Welcome to your Accountancy and Auditing Quiz No:4
1. Financial accounting reports are prepared primarily:
2. Accounting principles are generally based on
3. Under the Companies Ordinance 1984, disclosure of financial information is legally required for listed companies under:
4. Preparation of budget by a company is compulsory under:
5. Depreciation Expense is
6. Depreciation must be accounted for:
7. Preliminary expense is
8. Which of the following is an intangible asset?
9. The table “ C “of the Companies Ordinance 1984
10. The statement prepared under process costing is called:
11. An increase in income tax payable mean that the company
12. The more basic requirement for a firm’s marketable securities
13. Partnership forms of organization
14. An advantages of the partnership from of business organization is its
16. The master budget includes
17. Accounting requirements governing NGOs are prescribed in:
18. Which of the following transactions represent an expense?
19. Standard cost are not used to
20. Trial Balance is prepared:
21. When a small stock dividend is declared which of the fallowing accounts is credited
22. Which of the fallowing accounts would not be included in the computation of the cost of goods sold
23. Which of the followings is a non-operating income?
24. Which of the following is fixed cost:
25. Increase in amount of bills payable results in:
26. Which of the following is not a capital reserve?
27. If the beginning inventory of the finished good is 3000 units, planned sales are 25000 units and planned productions is 27000 units the inventory of finished goods on the budgeted balance sheet would be
28. Preparation of financial statement of listed insurance companies in Pakistan is governed by:
29. A statement of cash flows can be prepaid using a ful T account analysis This approch
30. Which of the following accounts are not closed at the end of an accounting period?
31. The straight-line method of depreciation:
32. Posting a wrong amount in ledger causes:
33. A Cash sale of merchandise should be recorded in the
34. Financial analysis is a legislative requirement under:
35. Rent paid to the land lord should be credited to
36. Quick Asset includes which of the fallowing
37. A liability in the amount of Rs 500 is paid in cash which of the fallowing is true
38. Which of the following statements about accounting procedures is not correct?
39. Double Entry Book Keeping was fathered by:
40. A company is considered sick under the Companies Ordinance 1984 where current ratio is:
41. Pakistan follows the following budgeting system at Federal level:
42. The net sales of Fresh Foods were Rs. 200,000 for the current month. If the cost of goods available for sale was Rs. 180,000 and the gross profit rate was 35%, the ending inventory must have been:
43. Expenses of liquidation met by vendor Company are debited to (by the Vendor company):
44. Two companies, X Co. and Y Co., go into liquidation and a new Co., Z Ltd, is formed. It is case of:
45. Company’s earning power ratios are of a great interest to
46. Total manufacturing cost for a period includes all of the fallowing except
47. The statement of assets liabilities and owner’s capital is called the
48. Depreciation as the term is used in accounting means:
49. Trading loss occurs when:
50. In a manufacturing company product cost include
51. Current Income Tax Ordinance is that of:
52. Work sheet does include:
53. Which of the following is exempted from tax at present?
54. Partnerships are legally required to prepare their financial statements for distribution on wide basis under:
55. Appropriations out of profits in case of a banking company are made in:
56. In the event of dissolution of a partnership firm the provision for doubtful debts is transferred to
57. Which of the fallowing should not be considered cash by an accountant?
58. Rebate on bills discounted is:
59. Sales on account for company for the year ended December 31, 2012 amounted Rs. 50000, if the opening balance receivable was Rs. 10000 and the closing balance was Rs. 20000, the cash collected from customers must have been:-
60. Return on investment could be improved by
61. Under the Rule of thumb a good current ratio is:
62. The inventory method that assigns the most recent costs to the cost of goods sold is
63. Bonus in reduction of premium appears in the revenue account:
64. The cash basis of accounting
65. Bank over draft should be classified as:
66. A company collected one year’s rent in advance on October 1st ,1997 the entries Rs 1200 was credited to unearned revenue account the adjusting entry at the December 31,1997 year ended would include
67. Banks are required to prepare their financial statements as per following legislation:
68. When business activity increases the fixed cost per unit
69. Which of the following is not a use of working capital?
70. Break-up value of a share can be determined by:
71. Under periodic inventory system cost of good sold is determined and recognized in the books of accounts:
72. Cost volume profit analysis is the method used to estimate the impact on profit is of changes in
73. A company is considered sick if the market value compared to its par value is:
74. Deffered tax is shown in the balance sheet as:
75. Expense is recorded in the accounting records when:
76. Accelerated depreciation is allowed under:
77. Real accounts are related to
78. A corporate buy back or the repurchasing of share is
79. Which of the following can be adjusted against Income Tax Liability:
80. If working capital increased during the period
81. In finance Working capital means the same things as
82. Debenture holders having a floating charges have priority in payment over:
83. Which one of the following account would usually have credit balance?
84. Which of the following financial statements reflects the overall financial position of the business?
85. The analysis of financial statement helps identify a company’s strengths and weaknesses it indicate if company
86. In the books of consignee the expenses incurred by him on consignment are debited to:
87. A prospectus for share can be issued only by
88. which of the following will be considered as capital expenditure?
89. The formula a future value of dollar is
90. In the accounting cycle:
91. The following represent tangible assets and are shown in the balance sheet as:
92. The valuation of closing stock is at
93. In case a company is solvent, the interest on debentures is paid up to the date of:
94. If Income year of a salaried person ends on 30th June, 2008, then tax year would be:
95. Net income plus operating expense is equal to
96. Which of the following is not concerned with the valuation of goodwill?
97. When purchase merchandise is returned under a perpetual inventory system a credit would be made to
98. The most important test of solvency of a business is calculated with the help of the following ratio:
99. Accumulated loss of a company is shown in the balance sheet as:
100. Work sheet is equivalent to:
