is case of liquidation who is to be paid first ?

a) comulative prefered stock

b)redeemable prefered stock
c)....
d)none of these

1-The sun-------from east

2-I---------living here since 19??
3Ali was married-------rich family.

no sooner did he see me.......he embraced me

scarcely did he open the door......he saw his friend standing outside

i can not work......... compulsion

if you work hard you........ succeed

defered taxation is a.......?

the amount of current assets of a firm with values given.what was the answer 89108 or
something ?

closing stock are moved to a)trading ac b)profit & loss ac c)balance sheet d).......

60000 sales
50000 cost of sales
10000 office rent
20000 wages
find out profit ?

The Following 2 Users Say Thank You to zeekaay For This Useful Post:
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Sunday, June 05, 2016

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Location: pakistan
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Senior Member

i am______ learning english language nowadays

______ little water in the jug is not enough for me

sinking fund investment is a......?

which of the following has a cash flow element ?

fixed capital expenditure
 financial charges
c)....
d).....

after addition of new partner the increase in capital value is credited to ????

auditing is branch of......???

Todays paper of senior auditor First batch

I am sick _______ (of , off )
he is indebted ________(with , to )
cholera has broken _________ (of , off , out )
______ little water in the jug (put article )
i am learning _______english (put article )
if you work hard you _______ succeed . (will , would)
national income is __________ Total Income earned in producing the National Income
Letter of credit is opened by ______________(importer/Buyer , exporter , intermediary )
stock exchange of india established in ________________(1887 , 1905, 1908, 1923)
debenture is ______________ (investment , LTL )
audit is _____________science (natural science , abstract science )
stock in trade is __________________asset ( current asset , fixed asset or fictitious asset )
concurrent audit is _Continuous audit (Carried on daily, weekly basis)
control risk assessed at ______________
debentures are ________________(asset , liability , exp, investment)
qualification of audit is article ___________(226(1) and 226(2) or (224(1) and 224(2)
cash sales are recorded in __________(cash book or sales book )
public companies have prospectus (yes or no )

19. What are analytical procedures?

a) Substantive tests designed to assess control risk

b) Substantive tests designed to evaluate the validity of managements representation letter
c) Substantive tests designed to study relationships between financial and non*financial
d) All of the above

2. Concurrent audit is a part of

a) Internal check system
b) Continuous audit
c) Internal audit system
d) None

25. THE PRIMARY PURPOSE OF ESTABLISHING QUALITY CONTROL POLICIES AND PROCEDURES FOR DECIDING ON CLIENT EVALUATION IS TO

A) ENSURE ADHERENCE TO GENERAL Y ACCEPTED AUDITING STANDARDS

B) ACCEPTANCE OR RETENTION OF CLIENTS WHOSE MANAGEMENT DOES NOT LACK INTEGRITY
C) ENSURE AUDIT FEES IS CHARGED ACCORDING TO THE TYPE OF AUDIT WORK ASSIGNED
D) ALL OF THE ABOVE

1. THE MAIN OBJECT OF AN AUDIT IS ___

A) EXPRESSION OF OPINION
B) DETECTION AND PREVENTION OF FRAUD AND ERROR
C) BOTH (A) AND (B)
D) DEPENDS ON THE TYPE OF AUDIT

11. THE RISK OF MANAGEMENT FRAUD INCREASES IN THE PRESENCE OF:

A) FREQUENT CHANGES IN SUPPLIES

B) IMPROVED INTERNAL CONTROL SYSTEM
C) SUBSTANTIAL INCREASES IN SALES
D) MANAGEMENT INCENTIVE SYSTEM BASED ON SALES DONE IN A QUARTER

10. IN ORDER TO VOUCH, WHICH OF THE EXPENSES, THE AUDITOR WILL EXAMINE BILL OF ENTRY?

A) CUSTOM
B) EXCISE DUTIES
C) SALES TAX
D) INCOME TAX

4. FOR VOUCHING OF WHICH ITEM, THE AUDITOR IS MOST LIKELY TO EXAMINE COST RECORDS?

A) COMMISSION EARNED
B) BAD DEBTS RECORDED
C) CREDIT SALES
D) SALE OF SCRAP

18.WHEN COUNTING CASH ON HAND THE AUDITOR SHOULD ___

A) ENSURE PRESENCE OF SOMEBODY FROM MANAGEMENT

B) OBTAIN A RECEIPT FROM CUSTODIAN AS TO ITS RETURN
C) ENSURE POSTAGE AND REVENUE STAMPS ARE NOT COUNTED IN PHYSICAL COUNT
D) TEMPORARY ADVANCES TO EMPLOYEES ARE COUNTED TO CALCULATE BALANCE OF CASH IN HAND

