Articles Tagged: auditing

Question: An Auditor Is Liable For His Annual Audit Of Accounts? a. Creditors b. Bankers c. Owners

Question: A Resident Multinational Company Need Not? a. Pay income tax, if it’s caused under a Double Taxation agreement. b. If it is not enjoying tax exemption under the Income Tax Ordinance, 1979 (Second Schedule). c. None of the above

Question: A Partnership, In Today Pakistan, Under The Current Law Can Have The Following Number Of Partners? a. 50 b. 20 c. 100

Question: A Good Cost Accounting System Is? a. If it computes estimated cost only b. If it cannot be reconciled with financial accounts c. If it enables management to increase productivity and rationalize cost structure

Question: Deferred Taxation Is? a. Fixed Asset b. Fixed Liabilities c. Parts of Owners Equity

Question: Consolidation Of Subsidiary Accounts In The Balance Sheet Of A Unlisted Holding Company Is At Present In Pakistan? a. Compulsory b. Voluntary c. Required

Question: Current Ratio Is Calculated As? a. Fixed Assets/Current Liabilities b. Current Liabilities/Current Assets c. Current Assets/Current Liabilities

Question: 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

Question: 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.

Question: Funds Flow Statement And Sources And Application Statement Are? a. Synonymous b. Antagonistic c. None of these