Accountancy and Auditing Quiz No:1

Real accounts are related to:

NGOs are legally required to:

Sales budget must be prepared:

Return of Equity will be calculated as under:

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

Current Ratio is calculated as:

Quick assets include which of the following?

Investment Corporation of Pakistan follows:

Process Costing is relevant to:

Operating cost in often named as:

Conversion cost is:

An owner investment of land into the business would:

Super Tax on companies is:

Inventory turnover is calculated as under:

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

Balance Sheet is always prepared:

Deferred Revenue is:

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

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

A fixed cost:

Balance sheet is always prepared:

Depreciation in spirit is similar to:

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

Random sampling in auditing means:

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:

For preparing balance sheets prepaid expenses are shown as part of

Retained earnings is synonymous to:

Sources of funds can be increased by:

Stratified audit sample means

An auditor is liable for his annual audit of accounts of

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

Current maturity of long term loan is:

Process Cost is very much applicable in:

Under the diminishing balance method, depreciation amount is:

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

Acid test is the same as:

A quantitative expression of management objectives is an:

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

Quick Ratio can be computed as under:

Operating Profit is:

Direct material cost plus direct labour cost is called:

Audit of a bank is generally conducted through:

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

Fixed Cost

Combination can be best described as:

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

Verification includes:

Deferred Taxation amount be treated as:

Income Tax rates are the same for:

A good Cost Accounting System is:

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

Prime cost is calculated as under:

An owner investment of each into the business would:

Internal Control is totally synonymous with:

Flexible budget is a budget with the following features:

Increase in income constitutes:

Income Tax is levied on:

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:

Verification includes:

Preparation of annual report of a firm is governed under:

A credit balance remaining in FOH Control account is called:

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

Depreciation is based on:

Short-term loan can be described as:

Break even can be calculated as under:

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

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

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

Books of original entry are called:

A cost center is:

A resident multinational company need not

M & A stands for:

The payment of rent each month for office space would:

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

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

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

The investment of personal assets by the owner:

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

Unpaid and unrecorded expenses are called:

Net income plus operating expenses is equal to:

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:

There is a difference between:

Productivity means:

All of the following are forms of organizations except:

Double entry book-keeping was fathered by:

Cash budget excludes the following:

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?

An endowment insurance policy can be taken in respect of:

Funds Flow Statement and sources and application statement are:

Preparation of final financial reports is governed in Pakistan under:

Short term Loan can be best described as:

Completion of a job is result in:

A cash purchase of supplies would:

Users of accounting information include:

Expenditure incurred in procuring machinery is:

Audit of a bank is generally conducted through:

Audit and special audit are the same:

The time lag between indenting and receiving material is called:

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

Deferred Taxation is: