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Group A Accountancy and Auditing Chapter Financial Accounting MCQs:

The Central Superior Services (denoted as CSS; or Bureaucracy) is an elite permanent bureaucratic authority, and the civil service that is responsible for running the civilian bureaucratic operations and government secretariats and directorates of the Cabinet of Pakistan.

Central Superior Services (CSS) -> Group A -> Accountancy and Auditing -> Financial Accounting


The purview of public finance is considered to be threefold: governmental effects on

A: efficient allocation of resources
B: distribution of income
C: macroeconomic stabilization
D: All of these
Answer: D


Which of the following is involved with fiscal policy?

A: Income tax
B: National insurance
D: All of these
Answer: D


An expansionist fiscal policy could include:

A: Lower interest rates
B: Increased lending by the banks
C: An increase in corporation tax
D: An increase in discretionary government spending
Answer: D


This tax is a good example of ability to pay principle of taxes:

A: Highway toll tax
B: Excise tax on cigar
C: Proportional sales tax
D: Personal income tax
Answer: D


In Pakistan, the authority to levy taxes lies with:

A: Prime minister of Pakistan
B: President of Pakistan
C: Federal cabinet of ministers
D: National assembly
Answer: D


Which is a principle of taxation?

A: Principle of honesty
B: Principle of morality
C: Principle of secrecy
D: Principle of economy
Answer: D


Progressive taxes are:

A: Increase government revenue
B: Bring equality in distribution of incomes
C: Compel rich people to be honest
D: Both a & b
Answer: D


The most important source of income of a government is:

A: Taxes
B: Sale of government property
C: Sprinting of new money
D: Foreign loans
Answer: A


Who is Tax payer?

A: Businessman
B: Trust
C: Assessee
D: Farmer
Answer: C


Government policies that focus on changing taxes and government spending are called:

A: Fiscal policies
B: Monetary policies
C: Incomes policies.
D: Supply-side policies.
Answer: A