Accountancy and Auditing Quiz No:4

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Welcome to your Accountancy and Auditing Quiz No:4

1. 
Increase in amount of bills payable results in:

2. 
Preparation of budget by a company is compulsory under:

3. 
Accounting principles are generally based on

4. 
Company’s earning power ratios are of a great interest to

5. 
The following represent tangible assets and are shown in the balance sheet as:

6. 
Return on investment could be improved by

7. 
Trading loss occurs when:

8. 
Break-up value of a share can be determined by:

9. 
The statement of assets liabilities and owner’s capital is called the

10. 
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

11. 
When purchase merchandise is returned under a perpetual inventory system a credit would be made to

12. 
In the books of consignee the expenses incurred by him on consignment are debited to:

13. 
The more basic requirement for a firm’s marketable securities

14. 
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:

15. 
The table “ C “of the Companies Ordinance 1984

16. 
Accelerated depreciation is allowed under:

17. 
The analysis of financial statement helps identify a company’s strengths and weaknesses it indicate if company

18. 
A company is considered sick if the market value compared to its par value is:

19. 
Accounting requirements governing NGOs are prescribed in:

20. 
Standard cost are not used to

21. 
The straight-line method of depreciation:

22. 
The statement prepared under process costing is called:

23. 
In case a company is solvent, the interest on debentures is paid up to the date of:

24. 
The formula a future value of dollar is

25. 
Which of the following is not concerned with the valuation of goodwill?

26. 
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:-

27. 
Which of the following transactions represent an expense?

28. 
Expenses of liquidation met by vendor Company are debited to (by the Vendor company):

29. 
A company is considered sick under the Companies Ordinance 1984 where current ratio is:

30. 
Which of the following is an intangible asset?

31. 
Appropriations out of profits in case of a banking company are made in:

32. 
A liability in the amount of Rs 500 is paid in cash which of the fallowing is true

33. 
Net income plus operating expense is equal to

34. 
Cost volume profit analysis is the method used to estimate the impact on profit is of changes in

35. 
Total manufacturing cost for a period includes all of the fallowing except

36. 
Debenture holders having a floating charges have priority in payment over:

37. 
Double Entry Book Keeping was fathered by:

38. 
The cash basis of accounting

39. 
A contributory is:

40. 
Bank over draft should be classified as:

41. 
Work sheet does include:

42. 
Which of the following statements about accounting procedures is not correct?

43. 
Current Income Tax Ordinance is that of:

44. 
Which of the following can be adjusted against Income Tax Liability:

45. 
Financial accounting reports are prepared primarily:

46. 
Under the Rule of thumb a good current ratio is:

47. 
Quick Asset includes which of the fallowing

48. 
Depreciation as the term is used in accounting means:

49. 
Which of the following is not a use of working capital?

50. 
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

51. 
Work sheet is equivalent to:

52. 
Under the Companies Ordinance 1984, disclosure of financial information is legally required for listed companies under:

53. 
Real accounts are related to

54. 
The most important test of solvency of a business is calculated with the help of the following ratio:

55. 
An increase in income tax payable mean that the company

56. 
Rebate on bills discounted is:

57. 
Which of the fallowing should not be considered cash by an accountant?

58. 
Partnerships are legally required to prepare their financial statements for distribution on wide basis under:

59. 
The valuation of closing stock is at

60. 
Partnership forms of organization

61. 
In finance Working capital means the same things as

62. 
which of the following will be considered as capital expenditure?

63. 
Bonus in reduction of premium appears in the revenue account:

64. 
Depreciation must be accounted for:

65. 
Under periodic inventory system cost of good sold is determined and recognized in the books of accounts:

66. 
Which one of the following account would usually have credit balance?

67. 
Which of the following is fixed cost:

68. 
A corporate buy back or the repurchasing of share is

69. 
Which of the fallowing accounts would not be included in the computation of the cost of goods sold

70. 
In the event of dissolution of a partnership firm the provision for doubtful debts is transferred to

71. 
The master budget includes

72. 
Accumulated loss of a company is shown in the balance sheet as:

73. 
If Income year of a salaried person ends on 30th June, 2008, then tax year would be:

74. 
Which of the following is exempted from tax at present?

75. 
In the accounting cycle:

76. 
Deffered tax is shown in the balance sheet as:

77. 
Which of the following accounts are not closed at the end of an accounting period?

78. 
Rent paid to the land lord should be credited to

79. 
Which of the followings is a non-operating income?

80. 
When business activity increases the fixed cost per unit

81. 
If working capital increased during the period

82. 
Expense is recorded in the accounting records when:

83. 
Banks are required to prepare their financial statements as per following legislation:

84. 
Preparation of financial statement of listed insurance companies in Pakistan is governed by:

85. 
Two companies, X Co. and Y Co., go into liquidation and a new Co., Z Ltd, is formed. It is case of:

86. 
Which of the following is not a capital reserve?

87. 
The inventory method that assigns the most recent costs to the cost of goods sold is

88. 
Trial Balance is prepared:

89. 
Which of the following financial statements reflects the overall financial position of the business?

90. 
Preliminary expense is

91. 
In a manufacturing company product cost include

92. 
Financial analysis is a legislative requirement under:

93. 
Pakistan follows the following budgeting system at Federal level:

94. 
Depreciation Expense is

95. 
A prospectus for share can be issued only by

96. 
An advantages of the partnership from of business organization is its

97. 
A Cash sale of merchandise should be recorded in the

98. 
When a small stock dividend is declared which of the fallowing accounts is credited

99. 
A statement of cash flows can be prepaid using a ful T account analysis This approch

100. 
Posting a wrong amount in ledger causes:


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