Explanation

Profit percentage = profit/ cost price

= 100× 14000/7000 =200

Explanation

Preceded by Waqar Qadeer

Term :3 years

Head of prosecution

Explanation

Tenure of Judge 3 years

Explanation

Accused means a person who involved in commission of offence.

Explanation

Explanation

Bid Opening: Stage in project advertisement process where sealed bids, received by prospective bidders (Contractors) are opening and examined by the County. 

Explanation

A financial budget in budgeting means predicting the income and expenses of the business on a long-term and short-term basis

Explanation

Difference between budgeted amounts and actual results is classified as variances.

Explanation

A type of contract in which contract holder has right to sell an asset at specific period for predetermining price is classified as option.

Options are financial instruments that are derivatives or based on underlying securities such as stocks

Explanation

Third step in developing operating budget is making predictions about future. An operating budget is the annual budget of an activity stated in terms of Budget Classification Code, functional/subfunctional categories and cost accounts.

Explanation

Last step in developing operating budget is implementing decision.

An operating budget is a forecast of the revenues and expenses expected for one or more future periods.

Explanation

In terms of Rule 13 of the Public Procurement Rules 2004 the minimum response time shall not be less than fifteen (15) days for national competitive bidding and thirty (30) days for international competitive bedding.

Explanation

In terms of Rule 13 of the Public Procurement Rules 2004 the minimum response time shall not be less than fifteen (15) days for national competitive bidding and thirty (30) days for international competitive bedding.

Explanation

Retained earnings refer to the portion of the earnings left with the company after the distribution of dividend to its shareholders. Retention of earnings is from the profits of the business for a financial year. 

Explanation

Debits increase asset and expense accounts. Debits decrease liability, equity, and revenue accounts

Explanation

When prices are rising, you prefer LIFO because it gives you the highest cost of goods sold and the lowest taxable income.

Explanation

Accounting Is The Process Of Identifying, Recording And Communicating Information.

Explanation

In terms of Rule 13 of the Public Procurement Rules 2004 the minimum response time shall not be less than fifteen (15) days for national competitive bidding and thirty (30) days for international competitive bedding.

Explanation

In terms of Rule 13 of the Public Procurement Rules 2004 the minimum response time shall not be less than fifteen (15) days for national competitive bidding and thirty (30) days for international competitive bedding.

Explanation

Bid Opening: Stage in project advertisement process where sealed bids, received by prospective bidders (Contractors) are opening and examined by the County. 

Explanation

Financial accounting is the process by which an organization's revenue, receivables and expenses are collected, measured, recorded and finally reported into a financial statement.

Explanation

Apportionment of cost refers to the distribution of various overhead items, in proportion, to the department on a logical basis. 

Explanation

Depreciation helps to tie the cost of an asset with the benefit of its use over time.

Explanation

Nominal capital is the aggregate par value of those shares that have been issued by a corporation.

Explanation

 Right shares are those shares which are issued after the original issue of shares but having an inherent right of the existing shareholders to subscribe to these shares in proportion to their holding.

Explanation

A purchase book is a special purpose subsidiary book prepared by a business to record all credit purchases.

Explanation

A crossed check is any check that is crossed with two parallel lines, either across the whole check or through the top left-hand corner of the check.

Explanation

Preceding working day the bill will mature if the date of maturity of a bill is a holiday, where the date of maturity is a public holiday, the instrument will become due on the preceding business day.

Explanation

Reserve Capital is defined as a part of subscribed uncalled capital, which will not be called up until and unless the company goes into liquidation.

Explanation

Petty cash book is used to record the day to day small value transactions.

Balance lying in petty cash book is as good as cash balance.

Cash is an asset for the business.

Explanation

Compensatory errors cannot be revealed on the preparation of trial balance.

Compensating Errors are error on the debit side and is compensated by an error of equal amount on the credit side.

Explanation

Explanation

Conservation concept states that "an accountant shouldn't anticipate profit, but must provide for all losses". The concept that an accountant shouldn't anticipate profit, but must provide for all losses is known as The conservatism concept.

Explanation

In master budgeting, cost drivers for manufacturing overhead costs are direct manufacturing labour-hours and setup labour-hours.

Explanation

A company, is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. 

Explanation

 Assets refers to things which have future economic value and bank overdraft is the amount withdrawn in excess of the amount deposited in bank. So, inflow of economic benefits is referred to as Income.

Explanation

Equity as a degree of residual ownership in a firm or asset after subtracting all debts associated with that asset.

Equity represents the shareholders' stake in the company, identified on a company's balance sheet.

Explanation

Revenue is income, especially when of an organization and of a substantial nature.

Explanation

Returns inwards are goods returned to the selling entity by the customer, such as for warranty claims or outright returns of goods for a credit. For the customer, this results in the following accounting transaction: A debit (reduction) of accounts payable. A credit (reduction) of purchased inventory.

Explanation

Larger number of manager subordinates and higher level manager are termed as broader responsibility center.

Explanation

A manager who is responsible for only cost of company belongs to cost center.

Explanation

Each adjusting entry has a dual purpose: 

to make the income statement report the proper revenue or expense and 

to make the balance sheet report the proper asset or liability.

Explanation

Accounts payable is the money a company owes its vendors, while accounts receivable is the money that is owed to the company, typically by customers.

Explanation

Explanation

The purpose of adjusting entries is to convert cash transactions into the accrual accounting method.

Explanation

Unearned income is income from investments and other sources unrelated to employment. Examples of unearned income include interest from savings accounts, bond interest, alimony, and dividends from stock.

Explanation

Expense is the cost incurred in or required for something.

Explanation

It is also called the Original cost method, Fixed Installment method or Equal Installment method.

Explanation

Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life

Explanation

Book value is the net value of a firm's assets found on its balance sheet, and it is roughly equal to the total amount all shareholders would get if they liquidated the company.