Accounting - Punjab Exam

Income statement is also known as:

(a) Statement of earnings

(b) Statement of balance sheet

(c)Statement of income

(d) Statement of operations

Balance Sheet shows_______.

(a) The financial performance at particular date

(b) The financial position at particular date

(c)The financial position for an accounting period

(d) The financial performance for an accounting period

______ is the phase of an audit where the auditor gathers samples to identify any accounting records or other data.

(a) Substantive testing

(b) Control testing

(c)Detective testing

(d) None of these

The following factor would be relatively low if supply of labor is higher than demand:

(a) Production

(b) Labor cost

(c)Wage

(d) All of these

Fixed assets turnover ratio is a:

(a) Long-term solvency ratio

(b) Short-term solvency ratio

(c)Turnover ratio

(d) Profitability ratio

Inventory Period + Accounts Receivable Period is called:

(a) Cash cycle

(b) Operating cycle

(c)Collective cycle

(d) None of these

Agency theory suggests that managers (the agents), particularly those of large, publically owned firms, may have different objectives form those of the:

(a) Workers

(b) Subordinates

(c)Employees

(d) Shareholders

The primary objective of cost accounting is to:

(a) Ascertain the cost of goods and services

(b) Ascertain the profit

(c)Inventory valuation

(d) Fixation of selling price

The main operation expenses of a business are termed as:

(a) Operating expense

(b) Administration expense

(c)Non-administration expense

(d) Selling expense

Which factor has been the most rapidly changing component in an organization’s general environment in the past quarter century:

(a) Global

(b) Social

(c) Technological

(d) Economic

Category: Accounting

Income statement is also known as:

Balance Sheet shows_______.

______ is the phase of an audit where the auditor gathers samples to identify any accounting records or other data.

The following factor would be relatively low if supply of labor is higher than demand:

Fixed assets turnover ratio is a:

Inventory Period + Accounts Receivable Period is called:

Agency theory suggests that managers (the agents), particularly those of large, publically owned firms, may have different objectives form those of the:

The primary objective of cost accounting is to:

The main operation expenses of a business are termed as:

Which factor has been the most rapidly changing component in an organization’s general environment in the past quarter century:

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