- Current Assets
- Net profit
- Gross profit
- Retained earning
- c
-
Gross Profit = Sales + Cost of Goods Sold
2018
All Solved Past Papers 2018 are included in this section of ETEST Academy’s Website. All Solved MCQs of 2018 of All Departments. All Posts and All Testing Services are also included in this section.
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
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