1041. An owner investment of land into the business would:

A. Decrease withdrawals
B. Increase Liabilities
C. Increase owner’s equity
D. Decrease assets
E. None of these *

1042. A cash purchase of supplies would :

A. Decrease owner’s equity
B. Increase liabilities
C. Have no effect on total assets
D. None of these *

1043. An owner investment of cash into the business would :

A. Increase assets *
B. Decrease liabilities
C. Increase withdrawals
D. Decrease owner’s equity
E. None of these

1044. 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 *

1045. Which one of the following accounts would usually have a debit balance ?

A. Cash
B. Creditors
C. Accounts Payable
D. Salaries expense *
E. None of these

1046. Quick assets include, which of the following ?

A. Cash
B. Account receivable
C. Inventories
D. Only A and B *

1047. Overall gain in addition to working costs is equivalent to :

A. Net sales
B. Cost of goods available for sale
C. Cost of goods sold
D. Gross profit *

1048. The Maximum number of partners in pakistan can be fixed at the following :

A. 20
B. 50 *
C. 75
D. None of these

1049. Balance sheet is always prepared :

A. For the year ended
B. As on a specific date *
C. None of these
D. All of these

1050. During the Audit of meat packer ltd . You are assigned to cover the audit of the payrolls of 800 employees numerate the test, you would carry out to ensure that :

A. All employees are genuine
B. Payment are only made for work done
C. Statutory documents are properly effected in accordance
D. Proper allocation of wage is made to various departments