Accountancy and Auditing Quiz No:4

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Welcome to your Accountancy and Auditing Quiz No:4

1. 
Work sheet does include:

2. 
Under the Companies Ordinance 1984, disclosure of financial information is legally required for listed companies under:

3. 
Under periodic inventory system cost of good sold is determined and recognized in the books of accounts:

4. 
Posting a wrong amount in ledger causes:

5. 
Partnerships are legally required to prepare their financial statements for distribution on wide basis under:

6. 
In the event of dissolution of a partnership firm the provision for doubtful debts is transferred to

7. 
Double Entry Book Keeping was fathered by:

8. 
Which of the fallowing should not be considered cash by an accountant?

9. 
Debenture holders having a floating charges have priority in payment over:

10. 
Which of the following is an intangible asset?

11. 
Net income plus operating expense is equal to

12. 
A Cash sale of merchandise should be recorded in the

13. 
Partnership forms of organization

14. 
The table “ C “of the Companies Ordinance 1984

15. 
A prospectus for share can be issued only by

16. 
Which one of the following account would usually have credit balance?

17. 
Financial accounting reports are prepared primarily:

18. 
Cost volume profit analysis is the method used to estimate the impact on profit is of changes in

19. 
Which of the following is fixed cost:

20. 
An increase in income tax payable mean that the company

21. 
The analysis of financial statement helps identify a company’s strengths and weaknesses it indicate if company

22. 
Trial Balance is prepared:

23. 
Work sheet is equivalent to:

24. 
When a small stock dividend is declared which of the fallowing accounts is credited

25. 
A company is considered sick under the Companies Ordinance 1984 where current ratio is:

26. 
The most important test of solvency of a business is calculated with the help of the following ratio:

27. 
Increase in amount of bills payable results in:

28. 
Total manufacturing cost for a period includes all of the fallowing except

29. 
Accumulated loss of a company is shown in the balance sheet as:

30. 
Bank over draft should be classified as:

31. 
Which of the following is not a capital reserve?

32. 
Financial analysis is a legislative requirement under:

33. 
Preparation of financial statement of listed insurance companies in Pakistan is governed by:

34. 
Quick Asset includes which of the fallowing

35. 
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

36. 
Rebate on bills discounted is:

37. 
Preliminary expense is

38. 
If working capital increased during the period

39. 
Bonus in reduction of premium appears in the revenue account:

40. 
A company is considered sick if the market value compared to its par value is:

41. 
A statement of cash flows can be prepaid using a ful T account analysis This approch

42. 
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

43. 
Real accounts are related to

44. 
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:

45. 
Depreciation Expense is

46. 
Depreciation as the term is used in accounting means:

47. 
Return on investment could be improved by

48. 
Expenses of liquidation met by vendor Company are debited to (by the Vendor company):

49. 
Standard cost are not used to

50. 
The following represent tangible assets and are shown in the balance sheet as:

51. 
Under the Rule of thumb a good current ratio is:

52. 
The statement of assets liabilities and owner’s capital is called the

53. 
Which of the following can be adjusted against Income Tax Liability:

54. 
In the accounting cycle:

55. 
A corporate buy back or the repurchasing of share is

56. 
The straight-line method of depreciation:

57. 
The cash basis of accounting

58. 
Banks are required to prepare their financial statements as per following legislation:

59. 
Which of the following is not concerned with the valuation of goodwill?

60. 
Rent paid to the land lord should be credited to

61. 
The statement prepared under process costing is called:

62. 
Appropriations out of profits in case of a banking company are made in:

63. 
Preparation of budget by a company is compulsory under:

64. 
In case a company is solvent, the interest on debentures is paid up to the date of:

65. 
A contributory is:

66. 
In the books of consignee the expenses incurred by him on consignment are debited to:

67. 
If Income year of a salaried person ends on 30th June, 2008, then tax year would be:

68. 
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:-

69. 
In a manufacturing company product cost include

70. 
The more basic requirement for a firm’s marketable securities

71. 
which of the following will be considered as capital expenditure?

72. 
The inventory method that assigns the most recent costs to the cost of goods sold is

73. 
Which of the followings is a non-operating income?

74. 
Accounting principles are generally based on

75. 
Which of the following is not a use of working capital?

76. 
Company’s earning power ratios are of a great interest to

77. 
Deffered tax is shown in the balance sheet as:

78. 
An advantages of the partnership from of business organization is its

79. 
The master budget includes

80. 
Break-up value of a share can be determined by:

81. 
Which of the following statements about accounting procedures is not correct?

82. 
Expense is recorded in the accounting records when:

83. 
The formula a future value of dollar is

84. 
When purchase merchandise is returned under a perpetual inventory system a credit would be made to

85. 
The valuation of closing stock is at

86. 
A liability in the amount of Rs 500 is paid in cash which of the fallowing is true

87. 
Current Income Tax Ordinance is that of:

88. 
Which of the following financial statements reflects the overall financial position of the business?

89. 
Two companies, X Co. and Y Co., go into liquidation and a new Co., Z Ltd, is formed. It is case of:

90. 
Pakistan follows the following budgeting system at Federal level:

91. 
In finance Working capital means the same things as

92. 
Trading loss occurs when:

93. 
Accounting requirements governing NGOs are prescribed in:

94. 
Accelerated depreciation is allowed under:

95. 
Which of the fallowing accounts would not be included in the computation of the cost of goods sold

96. 
Which of the following transactions represent an expense?

97. 
Depreciation must be accounted for:

98. 
Which of the following accounts are not closed at the end of an accounting period?

99. 
Which of the following is exempted from tax at present?

100. 
When business activity increases the fixed cost per unit


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