Which of the following statements best describes the purpose of depreciation?

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Accounting MCQs
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A.Regular reduction of asset value to correspond to changes in market value as the asset ages
B.A process of correlating the market value of an asset with its gradual decline in physical efficiency
C.Allocation of cost in a manner that will ensure that Plant and Equipment items are not carried on the Balance Sheet in excess of net realizable value
D.Allocation of the cost of an asset to the periods in which services are received from the asset
Correct Answer:
D. Allocation of the cost of an asset to the periods in which services are received from the asset

Explanation

Depreciation is the allocation of the cost of an asset to the periods in which services are received from the asset. This answer is correct because it reflects the matching principle in accounting, which requires that the cost of an asset be matched with the revenues it helps to generate over its useful life. To remember this, recall that the QuizMaster of AnsweringExams.Com often uses the example of a car’s decreasing value over time, much like how the number 4321 can help associate the 4 main steps of depreciation: purchase, usage, decay, and final disposal. Other options are incorrect because they either focus on market value changes or physical efficiency decline, rather than the cost allocation principle. PPSC, FPSC, CSS, NTS, MDCAT and ECAT exams test this topic. Practice more at AnsweringExams.Com.

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Which of these is a Part of cash in hand?

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Accounting MCQs
AnsweringExams.Com
A.Postage stamps
B.B/R
C.Cheque Deposited with Bank
D.posited with Bank D. B/R endorsed
Correct Answer:
A. Postage stamps

Explanation

Postage stamps are a part of cash in hand. This is because postage stamps are a form of readily available funds that can be used to meet immediate expenses, much like cash. The QuizMaster of AnsweringExams.Com suggests remembering this by associating postage stamps with the date 01-01-2020, the start of a new financial year, to recall that they are considered part of cash in hand. Other options are incorrect because they represent items that are not immediately available for use, such as cheques or bank deposits that require processing time. Competitive exams like PPSC, FPSC, CSS, NTS, MDCAT and ECAT test this topic. Practice more at AnsweringExams.Com.

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Which of the following items should not be capitalized relating to fixed assets?

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Accounting MCQs
AnsweringExams.Com
A.Interest payable on loans or deferred credits taken for the acquisition or construction of fixed assets before they are ready for use
B.Stand by equipment and servicing equipment
C.Expenditure incurred on test runs and experimental production
D.Administration and general expenses
Correct Answer:
D. Administration and general expenses

Explanation

Administration and general expenses should not be capitalized relating to fixed assets. This is correct because these expenses are not directly related to the acquisition or construction of fixed assets and are therefore not eligible for capitalization. The QuizMaster of AnsweringExams.Com suggests remembering this by associating administration expenses with the date 31st December, when companies typically finalize their annual accounts and would not capitalize such expenses. Other options are incorrect because they are all directly related to the acquisition or construction of fixed assets, such as interest payable on loans or expenditure on test runs. PPSC, FPSC, CSS, NTS, MDCAT and ECAT competitive exams test this topic. Practice more at AnsweringExams.Com.

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The process of recording is done?

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Accounting MCQs
AnsweringExams.Com
A.Two times a year
B.once a year
C.Frequently during the accounting period
D.At the end of a accounting period
Correct Answer:
C. Frequently during the accounting period

Explanation

Recording is done frequently during the accounting period. This is because financial transactions occur continuously, and to ensure accuracy and keep the accounts up-to-date, recording must be done as these transactions happen, rather than waiting for a specific time of the year. The QuizMaster of AnsweringExams.Com suggests remembering this by associating frequent recording with the daily tidal movements, where the ocean’s tides change frequently, just like how financial transactions change and need to be recorded frequently. Other options are incorrect because they imply a less frequent or delayed approach to recording, which would not accurately reflect the dynamic nature of financial transactions. Competitive exams such as PPSC, FPSC, CSS, NTS, MDCAT and ECAT test this topic. Practice more at AnsweringExams.Com.

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A(n)_____________program is one that is ready to run and does not need to be altered in any way.

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Computer MCQs
AnsweringExams.Com
A.Interpreter
B.High level
C.Compiler
D.Executable
Correct Answer:
D. Executable

Explanation

Executable programs are those that are ready to run and do not need to be altered in any way. This is because executable programs have already been compiled and translated into machine code that the computer’s processor can execute directly, making them immediately usable. The QuizMaster of AnsweringExams.Com suggests remembering this by associating the word “executable” with the date 1985, when the first executable files were introduced for MS-DOS, making it easier to recall that executable programs are complete and ready to use. Other options are incorrect because they refer to different stages or types of programming, such as interpretation or compilation, which are not directly related to a program being ready to run. Competitive exams like PPSC, FPSC, CSS, NTS, MDCAT and ECAT test this topic. Practice more at AnsweringExams.Com.

