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Posted by Muneer Hayat on 15 August 2013, 1:45 am
3. Under the companies ordinance 1984, disclosure of financial information is legally required for listed
companies under:
a) Schedule 6 b) Schedule 5 c) Schedule 4 d) Schedule 8
4. A company is considered sick under companies ordinance 1984 where current ratio is:
a) Below 0.5:1 b) Below 3:1 c) Above 2.5:1 d) None of These
5. Banks are required to prepare their financial information as per following legislation:
a) Free to prepare with no legislative requirements b) Under CO 1984
c) Banking Companies Ordinance 1962 d) State Bank Laws
12. The following represent tangible assets and are shown in balance sheet as:
a) People b) Expenses c) Revenues d) Goodwill
15. Pakistan follows the following budget system at the federal level:
a) Zero Based Budgeting b) Program Budgeting c) Responsibility Budgeting
d) Incremental/Decremental Budgeting
19. Partnerships are legally required to prepare their financial distribution on wide basis under:
a) Partnership Act 1932 b) Securities & Exchange Rules 2000 c) Voluntary act of compliance d) None
20. A company is considered sick the market value compared to its par value is:
a) 1:1 b) 2:1 c) 0.25:1 d) None of these
1. Accounts Receivable AR
Definition: The amount of money owed by your customers after goods or services have
been delivered and/or used. See how it works here.
2. Accounting ACCG
Definition: The amount of money you owe creditors (suppliers, etc.) in return for good
and/or services they have delivered. See how it works here.
4. Assets (Fixed and Current) FA and CA
Definition: Current assets are those that will be used within one year. Typically this could
be cash, inventory or accounts receivable. Fixed assets (non current) are more long-term
and will likely provide benefits to a company for more than one year, such as a building,
land or machinery.
5. Balance Sheet BS
Definition: A financial report that summarizes a company's assets (what it owns), liabilities
(what it owes) and owners equity at a given time.
6. Capital CAP
Definition: A financial asset and its value, such as cash or goods. Working capital is
calculated by taking your current assets subtracted from current liabilities.
7. Cash Flow CF
Definition: A designation given to someone who has passed a standardized CPA exam and
met government-mandated work experience and educational requirements to become a
CPA.
9. Cost of Goods Sold COGS
Definition: The direct expense related to producing the goods sold by a company. This
may include the cost of the raw materials (parts) and amount of employee labor used in
production.
10. Credit CR
Definition: An accounting entry that may either decrease assets or increase liabilities and
equity on the company's balance sheet, depending on the transaction. When using the
double-entry accounting methodthere will be two recorded entries for every transaction: a
credit and a debit.
11. Debit DR
Definition: The fixed, variable, accrued or day-to-day costs that a business may incur
through its operations. Examples of expenses include payments to banks, suppliers,
employees or equipment.
13. Generally Accepted Accounting Principles GAAP
Definition: A set of rules and guidelines developed by the accounting industry for
companies to follow when reporting financial data. Following these rules is especially
critical for all publicly traded companies.
14. General Ledger GL
Definition: A complete record of the financial transactions over the life of a company.
15. Liabilities (Current and Long-Term) CL and LTL
Definition: A company's total earnings, also called net profit or the bottom line. Net
income is calculated by subtracting totally expenses from total revenues.
17. Owner's Equity OE
Definition: The value of how much a future sum of money is worth today. Present value
helps us understand how receiving $100 now is worth more than receiving $100 a year
from now. See an example of the time value of money here.
19. Profit and Loss Statement P&L
Definition: A measure used to evaluate the financial performance relative to the amount of
money that was invested. The ROI is calculated by dividing the net profit by the cost of the
investment. The result is often expressed as a percentage. See an example here.
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