CPA Exam Mock Test 9 - Online MCQ Exam

The vertical difference, which measures distance between estimated and actual cost for every single observation is classified as __________?

1 Mark(s)

Your Answer:

residual term residual term
positive term positive term
negative term negative term
squared term squared term

Small cause means of the nature cognizable by the Court of small causes under the Provincial Small Causes Courts Act, ?

1 Mark(s)

Your Answer:

1885 1885
1886 1886
1887 1887
None of above None of above

Mutual fund allows investors to sale out their share during any normal trading hours is classified as____________?

1 Mark(s)

Your Answer:

Exchange traded fund Exchange traded fund
Management expense Management expense
Money trade fund Money trade fund
Capital trade fund Capital trade fund

Transactions that a BUSINESS doesn’t record in any specialised journal are recorded in which of the following journals or day books?

1 Mark(s)

Your Answer:

Cash payments journal Cash payments journal
Cash receipts journal Cash receipts journal
Purchases return journal Purchases return journal
General journal General journal

An approach in which the managers use the resources to increase customer value is classified as __________?

1 Mark(s)

Your Answer:

help management help management
cost management cost management
past management past management
future management future management

Mostly in financials, risk of portfolio is smaller than that of asset’s________?

1 Mark(s)

Your Answer:

Mean Mean
Weighted average Weighted average
Mean correlation Mean correlation
Negative correlation Negative correlation

The employees that are trained to manage bottlenecks, during production operations; employee satisfaction are related to ____________?

1 Mark(s)

Your Answer:

measures of growth and learning measures of growth and learning
measures of internal business processes measures of internal business processes
customer measures customer measures
financial measures financial measures

Under O. XVI Rule 14 of C.P.C. the Court can summon on its own accord to witnesses ___________ to suit ?

1 Mark(s)

Your Answer:

Plaintiff Plaintiff
Defendant Defendant
Stranger Stranger
None of the these None of the these

All assets are perfectly divisible and liquid in___________?

1 Mark(s)

Your Answer:

Tax free pricing model Tax free pricing model
Cost free pricing model Cost free pricing model
Capital asset pricing model Capital asset pricing model
Stock pricing model Stock pricing model

The question while recording evidence by police officer under section 161, of Cr.P.C must be ________ by witness?

1 Mark(s)

Your Answer:

Rejected Rejected
Accepted Accepted
Answered Answered
None of above None of above

Section 16-A, of the National Accountability Ordinance, 1999 deals with_______________?

1 Mark(s)

Your Answer:

Issuance of commission Issuance of commission
Transfer of case Transfer of case
Both A and B Both A and B
None of above None of above

Which one of the following should be considered a revenue expenditure?

1 Mark(s)

Your Answer:

1000 paid for the execution of a new plant
Loss of 10,000 incurred in increasing the sitting accommodation of a hotel
Damage paid on account of breach of a contract to supply certain goods
Repair to machinery purchased, second hand.

Which of the following is not a deferred revenue expenditure?

1 Mark(s)

Your Answer:

Expenses in connection with issue of equity shares
Preoperative expenses Preoperative expenses
Heavy advertising expenses to introduce a new product
Legal expenses incurred in defending a suit for breach of contract to supply goods

Type of financial security in which loans are secured by borrowers’ property is classified as__________?

1 Mark(s)

Your Answer:

Municipal bonds Municipal bonds
Corporate bonds Corporate bonds
U.S treasury bonds U.S treasury bonds
Mortgages Mortgages

Under Order 22, the Parole Officer should examine the history ticket before taking the delivery of the prisoners from the jail and the cases of the following should be reported to Assistant Director for orders before taking the delivery_________________?

1 Mark(s)

Your Answer:

Those who have been awarded jail punishment after the submission of rolls for parole release
Those who have more than two convictions to their credit and appears to be hardened criminals
Both A and B Both A and B
None of above None of above

The person for whom agents do any act or to represents whom is called______________?

1 Mark(s)

Your Answer:

Employer Employer
Principal Principal
Managing director Managing director
None of above None of above

In management control, the point of reference for making the comparisons of performance is ___________?

1 Mark(s)

Your Answer:

focused performance focused performance
merchandise performance merchandise performance
distribution performance distribution performance
expected performance expected performance

Which of the following is known as the group of assets such as stocks and bonds held by an investor ?

1 Mark(s)

Your Answer:

Stock Bundle Stock Bundle
Portfolio Portfolio
Capital Structure Capital Structure
None of These None of These

If the number of processes, in which employees who can make decisions are 20 and the number of processes are 50, then employee empowerment ratio will be _________?

1 Mark(s)

Your Answer:

0.9 0.9
0.4 0.4
0.3 0.3
0.8 0.8

A series of constant cash flows that occur at the end of each period for some fixed number of periods is ____________ .

1 Mark(s)

Your Answer:

an ordinary annuity an ordinary annuity
annuity due annuity due
multiple cash flows multiple cash flows
perpetuity perpetuity

A contract to pay B Rs. 10,000 if B’s house is burnt the contract is________________?

1 Mark(s)

Your Answer:

Simple contract Simple contract
Conditional Contract Conditional Contract
Contingent Contract Contingent Contract
None of above None of above

In cost benefit approach, the type of costs include ____________?

1 Mark(s)

Your Answer:

cost of ongoing operations cost of ongoing operations
investments in physical assets investments in physical assets
training of managers training of managers
all of above all of above

If the gross margin is $6000 and the total revenue is $26000, then the gross margin percentage will be _____________?

1 Mark(s)

Your Answer:

23.08% 23.08%
24.08% 24.08%
25.08% 25.08%
26.08% 26.08%

ATM password should be kept in?

1 Mark(s)

Your Answer:

Personal diary Personal diary
Office diary Office diary
Memory Memory
All of above All of above

Earnings during a project are called?

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Your Answer:

Capital income Capital income
Revenue Income Revenue Income
Capital Gain Capital Gain
None of these None of these

Annual earned income is divided from a project by capital invested to calculate __________?

1 Mark(s)

Your Answer:

accrual accounting rate of return accrual accounting rate of return
returned working capital returned working capital
increase in expected average annual increase in expected average annual
decrease in expected average annual decrease in expected average annual

The transfer of financial instruments from suppliers of funds to users of funds without any intermediary in between is classified as _____________?

1 Mark(s)

Your Answer:

global transfer global transfer
pension transfer pension transfer
direct transfer direct transfer
indirect transfer indirect transfer

In which type of market, new securities are traded?

1 Mark(s)

Your Answer:

Primary market Primary market
Secondary market Secondary market
Tertiary market Tertiary market
None of the given options None of the given options

An assumption of specification analysis states: any observation does not belong to any other observation’s residual value, is classified as ___________?

1 Mark(s)

Your Answer:

independence of residuals independence of residuals
dependence of residuals dependence of residuals
independence of correlation independence of correlation
none of the above none of the above

If the budgeted fixed cost is $26000, per unit budgeted denominator level is 1300 units, then budgeted fixed cost will be ___________?

1 Mark(s)

Your Answer:

$50 $50
$30 $30
$20 $20
$40 $40

The costs which are considered as expenses in the accounting period are also known as ____________?

1 Mark(s)

Your Answer:

inventory costs inventory costs
period costs period costs
timed costs timed costs
labor overheads labor overheads

Admission is used in_______________ kind of cases?

1 Mark(s)

Your Answer:

Civil Civil
Family and civil Family and civil
Criminal cases Criminal cases
None of these None of these

Order VII, Rule 1 of C.P.C. contains____________________?

