Commerce Solved Model Past Paper 2021 PDF

Part – 1 English

Your husband Kamal writes _____ of all.
Answer: The best
 Which of the following is a prefix?
Answer: un-
an you see that blue car? Here ‘that’ is?
Answer: Demonstrative adjective
The affluent of most visiting Arabs is astonishing. Here Synonym of Affluent?
Answer: Wealthy
 We took a trip ____ town last week.
Answer: To
The street runs _____ the sea font.
Answer: Along
 He is crying at the top of his voice. Which tense is this?
Answer: Present continuous tense
Her apartment is _____ the second floor.
Answer: On
Which of the following is an anagram of Listen?
Answer: Silent
Which of the following is an adverb?
Answer: Unwisely
 The phrase “hold fast to dreams” means ______?
Answer: Stick fast to your ambition in life
I do not have much _____ its just two small bags.
Answer: Luggage
 Which part of speech joins words, phrases, or clauses together?
Answer: Conjunction
 I prefer to ride my bike _____ the hill.
Answer: Down
 My sister sat _____ my mom in the bus.
Answer: By
Choose the correct indirect speech: She said to him, “can I do anything for you”.
Answer: She asked him if she could do anything for him.
Humility is a fine virtue. The Synonym of Humility is?
Answer: Gentleness
 The Synonym of Extirpate is?
Answer: To destroy completely
 The streets of Peshawar are worse than those of Lahore. Here ‘those’ is?
Answer: Demonstrative pronoun
 The feminine gender of Fox is?
Answer: Vixen
He is ______ home.
Answer: At
 I bought some milk _____ the grocery store.
Answer: From
 Identify the proper noun: Let’s go to Malaysia.
Answer: Malaysia
 Choose the part of sentence: The hour to prepare lesson “has arrived”.
Answer: Predicate
Last night she sets the cake on the table. Here ‘she sets’ is?
Answer: She set

Part-I: Teaching Methodology

To grasp the meaning of the material is ______?
Answer: Comprehension
Sub-group of affective domain focusing on active participation?
Answer: Responding
 Educational objectives are divided into ______?
Answer: Three domains
Inquiry means _____?
Answer: To investigate
Managerial approach meeting unique needs of a manager is ______?
Answer: Eclectic
 Recorded measurements of certain phenomenon are called ______?
Answer: Data
Degree to which measures are free from error is called ______?
Answer: Reliability
 To put ideas together to form a new whole is _____?
Answer: Synthesis
Intellectual skills are reflected by ______?
Answer: Cognitive domain
One of the aims of education in pragmatism is _____?
Answer: Social efficiency
Management of function does not include _____?
Answer: Developing technology
 To promote science and technology is _____?
Answer: Aim
Taxonomy of educational objectives was presented in _____?
Answer: 1956
Socrates is the most honored philosopher in history of _____?
Answer: Europe
Which one is NOT the Psychological principle of teaching?
Answer: Proceed from complex to simple
Classification of cognitive domain was presented by ______?
Answer: Benjamin S. Bloom
Purpose of formative evaluation is _____?
Answer: Monitoring learning progress of students
 Evaluation is systematic process to make ______?
Answer: Judgments
Which method of teaching is compulsory in pragmatism?
Answer: Project method
Drama or role play is useful for learning ______?
Answer: History
 Which is not true about lesson plan?
Answer: It is developed by students
 Which is not a type of lesson plan on the basis of objectives?
Answer: Micro lesson plan
Limited to quantitative description of pupils performance is _____?
Answer: Measurement
 Western philosopher who emphasized practical aspect of education?
Answer: John Dewey
 Plato idealism derives its origin from _____?
Answer: Socratic teaching

