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Accounting & Auditing Paper II (2002) - B
1.
Prime cost is calculated as under?
a) Manufacturing Cost/Cost of Goods Sold
b) Direct Method plus factory overheads
c) Direct labour + Direct Material
d) None of these
2.
Process Cost is very much applicable in?
a) Construction Industry
b) Pharmaceutical Industry
c) Air line company
d) None of these
3.
Random sampling in auditing means?
a) Selection through convenience sampling
b) Selection through scientific sampling approach
c) None of these
4.
Increase in income constitutes?
a) Inflows
b) Outflows
c) None of these
5.
M & A stands for?
a) Mergers & Analysis
b) Mergers & Acquisitions
c) Mergers & Allocation
d) None of these
6.
An endowment insurance policy can be taken in respect of?
a) Fire insurance
b) Accident insurance
c) Life insurance
d) None of these
7.
Acid test is the same as?
a) Quick test
b) Liquid test
c) None of these
8.
Accounting & Auditing Paper-I (2003) Acid Test Ratio is calculated as under?
a) Current Assets/Current Liabilities
b) Fixed Assets/Current Liabilities
c) Liquid Assets/Current Liabilities
d) None of these
9.
Deferred cost is a?
a) Liability
b) Asset
c) None of these
10.
Work Sheet is?
a) Balance Sheet
b) Fund Flows Statement
c) A combination of Profit and Loss Account and Balance Sheet items
d) None of these
11.
Banks, for the preparation of financial statements, are governed under?
a) Banking Companies Ordinance, 1962
b) State Bank of Pakistan Act
c) None of these
12.
Return on investment is computed?
a) Investment/Profit x 100
b) Profit x 100/Investment
c) None of these
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