Accounting & Auditing Paper 1 (2000) - B

Accounting & Auditing Paper 1 (2000) - B

1. Sales budget must be prepared?

a) Independently
b) Depending on production capacity
c) Based on Sales forecasts of market.

2. Consolidation of subsidiary accounts in the balance sheet of a unlisted Holding company is at present in Pakistan?

a) Compulsory
b) Voluntary
c) Required.

3. Retained earning is synonymous to?

a) Accumulated profit and loss account
b) Profit for the year
c) None of these.

4. 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 and above.

5. Deferred Taxation is?

a) Fixed asset
b) Fixed liabilities
c) Part of Owners Equity./STRONG>

6. Investment Corporation of Pakistan follows?

a) Open-end mutual funds
b) Closed-end mutual funds
c) None of these.

7. Directors Report is ---- in respect of financial report constituent?

a) Mandatory for a limited Company
b) Company Voluntary for a limited
c) None of these.

8. Cash budget excludes the following?

a) Non-Cash items
b) Cash items
c) Purchase on Credit items

9. NGOs are legally required to?

a) Prepare accounts in a prescribed manner under the law.
b) Prepare accounts as desired by donors
c) None of these.

10. 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

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