Part – II Commerce

Audit, Accounting & Finance – 100 Marks

Q. What is the formula of Net Working Capital Ratio?
Answer: Current Assets / Current Liabilities
Q. What is Acid Test Ratio another name?
Answer: Quick Ratio
Q. What is meant by Capital Loss?
Answer: Loss on sale of fixed asset
Q. What is Discount Allowed?
Answer: Expense
Q. What is Discount Received?
Answer: Income
Q. What is the normal balance of asset account?
Answer: Debit
Q. What is the normal balance of liability account?
Answer: Credit
Q. What is the purpose of Trial Balance?
Answer: To check arithmetical accuracy
Q. What is Depreciable Amount?
Answer: Cost – Residual Value
Q. Calculate Depreciable Amount if Cost = 100,000 and Residual = 10,000
Answer: 90,000
Q. What is Residual Value?
Answer: Value at end of useful life
Q. What is Carrying Amount?
Answer: Cost – Accumulated Depreciation
Q. What is Amortization?
Answer: Depreciation of intangible assets
Q. What is Depletion?
Answer: Reduction of natural resources
Q. What is Owner’s Equity?
Answer: Assets – Liabilities
Q. Calculate Equity if Assets = 300,000 and Liabilities = 120,000
Answer: 180,000
Q. What is Trade Discount?
Answer: Discount on list price
Q. What is Cash Discount?
Answer: Discount for early payment
Q. What is Consistency Concept?
Answer: Same accounting methods used each year
Q. What is Conservatism Principle?
Answer: Record losses early, not gains
Q. What is Matching Principle?
Answer: Match expenses with revenues
Q. What is Time Period Concept?
Answer: Divide business into periods
Q. What is Business Entity Concept?
Answer: Business separate from owner
Q. What is Money Measurement Concept?
Answer: Record only measurable transactions
Q. What is Dual Aspect Concept?
Answer: Every transaction has two effects
Q. What is Bills Receivable?
Answer: Amount to be received
Q. What is Bills Payable?
Answer: Amount to be paid
Q. What is Bank Reconciliation timing difference?
Answer: Delay between bank and book record
Q. What is Outstanding Cheque?
Answer: Issued but not presented
Q. What is Direct Expense?
Answer: Expense directly linked to production
Q. What is Indirect Expense?
Answer: Expense not directly linked
Q. What is Factory Overhead?
Answer: Indirect manufacturing cost
Q. What is Administrative Expense?
Answer: Office related expense
Q. What is Selling Expense?
Answer: Marketing related expense
Q. What is Distribution Expense?
Answer: Delivery related expense
Q. What is Idle Time?
Answer: Paid time without production
Q. What is Overtime Premium?
Answer: Extra wage over normal rate
Q. What is Spoilage?
Answer: Damaged goods in production
Q. What is Scrap?
Answer: Waste with small value
Q. What is Normal Loss?
Answer: Expected production loss
Q. What is Abnormal Loss?
Answer: Unexpected loss
Q. What is Joint Product?
Answer: Multiple outputs from same process
Q. What is By-product?
Answer: Secondary output
Q. What is Economic Order Quantity (EOQ)?
Answer: Optimal order quantity
Q. What is Stock-out Cost?
Answer: Cost of running out of stock
Q. What is Carrying Cost?
Answer: Cost of holding inventory
Q. What is Ordering Cost?
Answer: Cost of placing orders
Q. What is Reorder Level?
Answer: Level to place new order
Q. What is Lead Time?
Answer: Time between order and delivery
Q. What is Safety Stock?
Answer: Extra stock to avoid shortage
Q. What is ‘Financial Audit’ versus ‘Cost Audit’?
Answer: Financial Audit verifies the overall accuracy of financial statements, while Cost Audit verifies the correctness of cost accounts and adherence to the cost accounting plan.
Q. What is ‘Over-capitalization’?
Answer: A situation where a company has more capital than it needs for its operations, leading to low earnings per share.
Q. In auditing, what is ‘Detection Risk’?
Answer: The risk that the auditor’s procedures will fail to detect a material misstatement that exists in an account balance.
Q. What is ‘Float’ in cash management?
Answer: The difference between the balance shown in a company’s checkbook and the balance shown on the bank’s records due to processing delays.
Q. Which accounting concept requires that ‘Stock’ be valued at cost or net realizable value, whichever is lower?
Answer: Prudence (Conservatism) Concept.
Q. What is ‘Consolidated Financial Statement’?
Answer: The combined financial statements of a parent company and its subsidiaries, presented as a single economic entity.
Q. What is ‘Audit Trail’?
Answer: A step-by-step documented history that allows a financial transaction to be traced back to its source.
Q. What is ‘Negative Confirmation’ in auditing?
Answer: A request that the third party respond only if they disagree with the amount stated in the auditor’s letter.
Q. What is ‘Capital Reserve’?
Answer: Profits created from capital transactions which cannot be used to distribute dividends.
Q. What is ‘Operating Leverage’?
Answer: The degree to which a firm uses fixed costs in its operations.
Q. In a company liquidation, who is paid first?
Answer: Secured Creditors.
Q. What is ‘Statutory Audit’?
Answer: An audit mandated by law to ensure the fairness of financial reports.
Q. What is ‘Sunk Cost’?
Answer: A cost that has already been incurred and cannot be recovered.
Q. What is ‘Internal Check’?
Answer: A system of allocation of duties where the work of one employee is automatically checked by another.
Q. Who can conduct a special or forensic audit?
Answer: Chartered Accountants, Cost & Management Accountants, Forensic Experts
The ratio of Net Profit before interest and tax to sales is called?
Answer: Operating Profit Ratio
What is the formula for the Operating Cycle?
Answer: Inventory Period + Accounts Receivable Period
A guarantee made by a bank to a foreign bank for imports is a?
Answer: Letter of Credit (LC)

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