Escolar Documentos
Profissional Documentos
Cultura Documentos
(2) Funds Flow Statement and sources and application statement are:’
(a) Synonymous
(b) Antagonistic
(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.
(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.
(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.
(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.
1. Fixed Cost:
a. Changes with production
b. Never changes even if production capacity is doubled
c. None of the above
6. Verification includes:
a. Checking Vouchers
b. Examining audit report
c. None of the above
7. Stratified audit sample means:
a. Randomly selected items for audit
b. Purposively selected items for audit
c. Items carefully selected from each group
12. If a firm has paid super-tax, its partners may follow any one of the following
behaviours:
a. No need to pay income tax, even if the income exceeds the taxable limit.
b. Pay income tax, even if the income does not exceed the taxable income.
c. Pay income tax as required under the law.
18. A partnership, in today’s Pakistan, under the current law can have the following
number of partners:
a. 50
b. 20
c. 100
#13
Saturday, August 17, 2013
(19) Economics resources of a business that are expected to be of benefit in the future are
referred to as:
(a) Liabilities
(b) Owner’s equity
(c) Withdrawals
(d) Assets
(e) None of these
#14
Sunday, September 15, 2013
Q.1. (i) Select the best option/answer and fill in the appropriate Circle on the OMR Answer Sheet. (20x1=20)
(ii) Answers given anywhere, other than OMR Answer Sheet, shall not be considered.
http://en.wikipedia.org/wiki/Double-entry_bookkeeping_system
It was first codified in the 15th century by the Franciscan friar Luca Pacioli.
http://www.secp.gov.pk/corporatelaws...mp_Ord1984.pdf
4. A company is considered sick under the Companies Ordinance 1984 where current
ratio is:
(a) Below 0.5 : 1 (b) Below 3 : 1 (c) Above 2.5 : 1 (d) None of these
http://www.sbp.org.pk/bsd/2001/C36.htm
In terms of Section 34 of the Banking Companies Ordinance, 1962 the banks are required
to prepare their annual accounts in the forms set out in the Second Schedule to the said
Ordinance.
http://www.pgi.com.pk/pdfs/annual2012_PGI%20annual%202012.pdf
http://www.pgi.com.pk/pdfs/halfyearly2006.pdf
BASIS OF PRESENTATION The financial statements have been prepared in accordance with the
requirements of accounting regulations laid down by the SECP (Insurance Rules, 2002) of the Insurance
Ordinance, 2000.
Insurance Ordinance, 2000 (Primarily), CO1984 (secondary).
Simple, when cost (e.g. Rs. 100) is greater than Revenue (e.g. Rs. 80), then loss (of Rs.
20) will occur.
Furthermore, See matching concept also.
Generally, while making financial statements only those costs are undertaken which
MATCHES to the accounting period in which the Matched Revenue was generated.
http://www.asp.org.pk/indepth/csos_covernance_resources/2.pdf
There are between 10 to 18 different laws in Pakistan that may govern an NGO.
http://www.wisegeek.com/what-is-a-trial-balance.htm
The trial balance is an accounting listing that shows the beginning and ending balances for
all accounts included in the set of books. This worksheet format makes it possible to
evaluate whether or not the total debits for the period cited are in balance with the total
number of credits generated for the same period. When a true trial balance exists, the total
credits and total debits will be equal.
Para 58 IAS 12
Current and deferred tax shall be recognised as income or an expense and included in
profit or loss for the period.....
Whatever the amount of Deferred tax is shown in the balance sheet, it is shown as in the
Expenditure section of Income statement under the head Taxation, along with the current
tax.
12. The following represent tangible assets and are shown in the balance sheet as:
(a) People (b) Expenses (c) Revenue (d) Goodwill
It should be INtangible.
option a,b,c are irrelevant as they cannot be shown on Balance Sheet.
13. Under the Rule of thumb a good current ratio is:
(a) 6 : 1 (b) 10 : 1 (c) .05 : 1 (d) 2 : 1
http://www.encyclopediaofcredit.com/Working-Capital
Current Ratio: The current ratio gauges how capable a business is in paying current
liabilities by using current assets only. Current ratio is also called the working capital ratio.
