621. The payment of rent each month for office space would:
A. Decrease total assets
B. Increase liabilities
C. Increase owner’s equity
D. None of these

622. Real accounts are related to:
A. Assets
B. Expenses and incomes
C. Customers and Creditors etc.
D. None of these

623. Which one of the following accounts would usually have a debit balance?
A. Cash
B. Creditors
C. Accounts payable
D. Salaries Expenses
E. None of these

624. Quick assets include which of the following?
A. Cash
B. Accounts Receivable
C. Inventories
D. Only (a) and (b)
E. None of these

625. Net income plus operating expenses is equal to:
A. Net sales
B. Cost of goods available for sale
C. Cost of goods sold
D. Gross profit
E. None of these

626. The maximum number of partners in Pakistan can be fixed at the following:
A. 20
B. 50
C. 75
D. None of these

627. The measureable value of an alternative use of resources is referred to as:
A. An opportunity cost
B. An imputed cost
C. A different cost
D. A sunk cost
E. None of these

628. A quantitative expression of management objectives is an:
A. Organizational chart
B.Management chart
C. Budget
D. Procedural chart
E. None of these

629. A cost center is:
A.A unit of production in relation to which costs are ascertained
B. A location which is responsible for controlling direct costs
C. Part of the factory overhead system by which costs are gathered
D. Any location or department which incurs cost
E. None of these

630. At break-even point of 400 units sold the variable costs were Rs. 400 and the fixed costs were Rs.200. What will be the 401 units sold contributing to profit before income tax?
A.Rs. 0.00
B.Rs. 0.50
C.Rs. 1.00
D.Rs. 1.50
E. None of these

NOTE
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