Current Affairs March 2018

Current Affairs March 2018All those people in the stands who would catch a six will be awarded equal share from the award of 1 crore RS as per policy of “Pepsi catch a crore”,How many spectators were lucky to have their name in the list of PSL-3?. A. 10 B. 11 C. 12 D. 13 Which player had most ducks in PSL-3? A. Luke Ronchi B. Kamran Akmal C. Shaheen Shah D. M.Hafeez Submitted by: Kashif Ashraf Which player has hit most fifties in PSL-3? A. Luke Ronchi B. Kamran Akmal C. Babar Azam D. All Submitted by: Kashif Ashraf Which player has hit most Fours in PSL-3? A. Kamran Akmal B. Luke Ronchi C. Babar Azam D. JR Denly Submitted by: Kashif Ashraf Which player has hit most sixes in PSL-3? A. Luke Ronchi B. Kamran Akmal C. SR Watson D. DR Smith Submitted by: Kashif Ashraf Who was the only player to hit century in PSL-3? A. Luke Ronchi B. Kamran Akmal C. Fakhar Zaman D. Sohaib Maqsood Submitted by: Kashif Ashraf PSL-3 has been promoted on social media by which Hashtag? A. #HBLPSL 2018 B. #AbKhel6Ka C. #DilSeJaanLagaDe D. All of the above Submitted by: Kashif Ashraf Each foreign cricketer who played PSL-3 play-off matches in Pakistan was paid extra US$________ for each of the match? A. 20 thousand B. 5 thousand C. 10 thousand D. 1 thousand Submitted by: Kashif Ashraf The tickets for final Match of PSL-3 was sold out within _________ hours? A. 5 B. 4 C. 3 D. 2 Submitted by: Kashif Ashraf Who was the leading wicket taker in PSL-3? A. Faheem Ashraf B. Wahab Riaz C. Both D. N.O.T New franchise that joined PSL-3 for the first time was _________? A. Quetta gladiators B. Multan Sultan C. Lahore Qalandar D. KArachi Kings How many venues were utilized to Kick-off PSL-3 tournament? A. 3 B. 2 C. 4 D. 5 How many matches were played in PSL-3? A. 35 B. 36 C. 34 D. 32 Who was awarded as the “Safe hands in field” award of PSL-3? A. Kamran Akmal B. JP Duminy C. Luke Ronchi D. M.Hafeez Who was awarded as the “Player of the Tournament” of PSL-3? A. Kamran Akmal B. Luke Ronchi C. Shadab Khan D. Wahab Riaz Who was awarded as the “Best Batsman” of PSL-3? A. Luke Ronchi B. Kamran Akmal C. Babar Azam D. Kumar Sangakkara Who was awarded as the “Best Umpire” of PSL-3? A. Aleem Dar B. Rashid Riaz C. Shozab Raza D. Richard Illingworth Who was awarded as the “best bowler” of PSL-3? A. Hassan Ali B. Faheem Ashraf C. Wahab Riaz D. Chris Jordan Who was awarded as the best Wicket-Keeper in PSL-3? A. Kamran Akmal B. Kumar Sangakkara C. Luke Ronchi D. Tim Paine Which player was the Man of the Match in PSL-3 final? A. Asif Ali B. Luke Ronchi C. Sahibzada Farhan D. Shadab Khan Mosques of capital are limited to deliver Friday sermon on how many selected topics by capital administration? A. 40 B. 45 C. 35 D. 24 Who has acquitted 20 suspects allegedly involved in lynching incident of 2014,wherein a christian couple was buried alive by a mob? A. SC B. Anti terrorism court C. IHC D. Lahore high court Submitted by: Kashif Ashraf Who has paid fine of 10 thousand RS imposed on Aitzaz Ahsan for not appearing in a case by SC,after Aitzaz Ahsan refused to pay it? A. Jam Khan Shoro B. CJP’s Son C. CJP D. Bilawal bhutto zardari Submitted by: Kashif Ashraf Karachi has hosted PSL-3 final on 25 March 2018,before this match Karachi has not staged a high-profile fixture of international standing since ________? A. 2010 B. 2011 C. 2012 D. 2009 Submitted by: Kashif Ashraf Psl third edition Final Match was played in which Stadium? A. Gaddafi stadium B. National Stadium C. Arbab Niaz Stadium D. Jinnah Stadium Submitted by: Areesha Khan Which team has won PSL title twice? A. Peshawar zalmi B. Islamabad united C. Quetta gladiators D. Lahore qalandars Submitted by: Kashif Ashraf Which team has won third edition of PSL? A. Peshawar zalmi B. Islamabad united C. Karachi kings D. Quetta gladiators Submitted by: Kashif Ashraf After how many Years International Cricket Players played in Karachi? A. 7 years B. 8 Years C. 9 Years D. 10 Years Submitted by: Areesha Khan How many Pakistani entities has been added by USA to sanctions list, that are subjected to stringent export control measures? A. 8 B. 9 C. 7 D. 10 Submitted by: Kashif Ashraf Who has ordered private medical colleges to refund the fee received in excess of Rs 850,000 to students within one month? A. IHC B. Supreme Court C. Peshawar high court D. Sindh high court Approximately how many nations marked earth hour 2018 including Pakistan? A. 120 B. 150 C. 185 D. 200 Between what time earth hour was celebrated in Pakistan on 24th March 2018? A. 7:30 PM – 8:30 PM B. 6:30 PM – 7:30 PM C. 8:30 PM – 9:30 PM D. 9:30 PM – 10:30 PM Submitted by: Kashif Ashraf In which city Pakistan’s high commission organized Pakistan’s day event,which was attended by more than 80 diplomats from different countries? A. Bangkok B. London C. Beijing D. Dubai Submitted by: Kashif Ashraf Which country has announced it’s support for UNESCO’s Girl’s right to education programme in Pakistan? A. S.Korea B. N.Korea C. China D. Germany Submitted by: Kashif Ashraf Which TV channel in Pakistan has hired a transgender newscaster to become first in Pakistan’s history? A. Dawn news B. Kohenoor news C. The news D. Capital TV Submitted by: Kashif Ashraf Which transgender person has become first news anchor in Pakistan’s history? A. Navada B. Marvia Malik C. Rayna D. Shayna Submitted by: Kashif Ashraf Who was the second Governor-General of Pakistan? A. Liaquat Ali Khan B. Abdul Rab Nishter C. Raja Ghazanfar D. Khawaja Nazim-ud-Din Submitted by: Hamza Air Chief Marshal (ACM) Mujahid Anwar is the ___________ Chief of Air Staff of Pakistan Air Force? A. 20th B. 21st C. 22nd D. 23rd Submitted by: Ch.Naeem Kamboh Who becomes the Youngest Pakistani Cricketer to Receive Sitara-e-Imtiaz, the third highest civil award of Pakistan? A. Sarfraz Ahmed B. Hasan Ali C. Shahid Afridi D. Younis Khan Submitted by: Areesha Khan Name the Sri Lankan President, who was the guest of honour at the ceremony of Pakistan Day 2018? A. William Gopallawa B. Dingiri Banda Wijetunga C. Mahinda Rajapaksa D. Maithripala Sirisena Sherry Rehman has become the leader of opposition in senate with the support of ________ members? A. 31 B. 32 C. 34 D. 33 Pakistan has achieved the lowest ever case count of polio in 2017.The number of total cases are? A. 10 B. 9 C. 8 D. 6 Submitted by: Kashif Ashraf General Qamar Javed Bajwa has called on which country’s Minister for Defense on 22 March 2018? A. Oman B. Thailand C. Russia D. USA Submitted by: Kashif Ashraf ECP has announced to set up _________ display centres for voters lists in Pakistan? A. 15487 B. 16487 C. 14487 D. 13487 Submitted by: Kashif Ashraf As per ‘Tobacco Atlas’, how many people are being killed by tobacco-related diseases in Pakistan annually? A. 170,000 B. 180,000 C. 160,000 D. 190,000 Submitted by: Kashif Ashraf Burj Khalifa was lighted up with green and white spectacular LED illumination of the Pakistani national flag on country’s ___________ Pakistan Day? A. 76th B. 77th C. 78th D. 79th Submitted by: Kashif Ashraf Which city of Pakistan has hosted Pakistan’s first-ever Biennale? A. Karachi B. Lahore C. Islamabad D. Rawalpindi Submitted by: Kashif Ashraf Pakistan women cricket team has won three-match series against which country? A. Srilanka B. India C. Bangladesh D. Australia Submitted by: Kashif Ashraf As per report by World Travel and Tourism Council, Travel and tourism contributed approximately Rs _______ billion to Pakistan’s economy in 2017? A. 935 B. 940 C. 931 D. 945 Submitted by: Kashif Ashraf Who has become the first female Senate opposition leader in Pakistan? A. Khushbakht Shujat B. Sherry Rehman C. Krishna Kumari D. Abida Muhammad Azeem Which country has provided ‘high-performance tracking system’ for Pakistan’s missile programme? A. China B. USA C. Russia D. Germany The Pakistan Space and Upper Atmosphere Research Commission (Suparco) inked deal with whom to acquire communication satellite (PakSat-MM1)? A. Aerospace company of China B. China Great Wall Industry Cooperation (CGWIC) C. Aerospace companies of Australia D. Aerospace companies of USA Submitted by: Kashif Ashraf Pakistan has acquired another communication satellite on March 22,2018 named as _______? A. PakSat-MM2 B. PakSat-MM1 C. PakSat-MM3 D. PakSat-MM4 Submitted by: Kashif Ashraf Sohail Ahmed Tipu was found hanging from a ceiling fan at his residence on March 22, 2018.He was working on which position? A. AC Gujranwala B. DC Gujranwala C. AIG Punjab police D. DIG Punjab police Submitted by: Kashif Ashraf The _______ Pakistan Day was celebrated across the country on 23rd March 2018? A. 79th B. 77th C. 78th D. 80th Submitted by: Kashif Ashraf Sindh government on Pakistan Day 2018 has announced a _______ day reduction in the sentence of convicts imprisoned in the province’s jails? A. 90 B. 30 C. 60 D. 120 Submitted by: Kashif Ashraf SBP has denied the issuance of ________ RS banknote, as continuously rumors were circulating on the social media regarding the issuance of the note? A. 1 B. 2 C. 10000 D. 5 Submitted by: Kashif Ashraf Which country’s President has been the Guest of Honor on Pakistan Day (23 March 2018) parade? A. Srilanka B. India C. Bangladesh D. S.Africa Submitted by: Kashif Ashraf Pakistani President Mamnoon Hussain has awarded _________ Pakistani citizens and foreign nationals for their extraordinary services in many fields, including science, literature, arts, sports and media on 23 March 2018? A. 145 B. 148 C. 141 D. 139 Submitted by: Kashif Ashraf According to UNICEF’s report, in Pakistan clean drinking water is available to only _______% of the population? A. 50 B. 70 C. 30 D. 10 As per study report there will be no or very little clean water available in Pakistan by ____________? A. 2020 B. 2030 C. 2025 D. 2040 As per International Monetary Fund (IMF) report 2018,Pakistan ranked ______ amongst countries facing water shortages? A. 15th B. 20th C. 3rd D. 18th Submitted by: Kashif Ashraf Pakistan has offered zero duty on 6000 items from which country? A. China B. Japan C. Afghanistan D. Thailand Submitted by: Kashif Ashraf Which police officer has been arrested on CJP’s ditective in the Naqeebullah Mehsud killing case on 21 March 2018? A. Muhafiz hussain B. Rao anwar C. M.Rizwan D. Noman siddique Submitted by: Kashif Ashraf Which PSL franchise has announced to not include players in the next edition,those who do not come to play scheduled matches of PSL in Pakistan? A. Peshawar Zalmi B. Quetta gladiators C. Lahore Qalandars D. Karachi kings Submitted by: Kashif Ashraf In which city,embassy of Pakistan has organised Pakistan day reception on 21 March 2018? A. Brussels B. New delhi C. New york D. Bangkok Submitted by: Kashif Ashraf Who has replaced Sohail Aman as chief of air staff? A. Imran Khalid B. Mujahid Anwar Khan C. Farooq Habib D. Arshad Mahmood Submitted by: Kashif Ashraf Which MNA of PPP has died on 20 March 2018 in New York? A. Shamas-un-nisa B. M.Ayaz Soomro C. Asghar Ali D. Shabbir Ali Submitted by: Kashif Ashraf Which famous televangelist,TV host and lawmaker has joined PTI on 19 March 2018? A. Syed Talhat Hussain B. Dr Aamir Liaquat C. Fahad Mustafa D. Aftab Iqbal Submitted by: Kashif Ashraf As per study by Pakistan center for philanthropy, what amount Pakistanis give to charity annually? A. 300 billion RS B. 320 billion RS C. 240 billion RS D. 380 billion RS HEC has suspended admissions for M Phil and PhD distance learning programme administered by how many universities? A. 15 B. 16 C. 13 D. 12 Which Pakistani court has ordered arrest of TLP leaders in Faizabad sit-in case? A. SC B. Anti terrorism court C. IHC D. Lahore high court Submitted by: Kashif Ashraf Which famous leader has stepped down as leader of Kashmir group (Tehreek-e-Hurriyat)? A. M.Ashraf Sehraie B. Syed Ali Shah Geelani C. M.Yasin Malik D. Mirwaiz Umar Farooq Submitted by: Kashif Ashraf Which foreign company has announced 11 billion RS investment in Pakistan in march 2018? A. Adam motor company B. Unilever C. Agha steel D. Al-Ghazi tractors Submitted by: Kashif Ashraf SC has banned the TV show of which anchorperson for three months on 20 March 2018? A. Aamir liaquat B. Dr Shahid Masood C. Kashif Abbasi D. Kamran Khan Submitted by: Kashif Ashraf Who has been appointed as president of Muttahida Majlis Amal? A. Siraj-ul-Haq B. Maulana Fazlur Rehman C. Liaquat baloch D. Khadim