CPA Exam Mock Test 2 - Online MCQ Exam

The assets which come into existence upon the happening of a certain event are called__________?

1 Mark(s)

Your Answer:

Contingent assets Contingent assets
Fixed assets Fixed assets
Fictitious assets Fictitious assets
Quick assets Quick assets

An estimated price, which is expected to be paid by customers for particular market offering is classified as __________?

1 Mark(s)

Your Answer:

target price target price
target cost target cost
outsource price outsource price
off shore price off shore price

The abridged statements shall be audited and approved by ______?

1 Mark(s)

Your Answer:

Accountant Accountant
Board of Directors Board of Directors
Finance Manager Finance Manager
None of these None of these

Costs that change in response to alternative courses of action are called___________?

1 Mark(s)

Your Answer:

Relevant costs Relevant costs
Differential costs Differential costs
Target costs Target costs
Sunk costs Sunk costs

As per section 22, of the Family Courts Act, A Family Court shall not have the power to issue an injunction to or stay any proceedings pending before_______________?

1 Mark(s)

Your Answer:

Chairman of Union Council Chairman of Union Council
Arbitration Council Arbitration Council
Both A and B Both A and B
None of the above None of the above

An amount of available capacity other than employed capacity, to meet the customer’s demand, is classified as _________?

1 Mark(s)

Your Answer:

targeted capacity targeted capacity
budgeted capacity budgeted capacity
recovery capacity recovery capacity
unused capacity unused capacity

The companies in the industry that purchase the finished goods, and further sell the products into the market are classified as ______________?

1 Mark(s)

Your Answer:

service sector companies service sector companies
raw material companies raw material companies
manufacturing sector companies manufacturing sector companies
merchandising sector companies merchandising sector companies

Cost of money is affected by factors which includes______________?

1 Mark(s)

Your Answer:

Production opportunities Production opportunities
Risk Risk
All of above All of above
Inflation Inflation

Expulsion of the products of conception before_________ weeks of pregnancy is called abortion?

1 Mark(s)

Your Answer:

20 20
24 24
26 26
28 28

The right of causing death of a convict if he has committed qatl-i-amd is called_________________?

1 Mark(s)

Your Answer:

Qisas Qisas
Tazir Tazir
Daman Daman
None of these None of these

If the sales quantity is 7000 units and the breakeven quantity is 1500 units, then the margin of safety would be __________?

1 Mark(s)

Your Answer:

4500 units 4500 units
5500 units 5500 units
8500 units 8500 units
9500 units 9500 units

An Ordinance to provide protection of the rights of the children involved in criminal litigation is called _________________?

1 Mark(s)

Your Answer:

Juvenile Justice System Ordinance Juvenile Justice System Ordinance
Juvenile Justice System Act Juvenile Justice System Act
Minor’s Act Minor’s Act
None of above None of above

Should a petrol station owner be allowed to charge Rupees 500 a litter, if his store is the only store with petrol?

1 Mark(s)

Your Answer:

Yes if the person is not a regular customer
Yes this is honest business practices Yes this is honest business practices
No this is dishonest business practices No this is dishonest business practices
It depends how long he has been in business

In absorption costing, an effect on cost volume profit relationship is driven by __________?

1 Mark(s)

Your Answer:

unit level of production unit level of production
unit level of sales unit level of sales
chosen denominator level chosen denominator level
all of above all of above

If the budgeted total direct labor hours are 5500 and budgeted direct labor cost is $755000, then the budgeted direct labor cost rate is _________?

1 Mark(s)

Your Answer:

$138 per labor hour $138 per labor hour
$137.27 per hour $137.27 per hour
$140 per labor hour $140 per labor hour
$142 per labor hour $142 per labor hour

Section 23, of the Specific Relief Act deals with____________?

1 Mark(s)

Your Answer:

The persons who may obtain specific performance of a contract
The contracts which may specifically be enforced
The persons against whom specific performance can not be granted
Non of These Non of These

The price which is paid by the bidders and is accepted by all other bidders is classified as _____________?

