641. Economics resources of a business that are expected to be of benefit in the future are referred to as:
A. Liabilities
B. Owner’s equity
C. Withdrawals
D. Assets
E. None of these
642. Short term Loan can be best 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
D. None of these
643. Maximum number of partners in a partnership firm set up in Pakistan under Partnership Act, 1932 is:
A. 5
B. 25
C. 20
D. None of these
644. Preparation of final financial reports is governed in Pakistan under:
A. No law
B. Companies Ordinance 1984
C. None of these
645. Depreciation is based on:
A. Economic life of asset
B. Declared life of asset by supplier
C. Normal life of asset
D. None of these
646. Inventory turnover is calculated as under:
A. Cost of Goods sold/Closing Inventory
B. Gross profit/Closing Inventory
C. Sales/Opening Inventory
D. None of these
647. Deferred Revenue is:
A. Liability
B. Asset
C. None of these
648. Preparation of annual report of a firm is governed under:
A. Partnership Act 1932
B. Under partnership Deed
C. None of these
649. Deferred Taxation amount be treated as:
A. Foot note
B. An item in the Balance Sheet on asset side
C. None of these
650. Return of Equity will be calculated as under:
A. Operating Profit x 100/Equity
B. Net profit x 100/Paid up Capital only
C. None of these