601. Income Tax rates are the same for:
A. Limited Companies
B. Banking Companies
C. None of above

602. Super Tax on companies is:
A. In vogue in Pakistan
B. Not in vogue in Pakistan
C. None of above

603. Current Ratio is calculated as:
A. Fixed Assets/Current Liabilities
B. Current Liabilities/Current Assets
C. Current Assets/Current Liabilities

604. Short-term loan can be described as:
A. If the period is three years
B. If the period is less than one year
C. If the period is over one year

605. A partnership, in today’s Pakistan, under the current law can have the following number of partners:
A. 50
B. 20
C. 100

606. Combination can be best described as:
A. Restructuring of Capital of a Company
B. Reduction of Capital of a Company
C. Amalgamation of two different types of businesses

607. Sources of funds can be increased by:
A. Describing selling prices
B. Increasing expenditure
C. None of above

608. Books of original entry are called:
A. Ledger
B. Work sheets
C. Journal
D. None of these

609. For preparing balance sheets prepaid expenses are shown as part of:
A. Liability
B. Equities
C. Assets
D. None of these

610. Unpaid and unrecorded expenses are called:
A. Prepaid expenses
B. Accrued expenses
C. Additional expenses
D. None of these

NOTE
IF YOU THINK ANY OF THE MCQ ABOVE IS WRONG.
PLEASE COMMENT WITH CORRECT ANSWER AND ITS DETAIL EXPLANATION IN COMMENT BOX.
THANK YOU

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