571. Balance Sheet is always prepared:
A. for the year ended.
B. As on a specified date.
C. None of these.

572. In Insurance, the following Profit and Loss Accounts are prepared:
A. Separate for Fire, Marine, and Accidents etc.
B. Consolidated for Fire, Marine, and Accidents etc.(c) None of these.

573. Partners in Pakistan can today be fixed at the following numbers:
A. 20
B. 50
C. 75.

574. Flexible budget is a budget with the following features:
A. Changes with volume of production.
B. Changes with variable expenses
C. Changes in Direct material.

575. Break Even can be calculated as under:
A. ______VC_______FC- TR TC
B. FCI- VC TR
C. None of these.

576. Quick Ratio can be computed as under:
A.Quick . Assets/Quick Liabilities
B.Quick . Liabilities Current Assets
C. Current Assets/ Current Liabilities

577. In straight line method of depreciation, the written down value of a fixed asset will be at the end of the life of the asset as under:
A. Rupee one
B. Rupee zero
C. None of these.

578. Sales budget must be prepared:
A. Independently
B. Depending on production capacity
C. Based on Sales forecasts of market.

579. Consolidation of subsidiary accounts in the balance sheet of a unlisted Holding company is at present in Pakistan:
A. Compulsory
B. Voluntary
C. Required.

580. Retained earning is synonymous to:
A. Accumulated profit and loss account
B. Profit for the year
C. None of these.

NOTE
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