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Accounting & Auditing Paper 2006 - 1
1.
There is no difference between Financial Report and Financial statement. ?
a) True
b) False
2.
Calculating number of days uncollected of sales is known as Collection Index. ?
a) True
b) False
c) No such a word exist in accounting lexicon
3.
Wages paid for construction of a plant is revenue expenditure. ?
a) True
b) False
4.
Times interest earned is a great interest for a banker. ?
a) True
b) False
5.
Budgeted Profits are always high when pessimistic approach for preparing budget is followed. ?
a) True
b) False
/STRONG>
6.
Work Sheet only presents Balance Sheet figures. ?
a) True
b) False
7.
Trial Balance is prepared from ledger.?
a) True
b) False
8.
Banks are governed under the Companies Ordinance, 1984 only for preparation of their financial statements. ?
a) True
b) False
9.
Suspense Account is a clear account with no question to be asked. ?
a) True
b) False
10.
Ledgers are prepared from vouches much before transactions are recorded in the Journal. ?
a) True
b) False
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