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