1 Mark(s)

Your Answer:

7 Sub-rules or ingredients 7 Sub-rules or ingredients
8 Sub-rules or ingredients 8 Sub-rules or ingredients
9 Sub-rules or ingredients 9 Sub-rules or ingredients
None of the these None of the these

If the budgeted cost in indirect cost pool is $139600 and total quantity of cost allocation base is $155600, then the budgeted indirect cost rate would be __________?

1 Mark(s)

Your Answer:

69.72% 69.72%
79.72% 79.72%
99.75% 99.75%
89.72% 89.72%

An example of direct engineered cost is _________?

1 Mark(s)

Your Answer:

indirect material cost indirect material cost
direct material cost direct material cost
direct labor cost direct labor cost
indirect labor cost indirect labor cost

When the business companies started investing with the funds generated internally is a point which shows that ____________?

1 Mark(s)

Your Answer:

cost of loanable funds is high cost of loanable funds is high
cost of loanable fund is low cost of loanable fund is low
equilibrium is zero equilibrium is zero
equilibrium is negative equilibrium is negative

The fixed price at which the stock is purchased from issuer by the investment banks is called ____________?

1 Mark(s)

Your Answer:

non-cumulative proceeds non-cumulative proceeds
net proceeds net proceeds
Gross proceeds Gross proceeds
cumulative proceeds cumulative proceeds

The conversion cost is subtracted from manufacturing overhead cost is to calculate the ____________?

1 Mark(s)

Your Answer:

manufacturing labor costs manufacturing labor costs
direct labor costs direct labor costs
direct manufacturing labor costs direct manufacturing labor costs
indirect manufacturing labor costs indirect manufacturing labor costs

In the syndicate, the leading bank which negotiates the transaction to issuing bank on behalf of the syndicate is called ___________?

1 Mark(s)

Your Answer:

originating house originating house
non originating house non originating house
investment house investment house
non securitize house non securitize house

The registration of FIR regarding cognizable offences is _________ duty of officer in charge of police station?

1 Mark(s)

Your Answer:

Fundamental Fundamental
Statutory Statutory
Constitutional Constitutional
None of above None of above

Section 15, empowers ___________ to pass direction for formation of Benches of Magistrates?

1 Mark(s)

Your Answer:

High Court High Court
Session Court Session Court
Provincial Government Provincial Government
None of above None of above

Which of the following actions is least likely to increase a company's accounts receivable turnover?

1 Mark(s)

Your Answer:

Offer customers larger cash discounts for making early payments.
Encouraging customers to use bank credit cards, such as visa and mastercard, rather than other national credits, such as american express.
Borrowing money, pledging accounts receivable as collection.
None of these None of these

Which of the following business terms is derived from the Latin word meaning “to role over”?

1 Mark(s)

Your Answer:

company company
Corporation Corporation
Conglomerate Conglomerate
Bank Bank

Section__________ of the Specific Relief Act, 1877 deals with cost?

1 Mark(s)

Your Answer:

47 47
48 48
49 49
Non of These Non of These

The type of preferred stock whose dividend payments are never paid to stock holders and are not considered in arrears is classified as ____________?

1 Mark(s)

Your Answer:

non-participating preferred stock non-participating preferred stock
participating preferred stock participating preferred stock
non-cumulative preferred stock non-cumulative preferred stock
cumulative preferred stock cumulative preferred stock

___________ is an injury on head or face of the victim where bone of the victim is exposed but not fractured ?

1 Mark(s)

Your Answer:

Shajjah-i-khafifah Shajjah-i-khafifah
Shajjah-i-mudihah Shajjah-i-mudihah
Shajjah-i-Hashimah Shajjah-i-Hashimah
None of these None of these

Order XLI, Rule 13, of C.P.C. deals with notice to __________ Court?

1 Mark(s)

Your Answer:

High Court High Court
To the Court whose decree is challenged To the Court whose decree is challenged
To Respondent To Respondent
None of the these None of the these

O._________ of C.P.C. deals with adjournments ?

