Accounting & Auditing Paper 2006 - 1

CSS Past Papers
1.    There is no difference between Financial Report and Financial statement. ?

2.    Calculating number of days uncollected of sales is known as Collection Index. ?

3.    Wages paid for construction of a plant is revenue expenditure. ?

4.    Times interest earned is a great interest for a banker. ?

5.    Budgeted Profits are always high when pessimistic approach for preparing budget is followed. ?

CSS Past Papers
6.    Work Sheet only presents Balance Sheet figures. ?

7.    Trial Balance is prepared from ledger.?

8.    Banks are governed under the Companies Ordinance, 1984 only for preparation of their financial statements. ?

9.    Suspense Account is a clear account with no question to be asked. ?

10.    Ledgers are prepared from vouches much before transactions are recorded in the Journal. ?

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