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Accounting MCQs FPSC NTS PPSC Past Papers Test Questions

  • An asset posses which of the following?

    (A) Future economic benefits for the business
    (B) All kind of benefits for the business
    (C) Expenses for the business
    (D) Merits and Demerits for the business

    The answer is: (A) Future economic benefits for the business

  • Liabilities are which of the following?

    (A) Resources
    (B) Obligations
    (C) Future benefits
    (D) Expenses

    The answer is: (B) Obligations
    Liabilities are obligations.

  • The capital of a business would change as a result of:

    (A) Raw material being purchased on credit
    (B) Non-current assets being purchased on credit
    (C) A supplier being paid by cheque
    (D) Wages being paid in cash

    The answer is: (D) Wages being paid in cash

  • Which of the following is an indirect cost?

    (A) carriage inwards
    (B) production wages
    (C) production materials
    (D) factory rent

    The answer is: (D) factory rent

  • There is a debit balance on the office expenses at the end of the financial year. In which section of the balance sheet this will be recorded?

    (A) capital
    (B) current assets
    (C) current liabilities
    (D) fixed assets

    The answer is: (B) current assets