overhead
    4. Selling and distribution overhead ANSWER: A

 

  1. A fixed budget is prepared for only .
    1. One level of
    2. Range of
    3. Two level of
    4. Three level of ANSWER: A

 

  1. A flexible budget is prepared for a .
    1. One level of
    2. Range of
    3. Two level of
    4. Three level of ANSWER: B

 

  1. The budget starts without any base is .
    1. Master
    2. Flexible budget.
    3. Zero base
    4. Fixed ANSWER: C

 

  1. ABC analysis is .
    1. At Best
    2. Always Better Control.
    3. Average better Control.
    4. All best ANSWER: B

 

  1. JIT inventory system is .
    1. . Just In
    2. Just Inventory

 

 

 

  1. Job In
  2. Job Inventory ANSWER: A

 

  1. Perpetual inventory system involves .
    1. bincard and stores
    2. bill of material and material
    3. purchase requisition and purchase
    4. inward and outward ANSWER: A

 

  1. FIFO is .
    1. Fast Investment in Future
    2. First In First
    3. Fast In Fast Out
    4. Fast Issue Of Fast ANSWER: D

 

  1. LIFO method of pricing of materials is more suitable
    1. material prices are
    2. material prices are
    3. material prices are
    4. material prices are ANSWER: A

 

  1. Average method of pricing the material issues is useful when .
    1. material prices are
    2. material prices are
    3. material prices are
    4. material prices are ANSWER: D

 

  1. Scrap is .
    1. residue of
    2. wastage of
    3. surplus
    4. abnormal loss of ANSWER: A

 

  1. Material is issued by store keeper
    1. material
    2. material
    3. goods received
    4. purchase requisition. ANSWER: A

 

  1. EOQ stands for .
    1. Economic Order

 

 

 

  1. Essential Order
  2. Economic Output
  3. Essential Output ANSWER: A

 

  1. The document which is prepared after receiving and inspecting material .
    1. material record
    2. goods received
    3. bill of
    4. inventory ANSWER: B

 

  1. The budget which reviews a programme or project from ‘scratch’ is
    1. Master
    2. Flexible budget.
    3. Zero base
    4. Fixed ANSWER: C

 

  1. The budget said as ‘resource planning’ and ‘redeployment process’ is .
    1. Zero base budgeting.
    2. Master
    3. Flexible budget.
    4. Fixed ANSWER: A

 

  1. Expected sales + desired closing stock – estimated opening stock = .
    1. Expected
    2. Expected
    3. Expected
    4. Expected ANSWER: A

 

  1. In production budget closing stock is added with .
    1.  
    2.  
    3.  
    4. ANSWER: B

 

  1. In production budget opening stock is deducted with .
    1.  
    2.  
    3.  
    4. ANSWER: B

 

  1. Material consumed is Rs. 5,00,000 Opening stock of raw material is 50,000 and Closing stock of

 

 

 

raw material is Rs. 25,000. What is the cost of raw material purchased?

  1. Rs. 4,50,000.
  2. Rs. 4,75,000.
  3. Rs. 5,25,000.
  4. Rs. 5, 50,000. ANSWER: B

 

  1. If selling price is 25,000 and profit is Rs. 5,000 then what is the percentage of profit on cast?
  2. 20%.
  3. 25%.
  4. 33.33%.
  5. 35%. ANSWER: B

 

  1. Material control involves .
    1. consumption of material
    2. issue of
    3. purchase of
    4. purchase, storage and issue of ANSWER: C

 

  1. Material requisition is meant for .
    1. purchase of
    2. supply of material from
    3. sale of
    4. storage of ANSWER: B

 

  1. Stock control through stock levels and EOQ is called .
    1. demand and supply
    2. perpetual inventory
    3. control by important and
    4. automatic order ANSWER: B

Jump to section

2. FPSC Senior Auditor Test MCQS

  • 1. FPSC Senior Auditor Test MCQS
  • 2. FPSC Senior Auditor Test MCQS
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