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Advance Accounting and Auditing
The capital receipts are shown in the balance sheet on the :
Liability side
Asset side
Debit side
None of these
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Advance Accounting and Auditing
Which ratio indicates a firm’s ability to pay current liabilities in the shortest possible time?
Current ratio
Equity Ratio
Debt ratio
Quick ratio
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rikazzz
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Advance Accounting and Auditing
The working of the insurance company is governed by the:
Companies Ordinance 1984
Banking companies ordinance 1962
Insurance Ordinance 2000
None of these
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rikazzz
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Advance Accounting and Auditing
Identify which items are subtract from the list amount and not recorded when computing purchase price.
Freight in
Trade discount
Purchases discount
Purchases return
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rikazzz
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Advance Accounting and Auditing
If income year of a salaried person ends on 30th June, 2008 then tax year would be:
2007-08
2008-09
2009-10
2008
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rikazzz
Comment
Advance Accounting and Auditing
Income and expenditure account is a non trading institution records transaction of:
Revenue nature only
Capital nature only
Both A and B
Income of revenue,expenditure of revenue and capital nature
Author:
rikazzz
Comment
Advance Accounting and Auditing
When preparing balance sheet of a company. Goodwill, patents, Trade mark and designs come under the head of :
Fixed assets
Fictitious assets
Current assets
Miscellaneous Expenditure
Author:
rikazzz
Comment
Advance Accounting and Auditing
The direction of testing from the source documents to the accounting record is called:
Vouching
Sampling
Tracing
Verification
Author:
rikazzz
Comment
Advance Accounting and Auditing
In general, the accounts in the income statement are known as:
Real account
Contra asset
Nominal account
Unrecorded revere account
Author:
rikazzz
Comment
Advance Accounting and Auditing
Which of the following eliminates details from the working trial balance classifying and summarizing similar or related items?
Lead Schedules
Control accounts
Supporting schedules
Accounts analysis
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rikazzz
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