- original entry is known as which of the following
- Journalizing
- Double entry system
- Debit
- b
Current ratio is:
- Profitability ratio
- Long term solvency ratio
- Short term solvency ratio
- Turnover ratio
- c
When shares are forfeited, the share capital account is debited with the:
- Nominal value of share
- Called up value of share
- Paid up value of share
- None of these
- b
Share may be issued:
- At premium
- At discount
- At par
- All of these
- d
Stock in trade is valued:
- At market price
- At cost or market whichever is less
- At cost price
- At cost less market price
- b
Partners in Pakistan can today be fixed at the following numbers.
- 20
- 40
- 60
- 70
- a
-
There may be minimum 02 and maximum 20 partners in a Partnership Business.
The amount of resources supplied by the owner in business is called:
- Investments
- Assets
- Capital
- Reserves
- C
-
Equity Shareholders are called Owner of the firm / Organization / Company.
Financial accounting reports are prepared primarily:
- To value the property of the company
- To help people make decisions about resource allocation
- To show managers the results of their departments
- To show the value of shares in the company
- b
-
Financial Report / Statement represents the position of business.
Two companies X co and y co go into liquidation and a new co z is formed then it is known as————–
- External reconstruction
- Amalgamation
- Absorption
- None of these
- b
-
Amalgamation is a combination of two companies to form a new company.
Trading & Profit & loss account and balance sheet is prepared from:
- Cash book and bank book
- Trial balance
- Ledger balances, cash and bank balances
- Ledger balance
- b
-
Trading & Profit & Loss account provides information about profit and loss through different trading activities and also shows profit and loss for the specific period.