Accounting | MCQs

Explanation

A Joint Venture Account is a Nominal Account.

A joint venture is an arrangement in which two or more parties agree to pool their resources for the purpose of a specific task or transaction. 

Explanation

The accounting style shows negative numbers in PARENTHESES.

When working with financial data and creating accounting reports,

one common number format that needs to be used is to show negative numbers in brackets (parentheses).

Explanation

IAS (International Accounting Standards):

• These are older accounting standards that were issued before IFRS.
• Still valid unless replaced by IFRS.

IFRS (International Financial Reporting Standards):

• Issued by the IASB (International Accounting Standards Board).
• Modern framework used globally for preparing financial statements.

ISA (International Standards on Auditing):

• These are used by auditors, not for preparing financial statements but for auditing them.

Explanation

ACCA stand for Association of Chartered Certified Accountants

Pakistani student Zara Naeem achieved the highest score globally in the exam for Financial Reporting for the Association of Chartered Certified Accountants examinations held in December 2020.

A student at the SKANS School of Accounting in Lahore, Zara was among the 527,000 students who undertook the examination from 179 countries.

Explanation

 For calculating monthly salary and other expenditures in an office, the most suitable software for the Account Department would be  Microsoft Excel. 

Explanation

A balance sheet  a report that shows the company assets liabilities and equity at a specific point in time

Explanation

Embezzlement means خورد برد

Explanation

Costly antonym

cheap

inexpensive

Explanation

• Microsoft office accounting is: A tool for managing business finances
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• Microsoft Office Accounting makes it easier to manage your financial information, leaving you more time to focus on your business.
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• Microsoft office spreadsheet program is:  Microsoft Excel
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