Accountancy and Auditing Quiz No:1

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Welcome to your Accountancy and Auditing Quiz No:1

1. 
The payment of rent each month for office space would:

2. 
Deferred Taxation amount be treated as:

3. 
Combination can be best described as:

4. 
There is a difference between:

5. 
Income Tax is levied on:

6. 
The measureable value of an alternative use of resources is referred to as:

7. 
Investment Corporation of Pakistan follows:

8. 
A fixed cost:

9. 
The investment of personal assets by the owner:

10. 
An owner investment of each into the business would:

11. 
Expenses such as rent and depreciation of a building are shared by several departments these are:

12. 
Funds Flow Statement and sources and application statement are:

13. 
In Insurance, the following Profit and Loss Accounts are prepared:

14. 
An owner investment of land into the business would:

15. 
A cash purchase of supplies would:

16. 
Cash budget excludes the following:

17. 
Process Costing is relevant to:

18. 
Current maturity of long term loan is:

19. 
Audit of a bank is generally conducted through:

20. 
Fixed Cost

21. 
Deferred Revenue is:

22. 
Unpaid and unrecorded expenses are called:

23. 
Double entry book-keeping was fathered by:

24. 
The latest computation of variances of manufacturing overheads is in one the following ways:

25. 
Inventory turnover is calculated as under:

26. 
Net income plus operating expenses is equal to:

27. 
Short term Loan can be best described as:

28. 
Partners in Pakistan can today be fixed at the following numbers:

29. 
Balance Sheet is always prepared:

30. 
The maximum number of partners in Pakistan can be fixed at the following:

31. 
Maximum number of partners in a partnership firm set up in Pakistan under Partnership Act, 1932 is:

32. 
An auditor is liable for his annual audit of accounts of

33. 
An endowment insurance policy can be taken in respect of:

34. 
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:

35. 
Every limited Company in Pakistan is required by law to include the following along with financial reports

36. 
Internal Control is totally synonymous with:

37. 
Books of original entry are called:

38. 
Random sampling in auditing means:

39. 
Balance sheet is always prepared:

40. 
Expenditure incurred in procuring machinery is:

41. 
Current Ratio is calculated as:

42. 
Audit of a bank is generally conducted through:

43. 
Operating Profit is:

44. 
NGOs are legally required to:

45. 
A good Cost Accounting System is:

46. 
The business form(s) in which the owner(s) is (are) personally liable is (are) the:

47. 
Conversion cost is:

48. 
Quick assets include which of the following?

49. 
Economic resources of a business that are expected to be of benefit in the future are referred to as:

50. 
If a firm has paid super-tax, its partners may follow any one of the following behaviors:

51. 
Increase in income constitutes:

52. 
Consolidation of subsidiary accounts in the balance sheet of a unlisted Holding company is at present in Pakistan:

53. 
Flexible budget is a budget with the following features:

54. 
Deferred Taxation is:

55. 
Verification includes:

56. 
Verification includes:

57. 
Short-term loan can be described as:

58. 
Which one of the following accounts would usually have a debit balance?

59. 
A cost center is:

60. 
Amount, cash, or other assets removed from business by owner is:

61. 
In considering a special order situation that will enable a company to make use of currently idle capacity, which of the following cost will be irrelevant:

62. 
M & A stands for:

63. 
Prime cost is calculated as under:

64. 
Audit and special audit are the same:

65. 
Productivity means:

66. 
Super Tax on companies is:

67. 
A partnership, in today’s Pakistan, under the current law can have the following number of partners:

68. 
Preparation of final financial reports is governed in Pakistan under:

69. 
Income Tax rates are the same for:

70. 
A resident multinational company need not

71. 
Completion of a job is result in:

72. 
Sources of funds can be increased by:

73. 
Directors Report is ---- in respect of financial report constituent.

74. 
Retained earnings is synonymous to:

75. 
Sales budget must be prepared:

76. 
Users of accounting information include:

77. 
Stratified audit sample means

78. 
A segment of the business that generates both revenue and cost is called:

79. 
Depreciation is based on:

80. 
Economics resources of a business that are expected to be of benefit in the future are referred to as:

81. 
Under the diminishing balance method, depreciation amount is:

82. 
The time lag between indenting and receiving material is called:

83. 
Break even can be calculated as under:

84. 
Process Cost is very much applicable in:

85. 
Return of Equity will be calculated as under:

86. 
Preparation of annual report of a firm is governed under:

87. 
For preparing balance sheets prepaid expenses are shown as part of

88. 
The requirements of an audit report for a Banking Company in Pakistan is under:

89. 
Depreciation in spirit is similar to:

90. 
A quantitative expression of management objectives is an:

91. 
Quick Ratio can be computed as under:

92. 
If under applied FOH is closed to cost of goods sold, the journal entry is:

93. 
Operating cost in often named as:

94. 
All of the following are forms of organizations except:

95. 
Real accounts are related to:

96. 
Direct material cost plus direct labour cost is called:

97. 
At break-even point of 400 units sold the variable costs were Rs. 400 and the fixed costs were Rs.200. What will be the 401 units sold contributing to profit before income tax?

98. 
A credit balance remaining in FOH Control account is called:

99. 
Re-order quantity …… 3600 units Maximum consumption ...… 900 units per week Minimum comsumption …....300 units per week Re-order period …………….….5 weeks Based on this data Re-order level is:

100. 
Acid test is the same as:


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