Rizvi Submitted by: Kashif Ashraf CWI has offered ______ dollars for each player of WI cricket team,who will participate in the three match t20I series against Pakistan in April 2018? A. 27000 B. 28000 C. 25000 D. 30000 Submitted by: Kashif Ashraf How many containers were fallen into sea,after two cargo ships collided at Karachi port? A. 22 B. 23 C. 21 D. 24 Submitted by: Kashif Ashraf Shahida nasreen who has been awarded first position at the 7th International Women Policing Conference held in Georgia is working on which rank in Pakistan? A. DSP investigation B. ASI investigation C. SI investigation D. Head Constable Submitted by: Kashif Ashraf which Pakistani Lady Police Officer has been awarded first position at the 7th International Women Policing Conference held in Georgia? A. Shahida Nasreen B. Mumtaz begum C. Irum begum D. Shaista Ikramullah As per The Economist Intelligence Unit report 2018,Karachi has been ranked as _________ cheapest city in the world? A. 6th B. 7th C. 8th D. 9th When Air Chief Marshal Mujahid Anwar Khan take a Command of Pakistan Air force? A. 16 March 2018 B. 17 March 2018 C. 18 March 2018 D. 19 March 2018 Submitted by: Ch.Naeem Kamboh Who is the Current Chief of Air Staff of Pakistan Air Force (PAF)? A. Sohail Aman B. Tahir Rafique Butt C. Mujahid Anwar Khan D. Rao Qamar Suleman Submitted by: Ch.Naeem Kamboh When FIFA has lifted suspension on Pakistan football federation? A. 13 March 2018 B. 14 March 2018 C. 15 March 2018 D. 11 March 2018 Submitted by: Kashif Ashraf Four workers of NTS have been arrested from which city involved in leaking the NTS papers? A. Abbottabad B. Swat C. Larkana D. Sukkur Submitted by: Kashif Ashraf Which Pakistani film has become first to premiere at London’s Leicester square? A. Cake B. Waar C. Punjab nahi jaungi D. Verna Submitted by: Kashif Ashraf Which country has levied 400 times higher duty on Pakistan goods? A. Afghanistan B. India C. Iran D. Saudi Arabia Submitted by: Kashif Ashraf Which country has invited Pakistan to participate in Chahbahar project? A. Iran B. China C. India D. Turkey Submitted by: Kashif Ashraf Which Pakistani citizen has been deported from India after staying there illegally for 27 years? A. Siraj Khan B. Abdullah C. Adnan Sami khan D. Abdul majeed CM Sindh has approved ________ million Rs for the security and beautification of Karachi for Pakistan day celebration and PSL final? A. 210 B. 220 C. 230 D. 240 A woman posing as doctor has been arrested from which hospital?It is suspected that she has been illegally involved in many surgeries. A. Jinnah post graduate medical centre B. Aga khan hospital C. Fatima memorial hospital D. Civil hospital Karachi Submitted by: Kashif Ashraf Which provincial assembly has passed bill to regulate Sikh marriages? A. Punjab B. Sindh C. KPK D. Balochistan Submitted by: Kashif Ashraf At least 9 have been killed in a terrorist attack claimed by TTP on 14th march 2018.Which town suffered the blast? A. Raiwind B. Sehwan Sharif C. Chiniot D. Gawadar Submitted by: Kashif Ashraf Pakistan is expected to harvest wheat crop of ________ million tons this season,which will be the record output of wheat ever harvested in the country? A. 26 B. 24 C. 22 D. 20 Submitted by: Kashif Ashraf Which NGO has rolled out an election information portal titled “Election Pakistan”? A. Free and fair election network B. AED C. Himalaya foundation D. AFS intercultural exchange Submitted by: Kashif Ashraf As per world happiness report 2018,Pakistan has jumped _____ spots from 2017.Previously in 2017 Pakistan was on 80th position? A. 5 B. 6 C. 7 D. 8 Submitted by: Kashif Ashraf As per world happiness report 2018,Pakistan has ranked ______ on the index out of 156 countries? A. 75 B. 76 C. 77 D. 78 Submitted by: Kashif Ashraf SC has indicted which state minister in the contempt of court case on 13 march 2018? A. Daniyal aziz B. Nehal hashmi C. M.tallal chaudry D. Abid sher Ali Submitted by: Kashif Ashraf Which country has won lion city cup 2018 (ice hockey tournament)? A. Pakistan B. Australia C. Thailand D. India https://pakmcqs.com/category/pakistan-current-affairs-mcqs/page/10 General Knowledge MCQs 2018 Earth’s largest ice volume is present in_____________? A. Himalayas B. South America C. Antarctica D. North America The Seven Rila Lakes are located in___________? A. Bulgaria B. Hungary C. Poland D. Czech Republic Submitted by: Anand “Netherlands” literally means_____________? A. ideal location B. lower countries C. mouth of land D. land of sun set Submitted by: Anand The Orange river flows in____________? A. Indonesia B. Egypt C. South Africa D. Mexico Submitted by: Anand Indonesia is a country with around __________ islands? A. 10,000 B. 11,000 C. 12,000 D. 13,000 Submitted by: Anand When was the game Frisbee invented? A. 1860s B. 1870s C. 1830s D. 1850s Submitted by: WIQAR AHMAD Who was the First Pakistani Player to have a hundred in T20Is? A. Ahmed Shehzad B. Umar Akmal C. Misbah-ul-Haq D. Mohammad Hafeez Submitted by: Shakeel Ahmed Silk is produced by____________? A. Egg of silkworm B. Pupa of silkworm C. Larva of silkworm D. Insect itself Submitted by: Anand How Many Countries Are Landlocked In Asia? A. 11 Countries B. 12 Countries C. 13 Countries D. 14 Countries Submitted by: Anand 26th January is India’s___________ Day? A. Independence Day B. Republic Day C. Revolution Day D. Parliament Day Which Country joined SAARC in 2007? A. Pakistan B. India C. SriLanka D. Afghanistan Submitted by: Anand The shortest day is___________? A. 22 June B. 22 July C. 22 September D. 22 December Submitted by: Anand Turkey connects the two continents_____________? A. Asia and Europe B. Asia and Africa C. South America and North America D. Asia and Australia Submitted by: Anand Augusta Raurica is located in___________? A. Egypt B. Portugal C. Switzerland D. Turkey Submitted by: Anand The South Pole of the Earth is located in____________? A. Norway B. Antarctica C. Arctic Ocean D. Pacific Ocean Submitted by: Anand The birthplace of the World Wide Web was__________? A. NASA B. Pentagon C. CERN D. Microsoft Submitted by: Anand The bridge in Istanbul, Turkey that connects Asia and Europe is called_____________? A. Golden Gate Bridge B. Akashi Kaikyo Bridge C. Bosphorus Bridge D. Royal Gorge Bridge Submitted by: Anand Alexandria is a city in_____________? A. Turkey B. Egypt C. Jordan D. Greece Submitted by: Anand About ________% of Antarctica is covered by ice? A. 97% B. 98% C. 99% D. 100% Submitted by: Anand The Pico Island is located in___________? A. Switzerland B. Portugal C. Turkey D. Egypt Which city is also called The City of 1,000 Minarets? A. Istanbul B. Cairo C. Makkah D. Islamabad Submitted by: Anand The Pena Palace, a UNESCO World Heritage Site, is located in____________? A. Egypt B. Portugal C. Switzerland D. Turkey Submitted by: Anand The North Pole of the Earth is located in____________? A. Norway B. Antarctica C. Arctic Ocean D. Pacific Ocean Submitted by: Anand Egypt connects which of the following two continents? A. Asia and Europe B. Asia and Africa C. South America and North America D. Asia and Australia Submitted by: Anand Sultan Ahmed Mosque in Istanbul is popularly known as the______________? A. Green Mosque B. Blue Mosque C. Red Mosque D. Yellow Mosque Submitted by: Anand Panama (a country) connects which two continents? A. Asia and Europe B. Asia and Africa C. South America and North America D. Asia and Australia Submitted by: Anand The Mariana Trench is in the ___________ Ocean? A. Atlantic B. Arctic C. Antarctic D. Pacific Submitted by: Anand First Museum of Pakistan established in Karachi on? A. 17 April 1951 B. 17 April 1950 C. 17 May 1950 D. 25 April 1950 Submitted by: Mansoor Ul Haque Keemiya-e Saadat was written by________________? A. Taqi ad-Din Ahmad ibn Taymiyyah B. Abu Naṣr Muḥammad ibn Muḥammad Al Farabi C. Abu Abd Allah Muḥammad ibn Ali ibn Muḥammad ibn Arabi al-Ḥatimi aṭ-Ṭati D. Abu Ḥamid Muḥammad ibn Muḥammad al-Ghazali Submitted by: Mansoor Ul Haque The word democracy has been derived from the_____________language? A. French B. Latin C. Greek D. Arabic Nagqu is located in which country? A. China B. Nepal C. Bhutan D. Mongolia Submitted by: Mansoor Ul Haque Who is the author of the famous book, “The Spirit of Islam”? A. Sir Syed Ahmad Khan B. Syed Ameer Ali C. Khwaja Salimullah Khwaja Salimullah D. Sir John Woodroffe Submitted by: Mansoor Ul Haque John Austin presented his “Theory of sovereignty” in his book “The Province of Jurisprudence Determined” which was published in______________? A. 1832 B. 1935 C. 1717 D. 1736 Submitted by: Mansoor Ul Haque Insulin drug was discovered by____________? A. Charles Herbert Best B. Prof John James Rickard Macleod C. Sir Frederick Grant Banting D. Leonard Thompson Submitted by: Mansoor Ul Haque Nawab Abdul Latif found the Muhammadan Literary Society in April 1863 at___________? A. Dhaka B. Faridpur C. Calcutta D. Selhat Submitted by: Mansoor Ul Haque John Stuart Mill wrote a famous book ” on liberty” in____________? A. 1859 B. 1850 C. 1759 D. 1871 Submitted by: Mansoor Ul Haque Who founded Muhammadan Literary Society in 1863? A. Shah Waliullah Dehlawi B. Syed Ameer Ali C. Nawab Abdul Latif D. Sir Syed Ahmad Khan Submitted by: Mansoor Ul Haque The Indus Waters Treaty water-distribution treaty between India and Pakistan, brokered by the: A. International Monetary Fund B. International Bank for Reconstruction and Development C. World Bank D. NATO Submitted by: Mansoor Ul Haque The High courts in India were established under the___________________? A. Indian High Courts Act 1868 B. Indian High Courts Act 1871 C. Indian High Courts Act 1858 D. Indian High Courts Act 1861 Submitted by: Mansoor Ul Haque Who was the viceroy of Indian during the WWII? A. Louis Francis Albert Victor Nicholas Mountbatten B. Victor Alexander John Hope, Marquess of Linlithgow C. Major Freeman Freeman-Thomas, Marquess of Willingdon D. Frederic John Napier Thesiger, Viscount Chelmsford The International Day of Forests is observed every year on______________? A. March 21 B. March 22 C. March 23 D. March 24 Submitted by: FARHAT NAZ First Women Bank Limited commenced its business on____________? A. 02 Nov 1989 B. 02 Dec 1989 C. 02 Dec 1988 D. 01 Nov 1990 Submitted by: Mansoor Ul Haque Which Country law is considered to be harsh? A. Iran B. Saudi Arabia C. China D. Ethiopia Submitted by: Farrukh Awan Non-permanent members of UN Security Council are elected for term of______________? A. 1 year B. 2 years C. 3 years D. 5 years Submitted by: Aziz Muhammad Braille education system was introduced by Braille for? A. Blinds B. Dumb C. Handicap D. Labours Submitted by: Kashif Ashraf “Spirit of Islam” book was written by? A. Syed Ameer Ali B. Quaid-e-Azam C. Allama Iqbal D. Sir syed Submitted by: Kashif Ashraf Who was the first asian to receive noble prize in 1913? A. Rabinder Nath Tagore B. C.V.Raman C. I.A.Bunin D. Mother teresa Submitted by: Kashif Ashraf Harrapa city is situated on the bank of which river? A. Ravi B. Chenab C. Sutlej D. Indus Submitted by: Kashif Ashraf The oldest flag of the world is? A. Denmark B. China C. Japan D. Greece Submitted by: Kashif Ashraf The oldest anthem of the world is? A. Japan B. China C. Russia D. Denmark Total number UN Security Council members is____________? A. 5 B. 10 C. 15 D. 20 Submitted by: Aziz Muhammad The General Assembly of UN meets regularly once a year on third Tuesday of_____________? A. September B. October C. November D. December Submitted by: Aziz Muhammad How many official working languages recognized by UN (United Nations)? A. 4 B. 5 C. 6 D. 7 Submitted by: Aziz Muhammad Read More Details about this Mcq The UN official birthday is celebrated on____________? A. December 24, 1945 B. October 24, 1945 C. September 24, 1945 D. November 24, 1945 Submitted by: Aziz Muhammad Pakistan Television started in the reign of_____________? A. Zulfiqar Ali Bhutto B. Yahya Khan C. Zia Ul Haq D. Ayub Khan Submitted by: Farman Mohmand How many states are in Europe A. 47 B. 48 C. 49 D. 50 Submitted by: Ghazanfar headquarter of the African Union is located in____________? A. Johannesburg B. Cairo C. Dakar D. Addis Ababa Submitted by: Abdul shakoor What was the name of concrete barrier that physically and ideologically divided Germany in 1961? A. Peace Wall B. Peace Berlin Wall C. Berlin Wall