A general rule of thumb for the current ratio is 2 to 1 (or 2:1 or 2/1).
Generally financial statements in Pakistan does not contain any sort of analysis.
19. Partnerships are legally required to prepare their financial statements for
distribution on wide basis under:
(a) Partnerships Act 1932 (b) Securities & Exchange Rules 2000
(c) Voluntary Act for Compliance (d) None of these
Partnerships are not legally required for FS especially to be distributed on wide basis.
20. A company is considered sick if the market value compared to its par value is:
(a) 1 : 1 (b) 2 : 1 (c) 0.25 : 1 (d) None of these
the market value of its shares as quoted on the stock exchange or the net worth of its
share has fallen by more than seventy-five per cent of its par value
if 75% fall in par then value will remain 25% i.e. 0.25 to 1
The Following 3 Users Say Thank You to HelpingHand For This Useful Post:
komaltee (Sunday, October 13, 2013), NASSEEM (Sunday, August 31,
2014), Sulehrix (Sunday, February 21, 2016)
#15
Thursday, November 28, 2013
Paper 1
(1) Accounting principles are generally based on
(a) Practicability (b) Subjectivity (c) Convenience in recording
(2) Real accounts are related to
(a) Assets (b) Expense and incomes (c) Customers and creditor etc
(3) Rent paid to the land lord should be credited to
(a) Landlord Account (b) Rent account (c) Cash Account
4) In the event of dissolution of a partnership firm the provision for doubtful debts is
transferred to
(a) Realization Account (b) Partner capital accounts (c) sundry debtors Accounts
(5) A prospectus for share can be issued only by
(a) A public company (b) A private company (c) None of these.
(6) Preliminary expense is
(a) Current asset (b) Current Liability (c) Fictitious asset
(7) The valuation of closing stock is at
(a) Cost price (b) Market price
(c) Cost or Market price whichever is lower
(8) The master budget includes
(a) as income statement (b) a balance sheet (c) a cash budget (d) all of these
(9) Cost volume profit analysis is the method used to estimate the impact on profit is of
changes in
(a) Unit variable cost (b) unit sales price (c) Sale volume (d) All of these
(10) In a manufacturing company product cost include
(a) Material cost only (b) Material and labour (c) Labour cost only (d) material labour and
overhead cost
(11) A liability in the amount of Rs 500 is paid in cash which of the fallowing is true
(a) Asset is increased and liability is decreased (b) Asset is increased and liability is
increased
(b) Asset is decreased and liability is decreased (b) Liability is decreased and owner’s
equity is increased
(12) Which one of the following account would usually have credit balance?
(a) Cash (b) Account payable (c) Equipment (d) Salaries expense
(13) A company collected one year’s rent in advance on October 1st ,1997 the entries Rs
1200 was credited to unearned revenue account the adjusting entry at the December
31,1997 year ended would include
(a) A debit to unearned revenue for Rs 300 (b) A debit to unearned revenue for Rs 900 (c)
A credit to unearned revenue for Rs 300 (d) A debit to rent earned for Rs 900
(14) Net income plus operating expense is equal to
(a) Net sale (b) Cost of good available for sales (c) Cost of good sold (d) Gross profit
(15) When purchase merchandise is returned under a perpetual inventory system a credit
would be made to
(a) Inventory (b) Freight in (c) Purchases (d) Purchase return
(16) Which of the fallowing accounts would not be included in the computation of the cost
of goods sold
(a) Purchase returns (b) Freight in (c) Purchase discount lost (d) Purchase discounts
(17) Total manufacturing cost for a period includes all of the fallowing except
(a) Raw material used (b) Direct labour cost
(c) Cost of good completed (d) Factory overhead cost
(18) Quick Asset includes which of the fallowing
(a) Cash (b) Account receivable (c) Marketable securities (d) All of these (e) a &b
(19) When a small stock dividend is declared which of the fallowing accounts is credited
