Explanation

• Pakistan joined the United Nations on September 30, 1947.

Additional information:

• The name was coined by US President Franklin D. Roosevelt.
• Headquarters is located in New York, United States.
• Founded on October 24, 1945.
• It currently has 193 member states and 2 observer states.
• The official languages of the UN are Arabic, Chinese, English, French, Russian, and Spanish.

1. 1952-1953
2. 1968-1969
3. 1976-1977
4. 1983-1984
5. 1993-1994
6. 2003-2004
7. 2012-2013
8. 2025-2026

Last verified on 09-03-2026

Explanation

• The Battle of Qadisiyah was fought between the Muslims and the Persian (Sassanian) Empire.
• Year: 636 AD (15 AH)
• Caliph: Hazrat Umar (R.A.)
• Muslim Commander: Hazrat Sa'd ibn Abi Waqqas (R.A.)
• Persian Commander: Rostam Farrokhzad

Last verified on 19-07-2026

Explanation

• The NFC Award is a financial distribution formula between the Federal Government and the provinces of Pakistan.
• The award decides how national revenues and taxes are shared among provinces and the center.

Additional information:

• NFC stands for National Finance Commission.
• The first revenue-sharing award in Pakistan was the Raisman Award (1952).
• The Constitution of 1973 formally established NFC under Article 160.
• The NFC Award is usually announced every 5 years.

Last verified on 11-05-2026

Explanation

• The endangered species Markhor inhabits Gilgit-Baltistan.
• It lives in mountainous regions of northern Pakistan, especially Gilgit-Baltistan.
• It is also found in parts of Khyber Pakhtunkhwa, Chitral, and Balochistan.

Additional information:

• National Animal of Pakistan: Markhor
• Scientific Name: Capra falconeri
• Main Habitat: Gilgit-Baltistan
• IUCN Status: Near Threatened (previously Endangered due to population decline)
• Height: About 65–115 cm at the shoulder

Last verified on 20-07-2026

Explanation

• The median age of the Pakistani population is approximately 22.8 years.
• This means half of Pakistan's population is younger than 22.8 years and half is older.
• Pakistan has a young population, which provides a large workforce and future economic potential.

Last verified on 20-07-2026

Explanation

• Customs duties are a form of Indirect Taxation.
• Customs duty is imposed on imported and exported goods, though it mainly applies to imports.
• Collected By: Pakistan Customs
• Administered Under: Federal Board of Revenue (FBR)
• Purpose: Revenue generation and protection of local industries

Last verified on 20-07-2026

Explanation

• The Annual Consolidated Accounts of the Federation are prepared by the Controller General of Accounts (CGA).
• The Controller General of Accounts (CGA) is responsible for preparing and consolidating the accounts of the Federal Government of Pakistan.
• Reporting Period: One Financial Year (1 July – 30 June)
• Constitutional Basis: Article 170 of the Constitution of Pakistan
• Audited By: Auditor General of Pakistan (AGP)

Last verified on 20-07-2026

Explanation

• Single Accounting System doesn't account for Bad Debts and Depreciation.
• Bookkeeping Systems: 2 (Single Entry & Double Entry)
• Single Entry: Incomplete records
• Double Entry: Every transaction has 2 entries (Debit & Credit)
• Bad Debts: Loss due to non-recovery of receivables
• Depreciation: Gradual reduction in the value of fixed assets

Last verified on 20-07-2026

Explanation

• Important tools of internal controls of an Organization are well-defined job descriptions, segregation of duties, and reconciliation of expenses & revenues.
• Job Description: Clearly defines duties and responsibilities.
• Segregation of Duties (SoD): Separates authorization, recording, and custody functions.
• Reconciliation: Compares accounting records with supporting documents to detect errors.
• Objective of Internal Controls: Safeguard assets, ensure accuracy, and prevent fraud.
• Framework: The COSO Internal Control Framework identifies 5 components of effective internal control.

Last verified on 20-07-2026

Explanation

• System-based Accounting provides timeliness of accounts, customized reporting, and accuracy of accounts.
• Timeliness: Faster preparation of financial reports
• Accuracy: Reduces manual calculation errors
• Customized Reporting: Reports can be generated as needed
• Automation: Saves time and improves efficiency
• Real-time Data: Enables quick financial decision-making

Last verified on 20-07-2026