CSS Past Paper MCQs 2023 - Accountancy & Auditing, Paper-I with Answers for CSS Aspirants

Welcome to this comprehensive guide on CSS Past Paper MCQs 2023 for Accountancy and Auditing, Paper-I, tailored to help CSS aspirants preparing for the FPSC CSS exams. This video provides accurate and reliable answers to multiple-choice questions (MCQs) from the 2023 CSS exam, offering valuable insights into key Accountancy and Auditing concepts.

Designed specifically for CSS candidates, this guide explains the MCQs, enhancing your understanding of topics critical for success in the CSS exams. Whether you're revising essential CSS syllabus content or looking for efficient ways to remember core accountancy and auditing principles, this video will be a practical resource in your exam preparation.

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1. The primary function of accounting is to:
(A) Record the economic data. (B) Provide the information basis for action. (C) Recording and classifying business transactions. (D) None of these
2. The concept of conservatism will have the effect of:
(A) Understatement of assets (B) Understatement of liabilities (C) Overstatement of assets (D) None of these
4. Book-keeping is mainly concerned with:
(A) Recording of financial data relating to business transactions. (B) Designing the systems in recording, classifying, summarizing the recorded data. (C) Interpreting the data for internal and external users. (D) None of these
5. Receipt and payments account is:
(A) A nominal account (B) A real account (C) A personal account (D) None of these
6. The main objective of charging depreciation is:
(A) To calculate true profit (B) To show the true financial position in the balance sheet (C) To provide funds for replacement of fixed assets. (D) None of these
7. In the event of dissolution of a partnership firm, the provision for doubtful debts is transferred to:
(A) Sundry debtors account (B) Partners’ capital accounts (C) Realisation account (D) None of these
8. Which of the following accounts would never appear in the after-closing trial balance?
(A) Unearned revenue (B) Dividends (C) Accumulated depreciation. (D) None of these
11. Morgan Moving Corporation was organized with authorization to issue 100,000 shares of Rs.1 par value common stock. Forty thousand shares were issued to Tom Morgan, the company’s founder, at a price of Rs.5 per share. No other shares have yet been issued. Which of the following s statements is true?
(A) Morgan owns 40 percent of the stockholders’ equity of the corporation. (B) The corporation should recognize a Rs.160,000 gain on the issuance of these shares. (C) If the balance sheet includes retained earnings of Rs.50,000, total paid-in capital amounts to Rs.250,000. (D) In the balance sheet, the Additional Paid-in Capital account will have a Rs.160,000 balance, regardless of the profits earned or losses incurred since the corporation was organized.
Explanation: Total paid-in capital is Rs.200,000, calculated as 40,000 shares×Rs.5 per share 40,000 shares×Rs.5 per share, without including retained earnings. Adding retained earnings of Rs.50,000 gives total stockholders' equity of Rs.250,000.
12. In financial statement analysis, the most difficult of the following items to predict is whether:
(A) The company will be liquid in six months. (B) The company’s market share is increasing or declining. (C) The market price of capital stock will rise or fall over the next two months. (D) None of these.
16. If Power Products uses process costing, which of the following are likely to be true?
(A) The products are created to customer specifications. (B) The products use different amounts of direct labor. (C) The products are created with repetitive processes. (D) None of these
17. An unfavorable overhead volume variance indicates that:
(A) Total fixed overhead has exceeded the standard amount budgeted. (B) Variable overhead per unit has exceeded the standard amount budgeted. (C) Actual production output was less than the normal volume of output. (d) Actual production output was more than the normal volume of output.

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