PPSC Accounts Audit Finance MCQs

depreciation is the term that matches the description: systematic allocation of a depreciable asset’s cost over useful life

Simple interest = P×R×T/100 = 7000×4×3/100 = 840.

expense is the term that matches the description: a cost consumed in earning revenue

internal audit refers to independent assurance and consulting activity within an organisation

33 + 5 = 38.

fiscal policy refers to government use of taxation and expenditure to influence the economy

public expenditure is the term that matches the description: spending by government and public bodies

equity refers to the residual interest in assets after deducting liabilities

10% of 190 = 10/100 × 190 = 19.

current ratio is the term that matches the description: current assets divided by current liabilities

“plentiful” is a synonym of “abundant”.

double-entry system refers to recording each transaction with equal debit and credit effects