1- In Pakistan chamber of commerce and industry in registered with:
A). Registrar of firms
B).Registrar of companies✔️
C).Registrar of clubs
D). None of these
2- Which of the following partnership can be formed for indefinite period?
A). Limited partnership✔️
B). Joint venture
C). Partnership will
D). None of these
3- Repetition of client clerical routines such as footing and posting is called:
A). Vouching
B). Reperformance
C). Scanning
D). None of these✔️
4- The direction of testing from the source document to the accounting record is called:
A). Vouching
B). Sampling
C). Tracing✔️
D). None of these
5- Which of the following liability of an auditor has occurred when auditor failed to study articles of association and the directors paid dividend out of capital?
A). Negligence✔️
B). Misfeasance
C). Libel
D). None of these
6- Visual examination of accounting record and schedules to identify unusual items or inconsistencies is called:
A). Observation✔️
B). Scanning
C). Inquiry
D). Inspection
7- Which of the following is not capital asset?
A). Shares of company
B). Jewellery
C). Coin
D). Copy rights✔️
E). None of these
8- Ground rent is an income from:
A). Agriculture
B). Salary
C). Business
D). Other sources✔️
9- Which of the following is admissible expenditure in respect of income from Business?
A). Fines and penalties
B). Income tax
C). Excise duty
D). Cost of permanent shop board✔️
E). None of these
10- Identify the item that is likely to serve as source document:
A). Trial Balance
B). Income Statement
C). Balance sheet
D). Invoice from supplier✔️
11- The formula ( cost less salvage value/ Total capacity X units extracted) refers to which depreciation method:
A). Straight line
B). Units of production✔️
C). Declining balance
D). Depletion
12- While passing adjusting entries for what type of transactions expenses are debited and assets are credited:
A). Accrued revenue
B). Accrued expenses✔️
C). Declining balance
D). Depletion
13- When costs are rising, which method reports higher net income:
A).LIFO
B).FIFO✔️
C). Average
D). The most recent purchase price
14- At the time of admission of a new partner, good will raised should be written off in:
A). New profit sharing ratio
B). Old profit sharing ratio✔️
C). Sacrificing ratio
D). Gaining ratio
15- A and B are partner in the ration of 2:1. The admit C for shares who contribute Rs. 3000 for his share of goodwill.
A).Rs. 3,000
B).Rs. 9,000✔️
C).Rs. 12,000
D).Rs. 15,000
16-If net sales Rs.100,000 cost of goods sold Rs. 55,000, Administrative expenses Rs 5300, Selling expenses Rs.4375, Interest expense Rs. 500, the operation profit is:
A). Rs. 35325
B). Rs. 45000
C). Rs. 39700
D). Rs. 34825✔️
17- Which ratio best reflects a company’s ability to meet immediate interest payments?
A). Debt Ratio
B). Equity Ratio
C). Times interest earned✔️
D). None of these
18- Identify which items are subtract from the list amount and not recorded when computing purchase price:
A). Freight in
B). Trade discount✔️
C). Purchase discount
D). Purchase return
19- Bonus payable only on the maturity of the policy is termed as:
A). Cash bonus✔️
B). Reversionary bonus
C). Interim bonus
D). Bonus is reduction premium
20- Rebate on bill discounted (unearned discount) is :
A). An expense
B). An income
C). A liability✔️
D). An asset
21- Which of the following is an example of Non-exchange transaction?
A). Good lost by fire✔️
B). Electric charges paid
C). Machinery Purchased on credit
D). None of these
22- The time limit for payment of divided for a listed public limited company is:
A).30 days
B).45 days
C).60 days
D).90 days✔️
23- The time limit for payment of dividend for a unlisted limited company is:
A).90 days
B).60 days✔️
C).45 days
D). 30 days
24- As per Companies Ordinance 1984 a listed public limited company is bound to prepare its financial statements on:
A). Yearly basis✔️
B). Half- yearly basis
C). Daily basis
D). None of these
25- As per Companies Ordinance 1984 loose tools are recorded under the head of:
A). Current assets✔️
B). Fixed assets
C). Long term investment
D). Long term deposits
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