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

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

This Post Has One Comment

  1. Hello 🙂 I just want to tell you that I am all new to blogging and certainly savored your web page. Very likely I’m want to bookmark your blog post . You definitely come with terrific articles and reviews. Thanks a bunch for sharing your web site.

Leave a Reply