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Important Questions for Accounting and Auditing
Question: Double entry book-keeping was fathered by:
Answer: Lucas Pacioli.
Question: Funds Flow Statement and sources and application statement are:’
Question: Depreciation in spirit is similar to:
Question: Balance Sheet is always prepared:.
Answer: As on a specified date.
Question: In Insurance, the following Profit and Loss Accounts are prepared:
Answer: Consolidated for Fire, Marine, and Accidents etc
Question: Partners in Pakistan can today be fixed at the following numbers:
Question: Flexible budget is a budget with the following features:
Answer: Changes with volume of production..
Question: Break Even can be calculated as under:
Answer: FC I- VC TR
Question: Quick Ratio can be computed as under:
Answer: Current Assets/ Current Liabilities
Question: In straight line method of depreciation, the written down value of a fixed asset will be at the
Answer: Rupee zero
Question: Sales budget must be prepared:
Answer: Based on Sales forecasts of market.
Question: Consolidation of subsidiary accounts in the balance sheet of a unlisted Holding company is
Question: Retained earnings is synonymous to:
Answer: Accumulated profit and loss account
Question: The requirements of an audit report for a Banking Company in Pakistan is under:Answer: Under (a) and (b) above.
Question: Deferred Taxation is:
Answer: Part of Owners Equity.
Question: Investment Corporation of Pakistan follows:
Answer: None of these.
Question: Directors Report is ---- in respect of financial report constituent.
Answer: Mandatory for a limited Company
Question: Every limited Company in Pakistan is required by law to include the following along with financial reports:
Answer: Chairman’s Review
Question: Cash budget excludes the following:
Answer: Non-Cash items
Question: NGOs are legally required to:
Answer: Prepare accounts in a prescribed manner under the law.