SPSC - Accountant 2024 Past Paper with Answers

Practice the SPSC - Accountant 2024 past paper with 50 solved MCQs, answers and topic coverage.

50 solved MCQs across 1 approved paper

A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He is of the view that in the Financials Statements for the year, he shall show a sales of Rs 75,500 & trade receivables of Rs.50,000. Which concept is followed by him?Answer: Accrual Basis of accounting Change the voice: The company produces high-quality products?Answer: High quality products are produced by the company Goodwill brought in by an incoming partner in cash for joining in a partnership firm is can be taken by old partners in their _____?Answer: Sacrificing ratio Which intangible asset is recorded only as part of the acquisition of another company?Answer: Goodwill Which of the following voucher is used to record transactions that do not affect bank and cash?Answer: Journal Voucher "Adumbrate" means _____?Answer: Outline "Cadaver" means _____?Answer: Corpse If partners do not have any agreement, how should profits or losses be shared?Answer: Equally Basic assumptions of law of demand include ______?Answer: There should be substitute for the commodity Suppose Austin Sound had sales of $300,000 and sales returns of $45,000. Cost of goods sold was $152,000. How much gross profit did Austin Sound report?Answer: $103,000 The measure of how efficiently the assets resources are employed by the firm is called ____?Answer: Activity ratios The Antonym of "Merriments" is?Answer: Sorrow When prices fluctuate widely, the method of pricing that smooths out the effects of fluctuations is ____?Answer: Weighted average Following information is available relating to a manufacturing concern: Cost of Goods Sold Rs.245,000. Purchases Rs.250,000, Freight Inward Rs.5,000, Closing stock Rs.25,000. What will be the amount of Opening Stock?Answer: Rs. 15,000 A manufacturer buys a machine for $20,000. Its estimated life is five years with a scrap value of $10,000. Depreciation is charged on the straight-line method. What is the percentage rate of depreciation on an annual basis?Answer: 10% Contribution margin _____?Answer: Is revenue remaining after deducting variable costs and may be expressed as unit contribution margin The following information is taken from a sole trader's accounts: Opening Capital $12,000, Closing Capital $13,800. Net Profit $3,000. What are the trader's drawings?Answer: $1,200 Liquid or Quick assets is equal to ______?Answer: Current assets - (stock + work in progress) A project should be accepted if its internal rate of return exceeds _____?Answer: The company's required rate of return Current ratio is equal to _____?Answer: Current assets/Current liabilities