2. WHICH OF THE FOLLOWING SECTIONS DEAL WITH QUALIFICATIONS OF THE AUDITOR ?

A) SECTION 226 (1) AND SECTION 226(2)

B) SECTION 224 (1) AND SECTION 224 (2)
C) SECTION 226 (3) AND SECTION 226(4)
D) SECTION 224(3) & SEC.224

Who is the contributor? Shareholder, debenture holder, creditor

Error of commission, commons
Consignment related
Audit related
Audit in depth mean? Detail audit, complete audit
Depreciation is called, valuation, costing
Income statement, balance sheet related.

1. A super tax exist in Pakistan or not ? Exist in Pakistan

2. Cash A/c Balance is a Debit or Credit Balance? Debit Balance
3. Part time worker or self employed worker
4. Increase in Bills Payable result in Increase in cash or decrease in cash?
5. Contributory: Definition of "contributory. - The term "contributory" means every person liable to contribute to the assets of a company in the event of its being
wound up, and include the holder of any shares which are fully paid up; and, in all proceedings for determining, and all proceedings prior to the final determination of,
the persons who are to be deemed contributories, includes any person alleged to be a contributory.
6. Dividend
7. Main object of budget is plan or control or both?
8. Dividend paid effect which of cash flow activity (Financing, Investment or Operating)
9. Process of data - Coding
10. Maximum number of shareholders in (Pvt.) Company 10, 20, 50 is correct
11. Stock is valued at Market Price or cost price?
12. Heavy Advertisement expense to launch a product is the form of Capital Expense of Revenue?
13. Operating profit is calculated after deduction of operating expense including depreciation?
14. Auditors liability is Owner, Creditor
15. Outstanding wages charged to profit and loss or balance sheet?
16. Audit in depth is synonym of complete audit or detailed audit? (Double question)
17. Audit in depth is synonym of complete audit or detailed audit? (Double question)
18. Depreciation on machinery account is debited to Machinery A/C or depreciation a/c
19. Difference Asset and liability is Equity
20. Which one cannot become the Auditor , A director, an internal auditor, or relative of director
21. Memorandum and Article of Association?
22. If Memorandum and Article of Association dont work who will be????????
23. Current ratio is calculated to check the increase in current asset or asset or liquidity???
24. Cost of inventory is valued by adding Material + Labor or Material + Labor+ production overhead
25. Realization concept defined when cash is received or order received or goods sold
26. Revenue and expense accounts referred as Real A/C or Nominal A/C
27. Discount allowed affect?
28. In Diminishing balance method depreciation is calculated on ????? Written down value
29. Most important tool of raising money is (Finance)
30. Internal Auditor care most about????
31. Devaluation is decrease in value of country currency?
32. Increase in Bank Overdraft will result in cash book or pass book?
33. Journal entry of consignment A/c
34. Journal entry of consignment A/c when goods delivered
35. Cartel a cartel is an agreement between competing firms to control prices or exclude entry of a new competitor in a market.
36. If Good sold to A and charged to B A/c this is Error of commission or omission?

dont simply read them kindly answer these and even add if you have more questions.

1- i______ living here since 1990

2-the sun ............ in the east

3-i am sick...........heart

4-work hard lest you...........lose

5-no sooner did he see me.......he embraced me

6-scarcely did he open the door......he saw his friend standing outside

7- i can not work......... compulsion

8-if you work hard you........ succeed

9-defered taxation is a.......?

10-the amount of current assets of a firm with values given.what was the answer 89108 or something ?

11-closing stock are moved to a)trading ac b)profit & loss ac c)balance sheet d).......

12) 60000 sales

50000 cost of sales
10000 office rent
20000 wages
find out profit ?