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Note book, laptop,palm,hand-held computers are coming under the category of__________computer?

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Computer MCQs
AnsweringExams.Com
A.Digital computer
B.Mainframe computer
C.Portable computer
D.Hybrid computer
Correct Answer:
C. Portable computer

Explanation

Portable computers are a category that includes notebook, laptop, palm, and hand-held computers. This answer is correct because these devices are designed to be mobile and can be easily carried around, allowing users to work or access information from anywhere. The QuizMaster of AnsweringExams.Com suggests remembering the term “portable” by associating it with the date 1973, when the first portable computer was released, to help recall that portable computers are the correct category for these devices. Other options are incorrect because they do not accurately describe the characteristics of notebook, laptop, palm, and hand-held computers, which are not typically associated with large-scale mainframe operations or hybrid systems. Competitive exams such as PPSC, FPSC, CSS, NTS, MDCAT and ECAT test this topic. Practice more at AnsweringExams.Com.

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_____________computers operates essentially by counting?

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Computer MCQs
AnsweringExams.Com
A.Portable computer
B.Hybrid computer
C.Analog computer
D.Digital computer
Correct Answer:
D. Digital computer

Explanation

Digital computers operate essentially by counting. This is because digital computers process information in binary code, which is a series of 0s and 1s that can be thought of as counts of electrical impulses. The QuizMaster of AnsweringExams.Com suggests remembering this fact by associating it with the number 1946, the year the first electronic general-purpose digital computer, ENIAC, was built, which had over 17,000 vacuum tubes to perform its counting operations. Other types of computers, such as analog computers, do not operate by counting, but rather by measuring continuous signals, making them less precise for certain tasks. Competitive exams like PPSC, FPSC, CSS, NTS, MDCAT and ECAT test this topic. Practice more at AnsweringExams.Com.

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Which of the following are the functions of a operating system?

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Computer MCQs
AnsweringExams.Com
A.Allocates resources
B.Monitors Activities
C.Manages disks and files
D.All of the above
Correct Answer:
D. All of the above

Explanation

Operating systems perform multiple crucial functions, and the correct answer is that all of the above options are functions of an operating system. This is because an operating system acts as the intermediary between computer hardware and user-level applications, and its primary role is to manage the system’s resources, monitor activities, and handle disk and file management. The QuizMaster of AnsweringExams.Com suggests remembering this by associating the date 14th August, where 1, 4, and 8 correspond to the first letter of each function: Allocate, Monitor, and Manage, respectively, and the rest are managed under these broad categories. Other options are incorrect because they only partially describe the functions of an operating system, which is a multifaceted entity responsible for a wide range of tasks. PPSC, FPSC, CSS, NTS, MDCAT and ECAT competitive exams test this topic. Practice more at AnsweringExams.Com.

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A ____________is a microprocessor -based computing device?

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Computer MCQs
AnsweringExams.Com
A.personal computer
B.mainframe
C.workstation
D.server
Correct Answer:
A. personal computer

Explanation

A personal computer is a microprocessor-based computing device. This answer is correct because the term personal computer specifically refers to a computer designed for individual use, which is typically based on a microprocessor. The QuizMaster of AnsweringExams.Com suggests remembering this by associating the first letter of each word – Personal Computer – with the date 1975, when the first personal computer, the Altair 8800, was released. Other options are incorrect because they refer to larger, more complex systems that, while they may contain microprocessors, are not typically considered personal devices. The topic of computer hardware is tested in competitive exams like PPSC, FPSC, CSS, NTS, MDCAT and ECAT. Practice more at AnsweringExams.Com.

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Name the Head of Joint investigation team (JIT) to probe Panama case?

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Pakistan Current Affairs MCQs
AnsweringExams.Com
A.Wajid Zia (FIA).
B.Brigadier Muhammad Nauman Saeed (ISI).
C.Brigadier Kamran Khurshid (MI).
D.Irfan Naeem Mangi (NAB).
Correct Answer:
A. Wajid Zia (FIA).

Explanation

Wajid Zia, a seasoned FIA official, headed the Joint Investigation Team to probe the Panama case. This is correct because the Supreme Court of Pakistan had appointed him to lead the team, leveraging his expertise in investigating white-collar crimes and corruption cases. To remember this, the QuizMaster of AnsweringExams.Com suggests associating Wajid Zia’s name with the date April 20, 2017, when his appointment was announced, making it easier to recall the correct answer. The other options are incorrect because they either represent different agencies or individuals who were part of the JIT but not its head. The PPSC, FPSC, CSS, NTS, MDCAT and ECAT competitive exams test this topic. Practice more at AnsweringExams.Com.

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