Assalamu Alaykum Warahmatullahi WaBarakatuhu,
The balances of opening and closing interest receivable account are Rs. 4,000 and 1,500 respectively what would be the value of interest received in cash if the interest earned during the year is Rs. 4,500?
Select correct option:
Rs. 10,000
Rs. 8,500
Rs. 6,000
Rs. 7,000
Which one of the following is NOT an objective of fundamental analysis?
Select correct option:
To make projection on its business performance
To predict the future stock price
To evaluate its management and make internal business decisions
To calculate its credit risk
Which of the following would represent a cash flow from financing activities?
Select correct option:
Receipts from sale of plant and equipment
Payment of Salaries
Gain on sale of plant asset
Collections on loan principle
How would an increase in owner's equity be recorded?
Select correct option:
Debit
Credit
No effect
Statement is wrong
Pre-paid expense is a(n) _________ type of account.
Select correct option:
Liability
Asset
Revenue
Expense
The purpose of recording depreciation on productive assets is to:
Select correct option:
Reflect the decline in the market value of the assets each period
Reduce income when the company has an exceptionally profitable year
Be in conformity with the revenue recognition principle
Allocate the original cost of a productive asset to expense over its useful life
Which of the following is NOT the part of annual report?
Select correct option:
Financial statements
Auditor's report
Five year summary
Future investments report
In the long run, a business must generate positive net cash flow from which of the following activities, if it is to survive?
Select correct option:
Investing activities
Financing activities
Operating activities
Non cash activities
Which of the following principle is used for recording a revenue?
Select correct option:
Matching Principle
Cost Principle
Realization Principle
Objectivity Principle
When preparing a statement of cash flows under the indirect method, supplemental disclosure should be made for which of the following?
Select correct option:
Net cash consumed by operating activities
Cash dividend distributions
Cash paid for interest and taxes
Cash paid for wages
ABC Company has Rs. 150,000 cash, Rs. 80,000 as accounts receivables, Rs. 20,000 as allowance for doubtful accounts, Rs. 10,000 as work in progress inventory, Rs. 55,000 as prepaid expenses, Rs. 50,000 land purchased in the current year. Calculate the value of current assets.
Select correct option:
Rs. 275,000
Rs. 315,000
Rs. 365,000
Rs. 220,000
A company can improve (lower) its debt-to-total asset ratio by doing which of the following?
Select correct option:
Borrow more
Shift short-term to long-term debt
Shift long-term to short-term debt
Sell common stock
How many types of audit certificate are there?
Select correct option:
Two
Three
Four
Five
Which of the following auditor's opinion shows the inability of the auditor to audit the accounts of a business?
Select correct option:
Qualified Opinion
Adverse Opinion
Unqualified Opinion
Disclaimer of Opinion
Which of the following represents the aggregate value of a corporation's issued shares?
Select correct option:
Total book value of the company
Market value of the company
Market capitalization
Book value of the shares
Which of the following is the third step of accounting cycle?
Select correct option:
Preparing financial statements
Preparing trial balance
Posting
Making adjusting entries
For purpose of measuring business income, the life of a business is divided into which of the following?
Select correct option:
Divided into specific points in time
Divided into irregular cycles
Divided into discrete accounting periods
Considered to be a continuous cycle
Company XYZ purchases Machinery on credit; Journal entry would be:
Select correct option:
Accounts Payable debit; Machinery Credit
Accounts Receivable debit; Machinery Credit
Machinery Debit; Accounts Payable credit
Machinery Debit; Accounts Receivable credit
Which of the following term refers to each element of the Balance Sheet?
Select correct option:
Ledger
Journal General
T- Account
Account
Which of the following terms present a cause and effect relationship with each other?
Select correct option:
Income statement and balance sheet
Revenue and assets
Assets and liabilities
Revenues and expenses
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