11. Auditing is what?
A. Reporting
the financial information
B. Preparation
financial statements
C. Examination
of financial statements
D. Maintaining
the ledger records
12. Deferred Taxation is.?
A. Fixed
asset
B. Part of Owners Equity
B. Part of Owners Equity
C. Fixed
liabilities
D. None of above
D. None of above
13. Liability is arisen from which of
the following events.?
A. Present
event
B. Future
event
C. Past event
D. None
of them
14. Cash budget excludes the following.?
A. Cash
items
B. Non-Cash items
B. Non-Cash items
C. Purchase
on Credit items
D. None of
above
15. Partners in Pakistan can today be fixed at the
following numbers.?
A. 15
B. 20
C. 50
D. None of above
C. 50
D. None of above
16. Keeping the log of financial
information in books of original entries is called.?
A. Summarizing
B. Grouping
C. Recording
D. Processing
17. Liabilities are which of the
following.?
A. Resources
B. Obligations
C. Future
benefits
D. Expenses
18. Depreciation in spirit is similar to.?
A. Amortization
B. Depletion
C. Depression
C. Depression
D. None of
above
19. Identify the nominal account.?
A. Machinery account
B. Building
account
C. Creditors
account
D. Rent
expenses account
20. Sales budget must be prepared.?
A. Based on Sales forecasts of market
B. Independently
C. Depending on production capacity
D. None of above
C. Depending on production capacity
D. None of above
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