Goods Return by customer are termed as:
A. Purchase return
B. Customer return
C. Sales return
D. Inventory return
Guess Paper of Pakistan Academy of Letters
Guess Paper of Pakistan Academy of Letters
This is the Guess Paper of Pakistan Academy of Letters for upcoming post of Assistant, UDC and LDC. These all MCQs have been taken from previous past papers of Pakistan Academy of Letters.
Modern system of book keeping is called——-?
A. Double entry system
B. American system
C. Single entry system
D. Italic system
A person to whom goods are sold on credit is called—–?
A. Buyer
B. Seller
C. Debtor
D. Creditor
Double entry means——–?
A. Entry in two sets of books
B. entry at two ends
C. entry at two dates
D. Entry for two aspects of the transection
Discount received is a/an:
A. Asset
B. Expensive
C. Liability
D. Revenue
Obligation of the Business are known as——–?
A. Liabilities
B. Revenues
C. Expensive
D. Assets
The amount invested by the proprietor to start the business is called——–?
A. Capital
B. Business
C. Drawings
D. All of these
———- is a systematic examination of the books and records of a business?
A. Auditing
B. Vouching
C. Verification
D. Checking
The term “Audit” is derived from a Latin word “audire” which means——–?
A. To inspect
B. To examine
C. To hear
D. To investigate
The main object of an audit is ———?
A. Expression of opinion
B. Detection and Prevention of fraud and error
C. Both A & C
D. Depends on the type of audit
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