591. Operating Profit is:
A. Profit after deducting financial costs
B. Profit after deducting taxes
C. Profit after deducting normal operating expenses including depreciation

592. A good Cost Accounting System is:
A. If it computes estimated cost only
B. If it cannot be reconciled with financial accounts
C. If it enables management to increase productivity and rationalize cost structure

593. Verification includes:
A. Checking Vouchers
B. Examining audit report
C. None of the above

594. Stratified audit sample means:
A. Randomly selected items for audit
B. Purposively selected items for audit
C. Items carefully selected from each group

595. Internal Control is totally synonymous with:
A. Internal check
B. Internal audit
C. None of above

596. Audit of a bank is generally conducted through:
A. Routine checking
B. Couching
C. Balance sheet audit

597. An auditor is liable for his annual audit of accounts o:
A. Creditors
B. Bankers
C. Owners

598. Income Tax is levied on:
A. Agricultural Income
B. Presumptive Income
C. None of above

599. If a firm has paid super-tax, its partners may follow any one of the following behaviours:
A. No need to pay income tax, even if the income exceeds the taxable limit.
B. Pay income tax, even if the income does not exceed the taxable income.
C. Pay income tax as required under the law.

600. A resident multinational company need not:
A. Pay income tax, if it s caused under Double Taxation agreement.
B. If it is not enjoying tax exemption under the Income Tax Ordinance, 1979 (Second Schedule).
C. None of above

NOTE
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PLEASE COMMENT WITH CORRECT ANSWER AND ITS DETAIL EXPLANATION IN COMMENT BOX.
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