D. Peace Wall of Berlin Submitted by: AYESHA Wood is the main raw material for the manufacture of ____________? A. Paint B. Gun powder C. Paper D. Ink Submitted by: Iram Saleem In the manufacture of banaspati ghee the gas used is __________? A. Helium B. Hydrogen C. Oxygen D. Nitrogen ________________is the fear of bathing? A. Agoraphobia B. Acrophobia C. Ablutophobia D. Hydrophobia Submitted by: Fahad iqbal Which US president resigned while in office ? A. Richard Nixon B. Jimmy Carter C. Ronald Reagan D. J. F. Kennedy Submitted by: Fahad iqbal ____________ is a famous beverage today , originally it was the name of a medicine? A. Coca Cola B. Lemonade C. Pepsi D. Soda water Submitted by: Fahad iqbal Father of rivers is called ____________? A. Indus river B. Amazon river C. Manchar river D. Keenjhar river Submitted by: Paras iqbal Angela Merkel is a German Politician serving as Chancellor of Germany since___________? A. November 2003 B. November 2005 C. November 2008 D. November 2011 Submitted by: Areesha Khan Which country has no railway track? A. Afghanistan B. China C. Russia D. Somalia Submitted by: Kashif Ashraf Spectrum is made of ____ colors? A. 7 B. 8 C. 6 D. 9 Submitted by: Kashif Ashraf Blind dolphins are found in which river of Pakistan? A. Indus B. Jehlum C. Kabul D. Chenab Submitted by: Kashif Ashraf Where the Pakistan’s first radio station was setup? A. Karachi B. Lahore C. Multan D. Islamabad Submitted by: Kashif Ashraf Who was the last mughal emperor to sit on the peacock throne? A. Muhammad Shah B. Aurangzeb C. Shah zafar D. Shah alam II Digital computer was invented by? A. Howard Alken B. Steve Jobs C. Charless babbage D. James watson Submitted by: Kashif Ashraf Steve jobs was an american and he was founder of? A. Apple B. Google C. Yahoo D. Oracle Submitted by: Kashif Ashraf Hardest substance in the human body is? A. Enamel B. Nail C. Bone D. N.O.T Submitted by: Kashif Ashraf Famous painting “The sunflower” is painted by? A. Vincent van gogh B. Banjamin west C. Gustav klint D. Pablo picasso Submitted by: Kashif Ashraf The first truly global war was? A. Seven years war B. Hundred years war C. WWII D. Thirty years war Submitted by: Kashif Ashraf Napoleon regarded which battle as his greatest victory? A. Austerlitz B. Arras C. Amiens D. Assayer Submitted by: Kashif Ashraf The first war b/w Arabs and Israel was fought in? A. 1948 B. 1946 C. 1942 D. 1940 Submitted by: Kashif Ashraf Who gave the title of Mahatma to Gandhiji? A. Rabindranath tagore B. Lala lajpat roy C. Abu kalam azad D. None Submitted by: Kashif Ashraf The chemical that is used in making artificial rain is? A. Silver iodide B. Silver nitrate C. Silver chloride D. Silver nitrite Submitted by: Kashif Ashraf What approximate part of J&K is under india’s occupation? A. 75% B. 60% C. 90% D. 50% Which is the largest country in Africa? A. Sudan B. Nigeria C. Libya D. S.africa Submitted by: Kashif Ashraf The term of office of a judge of the ICJ is? A. 9 years B. 8 years C. 7 years D. 6 years Submitted by: Kashif Ashraf In which month does the Un general assembly meet annually? A. September B. October C. November D. December Submitted by: Kashif Ashraf Who was the founder of HAMAS in 1987? A. Sheikh Ahmed yassin B. Yasser arafat C. Abdul majeed D. Zulfiqar Ali Submitted by: Kashif Ashraf Asian developement bank was established in? A. 1964 B. 1966 C. 1968 D. 1970 Submitted by: Kashif Ashraf Which continent has no desert? A. Europe B. N.America C. S.America D. Australia Submitted by: Kashif Ashraf The Highest papulation growth rate among the following countries is in___________? A. Bangladesh B. India C. China D. Srilanka Submitted by: Mian Jamil Shah Corbillion Cup is given in the game of____________? A. Golf B. Squash C. Table Tennis D. None of these Submitted by: Mian Jamil Shah Dushanbe is the capital of__________? A. Tajikistan B. Ukraine C. kazakhistan D. Turkmenistan Submitted by: Mian Jamil Shah “FREE TOWN” is the capital of_____________? A. Somalia B. Slovenia C. Cuba D. Sierra Leone Harrappa near Sahiwal was centre of___________? A. Greek civilization B. Persian civilization C. Muslim civilization D. Indus valley civilization Submitted by: Mian Jamil Shah After Pashtun which is the second largest ethnic group of Afghanistan? A. Uzbek B. Baluch C. Tajik D. Hazaras Submitted by: Mian Jamil Shah Sunlight is composed of___________? A. Three colours B. six colours C. seven colours D. eight colours Submitted by: Mian Jamil Shah The most urbanized province of Pakistan is__________? A. Kpk B. Punjab C. Baluchistan D. Sindh Submitted by: Mian Jamil Shah “Taipei” is the capital of__________? A. Tanzania B. Vietnam C. Taiwan D. Togo Submitted by: Mian Jamil Shah Which of the following country are called “Land of free peoples”? A. Thailand B. Japan C. Norway D. Canada Submitted by: Mian Jamil Shah 8 March is observed internationally as? A. Women’s Day B. World Water Day C. World Health Day D. Human Rights Day Read More Details about this Mcq K2 is also known as? A. Goodwin Austin B. Chogori C. Killer mountain D. A & B Submitted by: Kashif Ashraf when was the parachute invented___________? A. 1560s B. 1570s C. 1783s D. 1470s Submitted by: ★ ɪʟʏᴀsɪʟᴜ ★ Scientific bureau of Economic Cooperation Organization is situated in______________? A. Tehran B. Turkey C. Qatar D. Pakistan Eyeglasses are invented in Italy in________? A. 1586 B. 1286 C. 1386 D. 1486 Submitted by: ★ ɪʟʏᴀsɪʟᴜ ★ Blood which heart pumps to lungs is__________? A. deoxygenated blood B. lymph fluid C. atria blood D. oxygenated blood Submitted by: ★ ɪʟʏᴀsɪʟᴜ ★ Headquarter of NASA is located in_______? A. South Wales B. Berlin C. Bern D. Washington Submitted by: ★ ɪʟʏᴀsɪʟᴜ ★ The poorest region of the world is__________? A. the Middle East B. sub-Saharan Africa C. Asia D. Latin America Submitted by: ★ ɪʟʏᴀsɪʟᴜ ★ Between which of the following was the ancient town of Takshasila located__________? A. Indus and Jhelum B. Jhelum and Chenab C. Chenab and Ravi D. Ravi and Beas Submitted by: ★ ɪʟʏᴀsɪʟᴜ ★ The Indus Valley Civilization specialized in_______? A. Town Planning B. Architecture C. Craftsmanship D. All of these Submitted by: ★ ɪʟʏᴀsɪʟᴜ ★ TAPI gas Pipeliine stands for ? A. Tajikistan, Pakistan, Afghanistan, India B. Turkey, Pakistan, Afghanistan, India C. Turkmenistan, Afghanistan, Pakistan, India D. None of the above Submitted by: Abdullah Who is the National Poet of Afghanistan? A. Amir crore B. Khushal khan khattak C. Rehman Baba D. None of these Submitted by: Usman Khattak Who invented optical fiber? A. Samuel Cohen B. Narinder Kapany C. Percy L.Spencer D. T.H. MaimahA Submitted by: ★ ɪʟʏᴀsɪʟᴜ ★ Which of the following Island group named as ‘Sandwich Island’? A. Hawaii Island B. Falkland Islands C. Greenland D. Tuvalu Which of the following is the largest Island of Japan? A. Hokkaido B. Honshu C. Shikoku D. Kyushu Submitted by: ★ ɪʟʏᴀsɪʟᴜ ★ If we say the child has an IQ of 100, what does this means? A.The performance of the child is below average. B.The performance of the child is above average. C.The mental age of the child is equal to his actual age. D.The performance of the child cannot be better. Submitted by: ★ ɪʟʏᴀsɪʟᴜ ★ Who was the first president of Uzbekistan? A. Abdulhashim Mutalov B. Oʻtkir Sultonov C. Islam Karimov D. Nigmatilla Yuldashev Submitted by: ★ ɪʟʏᴀsɪʟᴜ ★ Who defeated Darius III in the Battle of Gaugamela? A. Aristotle B. Julius Caesar C. Napoleon Bonaparte D. Alexander the Great Submitted by: ★ ɪʟʏᴀsɪʟᴜ ★ Who founded the Achaemenid Empire? A. Darius I B. Cambyses II C. Cyrus the Great D. Alexander the Great Submitted by: ★ ɪʟʏᴀsɪʟᴜ ★ Which king was first addressed as ‘Your Majesty’? A. Akbar B. Louis C. Victoria D. Henry VIII Submitted by: ★ ɪʟʏᴀsɪʟᴜ ★ Who is the founder of Greek historiography? A. Aristotle B. Herodotus C. Thucydides D. Hippocrates Submitted by: ★ ɪʟʏᴀsɪʟᴜ ★ Who became the first ever non Muslim woman elected to Pakistan’s senate? A. Krishna kumari B. Sonakshi kumari C. Payal kumari D. Soni kumari Submitted by: Kashif Ashraf Which monarch called himself as the Second Alexander? A. Akbar B. Ashoka C. Samudragupta D. Ala-ud-din Khilji Submitted by: ★ ɪʟʏᴀsɪʟᴜ ★ What is the national currency of Hong Kong? A. Taiwan dollar B. Yen C. Hong Kong dollar D. Yuan When was the first petrol Car developed? A. 1885-1886 B. 1887-1888 C. 1888-1889 D. 1889-1890 Submitted by: Muhammad Awais Where is Headquarter of World Economic Forum is in_____________? A. London B. Paris C. Cologny D. Geneva Submitted by: Roop What is the capital of Norway? A. Vienna B. Copenhegan C. Oslo D. Berlin Submitted by: Nasir Ud Din Dr Abdus Slam was born in which city of Pakistan? A. Lahore B. Multan C. Jhang D. Khushab Submitted by: Muhammad Rizwan Members of Association Of Southeast Asian Nations (ASEAN) are____________? A. 08 B. 09 C. 10 D. 11 Submitted by: Kashif Munir Capital of Armenia is_____________? A. Kampala B. Tbilisi C. Yerevan D. Amman Submitted by: Kashif Munir Einstein was born in which country ? A. USA B. UK C. France D. Germany Submitted by: SYED FAHIM Sana’a is Capital of_________? A. Hungary B. Austria C. Malta D. Yemen Submitted by: Raza Zaman What is Currency of Mongolia ? A. Euro B. Pound Sterling C. Mongolian togrog D. Peso Submitted by: Raza Zaman What is the old name of Tomato? A. Tomato B. Red Ball C. Union D. Love Apple How many Players in Polo Team on each side? A. 4 Players B. 6 Players C. 8 Players D. 10 Players Submitted by: Aqsa shahid How many Players are in a Volleyball Team? A. 5 Players B. 6 Players C. 7 Players D. 8 Players Submitted by: Aqsa shahid How much players are in basketball on the court at one time? A. 5 Players B. 7 Players C. 9 Players D. 11 Players Submitted by: Aqsa shahid How many Players on a field Hockey Team? A. 12 Players B. 10 Players C. 11 Players D. 8 Players Submitted by: Aqsa shahid How many Players are there on a Football Team? A. 10 Players B. 12 Players C. 11 Players D. 13 Players Submitted by: Aqsa shahid Most Populous City in the World is_____________? A. Delhi B. Tokyo C. Karachi D. Shanghai Submitted by: Jahangeer Shah What is the full form of ECL? A. Exit Cancellation List B. Exit Control List C. Exit Common List D. Excutive Crime List Submitted by: Aisha Rehman Mirza Ghalib was born on___________? A. 20 Dec 1790 B. 27 Dec 1797 C. 21 Dec 1799 D. 25 Oct 1802 Submitted by: Saifullah Who built Badshahi Masjid ? A. Zaheer Uddin Babar B. Naseer Uddin Humayun C. Aurangzeb Alamgir D. Shehnshah Akbar Submitted by: Rehman Ullah Worlds biggest irrigation scheme ? A. Lansdowne Pull B. Lloyd Barrage C. Sukkur barrage D. All of these Antonyms Of Some Common Words MCQS 1. Inevitable- Avoidable 2. Exceptional - Common 3. Permanent- Temporary 4. Dim - Luminous 5. Reckless - Careful 6. Explicit - Ambiguous 7. Incredible- Believable 8. Repel- Attract 9. Rapidly- Slowly 10. Meticulous- Careless 11. Barbarous- Civilized 12. Successor- Predecessor 13. Urban- Rural 14. Conclusive- Indecisive 15. Terminate-Begin 16. Niggardly- Lavishly 17. Advanced- Receded 18. Enlightened- Ignorant 19. Moderate- Extreme 20. Superficial- Thorough 21. Scorn- Admiration 22. Trivial- Serious 23. Loquacious- Reserved 24. Confiscate- Release 25. Often- Rarely 26. Eminent- Notorious 27. Embark upon- Conclude 28. Diffidence- Boldness 29. Paucity- Plenty 30. Triggered- Choked 31. Fastidious- Adjustable 32. Grandiose- Simple 33. Bleak- Bright 34. Insolent- Humble 35. Lurid- Mild 36. Unscrupulous- Conscientious 37. Melodious- Tuneless 38. Contaminate- Purify 39. Frugal- Extravagant 40. Falling off- Improvement 41. Genial- Unkind 42. Shallow- Deep 43. Immune- Vulnerable 44. Veneration- Disrespect 45. Yield to- Resist 46. Concur- Disagree 47. Vague- Precise 48. Humility- Pride 49. Extol- Censure 50. Takes off- Lands 51. Demolish- Build 52. Prevent- Induce 53. Frailty- Strength 54. Collapse- Rise 55. Anxious- Carefree 56. Thrifty- Wasteful 57. Innovate- Copy 58. Enduring- Fleeting 59. Progressive- Retrogressive 60. Purposely- Unintentionally 61. Brave- Timid 62. Opaque- Transparent 63. Hinder- Encourage 64. Zeal- Apathy 65. Shimmering-Gloomy 66. Plausible- Implausible/ Unbelievable 67. Flair- Inability 68. Dormant- Active 69. Hazy- Clear 70. Fantastic- Ordinary 71. Asceticism- Luxury 72. Dissolution- Establishment 73. Unnerved- Confident 74. Harmony- Disagreement 75. Guilty- Innocent 