51. The Funds Flow Statement and sources and
application statement are?
A. Synonymous
B. Duplication
C. Antagonistic
D. None of
these
52. The auditor is liable for his annual
audit of accounts o?
A. Owners
B. Creditors
C. Bankers
D. None of above
C. Bankers
D. None of above
54. Amount, cash or other assets removed from
business by owner is?
A. Capital
B. Assets
C. Drawings
B. Assets
C. Drawings
D. None of
these
55. Banks, for the preparation of financial
statements, are governed under?
A. State
Bank of Pakistan Act
B. Banking Companies Ordinance, 1962
B. Banking Companies Ordinance, 1962
C. A & B
D. None of
these
56. A fixed cost?
A. Will not change in total because it is not related to changes in
production Is constant per unit for each unit of change in production
B. May
change in total when such change is not related to changes in production
C. May change in total, depending on production with the relevant range
D. None of these
C. May change in total, depending on production with the relevant range
D. None of these
57. Which of the following specialized
journals will record "goods returned by the business"?
A. Sales
journal
B. Sales return journal
C. Purchase journal
D. Purchases return journal
58. A journal entry in which two or
more account is debited or credited is referred as
A. Additional entry
B. Journal entry
C. Compound
entry
D. Multi entry
59. Which of the following will be
debited if a business purchases goods on credit?
A. Cash
B. Purchases
C. Debtor
D. Creditor
60. Is the common base for preparing a trial balance?
A. Ledger Accounts
B. General
Journal
C. Specialized
Journals
D. None of
Above
61. Trial balance is prepared to check
accuracy of?
A. Balance
sheet balances
B. Income
statement balances
C. Leger accounts balances
D. None of
above
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