Author Archives: Rana Tahir

Work sheet is equivalent to?

A. Balance Sheet
B. Income Statement
C. Trail Balance
D. None of these

Accounting requirements governing NGOs are Prescribed in?

A. Partnership Act 1932
B. Cooperative Societies legislation
C. Companies Ordinance 1984
D. None of these

Trading loss occurs when?

A. Revenues exceed the matching relevant cost
B. Revenue and matching costs are equal to each other
C. When relevant matching cost exceeds revenues
D. None of these

Under the companies ordinance 1984, disclosure of financial information is legally required for listed companies under?

A. Schedule 6
B. Schedule 5
C. Schedule 4
D. Schedule 8

Accumulated loss of a company is shown in the balance sheet as?

A. Liability
B. Asset
C. As foot note to balance sheet
D. None of these

Double entry book-keeping was fathered by?

A. Luca Paioli
B. Yoyjiljiri
C. Micheal Hammer
D. Ishikawa

Conversion Cost is calculated as under?

A. Labour Plus Materials
B. Labour Plus Overheads
C. Labour minus Overheads
D. None of these

An auditor is liable under the following circumstances?

A. Third Party Liabilities
B. Fraud perpetrated in highly sophisticated circumstances
C. Both of above
D. None of these

Sugar used in a sugarcane company is?

A. Variable cost
B. Semi Variable Cost
C. Fixed Cost
D. Step fixed Cost

Returned on investment is computed?

A. Invest / profit * 100
B. (Profit / investment) * 100
C. (Profit – dividend) / investment * 100
D. None of these