76. Duplicity- Honesty 77. Jocular- Morose 78. Uncompromising- Flexible 79. Desecration- Consecration 80. Far-fetched- Realistic 81. Parallel- Crooked 82. Blocked- Facilitated 83 Turn coat- Loyal 84. Embellish- Spoil 85. Intentional- Accidental 86. Expand- Contract 87. Stimulate- Discourage 88. Perilous- Safe 89. Audacious- Timid 90. Quiet- Pandemonium 91. Genuine- Fictitious 92. Implicit- Explicit 93. Repulsive- Attractive 94. Escalate- Decrease 95. Commotion- Tranquility 96. Manifested- Concealed 97. Vindictive- Forgiving 98. Inaugurate- Terminate 99. Detest- Like 100. Commence- Conclude 101. Prosperity- Adversity 102. Deliberate- Unintentional 103. Disputable- Indisputable 104. Make- Break 105. Depressed- Elated 106. Ham-fisted- Adroit 107. Capture- Liberate 108. Misery- Joy 109. Anarchy- Order 110. Monotony- Variety 111. Latter- Former 112. Diligent- Lazy 113. Philistine- Cultured 114. Ingest- Disgorge 115. Laceration- Healing 116. Disorderly- Organized 117. Glossy- Dull 118. Accomplish- Fail 119. Orderly- Chaotic 120. Strife- Peace 121. Antique- Recent 122. Rapid- Slow 123. Initiated- Concluded 124. Fatigued- Rigid 125. Dynamic- Static 126. Hereditary- Acquired 127. Heretical- Orthodox 128. Implicate- Exonerate 129. Liberty- Slavery 130. Elevation- Reduction 131. Boon- Bane 132. Famous- Obscure 133. Gloomy- Radiant 134. Isolation- Association 135. Contented- Dissatisfied 136. Severe- Mild 137. Fatigued- Energised 138. Flexible- Rigid 139. Delete- Include 140. Evanescent- Eternal 141. Virtue- Vice 142. Confident- Diffident 143. Adamant- Yielding 144. Callous- Sensitive 145. Procrastinate- Expedite 146. Probity- Dishonesty 147. Sporadic- Continual 148. Apposite- Inappropriate 149. Chivalry- Cowardice 150. Sanguine temper- Despairing nature 151. Imperil- Safeguard 152. Consolidated- Disjoined 153. Vituperative- Laudatory 154. Benefactor- Enemy 155. Barren- Fertile 156. Nervous- Composed 157. Evident- Hidden 158. Professional- Amateur 159. Cessation- Commencement 160. Potent- Weak 161. Gregarious- Unsociable 162. Implication- Exoneration 163. Dismal- Bright 164. Meagre- Surplus 165. Flamboyant- Not showy 166. Chronic- Temporary 167. Awkward- Graceful 168. Despair- Hope 169. Validate- Disprove 170. Smug- Dissatisfied 171. Vicious- Virtuous 172. Obscure- Clear 173. Enervate- Strengthen 174. Autonomous- Dependent Auditing MCQ’s ____________ is a systematic examination of the books and records or a business? A. Auditing B. Vouching C. Verification D. Checking The term ‘Audit’ is derived from a Latin word “audire” which means___________? A. To inspect B. To examine C. To hear D. To investigate The main object of an audit is _____________? A. Expression of opinion B. Detection and Prevention of fraud and error C. Both (A) and (B) D. Depends on the type of audit. An auditor is like a_______________? A. Blood haunt B. Watch dog C. May both according to situation D. None of these Process of verifying the documentary evidences of transactions are known as___________? A. Auditing B. Testing C. Vouching D. Verification Auditing is compulsory for____________? A. Small scale business B. Partnership firms C. Joint stock Companies D. Proprietary Concerns Concealment of shortage by delaying the recording of cash receipts is known as_____________? A. Embezzlement B. Misappropriation C. Lapping D. None of these The fundamental objective of the audit of a company is to_____________? A. Protect the interests of the minority shareholders B. Detect and prevent errors and fraud C. Assess the effectiveness of the company’s performance D. Attest to the credibility of the company’s accounts The concept of stewardship means that a company’s directors________________? A. Are responsible for ensuring that the company complies with the law B. Are responsible for ensuring that the company pays its tax by the due date C. Safeguard the company’s assets and manage them on behalf of the shareholders D. Report suspected fraud and money laundering to the authorities Why do auditors concentrate their efforts on material items in accounts? A. Because they are easier to audit B. Because it reduces the audit time C. Because the risk to the accounts of their being incorrectly stated is greater D. Because the directors have asked for it Which of the following is NOT the responsibility of a company’s directors? A. Reporting to the shareholders on the accuracy of the accounts B. Establishment of internal controls C. Keeping proper accounting records D. Supplying information and explanations to the auditor International auditing standards are issued by the______________? A. International Accounting Standards Board B. Financial Accounting Standards Board C. International Standards Board D. Auditing Practices Board Which of the following is not true about opinion on financial statements? A. The auditor should express an opinion on financial statements. B. His opinion is no guarantee to future viability of business C. He is responsible for detection and prevention of frauds and errors in financial statements D. He should examine whether recognised accounting principle have been consistently A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________? A. Error of omission B. Error of commission C. Compensating error D. Error of principle When an auditor is proposed for removal from office, which one of the following is he NOT permitted to do? A. Circulate representations to members B. Apply to the court to have the proposal removed C. Speak at the AGM/EGM where the removal is proposed D. Receive notification of the AGM/EGM where the removal is proposed Which one of the following is NOT a duty of the auditor? A. Duty to report to the company’s bankers B. Duty to report to the members C. Duty to sign the audit report D. Duty to report on any violation of law Assuming that it is not the first appointment of the auditor, who is responsible for the appointment of the auditor? A. The shareholders in a general meeting B. The managing director C. The board of directors in a board meeting D. The audit committee The independent auditor’s primary responsibility is to______________? A. the directors B. the company’s creditors (payables) C. the company’s bank D. the shareholders How long is the auditor’s term of office? A. Until the audit is complete B. Until the financial statements are complete C. Until the next AGM (Annual General Meeting) D. Until the directors remove them Which of the following is correct in relation to materiality? A. A matter is material only if it changes the audit report B. A matter is material if the auditor and the directors both decide that further work needs to be done in the area under question C. A matter is material only if it affects directors’ emoluments D. A matter is material if its omission or misstatement would reasonably influence the decisions of an addressee of the auditors’ report Which one of the following is NOT considered to be part of planning? A. Background i.e. industry B. Previous year’s audit i.e. any qualifications in the report C. Considering the work to be done by the client staff e.g. internal audit D. Considering whether the financial statements show a true and fair view Audit risk is composed of 3 factors. Which of the following is NOT one of those factors? A. Compliance risk B. Detection risk C. Control risk D. Inherent risk Which of the following should NOT be considered at the planning stage? A. The timing of the audit B. Analytical review C. Last year’s written representation letter D. Obtaining written representations At the planning stage you would NOT consider____________? A. the timing of the audit B. whether corrections from the inventory count have been implemented C. last year’s audit D. the potential use of internal audit Which of the following describes sampling risk? A. The risk of the auditor carrying out a test the wrong way round B. The risk of reliance on unsuitable audit evidence C. The risk that the sample does not reflect the population D. The risk of the auditor reaching the wrong conclusions from testing Which of the following is NOT an accepted method of selection in sampling? A. Systematic selection B. Pervasive selection C. Random selection D. Haphazard selection Which of the following are you unlikely to see in the current file of auditors’ working papers? A. Memorandum & articles of association B. Audit planning memorandum C. Summary of unadjusted errors D. Details of the work done on the inventory count According to ISA 500, the strength of audit evidence is determined by which two qualities? A. Appropriateness & competence B. Sufficiency & appropriateness C. Reliability & extensiveness D. Objectivity & independence Which of the following is normally the most reliable source of audit evidence? A. Internal audit B. Suppliers’ statements C. Board minutes D. Analytical review The degree of effectiveness of an internal control system depends on: A. The design of the internal control system and the implementation of the controls B. The design of the internal controls and the implementation of the control system C. The implementation of the controls and the correctness of the accounting records D. The design of the internal control system and the correctness of the accounting records According to ISA 315, which of the following is NOT an element of the control environment? A. Participation of management B. Information processing C. Commitment to competence D. Human resource policies and practices According to ISA 315, which of the following is NOT a control activity? A. Performance reviews B. Physical controls C. Organizational structure D. Segregation of duties Lapping is also known as___________? A. Teeming and lading B. Looping C. Embezzlement D. Hacking Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________? A. Error of principle B. Error of commission C. Error of omission D. Error of duplication Which of the following statements is not true? A. Management fraud is more difficult to detect than employee fraud B. Internal control system reduces the possibility of occurrence of employee fraud and management fraud C. The auditor’s responsibility for detection and prevention of errors and frauds is similar. D. All statements are correct. Internal audit is undertaken: A. By independent auditor B. Statutorily appointed auditor C. By a person appointed by the management D. By a government auditor The scope of internal audit is decided by the___________? A. Shareholders B. Management C. Government D. Law Audit of banks is an example of_____________? A. Statutory audit B. Balance sheet audit C. Concurrent audit D. All of the above Concurrent audit is a part of____________? A. Internal check system B. Continuous audit C. Internal audit system D. None of these Audit in depth is synonymous for____________? A. Complete audit B. Completed audit C. Final audit D. Detailed audit Institute of Chartered Accountants of Pakistan was established in____________? A. 1949 B. 1956 C. 1961 D. 1972 Which of the following statements is not true about continuous audit? A. It is conducted at regular interval B. It may be carried out on daily basis C. It is needed when the organization has a good internal control system D. It is expensive Internal check is carried on by___________? A. Staff specially appointed for the purpose B. Internal auditor C. Supervisor of the staff D. Members of the staff Errors of Omission are_____________? A. Technical errors B. Errors of principle C. Compensating errors D. None of the above Window dressing implies_______________? A. Curtailment of expenses B. Checking of Wastages C. Under valuation of assets D. Over Valuation of assets Test Checking refers to___________? A. Testing of accounts and records B. Checking of selected number of transactions C. Examination of adjusting and closing entries D. Checking of all transactions recorded Which of the following statements is not correct about materiality? A. Materiality is a relative concept B. Materiality judgments involve both quantitative and qualitative judgments C. Auditor’s consideration of materiality is influenced by the auditor’s perception of the needs of an informed decision maker who will rely on the financial statements D. At the planning state, the auditor considers materiality at the financial statement level only ______the audit risks_______the