Accounting and Auditing Questions Answer

RPSC Junior Accountant and TRA Important Questions for Accounting and Auditing Part

Dear Rpscguru expert readers good news we are here with Important Questions Answers of Accounting and Auditing for RPSC JR Accountant and TRA exam. 
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RPSC Junior Accountant and TRA Important Questions for Accounting and Auditing Part

All questions are covered previous year questions and which asked in various level examinations and selected questions are possible for upcoming examinations. After read carefully of all Questions you can able to get high scored of marks in RPSC JR Accountant Second Paper.

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:’
Answer: Synonymous 

Question: Depreciation in spirit is similar to:
Answer: Amortization 

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:
Answer: 20 

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
Answer: Required. 

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.
Accounting and Auditing Questions Answer Accounting and Auditing Questions Answer Reviewed by RpscGuru Team on 02:36 Rating: 5

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