Accounting

Question: Directors Report In Respect Of Financial Report Constituent? a. Mandatory for a limited Company b. Voluntary for a limited Company c. None of these [efaccordion id=”01″] [efitems title=”Show Answer” text=”Mandatory for a limited Company”][/efaccordion]

Question: Cost Accounting Concepts Include All Of The Following Except a. Planning b. Controlling c. Sharing d. Costing [efaccordion id=”01″] [efitems title=”Show Answer” text=”Sharing”][/efaccordion]

Question: Closing Work In Process Inventory Of Last Year? a. Is treated as Opening inventory for current year b. Is not carried forward to next year c. Become expense in the next year d. Charge to Profit & Loss account [efaccordion id=”01″] [efitems title=”Show Answer” text=”Is treated as Opening inventory for current year”][/efaccordion]

Question: Combination Can Be Best Described As? a. Restructuring of Capital of a Company b. Reduction of Capital of a Company c. Amalgamation of two different types of businesses [efaccordion id=”01″] [efitems title=”Show Answer” text=”Amalgamation of two different types of businesses”][/efaccordion]

Question: A Resident Multinational Company Need Not? a. Pay income tax, if it s caused under Double Taxation agreement. b. If it is not enjoying tax exemption under the Income Tax Ordinance, 1979 (Second Schedule). c. None of above [efaccordion id=”01″] [efitems title=”Show Answer” text=”None of above”][/efaccordion]

Question: Weighted Average Cost Per Unit Is Calculated By Which Of The Following Formula? a. Cost of goods issued/number of units issued b. Total Cost/Total Units c. Cost of goods manufactured/closing units d. Cost of goods sold/total units [efaccordion id=”01″] [efitems title=”Show Answer” text=”Total Cost/Total Units”][/efaccordion]  

Question: Another Name For A Journal In Accounting? a. Day book b. Cash book c. Record book d. Specialized journal [efaccordion id=”01″] [efitems title=”Show Answer” text=”Day book”][/efaccordion]

Question: Nelson Company Has Following FOH Detail.  Budgeted (`) Actual (`) Production Fixed Overheads 36,000 39,000  Production Variable Overheads 9,000 12,000  Direct Labor Hours 18,000 20,000 a. Under applied by `1,000 b. Over applied by ` 1,000 c. Under applied by ` 11,000 d. Over applied by ` 38,000 [efaccordion id=”01″] [efitems title=”Show Answer” text=”Under …

Question: Which Of The Following Element Must Be Taken Into Account While Calculating Total Earnings Of A Worker Under Different Incentive Wage Schemes? a. Rate per unit b. Units of production c. Extra time taken by employee to complete the production d. Number of workers employed [efaccordion id=”01″] [efitems title=”Show Answer” text=”Units of production”][/efaccordion]

Question: Retained Earning Is Synonymous To? a. Accumulated profit and loss account b. Profit for the year c. None of these [efaccordion id=”01″] [efitems title=”Show Answer” text=”Accumulated profit and loss account”][/efaccordion]