1 Mark(s)

Your Answer:

highest price highest price
lowest price lowest price
zero price zero price
peak price peak price

An overtime is considered in cost accounting as ___________?

1 Mark(s)

Your Answer:

indirect costs indirect costs
overhead costs overhead costs
premium costs premium costs
both a and b both a and b

A second hand car is purchased for 2,00,000 and sold at 1,40,000 after two years. If depreciation is charged @ 10% on written down value method, find the profit or loss on sale of the Second hand car?

1 Mark(s)

Your Answer:

Loss of 20,000 Loss of 20,000
Loss of 22,000 Loss of 22,000
Loss of 11,000 Loss of 11,000
Profit of 11,000 Profit of 11,000

Mandatory injunction is provided in________________?

1 Mark(s)

Your Answer:

Section 53, of the Specific relief Act Section 53, of the Specific relief Act
Section 54, of the Specific relief Act Section 54, of the Specific relief Act
Section 55, of the Specific relief Act Section 55, of the Specific relief Act
Non of These Non of These

As per Rule 2(c) of the Good Conduct & Prisoners Probational Release Rules, 1927 “Government” means____________?

1 Mark(s)

Your Answer:

The Government United Kingdom The Government United Kingdom
The Government of the India The Government of the India
The Government of the Pakistan The Government of the Pakistan
The Government of the Punjab The Government of the Punjab

The depository institutions such as thrifts include _____________?

1 Mark(s)

Your Answer:

savings associations savings associations
savings banks savings banks
credit unions credit unions
all of the above all of the above

The underwriter spread of stock is $17000 and the net proceeds of stock are $24000 then the gross proceeds are ____________?

1 Mark(s)

Your Answer:

41000 41000
7000 7000
17000 17000
24000 24000

The debentures that are considered as junior bonds as compared to debentures and mortgage bonds are classified as _________?

1 Mark(s)

Your Answer:

subordinated debentures subordinated debentures
ordinate debentures ordinate debentures
expansion debentures expansion debentures
premium debentures premium debentures

Stocks which has lower book for market ratio are considered as__________?

1 Mark(s)

Your Answer:

Optimistic Optimistic
More risky More risky
Less risky Less risky
Pessimistic Pessimistic

Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use?

1 Mark(s)

Your Answer:

Drawings Drawings
Cash Cash
Business Business
Stock Stock

Family Courts Act, 1964 contains ________________ sections?

1 Mark(s)

Your Answer:

26 26
28 28
30 30
None of the above None of the above

Section___________ of the Family Courts Act deals with intimation to defendants?

1 Mark(s)

Your Answer:

8 8
8A 8A
9 9
None of the above None of the above

The maximum freedom for managers and minimum constraints are the main features of ___________?

1 Mark(s)

Your Answer:

total autonomy total autonomy
total centralization total centralization
total decentralization total decentralization
total congruency total congruency

Schedule III, Cr.P.C deals with_____________?

1 Mark(s)

Your Answer:

Various kinds of Magistrate Various kinds of Magistrate
Various powers of Court Officer Various powers of Court Officer
Various powers of Magistrates Various powers of Magistrates
None of above None of above

The experimentation and generation of ideas related to new product or services are included in ____________?

1 Mark(s)

Your Answer:

addressing management addressing management
research and development research and development
value development value development
service provider service provider

The firms that attach bonds to the stock warrants are usually_________?

1 Mark(s)

Your Answer:

less discounted less discounted
more risky more risky
less risky less risky
more discounted more discounted

The thin trading of municipal bonds in secondary markets is because of ___________?

1 Mark(s)

Your Answer:

excess of information excess of information
lack of information lack of information
frequent information frequent information
infrequent information infrequent information

Cash discount is provided on _______________?

