Accounting Multiple Choice Questions

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21. The expected disposal value of the asset (after deducting disposal costs) at the end of its expected useful life is called
(A) residual value
(B) net book value
(C) depreciation
(D) substance over form

22. The figure that appears in the statement of financial position, after the depreciation, is known as
(A) depreciation
(B) substance over form
(C) residual value
(D) net book value

23. Which from the following asset is NOT depreciated?
I. Advances
II. Land
III. Machinery
(A) I only
(B) II only
(C) I and II
(D) II and III

24. Depreciation is normally charged as
(A) payable
(B) receivable
(C) expenses
(D) advances

25. A company purchases a non-current asset in Year 1 for $90,000. The depreciation charge is $15,000. What net book value would be recorded in financial position statement (or balance sheet) at the end of Year-2?
(A) $75,000
(B) $60,000
(C) $30,000
(D) $15,000

ANSWERS: ACCOUNTING MULTIPLE CHOICE QUESTIONS
21(A) 22(D) 23(C) 24(C) 25(B)

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Accounting Quizzes

Accounting Multiple Choice Questions (MCQs). Find answers to the questions at the bottom of the page.

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16. The accounting process of allocation cost of intangible assets is called
(A) Amortization
(B) Depletion
(C) Going Concern
(D) Residual Value

17. The process of recording consumption of natural resources (or wasting assets) is called
(A) Amortization
(B) Depletion
(C) Going Concern
(D) Residual Value

18. The concept that the enterprise will continue in a foreseeable future is known as
(A) Amortization
(B) Depletion
(C) Going Concern
(D) Residual Value

19. What from the following is NOT a capital expense?
(A) Purchase of property
(B) Purchase of office equipment
(C) Replacement of a vehicle,
(D) Repair of a vehicle

20. An item of equipment cost $300,000 and has a residual value of $50,000 at the end of its expected useful life of four years. What is the depreciable amount?
(A) $50,000
(B) $250,000
(C) $300,000
(D) $350,000

ANSWERS: ACCOUNTING QUIZZES
16(A) 17(B) 18(C) 19(D) 20(B)

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Accounting MCQs

Accounting Multiple Choice Questions (MCQs) Page-3. Find answers to the following quizzes at the bottom of the page.

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11. What from the following is NOT a current asset?
(A) Patent rights
(B) Inventory
(C) Cash
(D) Trade receivables

12. What from the following is NOT a non-current asset?
(A) Capital
(B) Property
(C) Patent rights
(D) Inventory

13. What from the following is/are NOT tangible asset(s)?
I. Patent rights
II. Goodwill
III. Land
(A) I only
(B) II only
(C) I and II only
(D) I, II and III

14. 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?
(A) $1,000
(B) $1,500
(C) $2,000
(D) $2,500

15. Depreciable amount =
(A) Cost of an asset + Residual value
(B) Cost of an asset – Residual value
(C) Residual value – Cost of an asset
(D) None of these

ANSWERS: ACCOUNTING MCQS
11(A) 12(D) 13(C) 14(C) 15(B)

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Accounting Quiz

Accounting Multiple Choice Questions (MCQs). Find answers to the following quizzes at the bottom of the page.

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6. The main source(s) of Generally Accepted Accounting Principles (GAAP) is/are:
(A) Company Law
(B) Accounting standards
(C) Both A and B
(D) None of these

7. What standards are used to prepare financial statements by most of the countries and companies
(A) International Financial Reporting Standards
(B) International Financial Accounting Standards
(C) International Accounting & Auditing Standards
(D) International Risk Reporting Standards

8. The correct form of Accounting equation is
(A) Assets + Liabilities = Equity
(B) Assets – Liabilities = Equity
(C) Assets – Receivable = Equity
(D) Assets + Receivable = Equity

9. A company sold goods worth $5,000 on 5 June and $10,000 on 28 June. The company received the first payment on 25 June and second on 7 July. The company prepared the financial statement on 30 June. What would be the total sale on the financial statement?
(A) $0
(B) $5,000
(C) $10,000
(D) $15,000

10. Advance payments are recognized as
(A) receivable
(B) payable
(C) bad debt
(D) none of these

ANSWERS: ACCOUNTING QUIZ
6(C) 7(A) 8(B) 9(D) 10(A)

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Senior Auditor Test Sample Paper

Sample Test questions for Senior Auditor Test by Federal Public Service Commission.

