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Explanation

• IAS 2 deals with the accounting treatment of Inventories.
• Inventory is measured at the lower of Cost and Net Realizable Value (NRV).
• NRV is the estimated selling price less estimated costs of completion and costs necessary to make the sale.
• This rule follows the principle of prudence, avoiding overstatement of inventory.

Last verified on 13-09-2026

Explanation

• An upward revaluation increases the carrying amount of a fixed asset.
• The increase is generally credited to Revaluation Surplus in equity.
• A downward revaluation is generally recognized as an expense, subject to any existing revaluation surplus.
• Revaluation surplus is part of owners’ equity.

Last verified on 13-09-2026

Explanation

• Goodwill is an intangible asset because it has no physical form.
• It arises when a company acquires another business for more than the fair value of its identifiable net assets.
• Other intangible assets include patents, copyrights, trademarks, and software.
• Goodwill mainly represents factors such as reputation, customer relationships, and expected future benefits.

Last verified on 13-09-2026

Explanation

• IAS 1 deals with the Presentation of Financial Statements.
• It sets requirements for the structure and minimum content of financial statements.

Additional information:

• IAS 7 deals with the Statement of Cash Flows.
• IAS 16 deals with Property, Plant and Equipment (PPE).
• IAS 38 deals with Intangible Assets.

Last verified on 13-09-2026

Explanation

• The first revealed Surah: Al-Alaq (96th Surah) when the Holy Prophet (PBUH) was 40 years and 6 months
• First Word Revealed: Iqra ( means: Read)
• Number of verses: 5
• Location of the first wahi: Cave Hira (Ghar-e-Hira), Makkah
• Angel: Jibril (A.S.)
• In: 610 AD
  

Last updated by NA on 09-09-2026

Explanation

• The angels who question the dead in the grave are Munkar and Nakir.
• They appear after burial to test the faith and belief of the deceased.
• The dead person is asked about Allah, Prophet Muhammad (SAW), and religion.
• Correct answers lead to peace in the grave, while wrong answers lead to punishment.
• This is part of the belief in Akhirah (Hereafter) in Islam.

Last verified on 25-06-2026

Explanation

• Pakistan conducted a series of nuclear tests on 28 May 1998 at the Chagai test site, in Balochistan.
• 5 Nuclear tests were conducted by Pakistan at 15:15 hrs PST on 28 May 1998.
• The tests were performed at Ras Koh Hills in the Chagai District of Balochistan Province.
• Chagai-I was Pakistan's first public test of nuclear weapons.

Additional information:

• Chagai-II is the codename assigned to the second atomic test conducted by Pakistan, carried out on 30 May 1998.
• These tests followed the Chagai-I series.
• The test site was Kharan Desert, Pakistan.
• The number of tests is 1.

Last verified on 30-03-2026

Explanation

• Beat about the bush means to avoid discussing the main point directly.
• It is used when someone talks indirectly instead of addressing the important issue.
• Example: Stop beating about the bush and tell me what happened.

Last verified on 07-09-2026

Explanation

12 Islamic Months

1. Muḥarram (محرم الحرام)
2. Ṣafar (صفر المظفر)
3. Rabi al-Awwal (ربیع الاول)
4. Rabi al-Thani / Rabi al-Sani (ربیع الثانی)
5. Jumada al-Awwal (جمادی الاول)
6. Jumada al-Thani (جمادی الثانی)
7. Rajab (رجب المرجب)
8. Shaʿban (شعبان المعظم)
9. Ramadan (رمضان المبارک) – Month of fasting
10. Shawwal (شوال المکرم)
11. Dhu al-Qaʿdah (ذوالقعدہ الحرام)
12. Dhu al-Hijjah (ذوالحجہ الحرام) – Month of Hajj

Last verified on 14-03-2026

Explanation

• First Religion: Zoroastrianism (Fire Worship)
• Birthplace: Persia (Iran)
• Later Religion: Christianity
• Accepted Islam: In Madinah after meeting Prophet Muhammad (ﷺ)
• Famous Contribution: Suggested digging the Battle of the Trench (Ghazwa-e-Khandaq).

Last verified on 11-07-2026