Assalamu Alaykum Warahmatullahi WaBarakatuhu,
Which of the following is NOT a qualitative characteristic of financial statements?
Select correct option:
Understandability
Relevance
Full disclosure
Comparability
Statement of cash flows helps the investors and other stake holders to assess:
Select correct option:
The ability to generate future cash flows
The liquidity of the business
Ability to pay cash dividends in the future
All of the given options
The year in which long term assets are expected to be mature, will be transfer to _______________section of the balance sheet.
Select correct option:
Current asset
Deferred asset
Current liabilities
Fixed assets
Inventory accounts should be classified in which section of a balance sheet?
Select correct option:
Current assets
Investments
Property, plant, and equipment
Intangible assets
A company has interest expense of Rs. 35,000, its accrued liabilities are increased by Rs. 7000. Calculate the cash payments for the interest.
Select correct option:
Rs. 28,000
Rs. 42,000
Rs. 30,000
Rs. 18,000
The appropriate journal entry to record equipment depreciation expense would consist of a debit to Depreciation Expense and a credit to which of the following accounts?
Select correct option:
Revaluation asset
Accumulated Depreciation: Equipment
Retained Earnings
Cash
Which of the following would be considered a cash-flow item from an "operating" activity?
Select correct option:
Cash outflow to the government for taxes
Cash outflow to shareholders as dividends
Cash inflow to the firm from selling new common equity shares
Cash outflow to purchase bonds issued by another company
End product of the accounting cycle is known as the__________
Select correct option:
Tax return
Financial statements
Auditor's annual report
Annual general meeting
Which of the following company would like to use the accelerated depreciation method?
Select correct option:
A company with large tax burdens
A company with low tax burdens
A company that want to report high net income
A company that want to report huge assets
Which of the following is an inventory pricing procedure in which the oldest costs incurred rarely have an effect on the ending inventory valuation?
Select correct option:
FIFO
LIFO
Specific identification
Weighted-average
Which of the following is the most common adjusting entry?
Select correct option:
Un-earned revenue
Pre-paid expense
Depreciation expense
Accrued revenue
The balances of opening and closing accounts receivable are Rs. 40,000 and 15,000 respectively what would be the value of cash received from customer if the net sales are 45,000.
Select correct option:
Rs. 85,000
Rs. 60,000
Rs. 70,000
Rs. 100,000
Which of the following is the adjustment that is added during the reconciliation of net income to operating cash flows in indirect method?
Select correct option:
An increase in Accounts Receivable
An increase in Prepaid Expenses
Gain on sale of capital assets
Amortization Expense
In financial statement analysis, an increasing capital stock account tends to be a sign of which of the following?
Select correct option:
Weak financial health
Insolvency
Economic health
High liquidity
Closing entries result in net income being calculated in the income summary account and then transferred to which of the following account?
Select correct option:
Revenue account
Common Stock account
Dividends account
Retained Earnings account
In the period of inflation, which of the following method will result in the greatest value of ending inventory?
Select correct option:
First in first out method
Last in first out method
Weighted average cost method
Just in time method
Opinion of the auditor is termed as unqualified when the auditor concludes the following points about the financial statements except:
Select correct option:
Presented fairly and unbiased
Free from misleading information
Consistency in the accounting policies
Balance sheet showing sound position
Which of the following is the third step of accounting cycle?
Select correct option:
Preparing financial statements
Preparing trial balance
Posting
Making adjusting entries
A complete set of financial statements for Hartman Company, at December 31, 2007, would include each of the following, EXCEPT:
Select correct option:
Balance sheet as at December 31, 2007
Income statement for the year ended December 31, 2007
Statement of projected cash flows for 2008
Notes containing additional information that is useful in interpreting the financial statements
When cash flow statement is prepared by using indirect method, which part of it is different from the direct method?
Select correct option:
Cash flow from investing activities
Cash flow from financing activities
Cash flow from operating activities
All parts are same in both methods
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