Accountancy and Auditing Quiz No:1

Categories:
Spread the love

Welcome to your Accountancy and Auditing Quiz No:1

1. 
Operating Profit is:

2. 
The business form(s) in which the owner(s) is (are) personally liable is (are) the:

3. 
For preparing balance sheets prepaid expenses are shown as part of

4. 
Consolidation of subsidiary accounts in the balance sheet of a unlisted Holding company is at present in Pakistan:

5. 
Deferred Revenue is:

6. 
Productivity means:

7. 
Real accounts are related to:

8. 
Economic resources of a business that are expected to be of benefit in the future are referred to as:

9. 
Audit of a bank is generally conducted through:

10. 
Random sampling in auditing means:

11. 
Verification includes:

12. 
Expenses such as rent and depreciation of a building are shared by several departments these are:

13. 
Preparation of final financial reports is governed in Pakistan under:

14. 
Income Tax rates are the same for:

15. 
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:

16. 
Stratified audit sample means

17. 
Balance sheet is always prepared:

18. 
Sources of funds can be increased by:

19. 
Directors Report is ---- in respect of financial report constituent.

20. 
Process Costing is relevant to:

21. 
A cost center is:

22. 
Expenditure incurred in procuring machinery is:

23. 
Current Ratio is calculated as:

24. 
Process Cost is very much applicable in:

25. 
The latest computation of variances of manufacturing overheads is in one the following ways:

26. 
The requirements of an audit report for a Banking Company in Pakistan is under:

27. 
Completion of a job is result in:

28. 
Flexible budget is a budget with the following features:

29. 
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:

30. 
Super Tax on companies is:

31. 
Net income plus operating expenses is equal to:

32. 
Operating cost in often named as:

33. 
Deferred Taxation is:

34. 
Current maturity of long term loan is:

35. 
NGOs are legally required to:

36. 
Acid test is the same as:

37. 
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?

38. 
Maximum number of partners in a partnership firm set up in Pakistan under Partnership Act, 1932 is:

39. 
Depreciation in spirit is similar to:

40. 
Books of original entry are called:

41. 
A partnership, in today’s Pakistan, under the current law can have the following number of partners:

42. 
Deferred Taxation amount be treated as:

43. 
Amount, cash, or other assets removed from business by owner is:

44. 
Internal Control is totally synonymous with:

45. 
If a firm has paid super-tax, its partners may follow any one of the following behaviors:

46. 
An endowment insurance policy can be taken in respect of:

47. 
Quick assets include which of the following?

48. 
Investment Corporation of Pakistan follows:

49. 
Verification includes:

50. 
Inventory turnover is calculated as under:

51. 
A resident multinational company need not

52. 
Under the diminishing balance method, depreciation amount is:

53. 
All of the following are forms of organizations except:

54. 
Economics resources of a business that are expected to be of benefit in the future are referred to as:

55. 
The measureable value of an alternative use of resources is referred to as:

56. 
Sales budget must be prepared:

57. 
Audit of a bank is generally conducted through:

58. 
If under applied FOH is closed to cost of goods sold, the journal entry is:

59. 
An auditor is liable for his annual audit of accounts of

60. 
A segment of the business that generates both revenue and cost is called:

61. 
M & A stands for:

62. 
Which one of the following accounts would usually have a debit balance?

63. 
In Insurance, the following Profit and Loss Accounts are prepared:

64. 
A good Cost Accounting System is:

65. 
Every limited Company in Pakistan is required by law to include the following along with financial reports

66. 
The investment of personal assets by the owner:

67. 
Unpaid and unrecorded expenses are called:

68. 
The payment of rent each month for office space would:

69. 
Balance Sheet is always prepared:

70. 
Fixed Cost

71. 
Audit and special audit are the same:

72. 
Combination can be best described as:

73. 
The time lag between indenting and receiving material is called:

74. 
Double entry book-keeping was fathered by:

75. 
Return of Equity will be calculated as under:

76. 
Conversion cost is:

77. 
A cash purchase of supplies would:

78. 
A fixed cost:

79. 
Preparation of annual report of a firm is governed under:

80. 
Retained earnings is synonymous to:

81. 
An owner investment of each into the business would:

82. 
There is a difference between:

83. 
Break even can be calculated as under:

84. 
Depreciation is based on:

85. 
Partners in Pakistan can today be fixed at the following numbers:

86. 
Increase in income constitutes:

87. 
Prime cost is calculated as under:

88. 
Short-term loan can be described as:

89. 
Users of accounting information include:

90. 
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:

91. 
The maximum number of partners in Pakistan can be fixed at the following:

92. 
Income Tax is levied on:

93. 
Funds Flow Statement and sources and application statement are:

94. 
A quantitative expression of management objectives is an:

95. 
An owner investment of land into the business would:

96. 
A credit balance remaining in FOH Control account is called:

97. 
Short term Loan can be best described as:

98. 
Quick Ratio can be computed as under:

99. 
Cash budget excludes the following:

100. 
Direct material cost plus direct labour cost is called:


Spread the love

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.