- Less sales cost of sale and operating expense
- Less gross profit and operating expenses
- Both A & B
- None of these
- C
All Testing Services Solved Papers
Which of the following section deals with the qualification of auditor?
- Section 226 (1) and Section 226 (2)
- Section 224 (1) and Section 224 (2)
- Section 225 (1) and Section 225 (2)
- None of these
- A
What are analytical procedures?
- Substantive test design to study relationship between financial and non financial.
- Substantive test designed to evaluate the validity of management’s representation letter.
- Substantive test designed to assess control risk.
- None of the above
- c
The primary purpose of establishing quality control policies and procedure for deciding on client evaluation is to:
- Ensure Adherence to generally accepted audit standards
- Acceptance or retention clients whose management does not lack integrity.
- Ensure audit fee is charged according to the type of audit work assigned.
- All of the above
- d
Preference shares are those which carry preferential right in respect of:
- Payment of Capital
- Dividends
- Both A & B
- Nonce of these
- c
Goodwill should be classified as a:
- Intangible Asset
- Liquid Asset
- Floating Asset
- Current Asset
- a
-
Intangible Asset is an asset which have not physical presence.
Which of the following business would be most likely use process costing?
- An auto repair shop
- A macron frozen orange juice
- A Hospital
- A law firm
- b
Which of the following usually is least important as a measure of short term liquidity:
- Debt Ratio
- Current Ratio
- Cash flow from operating activities
- Quick Ratio
- c
Which of the following accounts would never appear in the after closing trial balance?
- Dividends
- Accumulated Depreciation
- Income Tax Expense
- Both A & C
- d
Debentures are a company’s:
- Asset
- Liability
- Expense
- Investment
- b