661. Work Sheet is:
A. Balance Sheet
B. Fund Flows Statement
C. A combination of Profit and Loss Account and Balance Sheet items
D. None of these

662. Banks, for the preparation of financial statements, are governed under:
A. Banking Companies Ordinance, 1962
B. State Bank of Pakistan Act
C. None of these

663. Return on investment is computed:
A. Investment/Profit x 100
B. Profit x 100/Investment
C. None of these

664. Rent of the premises constitutes variable expenses for cost allocation:
A. True
B. False

665. Sugar used in a sugarcane company is:
A. Variable cost
B. Fixed cost
C. None of these

666. An auditor is liable under the following circumstances:
A. Third Party Liabilities
B. Fraud perpetrated in highly sophisticated circumstances
C. None of these

667. Agricultural income is taxable under the Income Tax Laws of Pakistan:
A. True
B. False

668. Principal and markup payment within one year constitutes long term liability for disclosure in the balance sheet of a company.
A. True
B. False

669. Ordinarily one can have the following partners in a partnership in Pakistan under the Partnership Act 1932.
A. 10
B. 20
C. 30
D. None of these

670. Working Capital finance can be termed as “Running Finance” in a limited company.
A. True
B. False

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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