Which of the following statements is true?

A. If a trial balance tallies, it always means that none of the transactions has been completely omitted
B. A trial balance will not tally if a transaction is omitted
C. A customer to whom goods have been sold on credit cannot avail himself of a cash discount
D. A credit balance in the pass book indicates excess of deposits over withdrawals

Closing stock in the Trial Balance implies that______________?

A. It is already adjusted in the opening stock
B. It is adjusted in the purchase a/c
C. It is adjusted in the cost of sale a/c
D. It is adjusted in the profit &loss a/c

Journal proper is meant for recording_____________?

A. Credit purchase of fixed assets
B. Return of goods
C. All such transactions for which no special journal has been kept by the business
D. None of these

Which of the following is true?

A. Overlays are used to increase the size of physical memory
B. Overlays are used to increase the logical address space
C. When overlays are used, the size of a process is not limited to the size of the physical memory
D. Overlays are used whenever the physical address space is smaller than the logical address space

Which of the following errors is an error of omission?

A. Sale of ` 100 was recorded in the purchases journal
B. Wages paid to mohan have been debited to his account
C. The total of the sales journal has not been posted to the sales account
D. Repairs to buildings have been debited to buildings account

During the year 2011-2012, the value of closing inventory was overstated by 25,000. Which of the following is true?

A. The cost of goods sold was overstated during 2011-2012 and income will be understated during 2012-2013
B. The income was overstated during 2011-12 and closing inventory will be overstated during 2012-2013
C. The retained earnings was overstated during 2011-2012 and retained earnings will be understated during 2012-2013
D. The cost of goods sold was understated during 2011-2012 but retained earnings will not be affected during 2012-2013

The concept of conservatism will have the effect of______________?

A. Overstatement of assets
B. Understatement of assets
C. Overstatement of liabilities
D. Understatement of liabilities

Which of the following assets is/are to be valued at the lower of cost and net realizable value?

A. Goodwill
B. Inventories
C. Investments
D. Both b. and c. above.

State Bank recently grants banking licence to which Chinese Bank ?

A. Bank of china
B. China everbright bank
C. Hua xia bank
D. Hua xia bank

Current President of Azad Kashmir is ?

A. Ch. abdul majeed
B. Sardar masood khan
C. Sultan mehmood chaudhry
D. Sardar yaqoob