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Paper of Accountancy and Auditing CSS 2013

Paper of Accountancy and Auditing CSS 2013 held on 05-03-2013

MCQs of Paper-1 of Accountancy and Auditing CSS 2013

1. Double entry book keeping was fathered by:
a) Luca Paoili b) Yoyji Ijiri c) Michael Hammer d) Ishikawa

2. Accumulated loss of a company is shown in the balance sheet as:
a) Liaility b) Asset c) As footnote in Balance Sheet d) None of These

3. Under the companies ordinance 1984, disclosure of financial information is legally required for listed companies under:
a) Schedule 6 b) Schedule 5 c) Schedule 4 d) Schedule 8

4. A company is considered sick under companies ordinance 1984 where current ratio is:
a) Below 0.5:1 b) Below 3:1 c) Above 2.5:1 d) None of These

5. Banks are required to prepare their financial information as per following legislation:
a) Free to prepare with no legislative requirements b) Under CO 1984
c) Banking Companies Ordinance 1962 d) State Bank Laws

6. Preparation of Financial Statements of Listed Insurance Companies in Pakistan is governed by:
a) Insurance Act 1938 b) Insurance Ordinance 2000 c) Companies Act 1913
d) CO 1984

7. Trading loss occurs when:
a) Revenues exceed the matching relevant costs b) Revenues and matching costs are equal to each other
c) When relevant matching costs exceed revenues d) None of these

8. Accounting requirements governing NGOs are prescribed in:
a) Partnership Act 1932 b) Cooperative Societies legislation c) CO 1984 d) None of these

9. Work Sheet is equivalent to:
a) Balance Sheet b) Income Statement c) Trial Balance d) None of these

10. Work sheet does include:
a) Fund flows statement b) Cash generation statement c) Cash Flow statement d) None of these

11. Deferred tax is shown in the balance sheet is:
a) Liablility b) Assete c) An expenditure in income statement d) None of these

12. The following represent tangible assets and are shown in balance sheet as:
a) People b) Expenses c) Revenues d) Goodwill (SOME CHALLA DESIGNED THIS PAPER )

13. Under the rule of thumb a good current ratio is:
a) 6:1 b) 10:1 c) .05:1 d) 2:1

14. Financial Analysis is a legislative requirement under:
a) CO 1984 b) Partnership Act 1932 c) Voluntary Act d) None of these

15. Pakistan follows the following budget system at the federal level:
a) Zero Based Budgeting b) Program Budgeting c) Responsibility Budgeting
d) Incremental/Decremental Budgeting

16. Preparation of a budget by a company is compulsory under:
a) No Law b) Several laws c) Securities & Exchange Ordinance 1969 d) CO1984

17. Depreciation must be accounted for:
a) Revenues b) Fixed Assets c) Share Capital d) None of these

18. Accelerated depreciation is allowed under:
a) Income Tax Ordinance 2001 b) Voluntary principles c) Prudential Regulations d) None of these

19. Partnerships are legally required to prepare their financial distribution on wide basis under:
a) Partnership Act 1932 b) Securities & Exchange Rules 2000 c) Voluntary act of compliance d) None

20. A company is considered sick the market value compared to its par value is:
a) 1:1 b) 2:1 c) 0.25:1 d) None of these

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