13. What are analytical procedures?

a) Substantive tests designed to assess control risk

b) Substantive tests designed to evaluate the validity of managements representation letter
c) Substantive tests designed to study relationships between financial and non*financial
d) All of the above

14. Concurrent audit is a part of

a) Internal check system
b) Continuous audit
c) Internal audit system
d) None

15. THE PRIMARY PURPOSE OF ESTABLISHING QUALITY CONTROL POLICIES AND PROCEDURES FOR DECIDING ON CLIENT EVALUATION IS TO

A) ENSURE ADHERENCE TO GENERAL Y ACCEPTED AUDITING STANDARDS

B) ACCEPTANCE OR RETENTION OF CLIENTS WHOSE MANAGEMENT DOES NOT LACK INTEGRITY
C) ENSURE AUDIT FEES IS CHARGED ACCORDING TO THE TYPE OF AUDIT WORK ASSIGNED
D) ALL OF THE ABOVE

16. THE MAIN OBJECT OF AN AUDIT IS ___

A) EXPRESSION OF OPINION
B) DETECTION AND PREVENTION OF FRAUD AND ERROR
C) BOTH (A) AND (B)
D) DEPENDS ON THE TYPE OF AUDIT

17. THE RISK OF MANAGEMENT FRAUD INCREASES IN THE PRESENCE OF:

A) FREQUENT CHANGES IN SUPPLIES

B) IMPROVED INTERNAL CONTROL SYSTEM
C) SUBSTANTIAL INCREASES IN SALES
D) MANAGEMENT INCENTIVE SYSTEM BASED ON SALES DONE IN A QUARTER

18. IN ORDER TO VOUCH, WHICH OF THE EXPENSES, THE AUDITOR WILL EXAMINE BILL OF ENTRY?

A) CUSTOM
B) EXCISE DUTIES
C) SALES TAX
D) INCOME TAX

19. FOR VOUCHING OF WHICH ITEM, THE AUDITOR IS MOST LIKELY TO EXAMINE COST RECORDS?

A) COMMISSION EARNED
B) BAD DEBTS RECORDED
C) CREDIT SALES
D) SALE OF SCRAP

20.WHEN COUNTING CASH ON HAND THE AUDITOR SHOULD ___

A) ENSURE PRESENCE OF SOMEBODY FROM MANAGEMENT

B) OBTAIN A RECEIPT FROM CUSTODIAN AS TO ITS RETURN
C) ENSURE POSTAGE AND REVENUE STAMPS ARE NOT COUNTED IN PHYSICAL COUNT
D) TEMPORARY ADVANCES TO EMPLOYEES ARE COUNTED TO CALCULATE BALANCE OF CASH IN HAND

21. WHICH OF THE FOLLOWING SECTIONS DEAL WITH QUALIFICATIONS OF THE AUDITOR ?

A) SECTION 226 (1) AND SECTION 226(2)

B) SECTION 224 (1) AND SECTION 224 (2)
C) SECTION 226 (3) AND SECTION 226(4)
D) SECTION 224(3) & SEC.224

22. after addition of new partner the increase in capital value is credited to..........

23. first stock exchange in bombay was established in ...

24. letter of credit is opened on behalf of.......

25.sinking fund investment is a.........

26.auditing is the branch of..........

27.stock in trade is a..............

28.cash sales are recorded in.........

29.debentures are..........for a firm

30.i am..........learning english nowadays.

31............little water in the jug is not enough for me.

32.which of the following has a cash flow element?

fixed capital expenditure,financial charges,c,d.....

33.he is indebted.......me.

34.ali is married.....a rich family.

35. national income is..........govt income,income from public investments,factors of income.....

36. prospectus is...........for a private ltd company-- must,optional,etc

37.GATT was established to

1. Have been
2. Rises
3. At heart
4. Should
5. Than
6. When
7. Under compulsion
8. Would
9. Asset.... Not sure
11. Trading acc
13. Assess control risk
14. Continuous audit. Not sure.
16. Both a and b
17. Frequent changes in supplies
18. Customs
19. Commission earned
20. A or b dont remember now
22. To partners capital account
23 i wrote 1908
24. Bank..?
26. Abstract science...?
27. Current asset
28. Journal...?
29. Liability
31. The little water
33. Indebted to me
34. In a rich family....?
37. Liberlise trade

1. Residual value or solvage value

2. current ratio
3. quick ratio
4. budget definition
5. statefied sampling- randomly selected
6. process costing
7. maslow hierarchy
8. patents-intangible asset
9. depreciation intangible assets
10. company definition having common seal

1-If i were-----, i wouldn't tell a lie. (He, his, him)