materiality and_________the audit effort. A. Lower, Higher, Lower B. Lower, Lower, Higher C. Higher, Lower, Lower D. Lower, Higher, Higher When issuing unqualified opinion, the auditor who evaluates the audit findings should be satisfied that the___________? A. Amount of known misstatement is documented in working papers B. Estimates of the total likely misstatement is less than materiality level C. Estimate of the total likely misstatement is more than materially level D. Estimates of the total likely misstatement cannot be made In determining the level of materiality for an audit, what should not be considered? A. Prior year’s errors B. The auditor’s remuneration C. Adjusted interim financial statements D. Prior year’s financial statements Analytical procedures issued in the planning stage of an audit, generally A. Helps to determine the nature, timing and extent of other audit procedures B. Directs attention to potential risk areas C. Indicates important aspects of business D. All of the above Which of the following statements is most closely associated with analytical procedure applied at substantive stage? A. It helps to study relationship among balance sheet accounts B. It helps to discover material misstatements in the financial statements C. It helps to identify possible oversights D. It helps to accumulate evidence supporting the validity of a specific account balance Verification refers to_________? A. Examining the physical existence and valuation of assets. B. Examining the journal and ledger C. Examination of vouchers related to assets. D. None of the above. Stock should be valued at_________? A. Cost B. Market price C. Cost or Market price whichever is lower. D. Cost less depreciation. Floating assets are valued at____________? A. cost B. Market price C. Cost or market price whichever is lower D. Cost less depreciation Goods sold on the basis of ‘sales or return ‘ should: A. Be included in the stock B. Not be included in the stock C. Not be checked by auditor D. None of the above Of the following, which is the least persuasive type of audit evidence? A. Bank statements obtained from the client B. Documents obtained by auditor from third parties directly. C. Carbon copies of sales invoices inspected by the auditor D. Computations made by the auditor Which of the following statements is, generally, correct about the reliability of audit evidence? A. To be reliable, evidence should conclusive rather than persuasive B. Effective internal control system provides reliable audit evidence C. Evidence obtained from outside sources routed through the client D. All are correct. In an audit of financial statements, substantive tests are audit procedures that __________? A. May be eliminated for an account balance under certain conditions B. Are designed to discover significant subsequent events C. Will increase proportionately when the auditor decreases the assessed level of control risk D. May be test of transactions, test of balance and analytical procedures The nature, timing and extent of substantive procedures is related to assessed level of control risk A. Randomly B. Disproportionately C. Directly D. Inversely Which of the following factors is most important in determining the appropriations of audit evidence? A. The reliability of audit evidence and its relevance in meeting the audit objective B. The objectivity and integrity of the auditor C. The quantity of audit evidence D. The independence of the source of evidence When is evidential matter, generally, considered sufficient? A. When it constitutes entire population B. When it is enough to provide a basis for giving reasonable assurance regarding truthfulness C. When it is objective and relevant D. When auditor collects and evaluates it independently Which of the following is not corroborative evidence? A. Minutes of meetings B. Confirmations from debtors C. Information gathered by auditor through observation D. Worksheet supporting consolidated financial statements What would most appropriately describe the risk of incorrect rejection in terms of substantive testing? A. The auditor concludes balance is materially correct when in actual fact it is not B. The auditor concludes that the balance is materially misstated when in actual fact it not C. The auditor has rejected an item for sample which was material D. None of the above Which of the following affects audit effectiveness? A. Risk of over reliance B. Risk of incorrect rejection C. Risk of incorrect acceptance D. Both A and C What would most effectively describe the risk of incorrect acceptance in terms of substantive audit testing? A. The auditor has ascertained that the balance is materially correct when in actual fact it is not B. The auditor concludes the balance is materially misstated when in actual fact is not C. The auditor has rejected an item from sample which was not supported by documentary evidence D. He applies random sampling on data which is inaccurate and inconsistent Audit programme is prepared by____________? A. The auditor B. The client C. The audit assistants D. The auditor and his audit assistants The working papers which auditor prepares for financial statements audit are___________? A. Evidence for audit conclusions B. Owned by the client C. Owned by the auditor D. Retained in auditor’s office until a change in auditors The quantity of audit working papers complied on engagement would most be affected by__________? A. Management’s integrity B. Auditor’s experience and professional judgment C. Auditor’s qualification D. Control risk Which of the following best describes the primary purpose of audit programme preparation? A. To detect errors or fraud B. To comply with GAAP appropriate evidence C. To gather sufficient D. To assess audit risk Which of the following is not an advantage of the preparation of working paper? A. To provide a basis for review of audit work B. To provide a basis for subsequent audits C. To ensure audit work is being carried out as per programme D. To provide a guide for advising another client on similar issues The auditor’s permanent working paper file should not normally, include__________? A. Extracts from client’s bank statements B. Past year’s financial statements C. Attorney’s letters D. Debt agreements For what minimum period should audit working papers be retained by audit firm? A. For the time period the entity remains a client of the audit firm. B. For a period of ten years C. For a period auditor opines them to be useful in servicing the client D. For the period the audit firm is in existence. Which of the following factors would least likely affect the quantity and content of an auditor’s working papers A. The assessed level of control risk B. The possibility of peer review C. The nature of auditor’s report D. The content of management representation letter Which of the following statement is true regarding an auditor’s working papers? A. They document the level of independence maintained by the auditor B. They should be considered as the principle support for the auditor’s report C. They should not contain details regarding weaknesses in the internal control system D. They help the auditor to monitor the effectiveness of the audit firm’s quality control Which of the following statement best describes the understanding with respect to ownership and custody of working papers prepared by an auditor? A. The working papers may be obtained by third parties when they appear to be relevant to issues raised in litigation B. The safe custody of working papers is the responsibility of client, if kept at his premises C. The working papers must be retained by an audit firm for a period of 10 years D. Successor auditors may have access to working papers of the predecessor auditors. The approval of client is not required. The current file of the auditor’s working papers, generally, should include____________? A. A flowchart of the internal controls B. Organisation charts C. A copy of financial statements D. Copies of bond and debentures Auditing is what? A. Reporting the financial information B. Examination of financial statements C. Preparation financial statements D. maintaining the ledger records Accounting MCQ’s A systematic way to maintain the books of accounts is called_________? A. Accountancy B. Economics C. Book Keeping D. Auditing An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________? A. Accounting B. Accountancy C. Auditing D. Book Keeping The maintenance of accounts in a systematic way is called__________? A. Accounting B. Reading C. Book Keeping D. Auditing Goods Return by the customer are termed as : A. Purchase return B. Customer return C. Sales return D. Inventory return Modern system of book keeping is called______________? A. Double entry system B. American system C. Single entry system D. Italic system The person to whom goods are sold on credit is called___________? A. Buyer B. Seller C. Debtor D. Creditor Double entry means______________? A. Entry in two sets of books B. Entry at two ends C. Entry at two dates D. Entry for two aspects of the transaction Discount received is a/an: A. Asset B. Expense C. Liability D. Revenue Obligation of the Business are known as___________? A. Liabilities B. Revenues C. Expenses D. Assets The amount invested by the proprietor to start the business is called: A. Capital B. Business C. Drawings D. All of them Cash discount is provided on _______________? A. Purchases B. Prompt payment C. Sales D. Sales return Goods return to customer are known as: A. Merchandise return B. Purchase return C. Return inwards D. Sales return The excess of current assets over current liabilities is called: A. Working Capital B. Circulating capital C. Fixed capital D. Trading capital When goods, in which business deals are sold, it is called___________? A. Purchases B. Return inward C. Sales D. Return outwards Sales return is also known as____________? A. Return received B. Return Payed C. Return inward D. Return outward (more…) reduction in price is called: A. Paid price B. Invoice price C. Book price D. Discount Cash brought by the owner to start business is called__________? A. Capital B. Loan C. Drawing D. None of these The concession received on the price of defective goods is called: A. Discount B. Cash discount C. Allowance D. Trading discount In support of business transaction, any written evidence is called ___________? A. Discount B. Voucher C. Allowance D. Price Building and furniture are called ____________? A. Current asset B. Fictitious asset C. Tangible asset D. Fixed assets For the business, capital is ____________? A. Expense B. Liability C. Assets D. All of them When owner withdraw cash for its private use, it is called ___________? A. Profit B. Income C. Expense D. Drawing Assets having physical existence are called ___________? A. Current asset B. intangible asset C. Tangible asset D. Liquid asset The assets which have some market value are called ____________? A. Fixed asset B. Quick asset C. Fictitious assets D. Real assets The assets which come into existence upon the happening of a certain event are called__________? A. Contingent assets B. Fixed assets C. Fictitious assets D. Quick assets Income earned but not received is called ____________? A. Fictitious assets B. Quick asset C. Real asset D. Outstanding asset Debts which are payable in the course of a month are called _____________? A. External liabilities B. Fixed liabilities C. Current liabilities D. Liquid Liabilities The unsold goods are ______________? A. Equity B. Sale return C. Inventory D. Purchases The systems of accounting are _____________? A. Two B. Three C. Five D. Six (more…) A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________? A. Error of omission B. Error of commission C. Compensating error D. Error of principle Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________? A. Error of principle B. Error of commission C. Error of omission D. Error of duplication Institute of Chartered Accountants of Pakistan was established in____________? A. 1949 B. 1956 C. 1961 D. 1972 Trial balance is prepared to check accuracy of_______________? A. Ledger accounts balances B. Balance sheet balances C. Income statement balances D. Cash flow statement balances If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance? A. Yes B. No C. Transactions