Junior Auditor in Auditor General of Pakistan Held on 15 November 2020
1. IFAC is an abbreviation for
(A) International Federation of Accountants(answer)
(B) International Federation of Auditors
(C) International Framework for Accounting Concepts
(D) International Framework for Auditing Concepts
2. Which from the following is NOT an example of intangible assets?
(A) Trademarks
(B) Patents
(C) Buildings (answer)
(D) Technical expertise
3. The following are the examples of financial assets except?
(A) Stocks
(B) Bank loan
(C) Bond
(D) Raw material(answer)
4. The construction of new manufacturing plant is also referred to as
(A) Capital decision
(B) CFO decision
(C) Financing decision
(D) Investment decision(answer)
5. After 1965 war the pact is Tashkent declaration
6. Rawal Lake Korang river
7. Advance payments are recognized as
(A) receivable (answer)
(B) payable
(C) bad debt
(D) none of these
8. correct form of Accounting equation is
(A) Assets + Liabilities = Equity
(B) Assets – Liabilities = Equity (answer)
(C) Assets – Receivable = Equity
(D) Assets + Receivable = Equity
9. We say about a particular investment that it is risky, because
(A) it is dangerous
(B) it has low returns
(C) its returns are uncertain (answer)
(D) its raw material is unavailable
10. Employees of a factory are likely to receive increment in wages when _____ is/are increasing.
(A) imports
(B) output (answer)
(C) labor supply
(D) unemployment
11. The fundamental concept of Economics about resources is that the resources are
(A) equally distributed
(B) unequally distributed
(C) scarce (answer)
12. Who is considered the founder of modern Macroeconomics?
(A) Adam Smith
(B) John Keynes (answer)
(C) Friedrich Hayek
(D) Milton Friedman
(D) unlimited
13. What type of standard is applied in the audit of historical financial information?
(A) IFAs
(B) ISAs (answer)
(C) ISAEs
(D) ISRSs
14. In accounting and finance, the goods which are purchased for the purpose of resale are known as
(A) Inventory(answer)
(B) Purchases
(C) Merchandise
(D) Traded goods
15. Which test is applied to Analysis of Variance (ANOVA)?
(A) t test
(B) z test
(C) F test(answer)
16. Which of the following cannot be the probability of an event?
(A) 0.0
(B) 0.3
(C) 0.9
(D) 1.2 (answer)
17. Contract can be signed between
(A) Individuals
(B) Legal Entities
(C) Both (A) and (B) (answer)
(D) None of these
18. In general, Partnership entails
(A) Limited Liability
(B) Unlimited Liability (answer)
(C) No Liability at all
(D) Both (A) and (C)
19. AFFLUENT
(A) purpose
(B) spoken
(C) educated
(D) wealthy (answer)
20. LUCRATIVE
(A) curative
(B) harmful
(C) profitable (answer)
(D) expensive
21. Raw materials that are remaining at the end of the reporting period are treated as
(A) current assets (answer)
(B) fixed assets
(C) expenses
(D) liabilities
22. Selling bonds is a way to
(A) paying debt
(B) improve exchange rate
(C) lend loans
(D) obtain loans (answer)
23. International Monetary Fund (IMF) provides loans to member countries that are experiencing problems with
(A) excessive loans
(B) balance of payments (answer)
(C) poverty
(D) infrastructure development
24. Fundamentally, the auditor report gives an opinion on whether the financial statements
(A) are in accordance with the national standards
(B) are in accordance with the international standards
(C) have errors, mistakes, or fraud
(D) present fairly the position and results of an entity (answer)
