Federal Public Service Commission FPSC Inspector Inland Revenue Sample Paper Mcqs Notes

Federal Public Service Commission FPSC Inspector Inland Revenue Sample Paper Mcqs Notes

  1. The accounting process does not include:
  2. a: interpreting d. observing b. reporting                  e. classifying
  3. purchasing
  4. The financial statement or statements that pertain to a stated period of time is (are) the:
  5. balance sheet b. balance sheet and journals
  6. balance sheet and income statement d. income statement
  7. none of the above
  8. External users of financial accounting information include:
  9. lenders d. labor unions b. prospective owners             e. all of the above
  10. customers
  11. Expenses can be found in the:
  12. statement of owner’s equity d. both b and c b. income statement                            e. all of the above    c. balance sheet
  13. This account does not appear on the income statement:
  14. accumulated depreciation d. marketing expense b. depreciation expense
  15. interest expense c. sales revenue
  16. A brand new company has a building costing $10,000, machinery costing $5,000, cash of

$700, and a bank loan of $7,850. What is the owner’s equity?

  1. $8,850 d. cannot be determined        b. $15,700       e. $7,850         c. $7,750
  2. An example of an economic exchange includes:
  3. a business owner purchases inventory on credit b. a dry cleaning business cleans 3 dresses for a customer c. an insurance agent sells a whole life policy
  4. a contractor purchases a new truck for cash e. all of the above
  5. If a company has owner’s equity of $100,000,
  6. assets minus liabilities equal $100,000
  7. total assets must equal $100,000
  8. net income for the past year was $100,000
  9. a total of $100,000 was invested by the owner
  10. none of the above
  11. Providing services on account for $40,000 would:
  12. increase cash $40,000, decrease accounts receivable $40,000
  13. decrease accounts receivable $40,000, decrease owner’s equity $40,000
  14. increase accounts receivable $40,000, increase owner’s equity $40,000
  15. increase accounts receivable $40,000, decrease owner’s equity $40,000
  16. none of the above
  17. New Font Software provided services for customers of $7,000.


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