2------- English literature is my favourite subject (No article, an, a, the)
3-He is older tha------ (I, me, myself, mine)
4-The prime minister gave------ the prizes (Out, in, away, up)
4-the rebels held -----' for a year ( away, Around, AT, OUT) 5-he along his brothers ----- reading books (is, are, wer, have been )
6-A boy is giving ----' bills in the street (Out, away, in,) 7. I ---- studing in this uni for 3 years.. (Am, have , have been, was)
Every morning he --- for walk.. (go, went, goes, have gone) 8..
Error of omission arise?? (Wholly or partially recoreded, incorrectly recorded, forget to record, none of above)
9..The main objective of depreciation..... (To calculate tax, to calculate profit &n loss, to collect amount for replacement of asset, correct valuation of balance sheet)
10..The loss on sale of machinery is to written of from ( depreciation a/c, share premiun a/c, etc)
11..Loss is revenue if (On current assets, due to normal reasons, on fixed assets, none of above)
12..Share premiun a/c is used to ( issue bonus share, write off discount on shares, to raise capital, none of above)
13..Final a/c shows summary of ( assets, liabilities, accounts, none)
14..Income & expenditures a/c reveals ( debit balance, credit, surplus n deficiency, none)
15..Unearned income is ( liability, asset, expense, revenue) 16.
.Receipts n payment a/c include cash items (Capital, revenue, both, none) 1
7..Audit of bank is example of (Statutory audit, balance sheet audit, concurrent audit, all)
18..The interest on capital of partner is credited to ( interest a/c, partners capital a/c, capital a/c)
20..Auditing begins where ---- ends ( Accounting, book keeping, recording) 21..
The discount on issue of debentures being a loss of (Capital, reserves, cash)
22..G.P 5000, N.P=25% of G.P so expenses must be equal to..??
23..Verification involves (Checking vouchers, examination of audit report, both, none) 2
4..Registered capital is (Authorized cap, issued, paid up, none)
25..No entry made against (Authorized cap, issued, paid up, none)
26..Resolution is passed in --- to issue dividend (AGM)
27..Statutory auditor appointed by...??
28..Section authorizing to access branch a/c..??
29..Audit of branches is not allowed in audit of... (Manufacturing co, banks etc)
30..Increase in debtors ( increase casd, dec cash, no impact on cash)
31..Accounting equation??
Auditor is compulsory for (Sole proprietorship, partnership, JSC, all)
32..An enterprise is (Federation, business unit, association, none)
33..Private co... (Must issue prospectus, must issue statement in lieu of prospectus, may issue both, may issue none)
34..Research n development is expense (Capital, revenue, deffered cost revenue, none)
35..Selling expenses are shown in (Profit n loss a/c)
36..The monetary explanation of plan called...(budget)
37..Goods sold by consignee debited to ??
38..The customer Cheque dishonoured recorded in (Cash a/c, bill rec a/c, sales a/c)
39..Preliminary asset is (fictitious assets)
40..Resources invested by owner called...(capital)
41..Auditor must check that salaries not claimed are (Deposit in separate a/c, held safely, kept in reserves)
42..Liability arise upon happening of event called...(contigent liability)
43..If asset= 41315, liabilities= 4120, equity will be???
44..Sales budget prepared keeping in view....(sales forecast of market)
45..Bank o/d is...liability
46..Immediate solvency ratio is (Current, quick, debt.equity)
47..A & b 2 co. Liquidated n new co formed X ltd...it is called...(amalgamation, absorption, etx...)
48..In balnce sheet assets are recorded on --- value...(current, forecasted future, cost)
49..Assets are recorded in balance sheet based on ...(classification)
50..A rebate given on discounting the bill is....??(expense)
51..To chck arithmetical accuracy ---- is prepared. (Journal, ledgers, t.balance, final a/c)
52..Wgich statement prepared first.. (Incm statement, b.sheet, cash flow, funds flow)
53..Closing stock at the end of year is deducted from... (Opening stock, CGS, G.P)

