Accountant Past Paper

1. Accounting concepts: Covering basic accounting principles, definitions, and terminology.
2. Financial statements: Understanding various financial statements and their components.

3. Financial ratios: Knowledge of financial ratios and their calculation.
4. Economic concepts: Including inflation, economic conditions, and their impact on
business.
5. Capital structure: Topics related to capitalization, equity, and debt.
6. Investment appraisal techniques: Such as IRR (Internal Rate of Return).
7. Financial instruments: Including treasury bills, promissory notes, etc.
8. International trade: Functions of WTO and trade-related concepts.
9. Liability management: Types of liabilities and their characteristics.
10. Non-profit organizations: Understanding different types of entities.
In summary, these questions cover foundational knowledge in accounting principles, financial

management, economic concepts, and some aspects of business and trade. They are designed to
assess a broad understanding of these subjects typically covered in introductory to intermediate
level courses in accounting and finance.
 Accounting Principles & Procedures

 Scrutiny of Records for Audit Purposes
 Journal, Ledger & Cash Book
 Preparation of Annual Budget
 Financial Planning and Cost Accounting
 Heads of Accounts, Re-appropriation of Funds and Supplementary Grants
 Settlement of Audit Objections
 Public Procurement Rules, 2004
 Basic Mathematics (Average, Ratio etc.)
 Basic IT Knowledge
1. Synonym of Ornament is:
2. Synonym of Humid is:
3. Synonym of Authentic is:
4. Go on ______ the crossroad:
5. There is _______ milk in that jug.
6. Which of the following sentences is correct.
7. Something that can be heard is called.
8. Giving undue favors to one’s own kith and kin is termed:
9. Antonym of Amenable is:
10. Antonym of Capitulate is:
11. ________ States that “Anticipate no profits but provide for all possible losses” Ans:
Conservatism principle
12. ______ is the residual interest of owners in assets over liabilities.
13. Which of the following is a book of secondary entries: Ledger
14. The bank reconciliation statement is:
15. Historical cost of inventories may be determined by using.
16. Intangible assets _________.
17. Loans obtained against hypothecation of an asset are called.
18. A ______ increases in liability, while ___ decreases in liability.
19. Which of the following are the functions of treasures.
20. Project invisibility can lead to sub-optimal results when ____ is used for capital
retaining.
21. An annuity for an infinite time period is:
22. Inflation, changes in interest ratio, and changes in economic conditions affect all
firms and all industries. These factors are part of____
23. Capital intensive industries with longer manufacturing processes will have _____
requirements of working capital.
24. IRR is also called_______.
25. The effect of overcapitalization is ___ and of undercapitalization is __ dividend rates.
26. Salaries paid to partners is an:
27. What standards are used to prepare financial statements by most of the countries
and companies.
28. What from the following is not a current asset.
29. The accounting process of allocation cost of intangible assets is called.
30. The expected disposal value of the asset (after deduction disposal costs) at the end
of its expected useful life is called____
31. In Modaraba________
32. Deflation refers to ______
33. Per Capita Income is calculated as: A. N.I + Population B. N.I x Population C. N.I /
Population. D. Both A & B
34. The main function of World Trade Organization (WTO) is to ensure that trade flows.
A. smoothly B. freely C. predictably D. All of these.
35. The debts which are to be repaid within a short period (a year or less) are referred to
as: A. Current Liabilities. B. Fixed liabilities C. contingent liabilities D. All of these
36. Financial accountancy is governed by: A. local standards only B. international

standards C. locals as well as international accounting standards. D. company’s internal
top management only
37. Which of the following is an example of intellectual capital. A. Office computers B.

Sales revenue C. An employee’s product knowledge. D. A company’s stocks
38. Internal users of accounting information include all of the following except. A. Store
manager B. Creditor. C. Chief Executive Officer D. Chief Financial Officer
39. A business entity has owner’s equity of Rs. 50,000 and liabilities of Rs. 25,000 its
assets are. A. 65000 B. 15000 C. 25000 D. 40000
40. Tangible account is: A. personal account B. real account. C. nominal account D. None
of these
41. According to which concept all the transactions are measurable in the terms of
money are recorded in accounts. A. Business entity concept B. Money measurement
concept. C. Going concern concept D. Accounting period concept
42. Promissory note is prepare by. A. Drawer. B. Endorsee C. Drawee D. All of these
43. Which of the following is non-profit organization. A. sole proprietorship B.

partnership C. Limited Company D. Trust.
44. Office equipment is an ____ asset for a computer manufacturer and the same office
equipment is an ______ asset for a company that deals in this equipment. A. Current,
fixed B. Fixed, intangible C. fixed, current. D. Tangible, intangible
45. An alternative term used for accumulated depreciation expenses. A. Provision for
depreciation. B. Cumulative depreciation C. Targeted depreciation D. Depletion
46. Treasury Bills (T-Bills) are issued by government to ___ money. A. lend B. borrow. C.
invest D. save
47. The following is a statement of revenues and expenses for a specific period of time
A. Trading account B. Trial Balance C. Profit and loss statement. D. Balance sheet
48. The following is also known as External Internal Equity ratio. A. Current ratio B. Acid
test ratio C. Debt equity ratio. D. Debt service coverage ratio
49. In the cost of goods sold statement, the sum of labor cost and the factory overhead
is known as: A. conversion cost. B. Prime cost C. total factory cost D. Cost of goods
manufactured 5
0. A business event which can be measured in terms of money and must be recorded in
books of accounts is called. A. condition B. Transaction. C. Information D. Record

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1. Accounting concepts: Covering basic accounting principles, definitions, and terminology.

2. Financial statements: Understanding various financial statements and their components.

In summary, these questions cover foundational knowledge in accounting principles, financial

 Accounting Principles & Procedures

2. Synonym of Humid is:

3. Synonym of Authentic is:

4. Go on ______ the crossroad:

5. There is _______ milk in that jug.

6. Which of the following sentences is correct.

7. Something that can be heard is called.

8. Giving undue favors to one’s own kith and kin is termed:

9. Antonym of Amenable is:

10. Antonym of Capitulate is:

12. ______ is the residual interest of owners in assets over liabilities.

13. Which of the following is a book of secondary entries: Ledger

14. The bank reconciliation statement is:

15. Historical cost of inventories may be determined by using.

16. Intangible assets _________.

17. Loans obtained against hypothecation of an asset are called.

18. A ______ increases in liability, while ___ decreases in liability.

19. Which of the following are the functions of treasures.

21. An annuity for an infinite time period is:

24. IRR is also called_______.

25. The effect of overcapitalization is ___ and of undercapitalization is __ dividend rates.

26. Salaries paid to partners is an:

29. The accounting process of allocation cost of intangible assets is called.

32. Deflation refers to ______

36. Financial accountancy is governed by: A. local standards only B. international

37. Which of the following is an example of intellectual capital. A. Office computers B.

43. Which of the following is non-profit organization. A. sole proprietorship B.

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18. A ____ increases in liability, while _ decreases in liability.

25. The effect of overcapitalization is _ and of undercapitalization is dividend rates.