All of the following are forms of organizations except
Company A uses a single general journal for all transactions, while Company B utilizes a sales journal and a purchases journal. Which company is likely to be more efficient in recording transactions?
Retained earning is synonymous to
In the event of dissolution of a partnership firm the provision for doubtful debts is transferred to
Which of the following statements is NOT true about the relationship between the chronological journal and the general journal?
Real accounts are related to
An owner investment of each into the business would
Funds Flow Statement and sources and application statement are:
Under the diminishing balance method, depreciation amount is
A company has a trial balance that balances perfectly. Does this guarantee the absence of errors in the journals and general ledger?
Quick Ratio can be computed as under
NGOs are legally required to
The requirements of an audit report for a Banking Company in Pakistan is under
Quick assets include which of the following?
Operating Profit is
When a small stock dividend is declared which of the fallowing accounts is credited
For preparing balance sheets prepaid expenses are shown as part of
A prospectus for share can be issued only by
In straight line method of depreciation, the written down value of a fixed asset will be at the end of the life of the asset as under
Accounting principles are generally based on the principle of
The investment of personal assets by the owner
Which one of the following accounts would usually have a debit balance?
Preliminary expenses are
Unpaid and unrecorded expenses are called
A liability in the amount of Rs. 500/- is paid in cash which of the fallowing is true
Books of original entry are called
Double Entry Book Keeping was fathered by
A cash purchase of supplies would
The valuation of closing stock is at
In balance sheet accumulated loss of company shown as
Double entry book-keeping was fathered by?
A company mistakenly recorded a purchase of inventory for $10,000 as an expense. How can a strong internal control system help identify this error most effectively?
Depreciation in spirit is similar to
Consolidation of subsidiary accounts in the balance sheet of a unlisted Holding company is at present in Pakistan
Rent paid to the land lord should be credited to
The payment of rent each month for office space would
Investment Corporation of Pakistan follows
A company pays rent for a full year upfront on January 1st for $12,000. How should this transaction be recorded in the journals?
Every limited Company in Pakistan is required by law to include the following along with financial reports
A company collected one year’s rent in advance on October 1st ,2022 the entries Rs 1200 was credited to unearned revenue account the adjusting entry at the December 31,2022 year ended would include
The business form(s) in which the owner(s) is (are) personally liable is (are) the
In Insurance, the following Profit and Loss Accounts are prepared
Users of accounting information includes
Deferred Taxation is part of
An advantages of the partnership form of business organization is its
Which one of the following account normally have a credit balance?
Cash budget excludes the following
Amount, cash, or other assets removed from business by owner is called
Balance Sheet is always prepared
Directors Report is mandatory in respect of financial report constituent of