can’t be omitted D. none of these ________ is the common base for preparing a trial balance? A. Ledger accounts B. General Journal C. Specialized journals D. Balance sheet Which of the following is true about a trial balance? A. It lists down the balances of accounts B. It lists down the balances of a balance sheet C. It is a kind of financial statement D. It is not a part of accounting cycle Debit balance = Credit balance in a trial balance indicates that: A. No error in recording transactions B. No error in posting entries to ledger accounts C. Account balances are correct D. Mathematically Capital+Liabilities=Assets Trial balance is commonly prepared? A. Frequently during the year B. At the end of an accounting period C. At the end of a month D. At the end of a year Which of the following will affect the agreement of a trial balance? A. Complete omission of a transaction B. Partial omission of a transaction C. Error of principle D. Compensating errors If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting. A. Arithmetic accuracy B. Errors of commission C. Omissions of economic events D. Understatements of balances Which of the following account with normal balance is shown at the debit side of a trial balance? A. Rent income account B. Creditors account C. Unearned income account D. Cash account Which of the following account with normal balance is shown at the credit side of a trial balance? A. Cash account B. Bank account C. Equipment account D. Accrued expenses account Which of the following specialized journals records “goods returned by customers”? A. Purchase journal B. Sales journal C. Purchases return journal D. Sales return journal Sales on credit is recorded in which of the following journal? A. Purchase journal B. Sales journal C. Purchases return journal D. Sales return journal Transactions that a BUSINESS doesn’t record in any specialised journal are recorded in which of the following journals or day books? A. Cash payments journal B. Cash receipts journal C. Purchases return journal D. General journal Another name of journal is_____________? A. Specialized journal B. Day book C. Cash book D. Record book Which of the following specialised journals will record “goods returned by the BUSINESS “? A. Purchase journal B. Sales journal C. Purchases return journal D. Sales return journal Sales and purchase journal don’t record__________? A. Credit sales B. Credit purchases C. Credit sales and purchases D. Cash sales and purchases Cash received from debtor is recorded in which of the following SPECIALIZED journals? A. Purchase journal B. Sales journal C. Cash receipts D. Cash payments journal Which of the following is a type of cash receipt journal + cash payment journal? A. Bank statement B. Statement of cash flow C. Cash book D. Cash documents Cash purchases is recorded in which of the following specialized journals? A. Purchase journal B. Sales journal C. Purchases return journal D. Cash payments journal A brief explanation recorded below every entry in general journal is commonly known as__________? A. Narration B. Explanation C. Summary D. Other information Credit purchase of plant and machinery is recorded in which of the following journals? A. General journal B. Cash journal C. Purchase journal D. Purchase return journal Debit note is the basis for recording a transaction in which of the following journals? A. General journal B. Cash journal C. Purchase journal D. Purchase return journal SALE of old furniture” will be recorded in which of the following specialised journals? A. Purchase journal B. Sales journal C. General journal D. Cash receipt journal Credit note is the basis for recording a transaction in which of the following SPECIALIZED journals? A. Purchase journal B. Sales return journal C. General journal D. Cash receipt journal Specialized journals are more adequate for which TYPE OF BUSINESSES? A. Small businesses B. Big businesses C. Sole proprietorship D. Partnership Which of the following is known as an evidence that a transaction took place? A. Cash receipts journal B. General journal C. Source document D. Cash book BUSINESS paid rent amounting to $100″ which of the following specialized journals records this transaction? A. Cash receipts journal B. Cash payments journal C. Sales journal D. Purchase journal Credit memo or credit note No. is entered in which of the following journal? A. General journal B. Cash journal C. Purchase journal D. Sales return day book In accounting an Economic event is referred to as: A. Cash B. Bank statement C. Transaction D. Exchange of money Identify the correct sequence of accounting process A. Communicating→Recording→Identifying B. Recording→Communicating→Identifying C. Identifying→communicating→recording D. Identifying→recording→communicating Bookkeeping mainly concerns with which part of accounting process? A. Analyzing B. Preparing financial statements C. Recording financial information D. Auditing the books of accounts Financial accounting provides financial information to all of the following external users except: A. Government agencies B. investors C. Creditors D. Managers For which step of accounting process the accountants of business entity prepare financial statements? A. Identification of economic event B. Communication of financial information C. Recording financial information D. Making decisions about business Keeping the log of financial information in books of original entries is called__________? A. Recording B. summarizing C. Grouping D. Processing Auditing is what? A. Reporting the financial information B. Examination of financial statements C. Preparation financial statements D. maintaining the ledger records Which of the following is the external user of financial statements? A. Manager of the business B. CEO of the business C. Creditor of the business D. Controller of the business Which of the following is the internal user of financial statements? A. Creditor of the business B. Government agency C. Shareholder of the business D. Manager of the business _________ is the first phase of accounting cycle? A. Identifying an economic event or transaction B. Preparing journals C. Posting entries to ledger accounts D. Making decisions about business Financial statements differ from management account because A. They are mainly prepared for external users of financial information B. They are more complex and hard to prepare C. The are the summary of accounting data D. The are prepared on basis of actual concept ________ is a separate legal entity that Total capital can be divided in many shares. A. Partnership B. Sole proprietorship C. Company D. Non-profit organization 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 Liabilities are which of the following? A. Resources B. Obligations C. Future benefits D. Expenses ________ is the gross inflow of economic benefits? A. Assets B. Liabilities C. Income D. Expenses The gross decrease in economic benefits for the business are what? A. Expenses B. Obligations C. Creditors D. Income or gain An asset must be _______ by the business to be shown as an asset in its “balance sheet” A. Possessed B. Owned C. Controlled D. Used Liability are arisen from which of the following events? A. Present event B. Future event C. Past event D. None of them Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting? A. Identifying transactions B. Preparing “T Accounts” C. Preparing financial statements D. Preparing trial balances Which is the most important characteristic that all assets of a business have? A. Long life of assets B. Value of assets C. Intangible nature of assets D. Future economic benefits What is the basic accounting equation? A. Capital+Liabilities=Assets B. Assets+ liabilities =Capital C. Capital+assets=liabilities D. Liabilities+Capital Which of the following is a liability? A. Cash B. Equipment C. Debtors D. Creditors What is equity? A. Cash from the business B. liability of a business C. Owner’s claim on total assets D. Owner’s claim on total liabilities Identify the asset from the following: A. Cash and cash equivalent B. Creditors C. Notes payable D. Bank loan _______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use? A. Depreciation B. Drawings C. Outflow of cash D. Appreciation Net loss occurs when______________? A. Expenses are greater than Income B. Expenses are less than Income C. Expenses=Income D. Liabilities are greater than income Double entry implies that A. Recording entries in journal B. Recording entries in Ledger account C. Recording two aspects of every transaction D. Recording every transaction in books Identify the nominal account A. Machinery account B. Building account C. Creditors account D. Rent expenses account Which of the following accounts can be classified as a real account? A. Rent expenses account B. Rent income account C. insurance expenses account D. Cash account Transferring entries from journal to ledger account is commonly known as____________? A. Recording B. Transferring C. Posting D. Entry making An account records the ___________ in the balance of an item? A. Increase B. Decrease C. Increase or decrease D. Appreciation If credit side of a bank account is greater than the debit side, it indicates which of the following? A. Bank overdraft B. Cash at bank C. Bank balance D. Current Asset If debit side of a bank account is greater than credit side it indicates which of the following? A. Cash at bank B. Bank understatement C. Bank overdraft D. Balance overstatement _________ will be credited if goods are given as charity? A. Cash B. Charity C. Purchases D. Sales Which of the following is known as the base for preparing trial balance? A. Journal B. Cash account C. Ledger account D. Balance sheet If debit balance is greater than creadit balance then the account blance will be__________? A. Credit balance B. Debit and credit balance C. Cash balance D. Debit balance The normal balance of capital account is_____________? A. Credit balance B. Debit balance C. Cash balance D. Neither debit nor credit balance The normal balance of asset account is____________? A. Credit balance B. Debit balance C. Cash balance D. Neither debit nor credit balance The normal balance of liability account is____________? A. Debit balance B. Credit balance C. Cash balance D. Neither debit nor credit balance Which of the following statements is incorrect regarding capital account? A. Debit increases the capital account balance B. Credit increases the capital account balance C. Fresh capital increases the capital account balance D. Net income increases the capital account balance Which of the following is the normal balance of a rent expense account? A. Credit balance B. Cash balance C. Overdraft D. Debit balance Revenue and expense accounts are referred as______________? A. Nominal accounts B. Real account C. Cash accounts D. Banks account The real accounts are accounts of Assets, liabilities and ___________? A. Expenses B. Revenues C. Capital D. Drawing Building account is classified as _________ account? A. Nominal B. Real C. Cash D. Capital Office equipments account is classified as _________ account? A. Nominal B. Real C. Cash D. Capital ___________ helps business to classify transactions according to their nature? A. General journal B. Real accounts C. Ledger accounts D. Cash accounts Which of the following is a real account? A. Office equipment B. Rent expenses C. Rent income D. Insurance expense Which of the following accounts are closed at the end of an accounting period? A. Nominal accounts B. Balance sheet accounts C. Real accounts D. None of them Which of the following is the closing balance of a ledger account? A. Balance c/d B. Balance b/d C. Balance e/d D. Balance f/c The Basic accounting equation is___________? A. Asset=Expense +Income B. Assets=Cash+Capital C. Assets=Capital+Liabilities D. Assets=Expenses+Capital Find out the value of assets if: Liabilities=$5000 and Capital=$1000 A. $4000 B. $6000 C. $7000 D. $3000 Calculate the amount of cash if: Total assets=$10,000 Total liabilities=$10,000 Total Capital=$5000 A. $6000 B. $10,000 C. $5000 D. $1000 Capital increases if _________ increases? A. Expenses B. Drawings C. Interest on capital D. Revenue Capital of a business decreases if there is an increase in___________? A. Drawings B. Income C. Gains D. Fresh capital If the