- Original
- Final
- Generic
- First
- a
-
In general Journal, The accountant notes all transaction on daily basis.
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The system of recording transactions base on duel aspect concept is called:
- Double Accounting System
- Double Entry System
- Single Entry System
- None of the above
- b
-
Double Entry System is a such accounting system in which Debit and Credit sides must be maintained according to transaction.
Share premium money can be used for:
- Issue of fully paid bonus shares
- Write of Goodwill
- Payment of Dividends
- None of these
- a
-
Share Premium is also called Security Premium.
Both debentures and term finance certificate are usually issued by:
- Private Companies
- Public Companies
- Listed Companies
- None of these
- b
If motor van cost is 12500, its accumulated depreciation is 4200, depreciation charged for the year is 2500, What will be the book value at the end of the period?
- 8300
- 5800
- 10000
- None of these
- b
Excess of Sales over cost goods in accounting period is termed as:
- Current Assets
- Net profit
- Gross profit
- Retained earning
- c
-
Gross Profit = Sales + Cost of Goods Sold
Net profit is equal to:
- Less sales cost of sale and operating expense
- Less gross profit and operating expenses
- Both A & B
- None of these
- C
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