- A. For the year ended
- B. As on a specific date
- C. None of these
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Showing posts with label Accounting. Show all posts
Showing posts with label Accounting. Show all posts
Balance sheet is always prepared:
The maximum number of partners in Pakistan can be fixed at the following:
- A. 20
- B. 50
- C. 75
Correct Answer: A
NGOs are legally required to:
- A. Prepare accounts in a prescribed manner under the law.
- B. Prepare accounts as desired by donors.
- C. None of these.
Correct Answer: A
Cash budget excludes the following:
- A. Non-Cash items
- B. Cash items
- C. Purchase on Credit items.
Correct Answer: A
Every limited Company in Pakistan is required by law to include the following along with financial reports:
- A. Ratio Analysis
- B. Chairman’s Review
- C. None of these.
Correct Answer: B
Directors Report is in respect of financial report constituent.
- A. Mandatory for a limited Company
- B. Voluntary for a limited Company
- C. None of these.
Correct Answer: A
Investment Corporation of Pakistan follows:
- A. Open-end mutual funds
- B. Closed-end mutual funds
- C. None of these.
Correct Answer: C
Deferred Taxation is:
- A. Fixed asset
- B. Fixed liabilities
- C. Part of Owners Equity.
Correct Answer: C
The requirements of an audit report for a Banking Company in Pakistan is under:
- A. Under the Banking Companies Ordinance, 1962.
- B. Under the Companies Ordinance, 1984.
- C. Under (a) and (b) above.
Correct Answer: C
Retained earning is synonymous to:
- A. Accumulated profit and loss account
- B. Profit for the year
- C. None of these.
Correct Answer: A
Consolidation of subsidiary accounts in the balance sheet of a unlisted Holding company is at present in Pakistan:
- A. Compulsory
- B. Voluntary
- C. Required.
Correct Answer: C
In straight line method of depreciation, the written down value of a fixed asset will be at the end of the life of the asset as under:
- A. Rupee one
- B. Rupee zero
- C. None of these.
Correct Answer: B
Quick Ratio can be computed as under:
- A. Quick . Assets/Quick Liabilities
- B. Quick . Liabilities Current Assets
- C. Current Assets/ Current Liabilities
Correct Answer: C
Break Even can be calculated as under:
- A. VC FC- TR TC
- B. FC I- VC TR
- C. None of these.
Correct Answer: B
Flexible budget is a budget with the following features:
- A. Changes with volume of production.
- B. Changes with variable expenses
- C. Changes in Direct material.
Correct Answer: A
Partners in Pakistan can today be fixed at the following numbers:
- A. 20
- B. 50
- C. 75.
Correct Answer: A
In Insurance, the following Profit and Loss Accounts are prepared:
- A. Separate for Fire, Marine, and Accidents etc.
- B. Consolidated for Fire, Marine, and Accidents etc.
- C. None of these.
Correct Answer: B
Balance Sheet is always prepared:
- A. for the year ended.
- B. As on a specified date.
- C. None of these.
Correct Answer: B
Depreciation in spirit is similar to:
- A. Depletion
- B. Amortization
- C. Depression.
Correct Answer: B
Funds Flow Statement and sources and application statement are:’
- A. Synonymous
- B. Antagonistic
- C. None of these.
Correct Answer: A
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