Financial | MCQs

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

 The State Bank of Pakistan (SBP) is responsible for supervising the banking sector in Pakistan. 

Explanation

Explanation

At the time, the Indian government had about Rs 400 crore in its kitty,

Division of assets finally took place in 4:1 ratio

with the Partition Council allotting the Pakistan Central Bank Rs 75 crore,

which included a working balance of Rs 20 crore made available to the Pakistanis in advance on August 15, 1947.

Explanation

PMT, one of the financial functions, calculates the payment for a loan based on constant payments and a constant interest rate.

Explanation

 CDFC  stands for_____?

Commonwealth Development Finance Corporation 

Explanation

CARs stands for_____?

Computerized Automated Recording System

Explanation

The idiom "Keep the wolf from the door" means فاقوں سے بچنا

For Example: Extreme poverty made the poor man wonder how long he could keep the wolf from the door.

Explanation

less means کم

His income is less than yours.

Explanation

Pay on the nail means pay on the spot.

For example:

Goods will be delivered if you pay on the nail.