Accounting and Auditing Paper 2000 -1

Accounting and Auditing Paper 2000 -1

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) Antagonistic
b) None of these.
c) Synonymous

3. Depreciation in spirit is similar to?

a) Depression.
b) Depletion
c) Amortization

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) None of these.
b) Separate for Fire, Marine, and Accidents etc.
c) Consolidated for Fire, Marine, and Accidents etc

6. Partners in Pakistan can today be fixed at the following numbers?

a) 20
b) 75.
c) 50

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) None of these.
c) FC
d) I- VC TR

9. Quick Ratio can be computed as under?

a) Current Assets/ Current Liabilities
b) Quick . Liabilities Current Assets
c) Quick . Assets/Quick 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+ None of these.

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