161. Deferred Taxation is
A. Part of owners equity
B. Fixed asset
C. Fixed liabilities
D. None of these

162. Operating Profit is:
A. Profit after deducting financial costs
B. Profit after deducting normal operating expenses including depreciation
C. Profit after deducting taxes
D. None of these

163. A good Cost Accounting System is
A. If it enables management to increase productivity and rationalize cost structure
B. If it computes estimated cost only
C. If it cannot be reconciled with financial accounts
D. None of these

164. Stratified audit sample means
A. Purposively selected items for audit
B. Randomly selected items for audit
C. Items carefully selected from each group
D. None of these

165. Audit of a bank is generally conducted through
A. Routine checking
B. Couching
C. Balance sheet audit
D. None of these

166. An auditor is liable for his annual audit of accounts of
A. Creditors
B. Bankers
C. Debtors
D. Owners

167. Combination can be best described as
A. Restructuring of capital of a company
B. Reduction of capital of a company
C. Amount Receivable
D. Amalgamation of two different types of businesses

168. Books of original entry are called
A. Ledger
B. Work sheets
C. Journal
D. All of the above

169. For preparing balance sheets prepaid expenses are shown as part of
A. Liability
B. Equities
C. Assets
D. None of these

170. Unpaid and unrecorded expenses are called
A. Accrued expenses
B. Prepaid expenses
C. Additional expenses
D. None of these

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