1 Mark(s)

Your Answer:

XVII, XVII,
XVIII, XVIII,
Both (a) and (b) Both (a) and (b)
None of the these None of the these

If the total manufacturing cost is $60000 and the total units manufactured is 3000 units, then the per unit cost will be ____________?

1 Mark(s)

Your Answer:

$40 $40
$20 $20
$60 $60
$80 $80

In a suit for foreclosure if the plaintiff succeded the Court shall pass a_______________?

1 Mark(s)

Your Answer:

Preliminary decree Preliminary decree
Final decree Final decree
Ex-parte decree Ex-parte decree
None of the these None of the these

The total available assets are subtracted from idle assets to calculate

1 Mark(s)

Your Answer:

market equity market equity
total assets employed total assets employed
total assets available total assets available
stockholders’ equity stockholders’ equity

Total cost of producing similar products divided by number of units produced is a technique known as ____________?

1 Mark(s)

Your Answer:

sale costing system sale costing system
job costing system job costing system
price costing system price costing system
process costing system process costing system

O.XXVIII, contains _________________ Rules?

1 Mark(s)

Your Answer:

3 3
6 6
9 9
None of the these None of the these

Under which provision of Cr.P.C from the following a person can deposit money or government promissory notes in court instead of surety bonds ?

1 Mark(s)

Your Answer:

513 513
514 514
516 516
None of above None of above

If the equilibrium interest rate decreases and the curve of funding supplied shifts to the right and downwards, then the impact on spending will ___________?

1 Mark(s)

Your Answer:

increase in near term increase in near term
decrease in near term decrease in near term
increase in long term increase in long term
decrease in long term decrease in long term

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?

1 Mark(s)

Your Answer:

8.42 years 8.42 years
10.51 years 10.51 years
15.75 years 15.75 years
18.78 years 18.78 years

If the fixed cost is $40000 and the contribution margin per unit is $800 per unit, then the breakeven of units will be ___________?

1 Mark(s)

Your Answer:

60 units 60 units
30 units 30 units
50 units 50 units
70 units 70 units

The Court may grant time and adjourn hearing as provided in O. XVII, Rule 1, when________________?

1 Mark(s)

Your Answer:

Court is busy Court is busy
Any party intend to do so Any party intend to do so
Any party request for adjournment with sufficient cause
None of the these None of the these

Mode of levying Court fees is provided in__________________?

1 Mark(s)

Your Answer:

Chapter IV of The Court Fees A Chapter IV of The Court Fees A
Chapter V of The Court Fees Act Chapter V of The Court Fees Act
Chapter V(A) of The Court Fees Act Chapter V(A) of The Court Fees Act
None of these None of these

The budgeted direct labor hours are multiplied to direct labor cost rate, to calculate ____________?

1 Mark(s)

Your Answer:

expected total direct labor cost expected total direct labor cost
budgeted total direct labor cost budgeted total direct labor cost
budgeted total indirect labor cost budgeted total indirect labor cost
expected labor hours expected labor hours

A on his trial before the Court of Session says that a deposition was improperly taken by B the Magistrate B can not be compelled to answer the question as to this except upon________________?

1 Mark(s)

Your Answer:

Special Order of Superior Court Special Order of Superior Court
His own wish His own wish
Order of Advocate General Order of Advocate General
None of these None of these

An unsound person cannot become____________________?

1 Mark(s)

Your Answer:

An agent An agent
Principal Principal
Both A and B Both A and B
None of above None of above

Charge once framed can be altered by Court U/S __________ upon an application?

1 Mark(s)

Your Answer:

225, Cr.P.C 225, Cr.P.C
226, Cr.P.C 226, Cr.P.C
227, Cr.P.C 227, Cr.P.C
None of above None of above

As per section 1, sub section (2) Family Courts Act extends to_______________?

1 Mark(s)

Your Answer:

The areas of Gilgit The areas of Gilgit
Whole of Pakistan Whole of Pakistan
The areas of Azad Kashmir The areas of Azad Kashmir
None of the above None of the above

O.XXII, of C.P.C deals with________________?

