A. Revenue
B. Goodwill
C. Income
D. Expenses
PPSC Past Papers
Pakistan follows the following budgeting system at federal level:
A. Responsibility budgeting
B. Incremental / decremental budgeting
C. Zero-based budgeting
D. Program Budgeting
Books of original entry are called:
A. Work sheets
B. Balance sheet
C. Journal
D. Charts
Under diminishing balance method, depreciation amount is:
A. Payment
B. Receipt
C. Expenditure
D. Income
Double entry bookkeeping was fathered by:
A. Luca Pacioli
B. Ishikawa
C. Michael Hammer
D. None of these
Conversion loss occurs when:
A. Revenues exceed the matching relevant cost
B. Revenues and matching costs are not equal
C. When relevant matching cost exceeds revenues
D. Revenues and matching costs are equal to each other
Sugar used in a sugarcane company is:
A. Variable cost
B. Fixed cost
C. Step fixed cost
D. None of these
Amount, cash, or other assets removed from business by owner is:
A. Capital
B. Drawings
C. Assets
D. Liabilities
Under the Rule of Thumb, a good current ratio is:
A. 4 : 1
B. 12 : 1
C. 2 : 1
D. 6 : 1
Unpaid and unrecorded expenses are called:
A. Accrued expenses
B. Additional expenses
C. None of these
D. Prepaid expenses
