Subject: FPSC Past Papers

Explanation
A deferred tax liability is a tax that is assessed or is due for the current period but has not yet been paid—meaning that it will eventually come due.

Explanation
Unearned income i s income from investments and other sources unrelated to employment. Examples of unearned income include interest from savings accounts, bond interest, alimony, and dividends from stock.

Explanation
Expense is  the cost incurred in or required for something.

Explanation
It is also called the Original cost method, Fixed Installment method or Equal Installment method.

Explanation
Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life

Explanation
Book value is the net value of a firm's assets found on its balance sheet, and it is roughly equal to the total amount all shareholders would get if they liquidated the company.

Explanation
Obsolescence is the state of being which occurs when an object, service, or practice is no longer maintained, required, or degraded even though it may still be in good working order.

Explanation
In financial planning, most high option price wil l lead to  longer option period . option period is a time frame or period of time, which is valid for an option to be exercised before or on the expiration date. 

Explanation
Depreciation represents how much of an asset's value has been used up. Depreciating assets helps companies earn revenue from an asset while expensing a portion of its cost each year the asset is in use.

Explanation
The straight-line method of depreciation assumes  a constant rate of depreciation . It calculates how much a specific asset depreciates in one year, and then depreciates the asset by that amount every year after that. 

Explanation
A deferred tax liability is a tax that is assessed or is due for the current period but has not yet been paid—meaning that it will eventually come due.

Explanation
Unearned income i s income from investments and other sources unrelated to employment. Examples of unearned income include interest from savings accounts, bond interest, alimony, and dividends from stock.

Explanation
Expense is  the cost incurred in or required for something.

Explanation
It is also called the Original cost method, Fixed Installment method or Equal Installment method.

Explanation
Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life

Explanation
Book value is the net value of a firm's assets found on its balance sheet, and it is roughly equal to the total amount all shareholders would get if they liquidated the company.

Explanation
Obsolescence is the state of being which occurs when an object, service, or practice is no longer maintained, required, or degraded even though it may still be in good working order.

Explanation
In financial planning, most high option price wil l lead to  longer option period . option period is a time frame or period of time, which is valid for an option to be exercised before or on the expiration date. 

Explanation
Depreciation represents how much of an asset's value has been used up. Depreciating assets helps companies earn revenue from an asset while expensing a portion of its cost each year the asset is in use.

Explanation
The straight-line method of depreciation assumes  a constant rate of depreciation . It calculates how much a specific asset depreciates in one year, and then depreciates the asset by that amount every year after that. 

Explanation
A deferred tax liability is a tax that is assessed or is due for the current period but has not yet been paid—meaning that it will eventually come due.

Explanation
Unearned income i s income from investments and other sources unrelated to employment. Examples of unearned income include interest from savings accounts, bond interest, alimony, and dividends from stock.

Explanation
Expense is  the cost incurred in or required for something.

Explanation
Unearned income i s income from investments and other sources unrelated to employment. Examples of unearned income include interest from savings accounts, bond interest, alimony, and dividends from stock.

Explanation
Expense is  the cost incurred in or required for something.

Explanation
It is also called the Original cost method, Fixed Installment method or Equal Installment method.

Explanation
Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life

Explanation
Book value is the net value of a firm's assets found on its balance sheet, and it is roughly equal to the total amount all shareholders would get if they liquidated the company.

Explanation
Obsolescence is the state of being which occurs when an object, service, or practice is no longer maintained, required, or degraded even though it may still be in good working order.

Explanation
In financial planning, most high option price wil l lead to  longer option period . option period is a time frame or period of time, which is valid for an option to be exercised before or on the expiration date. 

Explanation
Depreciation represents how much of an asset's value has been used up. Depreciating assets helps companies earn revenue from an asset while expensing a portion of its cost each year the asset is in use.

Explanation
The straight-line method of depreciation assumes  a constant rate of depreciation . It calculates how much a specific asset depreciates in one year, and then depreciates the asset by that amount every year after that. 

Explanation
A deferred tax liability is a tax that is assessed or is due for the current period but has not yet been paid—meaning that it will eventually come due.

Explanation
Unearned income i s income from investments and other sources unrelated to employment. Examples of unearned income include interest from savings accounts, bond interest, alimony, and dividends from stock.

Explanation
Expense is  the cost incurred in or required for something.

Explanation
It is also called the Original cost method, Fixed Installment method or Equal Installment method.

Explanation
Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life

Explanation
Book value is the net value of a firm's assets found on its balance sheet, and it is roughly equal to the total amount all shareholders would get if they liquidated the company.

Explanation
Obsolescence is the state of being which occurs when an object, service, or practice is no longer maintained, required, or degraded even though it may still be in good working order.

Explanation
In financial planning, most high option price wil l lead to  longer option period . option period is a time frame or period of time, which is valid for an option to be exercised before or on the expiration date. 

Explanation
Depreciation represents how much of an asset's value has been used up. Depreciating assets helps companies earn revenue from an asset while expensing a portion of its cost each year the asset is in use.

Explanation
The straight-line method of depreciation assumes  a constant rate of depreciation . It calculates how much a specific asset depreciates in one year, and then depreciates the asset by that amount every year after that. 

Explanation
A deferred tax liability is a tax that is assessed or is due for the current period but has not yet been paid—meaning that it will eventually come due.

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.