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1. A company is owned by its
(A) directors
(B) managers
(C) shareholders
(D) employs

2. Shares of listed companies are traded in the
(A) stock exchange
(B) option market
(C) future exchange
(D) none of these

3. What from the following is an integral part of business?
(A) Profit
(B) Risk
(C) Certainty
(D) Profit and Risk

4. A company sold goods of worth Rs.1 million, the manufacturing cost of the goods were Rs.600,000. The transport used in the sale cost Rs.100,000 and the wages paid during the process of sale were also Rs.100,000. What is the gross and net profit?
(A) Gross Profit = Rs.600,000 and Net Profit = Rs.400,000
(B) Gross Profit = Rs.400,000 and Net Profit = Rs.600,000
(C) Gross Profit = Rs.200,000 and Net Profit = Rs.400,000
(D) Gross Profit = Rs.400,000 and Net Profit = Rs.200,000

5. Every transaction has a _____ effect.
(A) zero
(B) single
(C) double
(D) triple

ANSWERS: SENIOR AUDITOR TEST SAMPLE PAPER
1(C) 2(A) 3(B) 4(D) 5(C)

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Grammar Practice Questions

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91. Not only her parents __________ her class teacher __________ proud of her results.
(A) but also, was
(B) but also, were
(C) and also, was
(D) and also, were

92. Yesterday I got a call from my old friend, and he __________ me the whole story.
(A) tell
(B) tells
(C) told
(D) telling

93. Maldives is a country __________ thousands of islands, and it is __________ most dispersed country.
(A) made of, a
(B) made of, the
(C) made up of, a
(D) made up of, the

94. You need to write your mobile number, while home address is __________.
(A) option
(B) options
(C) optional
(D) optionals

95. The problem is not _________ to one of internal.
(A) reduce
(B) reducible
(C) reliable
(D) reduction

96. They had been __________ false beliefs from their childhood.
(A) doctrinated
(B) indoctrine
(C) indoctrinated
(D) indoctrination

97. She is not willing to reveal the identity of her __________.
(A) inform
(B) informant
(C) informal
(D) information

98. Employs in this department always __________ close relations with each other.
(A) maintain
(B) maintains
(C) maintained
(D) maintenance

99. Emma is older __________ Alice, while Jolie is __________ oldest.
(A) than, an
(B) from, the
(C) then, the
(D) than, the

100. I can’t walk anymore, I’m __________ tired.
(A) too
(B) so
(C) such
(D) so such

ANSWERS: GRAMMAR PRACTICE QUESTIONS
91. A
92. C
93. D
94. C
95. B
96. C
97. B
98. A
99. D
100. A

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Toefl Grammar Practice Test Preparation

Toefl Grammar Practice Test

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71. I must get to the market before it __________.
(A) close
(B) closes
(C) closed
(D) has closed

72. One day people __________ to Moon.
(A) travel
(B) traveled
(C) will travel
(D) will be travelling

73. Olga __________ gym this evening.
(A) will go
(B) will goes
(C) is going
(D) is going to

74. Emma lives in Brighton, __________?
(A) doesn’t she
(B) don’t she
(C) didn’t she
(D) won’t she

75. They will not come here, __________?
(A) won’t they
(B) won’t them
(C) will they
(D) will them

76. The newly installed application sounds very __________.
(A) interest
(B) interested
(C) interestingly
(D) interesting

77. Our team played __________.
(A) bad
(B) badly
(C) good
(D) well done

78. Alice is not at home at the moment. She __________ work.
(A) is at
(B) is on
(C) was at
(D) was on

79. Alice, Anna and I __________ good friends.
(A) am
(B) was
(C) are
(D) been

80. I __________ my mobile phone yesterday.
(A) loss
(B) loose
(C) lose
(D) lost

ANSWERS: TOEFL GRAMMAR PRACTICE TEST
71. B
72. C
73. D
74. A
75. C
76. D
77. B
78. A
79. C
80. D

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Toefl Grammar Test Preparation

Toefl Grammar

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81. My elder brother has got a motor bike but I __________.
(A) have not
(B) has not
(C) had not
(D) could not

82. What __________ to drink, tea or coffee?
(A) you would like
(B) would you like
(C) you would liked
(D) would you liked

83. __________ for a concert this evening?
(A) Would you went
(B) Would you going
(C) Would you like going
(D) Would you like to go

84. Are you interested in __________?
(A) Physics
(B) the Physics
(C) a Physics
(D) Physical

85. I bought some pictures when I was __________ holiday __________ December, and now I’m going to hang them __________ the wall.
(A) in, in, along
(B) on, for, on
(C) on, in, on
(D) on, in, along

86. I am going __________ to watch a movie.
(A) cinema
(B) to cinema
(C) to a cinema
(D) to the cinema

87. Anna has finished her work, now she is __________ home.
(A) going
(B) going to
(C) going to the
(D) going towards the

88. Write your name and roll number __________ top of the page.
(A) at
(B) at the
(C) on
(D) on the

89. We came __________ the room and jumped __________ the swimming pool.
(A) out, in
(B) out, into
(C) out of, into
(D) out of, in

90. She lived __________ Australia __________ 2008 __________ 2015.
(A) in, during, till
(B) in, between, until
(C) in, from, till
(D) in, from, until

ANSWERS: TOEFL GRAMMAR
81. A
82. B
83. D
84. A
85. C
86. D
87. A
88. B
89. C
90. D

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