1 Mark(s)

Your Answer:

Death, marriage and insolvency of plaintiff
Death, marriage and insolvency of defendant
Both (a) and (b) Both (a) and (b)
None of the these None of the these

According to the Code of Civil Procedure 1908, the term “Code” is defined as “includes

1 Mark(s)

Your Answer:

laws laws
norms norms
orders orders
rules rules

In initial name of the Country in 1962 Constitution was held__________________?

1 Mark(s)

Your Answer:

Republic of Pakistan Republic of Pakistan
Islamic Republic of Pakistan Islamic Republic of Pakistan
Islamic Democratic Pakistan Islamic Democratic Pakistan
None of these None of these

Where a suit has been instituted a summon may be issued _________ to appear and answer the claim and may be served in manner preseribed?

1 Mark(s)

Your Answer:

Nazir Nazir
Defendant Defendant
None of the above None of the above
None of the these None of the these

If the cost of indirect support labor is $5000, equipment maintenance setup cost is $7000 and machinery leasing cost is $4000 then variable fixed cost will be ___________?

1 Mark(s)

Your Answer:

$16,000 $16,000
$12,000 $12,000
$18,000 $18,000
$21,000 $21,000

The method which divides the support department cost into two dimensions such as fixed and variable cost pool is classified as ___________?

1 Mark(s)

Your Answer:

sales mix allocation method sales mix allocation method
dual-rate cost-allocation method dual-rate cost-allocation method
single rate cost allocation method single rate cost allocation method
quantity variance allocation method quantity variance allocation method

Which of the following are incorrect? (I) Goods sold for cash → Debit: Cash | Credit: Sale (II) Goods bought on credit from T Carter → Debit: Purchase | Credit: T Carter (III) Goods returned by us to C Barry → Debit: C Barry | Credit: Outward (IV) Van bought for cash → Debit: Purchase | Credit: Cash

1 Mark(s)

Your Answer:

(i) And (iii) Only (i) And (iii) Only
(ii) And (iv) only (ii) And (iv) only
(iv) Only (iv) Only
None of these None of these

The term “Bailment” means________________?

1 Mark(s)

Your Answer:

A delivery of a thing entrusted for some special purpose or object upon a contract
Delivery of goods free of cost Delivery of goods free of cost
Delivery of goods without cost for welfare of public
None of above None of above

Transfer through institutions such as mutual funds or banks are classified as________________?

1 Mark(s)

Your Answer:

Non-financial intermediary Non-financial intermediary
Financial intermediary Financial intermediary
Savers intermediary Savers intermediary
Discounted intermediary Discounted intermediary

An attitude of investor towards dealing with risk determines the____________?

1 Mark(s)

Your Answer:

Rate of return Rate of return
Rate of exchange Rate of exchange
Rate of intrinsic stock Rate of intrinsic stock
Rate of extrinsic stock Rate of extrinsic stock

The single or multiple units of distinct services or products are classified as _________?

1 Mark(s)

Your Answer:

cost cost
job job
post post
price price

Reciprocal promises should be performed ____________________?

1 Mark(s)

Your Answer:

Like simple contract Like simple contract
In reciprocal manners In reciprocal manners
Both A and B Both A and B
None of above None of above

Resources that provide long-term benefits are called ______?

1 Mark(s)

Your Answer:

Assets Assets
Liabilities Liabilities
Expenses Expenses
None of these None of these

The cost of particular cost object which cannot be traced in economically plausible way is termed as __________?

1 Mark(s)

Your Answer:

indirect cost indirect cost
partial cost partial cost
benchmark cost benchmark cost
direct cost direct cost

An income statement in which each item expressed as percentage of Sale?

1 Mark(s)

Your Answer:

Balance sheet Balance sheet
income statement income statement
common size income statement common size income statement
All of the Above All of the Above

Evaluating Your Answers

CPA Exam Mock Test 9 : Question 1 of 79