Topic: FPSC PAST PAPERS

Explanation
Accounting Is The Process Of Identifying, Recording And Communicating Information.

Explanation
In terms of Rule 13 of the Public Procurement Rules 2004 the minimum response time shall not be less than  fifteen (15)  days for national competitive bidding and thirty (30) days for international competitive bedding.

Explanation
In terms of Rule 13 of the Public Procurement Rules 2004 the minimum response time shall not be less than fifteen (15) days for national competitive bidding and thirty (30) days for international competitive bedding.

Explanation
Bid Opening: Stage in project advertisement process where sealed bids, received by prospective bidders (Contractors) are opening and examined by the County.

Explanation
Financial accounting is the process by which an organization's revenue, receivables and expenses are collected, measured, recorded and finally reported into a financial statement.

Explanation
In master budgeting, cost drivers for manufacturing overhead costs are direct manufacturing labour-hours and setup labour-hours.

Explanation
A company,  is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective.

Explanation
Reserve Capital is defined as a part of subscribed uncalled capital, which will not be called up until and unless the company goes into liquidation.

Explanation
Petty cash book is used to record the day to day small value transactions. Balance lying in petty cash book is as good as cash balance. Cash is an asset for the business.

Explanation
Compensatory errors cannot be revealed on the preparation of trial balance. Compensating Errors are error on the debit side and is compensated by an error of equal amount on the credit side.