total liabilities of a business decrease by $5000 what will be the effect on total asset? (assuming the amount of capital remain same) A. Remain constant B. Decrease by $5000 C. Increase by $5000 D. Increase by $10,000 If the business’s owner withdraws cash for his/her personal use what will be the effect on capital? A. Increase in capital B. Remain the same C. Decrease in capital D. No effect on capital Net income equal to Revenues minus____________? A. Gains B. Depreciation C. Expenses D. Capital expenditures Collection of account receivable will A. Increase assets and decrease assets B. Increase assets and decrease liabilities C. Increase assets and increase capital D. Increase assets and increase cash Payment of expenses will ______ the assets A. Increase B. Reduce C. apportion D. Overstate Which of the following is the practical implementation of the accounting equation? A. Cash flow statement B. Income statement C. Statement of changes in equity D. Statement of financial position Which of the following accounting equation is correct? A. Cash+Other assets=Capital-Liabilities B. Capital+ Liabilities=Assets+Income C. Assets-Liabilities=Capital D. Assets+Capital=Liabilities Fresh capital introduction will increase____________? A. Assets and liabilities B. Assets and equity C. Liabilities and equity and bank balance D. Capital and liabilities Cash received for services rendered will______________? A. Increase cash and liability B. Increase equity and liability C. Increase fixed assets and cash D. Increase cash and equity Which of following best describes the increase in equity expands___________? A. Business operations B. cash outflows C. Inflows of cash D. Appropriation expenses If Cash=$1000 inventories=$4000 Debtors=$5000 fixed assets=? Capital+Liabilities=$15000 What is the Amount of total assets? A. $5000 B. $10,000 C. $15,000 D. $20,000 Depreciation decreases____________? A. Liabilities B. Cash C. Bank D. Capital An increase in provision for bad debt will____________? A. Decrease net income B. Decrease liabilities C. Increase net income D. Increase liabilities Current assets – Current liabilities=? A. Capital B. Absorbed capital C. Net assets D. Net working capital Assets-Liabilities=____________? A. Cash B. Equity C. Net income D. Net expenses The process of recording is done? A. Two times a year B. once a year C. Frequently during the accounting period D. At the end of a accounting period General journal is a book of _______ entries? A. First B. Original C. Secondary D. Generic The process of recording transactions in different journals is called_________? A. Posting B. Entry making C. Adjusting D. Journalizing Every business transaction affects at least ________ accounts? A. One B. Two C. Three D. Infinite Discount allowed is a kind of deduction from_____________? A. Account payable B. Account receivable C. Cash account D. Discount account The other name of journal is____________? A. Ledger B. T account C. Day book D. Cash book A journal entry in which two or more account is debited or credited is referred as____________? A. Journal entry B. Multi entry C. Additional entry D. Compound entry he term 2/10-n/30 implies that ______ % discount will be given if the payment is made within days or full amount is receivable within 30 days? A. 2,10 B. 10,2 C. 10,30 D. 3,15 Goods returned by customer should be debited to which of the following accounts? A. Sales income account B. Sales account C. Return inward account D. Expenses account Discount allowed is___________? A. Expense of business B. Income of business C. Loss of business D. Abnormal loss of business _________ is the evidence that a transaction took place? A. Source documents B. Ledger C. Bonds D. Journals Which of the following will be debited if a business purchases goods on credit? A. Cash B. Debtor C. Creditor D. Purchases Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use? A. Drawings B. Cash C. Business D. Stock Journals are also referred as_____________? A. Book of entries B. Book of original entries C. T account D. Books of economic event The standard format of journal does not include which of the following? A. Assets column B. Date column C. Description column D. Amount column In which of the following orders data is entered in journal? A. Alphabetical order B. Numeric order C. Bullets order D. Chronological order Which of the following accounts will be credited if a company purchases building for cash? A. Capital account B. Fixed assets account C. Building account D. Cash account Discount for quick repayment of debt is normally referred as____________? A. Trade discount B. Prompt payment discount C. Cash discount D. Bulk discount The first step in accounting process is___________? A. Recording the transaction B. Identifying the transaction C. Posting the transaction D. Preparing the source documents A chart of accounts generally start with which of the following types of accounts? A. Assets accounts B. liability accounts C. Cash accounts D. Revenue accounts Total depreciation of an asset cannot exceed its: A. Scrap value B. Residual value C. Market value D. Depreciable value Finance MCQ’s ___________ is concerned with the acquisition, financing, and management of assets with some overall goal in mind. A. Financial management B. Profit maximization C. Agency theory D. Social responsibility Having some overall goal in mind, financial management is concerned with: A. Acquisition of assets B. Financing of assets C. Management of assets D. All of them The investment decision is the most important of the firm’s three major decisions, when it comes to: A. Value creation B. Value addition C. Value proposition D. Value deletion Annual cash dividends divided by annual earnings; or alternatively, dividends per share divided by earning per share is termed as: A. Earning per share ratio B. Proposed dividend ratio C. Dividend payout ratio D. Expected dividend ratio Profit maximization is the maximizing a firm’s Earning: A. Before Tax B. After Tax C. Both A and B D. None of Them An individual authorized by another person, called the principle, to act on the latter’s on behalf is known as an/a: A. Agent B. Servant C. Subordinate D. Assistant Stakeholders include: A. Stakeholders B. Creditors and customs C. Employees and suppliers D. All of Them All the constituencies with a stake in the fortunes of the company are termed as: A. Stakeholders B. Directors C. Chief executives D. Subordinates The system by which companies are managed and controlled is known as: A. Management System B. Strategic System C. Corporate Governance D. Internal System Corporate governance encompasses the relationship among a company’s: A. Shareholders and board of director B. Board of directors and senior management C. Shareholders and senior management D. Shareholders, board of directors and senior management The Board of Directors sets company-wide policy and advices the CEO and other senior executies, who manage the company’s: A. Managerial activities B. Year-to-Year activities C. Day-to-Day activities D. Financial activities A major facet of financial management involves providing the financing necessary to support: A. Liabilities B. Debts C. Loans D. Assets The market price of a firm’s stock represents the focal judgment of all market participants as to the value of the: A. Particular market B. Particular firm C. Particular creditor D. Particular debtor Agency theory suggests that managers(the agents), particularly those of large , publically- owned firms, may have different objectives from those of the: A. Workers B. Subordinates C. Shareholders D. Employees Maximizing Shareholder wealth: A. Relieves the firms responsibility towards society B. Does not relieve the firm’s responsibility towards society C. Partially relives the firm’s responsibility towards society D. None of Them Earning per share is computed as: A. ____________Earning After Tax_____________ No of common shares outstanding B. ____No of common shares outstanding___ Earning after Tax C. ____Earning before Tax____ Common shares D. None of Them Period costs include which of the following? A. Selling expense B. Raw material C. Direct labor D. Manufacturing overhead Product costs include which of the following? A. Selling expenses B. General expenses C. Manufacturing overhead D. Administrative expenses Financial policy is evaluated by which of the following? A. Profit Margin B. Total Assets Turnover C. Debt-equity ratio D. None of the given options Cash flow from assets involves which of the following component(s)? A. Operating cash flow B. Capital spending C. Change in net working capital D. All of the given options Which of the following refers to the cash flows that result from the firm‟s day-to-day activities of producing and selling? A. Operating Cash Flows B. Investing Cash Flows C. Financing Cash Flows D. All of the given options Finance is vital for which of the following business activity (activities)? A. Marketing Research B. Product Pricing C. Design of marketing and distribution channels D. All of the given options Which of the following costs are reported on the income statement as the cost of goods sold? A. Product cost B. Period cost C. Both product cost and period cost D. Neither product cost nor period cost Standard Company had net sales of Rs. 750,000 over the past year. During that time, average receivables were Rs. 150,000. Assuming a 365-day year, what was the average collection period? A. 5 days B. 36 days C. 48 days D. 73 days Which of the following terms refers to the use of debt financing? A. Operating Leverage B. Financial Leverage C. Manufacturing Leverage D. None of the given options In which type of market, new securities are traded? A. Primary market B. Secondary market C. Tertiary market D. None of the given options Which of the following ratios are particularly interesting to short-term creditors? A. Liquidity Ratios B. Long-term Solvency Ratios C. Profitability Ratios D. Market Value Ratios Quick Ratio is also known as_______________? A. Current Ratio B. Acid-test Ratio C. Cash Ratio D. Solvency Ratio A portion of profits, which a company retains itself for further expansion, is known as: A. Dividends B. Retained Earnings C. Capital Gain D. None of the given options Which of the following is measured by profit margin? A. Operating efficiency B. Asset use efficiency C. Financial policy D. Dividend policy Which of the following set of ratios is used to assess a business’s ability to generate earnings as compared to its expenses and other relevant costs incurred during a specific period of time? A. Liquidity Ratios B. Leverage Ratios C. Profitability Ratios D. Market Value Ratios A company having a current ratio of 1 will have __________ net working capital. A. Positive B. Negative C. zero D. None of the given options Which of the following equation is known as Cash Flow (CF) identity? A. CF from Assets = CF to Creditors – CF to Stockholder B. CF from Assets = CF to Stockholders – CF to Creditors C. CF to Stockholders = CF to Creditors + CF from Assets D. CF from Assets = CF to Creditors + CF to Stockholder The difference between current assets and current liabilities is known as____________? A. Surplus Asset B. Short-term Ratio C. Working Capital D. Current Ratio The principal amount of a bond at issue is called____________? A. Par value B. Coupon value C. Present value of an annuity D. Present value of a lump sum Which of the following is the process of planning and managing a firm‟s long-term investments? A. Capital Structuring B. Capital Rationing C. Capital Budgeting D. Working Capital Management A standardized financial statement presenting all items of the statement as a percentage of total is: A. a common-size statement B. an income statemen C. a cash flow statement D. a balance sheet The DuPont Identity tells us that Return on Equity is affected by: A. The DuPont Identity tells us that Return on Equity is affected by: B. asset use efficiency (as measured by total assets turnover) C. financial Leverage (as measured by equity multiplier) D. all of the given options (a, b and c) A series of constant cash flows that occur at the end of each period for some fixed number of periods is ____________ . A. an ordinary annuity B. annuity due C. multiple cash flows D. perpetuity Which of the following is