1. Custom duty on imports the option was advulrm

2. How many sections are in AAS1
9,7,8,14
3. ....... English literature is my favorite subject.
4. I .... ....... studying in this university. Am, have been, is
5. Main objective/purpose of depreciation?
6. Mark up is good for ? bank, owner, debtor's, creditor's
7. Opening stock 42850 purchase 137190 carriage inward 1500 closing stock 51060 cost of goods sold?
8. A question was about consignment a/c
9. Share premium a/c is used to
10. Statement to prepare first I chose income
11. Auditor can visit any branch of a company under section 228 (4) 228 (3) 228 (2)
12. One question regarding owners equity to find and that was 17195 I chose
13. Rebate on bill of exchange is a ? Liability, income, exp.
14. One question repeated from batch 1 regarding issue of prospectus.
15. Subscribers of company will be permanent member or shareholders
16. On pattern of batch1 GATT term today was 'SWOT' which I made a gues only.
17. Statutory auditor of a limited company is appointed by
Shareholders, board, a.g.m

18)Plan into Quantitative is called budget

19) Good sold by consignee will be credited to
20) which of the following is error of ommision.
21) which of the following is not recorded by entry (Authorized capital)
22) pvt co. Issue prospectus in liue
23) subscription of memorandum
24) Bill of exchange drawn by
25) income tax is levied on agri income, presumptive income, a&b non of the above

"The Companies Act 1956 India" The question was:

Special audit is conducted at the order of the central government. Which section gives such powers?

A) Section 233(a)
b) Section 233a
C) Section 242(a)
D) Section 242a

1. A super tax exist in Pakistan or not ? Exist in Pakistan

2. Cash A/c Balance is a Debit or Credit Balance? Debit Balance
3. Part time worker or self employed worker
4. Increase in Bills Payable result in Increase in cash or decrease in cash?
5. Contributory: Definition of "contributory. - The term "contributory" means every person liable to contribute to the assets of a company in the event of its being
wound up, and include the holder of any shares which are fully paid up; and, in all proceedings for determining, and all proceedings prior to the final determination of,
the persons who are to be deemed contributories, includes any person alleged to be a contributory.
6. Dividend is paid out of which capital, Authorized, paid up
7. Main object of budget is plan or control or both?
8. Dividend paid effect which of cash flow activity (Financing, Investment or Operating)
9. Process of data - Coding
10. Maximum number of shareholders in (Pvt.) Company 10, 20, 50 is correct
11. Stock is valued at Market Price or cost price?
12. Heavy Advertisement expense to launch a product is the form of Capital Expense of Revenue?
13. Operating profit is calculated after deduction of operating expense including depreciation?
14. Auditors liability is Owner, Creditor
15. Outstanding wages charged to profit and loss or balance sheet?
16. Audit in depth is synonym of complete audit or detailed audit? (Double question)
17. Audit in depth is synonym of complete audit or detailed audit? (Double question)
18. Depreciation on machinery account is debited to Machinery A/C or depreciation a/c
19. Difference Asset and liability is Equity
20. Which one cannot become the Auditor , A director, an internal auditor, or relative of director
21. In Memorandum and Article of Association?
22. If Memorandum and Article of Association dont work who will be????????
23. Current ratio is calculated to check the increase in current asset or asset or liquidity???
24. Cost of inventory is valued by adding Material + Labor or Material + Labor+ production overhead
25. Realization concept defined when cash is received or order received or goods sold
26. Revenue and expense accounts referred as Real A/C or Nominal A/C
27. Discount allowed affect?
28. In Diminishing balance method depreciation is calculated on ????? Written down value
29. Most important tool of raising money is (Finance)
30. Internal Auditor care most about????
31. Devaluation is decrease in value of country currency?
32. Increase in Bank Overdraft will result in cash book or pass book?
33. Journal entry of consignment A/c
34. Journal entry of consignment A/c when goods delivered
35. Cartel a cartel is an agreement between competing firms to control prices or exclude entry of a new competitor in a market.
36. If Good sold to A and charged to B A/c this is Error of commission or omission?
37. Petty cash is maintained to meet cash expenses
38. Intangible Assets: Intangible assets mean the assets which is not having the physical appearance. And its have the real value, it shown on the assets side of the
balance sheet.
39. closing stock are moved to a)trading ac b)profit & loss ac c)balance sheet d).......
40. When partnership must be dissolved on the death of a partner, quarrel of partners
41. Share can be traded in stock exchange 1. Directly 2. Directly by brokers
42. International accounting standard
43. Bull Bush
44. An auditor can be removed from his service through annual general meeting or general meeting
45. Federation
46. Main function of an auditor is to
47. Special audit is conducted at the order of the central government. Which section gives such powers? A) Section 233(a) b) Section 233a C) Section 242(a) D)

Section 242a (Indian Companies Act-1956)

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) Goodwil