1 Mark(s)

Your Answer:

Purchases Purchases
Prompt payment Prompt payment
Sales Sales
Sales return Sales return

Justice of Peace appointed under section 22, Cr.P.C by the Provincial Government enjoys his powers as_________________?

1 Mark(s)

Your Answer:

Ministerial Powers Ministerial Powers
Judicial Powers Judicial Powers
Administrative Power Administrative Power
None of above None of above

Qanun-e-Shahadat 1984, repealed The____________________?

1 Mark(s)

Your Answer:

Evidence Act, 1978 Evidence Act, 1978
Evidence Act, 1908 Evidence Act, 1908
Evidence Act, 1872 Evidence Act, 1872
None of these None of these

Section 156-B of Cr.P.C deals with investigation against a women accused of the offence of ____________?

1 Mark(s)

Your Answer:

Dacoity Dacoity
Theft Theft
Zina Zina
None of above None of above

The lower plant leasing, lower administrative costs, lower depreciation on equipment and plant are all the factors of _____________?

1 Mark(s)

Your Answer:

favorable price variance favorable price variance
unfavorable price variance unfavorable price variance
favorable spending variance favorable spending variance
unfavorable spending variance unfavorable spending variance

The Provisions of Muslim Family Laws Ordinance, 1961 are also_____ upon Pakistani citizens who are not in Pakistan?

1 Mark(s)

Your Answer:

Not applicable Not applicable
Applicable Applicable
Depends upon circumstance Depends upon circumstance
None of the above None of the above

The cost management technique which specially addresses strategic issues is classified as ____________?

1 Mark(s)

Your Answer:

address management address management
issue management issue management
strategic cost management strategic cost management
managerial cost managerial cost

Order________________ of C.P.C. deals with arrest and attachment before judgment?

1 Mark(s)

Your Answer:

Order XXXVII, Order XXXVII,
Order XXXVIII, Order XXXVIII,
Order XXXIX, Order XXXIX,
Non of these Non of these

The never system of human consist nervous and ____________ organs?

1 Mark(s)

Your Answer:

Pheripheral Pheripheral
Epheripheral Epheripheral
Both A and B Both A and B
None of above None of above

A makes a contract with B to buy B’s horse if A survives C. This contract cannot be enforceed by law ?

1 Mark(s)

Your Answer:

Unless and until C dies in A’s life time
Unless and until A dies in C’s life time
Both A and C dies Both A and C dies
None of above None of above

The type of market in which the short term instruments are traded and purchased by economic units, is classified as __________?

1 Mark(s)

Your Answer:

money markets money markets
capital markets capital markets
debt markets debt markets
economic markets economic markets

As per sub section (4), of section 10 of the Juvenile Justice System Ordinance the Juvenile Court shall in a case where a child is not granted bail under sub-section (3), direct for tracing the guardian of such child and where the guardian of the child is traced out, the Juvenile Court may ?

1 Mark(s)

Your Answer:

Immediately release the child on bail Immediately release the child on bail
Immediately acquit the child Immediately acquit the child
Discharge the child Discharge the child
None of above None of above

The costs incur for defective products, before their shipment to customers can be categorized as ___________?

1 Mark(s)

Your Answer:

prevention costs prevention costs
external failure costs external failure costs
appraisal costs appraisal costs
internal failure costs internal failure costs

The supplies, plant maintenance, plant rent, plant insurance and cleaning labor come under the type of costs called ____________?

1 Mark(s)

Your Answer:

labor costs labor costs
factory overhead costs factory overhead costs
finished costs finished costs
manufacturing costs manufacturing costs

If the contribution margin is $15000 and the units sold are 500 units, then the contribution margin per unit would be ___________?

1 Mark(s)

Your Answer:

$20 per unit $20 per unit
$30 per unit $30 per unit
$50 per unit $50 per unit
$40 per unit $40 per unit

Evaluating Your Answers

CPA Exam Mock Test 2 : Question 1 of 48