the overall return the firm must earn on its existing assets to maintain the value of the stock? A. IRR (Internal Rate of Return) B. MIRR (Modified Internal Rate of Return) C. WACC (Weighted Average Cost of Capital) D. AAR (Average Accounting Return) Which of the following is known as the group of assets such as stocks and bonds held by an investor ? A. Stock Bundle B. Portfolio C. Capital Structure D.. None of the given options Which of the following relationships holds TRUE if a bond sells at a discount? A. Bond Price < Par Value and YTM > coupon rate B. Bond Price > Par Value and YTM > coupon rate C. Bond Price > Par Value and YTM < coupon rate D. Bond Price < Par Value and YTM < coupon rate Which of the following strategy belongs to restrictive policy regarding size of investments in current assets? A. To maintain a high ratio of current assets to sales B. To maintain a low ratio of current assets to sales C. To less short-term debt and more long-term debt D. To more short-term debt and less long-term debt Which of the following statement is CORRECT regarding compound interest? A. It is the most basic form of calculating interest. B. It earns profit not only on principal but also on interest. C. It is calculated by multiplying principal by rate multiplied by time. D. It does not take into account the accumulated interest for calculation. When real rate is high, all the interest rates tend to be ___________? A) Higher B) Lower C) Constant D) None of the given options Profitability index (PI) rule is to take an investment, if the index exceeds___________? A. -1 B. 0 C. 1 D. 2 Average Accounting Return is a measure of accounting profit relative to: A. Book value B. Intrinsic value C. Cost D. Market value Which of the following is the cheapest source of financing available to a firm? A. Bank loan B. Commercial papers C. Trade credit D. None of the given options. _______________refers to the extent to which fixed-income securities (debt and preferred stock) are used in a firm’s capital structure? A. Financial risk B. Portfolio risk C. Operating risk D. Market risk The use of Personal borrowing to alter the degree of financial leverage is called__________? A. Homemade leverage B. Financial leverage C. Operating leverage D. None of the given option _________ refers to the most valuable alternative that is given up if a particular investment is undertaken? A. Sunk cost B. Opportunity cost C. Financing cost D. All of the given options A model which makes an assumption about the future growth of dividends is known as: A. Dividend Price Model B. Dividend Growth Model C. Dividend Policy Model D. All of the given options Which of the following is not a quality of IRR ? A. Most widely used B. Ideal to rank the mutually exclusive investments C. Easily communicated and understood D. Can be estimated even without knowing the discount rate Which of the following is a series of constant cash flows that occur at the end of each period for some fixed number of periods? A. Ordinary annuity B. Annuity due C. Perpetuity D. None of the given options During the accounting period, sales revenue is Rs. 25,000 and accounts receivable increases by Rs. 8,000. What will be the amount of cash received from customers for the period? A. Rs. 33,000 B. Rs. 25,000 C. Rs. 17,000 D. Rs. 8,000 Read More about This Mcq The conflict of interest between stockholders and management is known as: A. Agency problem B. Interest conflict C. Management conflict D. Agency cost Which of the following form of business organization is least regulated? A. Sole-proprietorship B. General Partnership C. Limited Partnership D. Corporation Which of the following ratios are intended to address the firm’s financial leverage? A. Liquidity Ratios B. Long-term Solvency Ratios C. Asset Management Ratios D. Profitability Ratios Balance Sheet is based upon which of the following formula? A. Assets = Liabilities – Stockholder’s equity B. Assets + Liabilities = Stockholder’s equity C. Assets + Stockholder’s equity = Liabilities D. Assets = Liabilities + Stockholder’s equity Quick Ratio is also known as_________? A. Current Ratio B. Acid-test Ratio C. Cash Ratio D. None of the given options Which of the following is a special case of annuity, where the stream of cash flows continues forever? A. Ordinary Annuity B. Special Annuity C. Annuity Due D. Perpetuity You just won a prize, you can either receive Rs. 1000 today or Rs. 1,050 in one year. Which option do you prefer and why if you can earn 5 percent on your money? A. Rs. 1,000 because it has the higher future value B. Rs. 1,000 because you receive it sooner C. Rs. 1,050 because it is more money D. Either because both options are of equal value Which of the following ratios are particularly interesting to shortterm creditors? A. Liquidity Ratios B. Long-term Solvency Ratios C. Profitability Ratios D. Market Value Ratios In which form of Business, owners have limited liability? A. sole proprietorship B. partnership C. joint stock company D. none of the above Read More about this Mcq Which of the following item provides the important function of shielding part of income from taxes? A. Inventory B. Supplies C. Machinery D. Depreciation Read More about this Mcq The process of determining the present value of a payment or a stream of payments that is to be received in the future is known as: A. Discounting B. Compounding C. Factorization D. None of the given options Read More about this Mcq You need Rs. 10,000 to buy a new television. If you have Rs. 6,000 to invest at 5 percent compounded annually, how long will you have to wait to buy the television? A. 8.42 years B. 10.51 years C. 15.75 years D. 18.78 years Read More about this Mcq In which of the following type of annuity, cash flows occur at the beginning of each period? A. Ordinary annuity B. Annuity due C. Perpetuity D. None of the given options Read More about this Mcq Between the two identical bonds having different maturity periods, the price of the ______ bond will change less than that of ______ bond. A. long-term; short-term B. short-term; long-term C. lower-coupon; higher-coupon D. None of the given options Read More about this Mcq Which of the given area is NOT addressed by Business Finance? A. Financing B. Investing C. Managing day today expenses D. None of the given options A company having a current ratio of 1 will have ________ net working capital. A. Positive B. Negative C. zero D. None of the given options Read More about this Mcq Business Finance addresses which of the following? A. Capital budgeting B. Capital structure C. Working capital management D. All of the given options In which type of business, all owners share in gains and losses and all have unlimited liability for all business debts? A. Sole-proprietorship B. General Partnership C. Limited Partnerhsip D. Corporation Which of the following is measured by retention ratio? A. Operating efficiency B. Asset use efficiency C. Financial policy D. Dividend policy Read More about this Mcq How many years will it take to pay off a Rs. 11,000 loan with a Rs. 1,241.08 annual payment and a 5% interest rate? A. 6 years B. 12 years C. 24 years D. 48 years Read More about this Mcq Which one of the following terms refers to the risk arises for bond owners from fluctuating interest rates? A. Fluctuations Risk B. Interest Rate Risk C. Real-Time Risk D. Inflation Risk Which of the following set of ratios relates the market price of the firm’s common stock to selected financial statement items? A. Liquidity Ratios B. Leverage Ratios C. Profitability Ratios D. Market Value Ratios Read More about this Mcq If a firm uses cash to purchase inventory, its quick ratio will? A. Increase B. Decrease C. Remain unaffected D. Become zero Read More about this Mcq Standard Corporation sold fully depreciated equipment for Rs.5,000. This transaction will be reported on the cash flow statement as a(n): A. Operating activity B. Investing activity C. Financing activity D. None of the given options Read More about this Mcq Which of the following ratios are particularly interesting to short term creditors? A. Liquidity Ratios B. Long-term Solvency Ratios C. Profitability Ratios D. Market Value Ratios Mr. Y and Mr. Z are planning to share their capital to run a business. They are going to employ which of the following type of business? A. Sole-proprietorship B. Partnership C. Corporation D. None of the given options Read More about this Mcq When the market’s required rate of return for a particular bond is much less than its coupon rate, the bond is selling at: A. Premium B. Discount C. Par D. Cannot be determined without more information Read More about this Mcq Which of the following statement is considered as the accountant’s snapshot of firm’s accounting value as of a particular date? A. Income Statement B. Balance Sheet C. Cash Flow Statement D. Retained Earning Statement The most important item that can be extracted from financial statements is the actual ________ of the firm. A. Net Working Capital B. Cash Flow C. Net Present Value D. None of the given options A firm has paid out Rs. 150,000 as dividends from its net income of Rs. 250,000. What is the retention ratio for the firm? A. 12% B. 25% C. 40% D. 60% Read More about this Mcq Which of the following ratios is NOT from the set of Asset Management Ratios? A. Inventory Turnover Ratio B. Receivable Turnover C. Capital Intensity Ratio D. Return on Assets Read More about this Mcq Which of the following statement about bond ratings is TRUE? A. Bond ratings are typically paid for by a company’s bondholders. B. Bond ratings are based solely on information acquired from sources other than the bond issuer. C. Bond ratings represent an independent assessment of the credit-worthiness of bonds. D. None of the given options If you plan to save Rs. 5,000 with a bank at an interest rate of 8%, what will be the worth of your amount after 4 years if interest is compounded annually? A. Rs. 5,400 B. Rs. 5,900 C. Rs. 6,600 D. Rs. 6,802 Read More about this Mcq Which of the following statement is TRUE regarding debt? A. Debt is an ownership interest in the firm. B. Unpaid debt can result in bankruptcy or financial failure. C. Debt provides the voting rights to the bondholders. D. Corporation’s payment of interest on debt is fully taxable. A firm reports total liabilities of Rs. 300,000 and owner’s equity of Rs. 500,000. What would be the total worth of the firm’s assets? A. Rs. 300,000 B. Rs. 500,000 C. Rs. 800,000 D. Rs. 1100,000 Which of the following measure reveals how much profit a company generates with the money shareholders have invested? A. Profit Margin B. Return on Assets C. Return on Equity D. Debt-Equity Ratio If you have Rs. 850 and you plan to save it for 4 years with an interest rate of 10%, what will be the future value of your savings? A. Rs. 1,000 B. Rs. 1,244 C. Rs. 1,331 D. Rs. 1,464 Read More about this Mcq In case of international business which of the given factor(s) must be considered? A. Role of foreign exchange B. Balance of payments C. Attitude of Governments D. All of the given options Which of the following refers to the difference between the sale price and cost of inventory? A. Net loss B. Net worth C. Markup D. Markdown Read More about this Mcq Who of the following make a broader use of accounting information? A. Accountants B. Financial Analysts C. Auditors D. Marketers Read More about this Mcq The Yield to Maturity of a bond is the same as_____________? A. The present value of the bond B. The bonds internal rate of return C. The future value of the bond D. None of these Choose from the following a symptom which is not relating to “Over Trading”? A. Cash shortage B. Low inventory turnover ratio C. Low current ratio D. High inventory turnover ratiO The formula to calculate the present value of a single cash flow is given by: A. CF1 / (1+r)n B. C2 / (1+r) C. C0 + C (1+r)n D. None of these The effect of purchasing power or inflation on present value is important because _________? A. It increases the real value of cash flows received in the future B. It reduces the real value of cash flows received in the future C. It has no effect on real value of cash flow received in the future D. None of these An Asset is __________? A. Sources of funds B. Use of funds C. Inflow of funds D. None of these