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Associate Degree in Accounting and Finance (ADAF) - NUML Faisalabad

Accounting and Finance

Questions

Duration

Passing Score

40%

Negative Marking

—

Exam Questions

Income Statement

Statement of Cash Flows

Balance Sheet

Statement of Retained Earnings

ExplanationThe Balance Sheet provides a snapshot of a company's assets, liabilities, and equity at a specific date.

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When cash is received

When the service or good is delivered

When the invoice is printed

At the end of the fiscal year

ExplanationAccrual accounting requires revenue to be recognized when it is earned, regardless of when cash is collected.

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Revenue Recognition Principle

Matching Principle

Cost Principle

Full Disclosure Principle

ExplanationThe matching principle requires that expenses incurred to generate revenue be recognized in the same accounting period as the related revenue.

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To prove that total debits equal total credits

To calculate the net profit for the year

To record daily transactions

To verify the liquidity of the business

ExplanationThe Trial Balance is used to check the mathematical accuracy of the ledger by ensuring the sum of debit balances equals the sum of credit balances.

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Cash

Accounts Receivable

Accounts Payable

Prepaid Expenses

ExplanationLiability accounts, such as Accounts Payable, normally have credit balances, whereas assets normally have debit balances.

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Debit Supplies, Credit Cash

Debit Accounts Payable, Credit Supplies

Debit Supplies, Credit Accounts Payable

Debit Accounts Receivable, Credit Supplies

ExplanationBuying supplies on credit increases an asset (Supplies) and increases a liability (Accounts Payable).

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Balance Sheet

Statement of Cash Flows

Income Statement

Statement of Retained Earnings

ExplanationThe income statement (or profit and loss statement) shows performance over a period of time, whereas the balance sheet is a snapshot at a point in time.

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Assets + Liabilities = Equity

Assets = Liabilities + Equity

Assets - Equity = Liabilities

Both B and C

ExplanationAssets = Liabilities + Equity is the standard form, and Assets - Equity = Liabilities is the algebraic rearrangement of the same equation.

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Accounts Receivable

Patents

Inventory

Equipment

ExplanationIntangible assets lack physical substance. Patents represent legal rights rather than physical objects.

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Revenue

Liability

Asset

Equity

ExplanationAccording to the rules of debit and credit, assets and expenses increase with debits, while liabilities, revenues, and equity increase with credits.

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Associate Degree in Accounting and Finance (ADAF) - NUML Faisalabad paper pattern infographic: subject-wise question distribution across 54 MCQs, 1h duration — Associate Degree in Accounting and Finance (ADAF) - NUML Faisalabad — subject-wise question distribution, per the official syllabus

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Associate Degree in Accounting and Finance (ADAF) - NUML Faisalabad — Frequently Asked Questions

How many questions are in the Associate Degree in Accounting and Finance (ADAF) - NUML Faisalabad practice test?

This practice test currently has 54 MCQs, and every question includes the correct answer with an explanation.

How long is the Associate Degree in Accounting and Finance (ADAF) - NUML Faisalabad mock test?

The full mock runs for 1h under real exam timing, just like the actual paper.

Is there negative marking in this test?

No negative marking is applied in this practice test. The rule for the real exam is announced in the official advertisement.

What score do I need to pass?

The passing score in this simulation is 40%, but for competitive merit you should aim well above it.

Is Associate Degree in Accounting and Finance (ADAF) - NUML Faisalabad preparation free on PrepPro?

Yes — the questions, explanations and full timed mock test are all free. You can start practising right from this page.

How do I prepare for Associate Degree in Accounting and Finance (ADAF) - NUML Faisalabad online?

Practise the syllabus-based MCQs, then sit the full timed mock test and use your result analytics to find and repeat weak topics — all of it starts free from this page.

Can I retake the Associate Degree in Accounting and Finance (ADAF) - NUML Faisalabad mock test?

Yes — you can retake the mock test as many times as you like; every attempt is saved separately in your history so you can track your improvement.

Is the Associate Degree in Accounting and Finance (ADAF) - NUML Faisalabad mock test available in Urdu?

Yes — this entire page has an Urdu mirror under /ur, and the preparation content is available in both English and Urdu.

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