Page 3 – FPSC Senior Auditor Test Past Papers Solved MCQs Questions with Answers

FPSC Senior Auditor Test → FPSC Senior Auditor Test Past Papers Solved MCQs Questions with Answers.

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11. A business has capital of Rs 10,000. Which of the following asset and liability figures in rupees could appear in this business’s statement of financial position?
(A) Assets=6000, Liabilities=16000
(B) Assets=6000, Liabilities=4000
(C) Assets=10000, Liabilities=10000
(D) Assets=14000, Liabilities=4000

12. Goods which originally cost Rs 400 were sold for Rs 550. In the accounting equation Net Assets will?
(A) Rise by Rs. 550
(B) Rise by Rs. 150
(C) Fall by Rs. 550
(D) Fall by Rs. 150

13. Mr. Imran-ul-Haq introduces his car into his business. Which parts of the business accounting equation will change?
(A) Capital and profit
(B) Assets and capital
(C) Capital and liabilities
(D) Liabilities and assets

14. Consider the following data. What is the value of liabilities in an accounting equation?
Furniture = Rs 90,000
Cash = Rs 100,000
Debtors = Rs 11,000
Owner’s equity = Rs 90,000
(A) Rs 201,000
(B) Rs 111,000
(C) Rs 290,000
(D) Rs 291,000

15. Unearned income is classified as
(A) Liability
(B) Loss
(C) Equity
(D) Assets

ANSWERS: SENIOR AUDITOR TEST SAMPLE PAPER
11. (D) Assets=14000, Liabilities=4000 [Capital=Assets–liabilities]
12. (B) Rise by Rs 150
13. (B) Assets and capital
14. (B) Rs 111,000 [Liabilities=Assets–Capital. So, Liabilities=90000+100000+11000–90000=111000]
15. (A) Liability. Next: Questions 16–20