(a) Common stock (b) Dividend payable (c) Common stock dividend distributable
(d)Retained Earnings
(20) An advantages of the partnership from of business organization is its
(a) Unlimited liability (b) Mutual agency (c) Ease of the formation (d) Limited life
#16
Thursday, November 28, 2013
paper 1 Answer
Q2 (A) ,3(C) 6(C) 7(C) 8(D) 10 (D) 11(C) 12 (B) 13(A) 14 (D) 15(A) 16(C) 17(C) 18(D)
19(C) 20 (A) If any mistake in my answer tell me we discuss Kindly answer these
#17
Friday, November 29, 2013
#18
Sunday, August 31, 2014
Quote:
#19
Sunday, August 31, 2014
Join Date: Oct 2009
Location: LARKANA-KARACHI
NASSEEM Posts: 373
Thanks: 506
Senior Member
Thanked 109 Times in 74 Posts
Quote:
Paper 1
(1) Accounting principles are generally based on
(a) Practicability (b) Subjectivity (c) Convenience in recording
(2) Real accounts are related to
(a) Assets (b) Expense and incomes (c) Customers and creditor etc
(3) Rent paid to the land lord should be credited to
(a) Landlord Account (b) Rent account (c) Cash Account
4) In the event of dissolution of a partnership firm the provision for doubtful debts is
transferred to
(a) Realization Account (b) Partner capital accounts (c) sundry debtors Accounts
(5) A prospectus for share can be issued only by
(a) A public company (b) A private company (c) None of these.
(6) Preliminary expense is
(a) Current asset (b) Current Liability (c) Fictitious asset
(7) The valuation of closing stock is at
(a) Cost price (b) Market price
(c) Cost or Market price whichever is lower
(8) The master budget includes
(a) as income statement (b) a balance sheet (c) a cash budget (d)these all of these
(9) Cost volume profit analysis is the method used to estimate the impact on profit is of
changes in
(a) Unit variable cost (b) unit sales price (c) Sale volume (d) All of these
(10) In a manufacturing company product cost include
(a) Material cost only (b) Material and labour (c) Labour cost only (d) material labour
and overhead cost
(11) A liability in the amount of Rs 500 is paid in cash which of the fallowing is true
(a) Asset is increased and liability is decreased (b) Asset is increased and liability is
increased
(b) Asset is decreased and liability is decreased (b) Liability is decreased and
owner’s equity is increased
(12) Which one of the following account would usually have credit balance?
(a) Cash (b) Account payable (c) Equipment (d) Salaries expense
(13) A company collected one year’s rent in advance on October 1st ,1997 the entries Rs
1200 was credited to unearned revenue account the adjusting entry at the December
31,1997 year ended would include
(a) A debit to unearned revenue for Rs 300 (b) A debit to unearned revenue for Rs
900 (c) A credit to unearned revenue for Rs 300 (d) A debit to rent earned for Rs 900
(14) Net income plus operating expense is equal to
(a) Net sale (b) Cost of good available for sales (c) Cost of good sold (d) Gross profit
(15) When purchase merchandise is returned under a perpetual inventory system a
credit would be made to
(a) Inventory (b) Freight in (c) Purchases (d) Purchase return
(16) Which of the fallowing accounts would not be included in the computation of the
cost of goods sold
(a) Purchase returns (b) Freight in (c) Purchase discount lost (d) Purchase discounts
(17) Total manufacturing cost for a period includes all of the fallowing except
(a) Raw material used (b) Direct labour cost
(c) Cost of good completed (d) Factory overhead cost(18) Quick Asset includes which
of the fallowing
(a) Cash (b) Account receivable (c) Marketable securities (d) All of these (e) a &b
(19) When a small stock dividend is declared which of the fallowing accounts is credited
(a) Common stock (b) Dividend payable (c) Common stock dividend
distributable (d)Retained Earnings
(20) An advantages of the partnership from of business organization is its
(a) Unlimited liability (b) Mutual agency (c) Ease of the formation (d) Limited life