- Sole proprietorship
- Corporation
- Limited companies
- Partnerships
- a
-
Sole Proprietorship means a single person running a business.
Which of the following is not among the five main kinds of current asset?
- Cash and equivalents
- Deferred income
- Accounts receivable
- Prepaid expenses
- b
-
Cash
Cash Equivalents
Accounts Receivable
Stock Inventory / Prepaid Expenses
Marketable Securities
Which of the following is the acronym for GAAP?
- Generally Accepted Accounting Principles
- General Accounting Assessment Principles
- Generally Applied Accountability Principles
- General Accepted Assessment Principles
- a
-
GAAP are a collection of accounting rules and standard for financial reports.
Real accounts are related with:
- Expenses and incomes
- Customers and creditors
- Assets
- None of these
- c
-
A real account is related to Assets and Liabilities for example Bank Account.
The board of directors shall appoint first auditor of a company ___________
- within one month of the commencement of the business of the company
- within one month of completion of capital subscription state of the company
- within one month of incorporation of the company
- within one month of the promotion of the company
- c
Production function refers:
- Input to output
- Cost to output
- Wages to profit
- Cost to input
- a
A shareholder in a company:
- Cannot be its debenture holder
- Can be member of board of directors
- Can be its debenture holder
- Can be liable to unlimited entry
- b
The auditor is most likely to examine related party transactions very carefully while vouching:
- Sales returns
- Credit purchases
- Credit sales
- Cash purchases
- b
Assembly language started to be used from:
- First generation computers
- Second generation computers
- Third generation computers
- Fourth generation computers
- b
-
Assembly language is a low level programming language i.e. DOS operating system.
Which of the following is the most powerful computers?
- Mini Computers
- Super Computers
- Micro Computers
- Mainframe Computer
- b