- External Management
- Internal Management
- External Auditors
- None of these
- b
-
The Organization held audit as internal audit by the accountant of organization, it is called internal audit.
External Audit always performed by third party.
The principal method for the procurement of goods, services and work is:
- FIFO
- Open Competitive Bidding
- Close Competitive Bidding
- LIFO
- b
-
There are four procedure to open Competitive Bidding.
Every transaction has …… Effect.
- Single
- Double
- Triple
- Zero
- b
-
Every transaction has double effect. Each transaction will be credit and in another voucher same transaction will be debit
Gross Profit is:
- Cost of goods sold + Opening Stock
- Excess of sales over cost of goods sold
- Net profit less expenses of the period
- Sales less Purchase
- b
Which of the following is not asset?
- Prepaid Expenses
- Loan from Bank
- Buildings
- Cash Balance
- b
An Amount , Cash or other assets removed or withdrawn from business by owner, is called:
- Assets
- Drawings
- Liabilities
- None of these
- b
-
The drawing is a term which is used in commerce. A owner withdraws money from business for his personal use then this transaction will be called Drawings.
Income Tax is levied on:
- Agricultural Income
- Presumptive Income
- Income Tax
- None of these
- b
Stratified Audit Sample means:
- Items carefully selected from each group
- Purposively selected items for audit
- Randomly selected items for audit
- None of these
- c
The requirements of an audit report for a Banking Company in Pakistan is under:
- Under the Banking Companies Ordinance 1962
- Under the Companies Ordinance 1984
- A & B
- None of these
- c
-
Companies Ordinance was passed on 8th October 1984.
This Companies Ordinance 1984 cancelled the Companies Ordinance 1913.
Now, Companies Ordinance 1984 replaced with Companies Ordinance 2017
The World Trade Organization (WTO):
- Rules on Trade disputes between nations
- Sets exchange rates to balance international trade among nations
- Is the Successor to NAFTA
- Set Tariffs to balance international trade among nations
- b
-
WTO stands for World Trade Organization.
WTO was founded on 1st January 1995.
WTO has 164 member states.
Its HQ is in Geneva Switzerland.