Senior Auditor FPSC today solved paper Batch 1 held on 30th August 2021 10:00 Am. Download today FPSC past paper of Senior Auditor in Pakistan Military Accounts Department 30-08-2021 morning paper 10:00 Am along with answer key.

  1. Payment to supplier or contractor should be made. (A) With in 40 days (B) Within 30 days (C) Within 25 days.  Ans B
  2. The bidder with the _______ evaluated bid shall be awarded the procurement contract. (A) highest (B) lowest (C) average (D) zero variance
  3. All procurement opportunities over _______ rupees should be advertised in the newspaper. (A) 0.5 million (B) 1.5 million (C) 1.5 million (D) 2.0 million
  4. The principal method for the procurement of goods, services and works is (A) open competitive bidding (B) close competitive bidding (C) FIFO (D) LIFO
  5. Where needed the procuring agency shall require the successful bidder to furnish a performance guarantee which shall not exceed _______ of the contract amount. (A) 5% (B) 7.5% (C) 10% (D) 12.5%
  6. Which of the following is balance sheet equation? Ans Assets=Liabilities + Equities
  7.  An _______ is any resource owned or controlled by business or an economic Entity ? Assets
  8. PPF stands for ? Public Provident Fund
  9. IQcR stands for stands for ? Internal Quality Control Review
  10.  Amount of bid security shall not exceed. (A) 10% of bid price (B)  5% of bid price (C)  2% of bid price
  11.  Amount of performance guarantee shall not exceed. (A) 5% of the amount of contract (B)  10% ( C)15%
  12. The refundable amount to be submitted by the bidder alongwith Tender documents  is known as ? Bid Security
  13. Where the procuring agency require the bidders to furnish a bid security, the bid security should not exceed _______ of the bid price. (A) 5.0% (B) 7.5% (C) 10.0% (D) 12.5%
  14. There are how many types of Competitive bidding? Ans. Three
  15. All procurement over two million rupees will be advertised in how many newspapers? at least Two National daily Newspaper
  16. All bids shall be opened (A) randomly (B) privately (C) secretly (D) publicly
  17. Bid must be submitted in_____ package ? Sealed Package
  18. Bid must be opened_____.? Publicly
  19. In which procedure Financial bid is seen after Technical Bid ? Two stage two envelope bidding process
  20. There are _____ procedures of open competitive bidding. (A) 2 (B) 3 (C) 4 (D) 5
  21. ._______is a managerial accounting term that describes avoidable costs that are incurred only when making specific decisions ? Relevant Cost
  22. _______Costs which have already been incurred and which are unrecoverable? Sunk Cost
  23. selling and distributive overhead explantion? 
  24. Retained Earnings are also known as ? Earnings surplus
  25. Which of the following is the correct accounting cycle ? (A)  Communicating- classifying- recording (B)  Classifying- Recording- Communicating (C)  Identifying - Recording- Communicating (D) None of above Ans. (C)  Identifying - Recording- Communicating
  26. Earning per share calculation ? $0.5
  27. Obsolete of asset effected of (a) technology b) market condition c) both
  28. Idle capacity cause of a) change in worker or time b) lack of materials c) lack of supervision and mint instruction d) all
  29. Useful life of Asset Affected a) wear and tear of machinery b) cost c) obsolescent d) a and c
  30. Economic order quantity definition...
  31. average inventory calculation ,numerical question...
  32. Repaying of bank loan decrease assets and liabilities ....
  33. Owner Equity definition.? Owner Equity= Assets-Liability
  34. What is Audit Para ? Audit Observation pointed out during the Audit
  35. Maximum Security Deposit %age for public contract? 5%
  36. Inventory is regarded as asset, or expense or income under periodical inventory system?
  37. During rising price which inventory method provides lowest profit ? LIFO or FIFO
  38. bid with .....cost is successful..??
  39. idle capacity variance ?
  40. cost apportionment is used for which purpose ?
  41. Which are indirect material costs??
  42. The committee shall investigate and decide upon the complaint within _______ days of the receipt of the complaint. (A) 15 (B) 30 (C) 45 (D) 60 Ans. B 30
  43. Financial accounting main purpose
  44.  First step in accounting..
  45. order...means identify recording and communication
  46. Family Pension calculation ???
  47. The main open competitive bidding procedure is (A) single stage one envelope bidding (B) single stage two envelope procedure (C) two stage bidding procedure (D) two stage two envelope bidding procedure Ans . B

If you remember mcqs of Senior Auditor Batch 1 today paper 30th August 2021 please share below in comments. 

Disclaimer : An effort has been made to solve the above mentioned MCQs but it may contain errors so becareful while attempting in any paper.

Also Check 

Senior Auditor 30th August 2021 Paper Batch 2 Evening 

Rizwan Khan
Author: Rizwan Khan
Mr. Rizwan has vast Knowledge on Current Affairs and General Knowledge. He has done Master in International Relations along with B.ed and M.ed with teaching capabilities

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