Accounting & Auditing Paper -I (2000), MCQ’s

Table of Contents

Accounting & Auditing Paper -I (2000)

(1) Double entry book-keeping was fathered by:
(a) F.W.Taylor (b) Henry Fayol (c) Lucas Pacioli.
(2) Funds Flow Statement and sources and application statement are:’
(a) Synonymous (b) Antagonistic (c) None of these.
(3) Depreciation in spirit is similar to:
(a) Depletion (b) Amortization (c) Depression.
4) Balance Sheet is always prepared:
(a) for the year ended. (b) As on a specified date. (c) None of these.
(5) In Insurance, the following Profit and Loss Accounts are prepared:
(a) Separate for Fire, Marine, and Accidents etc. (b) Consolidated for Fire, Marine, and Accidents etc.(c) None of these.
(6) Partners in Pakistan can today be fixed at the following numbers:
(a) 20 (b) 50 (c) 75.
(7) Flexible budget is a budget with the following features:
(a) Changes with volume of production. (b) Changes with variable expenses (c) Changes in Direct material.
(8) Break Even can be calculated as under:
(a) ______VC_______ FC- TR TC (b) FC I- VC TR(c) None of these.
(9) Quick Ratio can be computed as under:
(a) Quick . Assets/Quick Liabilities (b) Quick . Liabilities Current Assets (c) Current Assets/ Current Liabilities
(10) 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:
(a) Rupee one (b) Rupee zero (c) None of these.
(11) Sales budget must be prepared:
(a) Independently (b) Depending on production capacity (c) Based on Sales forecasts of market.
(12) Consolidation of subsidiary accounts in the balance sheet of a unlisted Holding company is at present in Pakistan:
(a) Compulsory (b) Voluntary (c) Required.
(13) Retained earning is synonymous to:
(a) Accumulated profit and loss account (b) Profit for the year (c) None of these.
(14) The requirements of an audit report for a Banking Company in Pakistan is under:
(a) Under the Banking Companies Ordinance, 1962. (b) Under the Companies Ordinance, 1984. (c) Under (a) and (b) above.
(15) Deferred Taxation is:
(a) Fixed asset (b) Fixed liabilities (c) Part of Owners Equity.
(16) Investment Corporation of Pakistan follows:
(a) Open-end mutual funds (b) Closed-end mutual funds (c) None of these.
(17) Directors Report is —- in respect of financial report constituent.
(a) Mandatory for a limited Company (b) Voluntary for a limited Company (c) None of these.
(18) Every limited Company in Pakistan is required by law to include the following along with financial reports:
(a) Ratio Analysis (b) Chairman’s Review (c) None of these.
(19) Cash budget excludes the following:
(a) Non-Cash items (b) Cash items (c) Purchase on Credit items.
(20) NGOs are legally required to:
(a) Prepare accounts in a prescribed manner under the law.(b) Prepare accounts as desired by donors. (c) None of these.

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