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Head of Accounts
PIFRA stands for:
Project to Improve Financial Reporting and Authority
Project to Improve Financial Response and Auditing
Project to Improve Financial Reporting and Auditing
None of these
Author:
rikazzz
Comment
Head of Accounts
Which of the following is a revenue reserve?
Capital redemption reserve
Security premium account
Debenture redemption account
Capital reserve
Author:
rikazzz
Comment
Head of Accounts
Opening stock, according to SSAP 20, should be valued at which of the following exchange rates?
An average rate between last year and this year’s final account
The rate as at the previous balance sheet date
No conversion should be made
The rate on the day of the trial balance
Author:
rikazzz
Comment
Head of Accounts
A change in the exchange rate of two currencies may not be known as:
Amortization
Depreciation
Devaluation
Appreciation
Author:
rikazzz
Comment
Head of Accounts
Payment of $500 was received from debtors. Which of the following statements is correct?
Debit account receivable control account with $500
Credit account receivable control account with $500
Debit account payable control account with $500
Credit account payable control account with $500
Author:
rikazzz
Comment
Head of Accounts
Which of the following is not a revenue expense?
Cost a raising a loan
Cost of accessories of motor vehicles spent at the time of purchase
Expenses incurred for laying of sewers on land purchased
Insurance premium paid at the time of registration of the ship
Author:
rikazzz
Comment
Head of Accounts
In branch accounting, if the head office maintains all the accounts then the accounts are used for three main purposes. Which one of the following would not apply?
To measure the qualities of staff
To record changes in assets, liabilities and capital
To ascertain the profitability of each branch
To check for theft at the branch level
Author:
rikazzz
Comment
Head of Accounts
First phase of PIFRA project of Financial Reforms was completed in:
31st December, 2004
31st December, 2005
31st December, 2006
31st December, 2007
Author:
rikazzz
Comment
Head of Accounts
Appropriation or re-appropriation represents the allotment of a particular sum of money to meet expenditure on a specific job as enunciated in the detailed demands for:
Grants
Capital
Assets
Money
Author:
rikazzz
Comment
Head of Accounts
Which of the following is generally considered as a nonprofit oriented organization?
Charitable organization
Corporation
Audit firms
Insurance companies
Author:
rikazzz
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