MCQs

Explanation
Depreciation helps to tie the cost of an asset with the benefit of its use over time. In other words, each year, the asset is put to use and generates revenue, the incremental expense associated with using up the asset is also recorded.

Explanation
The transactions which are recorded using adjusting entries are not spontaneous but are spread over a period of time.  An adjusting entry always involves either income or expense account.

Explanation
 It extends to the whole of Pakistan . It shall come into force on 1st day of July, 2005.

Explanation
Basic excise duty is also known as the Central Value Added Tax

Explanation
These Rules may be called the  Sales Tax Rules, 2006.  They shall be applicable to such persons or class of persons as are specified in the respective Chapters.

Explanation
 Act may be called the Sales Tax Act, 1990. It extends to the whole of Pakistan.  It shall come into force on such date as the Federal Government may, by notification in the official Gazette, appoint.

Explanation
The function of a depreciation provision is to make a company's balance sheet more accurately reflect the current value of the investments it has made in fixed assets over time.

Explanation
Depreciation helps to tie the cost of an asset with the benefit of its use over time. In other words, each year, the asset is put to use and generates revenue, the incremental expense associated with using up the asset is also recorded.

Explanation
The transactions which are recorded using adjusting entries are not spontaneous but are spread over a period of time.  An adjusting entry always involves either income or expense account.

Explanation
 It extends to the whole of Pakistan . It shall come into force on 1st day of July, 2005.

Explanation
Basic excise duty is also known as the Central Value Added Tax

Explanation
These Rules may be called the  Sales Tax Rules, 2006.  They shall be applicable to such persons or class of persons as are specified in the respective Chapters.

Explanation
 Act may be called the Sales Tax Act, 1990. It extends to the whole of Pakistan.  It shall come into force on such date as the Federal Government may, by notification in the official Gazette, appoint.

Explanation
Excise taxes are internal taxes that are levied on the sale of specific goods and services, such as alcohol, fuel and tobacco.

Explanation
Section 12 of Income Tax Ordinance 2001 deals with salary

Explanation
“rent ” means any amount received or receivable by the owner of land or a building as consideration for the use or occupation of, or the right to use or occupy, the land or building, and includes any forfeited deposit paid under a contract for the sale of land or a building.

Explanation
The function of a depreciation provision is to make a company's balance sheet more accurately reflect the current value of the investments it has made in fixed assets over time.

Explanation
Depreciation helps to tie the cost of an asset with the benefit of its use over time. In other words, each year, the asset is put to use and generates revenue, the incremental expense associated with using up the asset is also recorded.

Explanation
The transactions which are recorded using adjusting entries are not spontaneous but are spread over a period of time.  An adjusting entry always involves either income or expense account.

Explanation
 It extends to the whole of Pakistan . It shall come into force on 1st day of July, 2005.

Explanation
Basic excise duty is also known as the Central Value Added Tax

Explanation
These Rules may be called the  Sales Tax Rules, 2006.  They shall be applicable to such persons or class of persons as are specified in the respective Chapters.

Explanation
 Act may be called the Sales Tax Act, 1990. It extends to the whole of Pakistan.  It shall come into force on such date as the Federal Government may, by notification in the official Gazette, appoint.

Explanation
Excise taxes are internal taxes that are levied on the sale of specific goods and services, such as alcohol, fuel and tobacco.

Explanation
Section 12 of Income Tax Ordinance 2001 deals with salary

Explanation
“rent ” means any amount received or receivable by the owner of land or a building as consideration for the use or occupation of, or the right to use or occupy, the land or building, and includes any forfeited deposit paid under a contract for the sale of land or a building.

Explanation
The function of a depreciation provision is to make a company's balance sheet more accurately reflect the current value of the investments it has made in fixed assets over time.

Explanation
Depreciation helps to tie the cost of an asset with the benefit of its use over time. In other words, each year, the asset is put to use and generates revenue, the incremental expense associated with using up the asset is also recorded.

Explanation
The transactions which are recorded using adjusting entries are not spontaneous but are spread over a period of time.  An adjusting entry always involves either income or expense account.

Explanation
 It extends to the whole of Pakistan . It shall come into force on 1st day of July, 2005.

Explanation
Basic excise duty is also known as the Central Value Added Tax

Explanation
These Rules may be called the  Sales Tax Rules, 2006.  They shall be applicable to such persons or class of persons as are specified in the respective Chapters.

Explanation
 Act may be called the Sales Tax Act, 1990. It extends to the whole of Pakistan.  It shall come into force on such date as the Federal Government may, by notification in the official Gazette, appoint.

Explanation
Excise taxes are internal taxes that are levied on the sale of specific goods and services, such as alcohol, fuel and tobacco.

Explanation
Section 12 of Income Tax Ordinance 2001 deals with salary

Explanation
“rent ” means any amount received or receivable by the owner of land or a building as consideration for the use or occupation of, or the right to use or occupy, the land or building, and includes any forfeited deposit paid under a contract for the sale of land or a building.

Explanation
The function of a depreciation provision is to make a company's balance sheet more accurately reflect the current value of the investments it has made in fixed assets over time.

Explanation
Depreciation helps to tie the cost of an asset with the benefit of its use over time. In other words, each year, the asset is put to use and generates revenue, the incremental expense associated with using up the asset is also recorded.

Explanation
The transactions which are recorded using adjusting entries are not spontaneous but are spread over a period of time.  An adjusting entry always involves either income or expense account.

Explanation
 It extends to the whole of Pakistan . It shall come into force on 1st day of July, 2005.

Explanation
Basic excise duty is also known as the Central Value Added Tax

Explanation
These Rules may be called the  Sales Tax Rules, 2006.  They shall be applicable to such persons or class of persons as are specified in the respective Chapters.

Explanation
 Act may be called the Sales Tax Act, 1990. It extends to the whole of Pakistan.  It shall come into force on such date as the Federal Government may, by notification in the official Gazette, appoint.

Explanation
Excise taxes are internal taxes that are levied on the sale of specific goods and services, such as alcohol, fuel and tobacco.

Explanation
Section 12 of Income Tax Ordinance 2001 deals with salary

Explanation
“rent ” means any amount received or receivable by the owner of land or a building as consideration for the use or occupation of, or the right to use or occupy, the land or building, and includes any forfeited deposit paid under a contract for the sale of land or a building.