Articles Tagged: auditing

Question: An Auditor Is Liable For His Annual Audit Of Accounts? a. Creditors b. Bankers c. Owners [efaccordion id=”01″] [efitems title=”Show Answer” text=”Owners”][/efaccordion]

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 [efaccordion id=”01″] [efitems title=”Show Answer” text=”None of above”][/efaccordion]

Question: A Partnership, In Today Pakistan, Under The Current Law Can Have The Following Number Of Partners? a. 50 b. 20 c. 100 [efaccordion id=”01″] [efitems title=”Show Answer” text=”20″][/efaccordion]

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 [efaccordion id=”01″] [efitems title=”Show Answer” text=”If it enables management to increase productivity and rationalize cost structure”][/efaccordion]

Question: Deferred Taxation Is? a. Fixed Asset b. Fixed Liabilities c. Parts of Owners Equity [efaccordion id=”01″] [efitems title=”Show Answer” text=”Parts of Owners Equity”][/efaccordion]

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 [efaccordion id=”01″] [efitems title=”Show Answer” text=”Required”][/efaccordion]

Question: Current Ratio Is Calculated As? a. Fixed Assets/Current Liabilities b. Current Liabilities/Current Assets c. Current Assets/Current Liabilities [efaccordion id=”01″] [efitems title=”Show Answer” text=”Current Assets/Current Liabilities”][/efaccordion]

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 [efaccordion id=”01″] [efitems title=”Show Answer” text=”Rupee Zero”][/efaccordion]

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. [efaccordion id=”01″] [efitems title=”Show […]

Question: Funds Flow Statement And Sources And Application Statement Are? a. Synonymous b. Antagonistic c. None of these [efaccordion id=”01″] [efitems title=”Show Answer” text=”Synonymous”][/efaccordion]