Certified Public Accountant (CPA)

American Institute of Certified Public Accountants (AICPA)

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Double entry book-keeping was fathered by?

Funds Flow Statement and sources and application statement are:

Depreciation in spirit is similar to

Balance Sheet is always prepared

In Insurance, the following Profit and Loss Accounts are prepared

Quick Ratio can be computed as under

Retained earning is synonymous to

The requirements of an audit report for a Banking Company in Pakistan is under

Deferred Taxation is part of

Investment Corporation of Pakistan follows

Directors Report is mandatory in respect of financial report constituent of

Every limited Company in Pakistan is required by law to include the following along with financial reports

Cash budget excludes the following

NGOs are legally required to

Operating Profit is

Books of original entry are called

For preparing balance sheets prepaid expenses are shown as part of

Unpaid and unrecorded expenses are called

Amount, cash, or other assets removed from business by owner is called

Under the diminishing balance method, depreciation amount is

Users of accounting information includes

The business form(s) in which the owner(s) is (are) personally liable is (are) the

The investment of personal assets by the owner

All of the following are forms of organizations except

A cash purchase of supplies would

An owner investment of each into the business would

The payment of rent each month for office space would

Real accounts are related to

Which one of the following accounts would usually have a debit balance?

Quick assets include which of the following?

Accounting principles are generally based on the principle of

Rent paid to the land lord should be credited to

In the event of dissolution of a partnership firm the provision for doubtful debts is transferred to

A prospectus for share can be issued only by

Preliminary expenses are

The valuation of closing stock is at

A liability in the amount of Rs. 500/- is paid in cash which of the fallowing is true

Which one of the following account normally have a credit balance?

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

When a small stock dividend is declared which of the fallowing accounts is credited

An advantages of the partnership form of business organization is its

In balance sheet accumulated loss of company shown as

Double Entry Book Keeping was fathered by

Which of the following statements is NOT true about the relationship between the chronological journal and the general journal?

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?

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?

A company has a trial balance that balances perfectly. Does this guarantee the absence of errors in the journals and general ledger?

A company pays rent for a full year upfront on January 1st for $12,000. How should this transaction be recorded in the journals?

Sources of funds can be increased by

An owner investment of land into the business would

Quick Asset includes which of the fallowing

For which taxpayer Income Tax rates are the same

If a firm has paid super-tax, its partners may follow any one of the following behaviors

Income Tax is levied on

An auditor is liable for his annual audit of accounts of

Normally audit of a bank is conducted through

Internal Control is totally synonymous with

What does stratified audit sample means

Verification includes

Which of the following best describes the primary objective of an external audit?

Which of the following is a key responsibility of the auditor during the planning phase of an audit engagement?

Which of the following sampling methods is commonly used in audit testing to select items for examination?

Which of the following types of audit opinion indicates that the financial statements are free from material misstatement?

Which of the following would NOT be considered a control deficiency in internal controls?

Which of the following audit procedures is designed to test the existence and completeness assertion for inventory?

In the context of audit sampling, what is meant by the term "sampling risk"?

Which of the following best describes the purpose of analytical procedures in an audit engagement?

Which of the following types of audit evidence is generally considered the most reliable?

What is the primary purpose of issuing an auditor's report?