211. An auditor is liable for his annual audit of accounts to
A. Creditors
B. Bankers
C. Owners
D. None of these

212. In Insurance, the following Profit and Loss Accounts are prepared:
A. Separate for Fire, Marine, and Accidents etc.
B. Consolidated for Fire, Marine, and Accidents etc.
C. None of these.

213. Partners in Pakistan can today be fixed at the following numbers:
A. 20
B. 50
C. 75.

214. Flexible budget is a budget with the following features:
A. Changes with volume of production.
B. Changes with variable expenses
C. Changes in Direct material.

215. In straight line method of depreciation, the written down value of a fixed asset will be at the end of the life of the asset as under:
A. Rupee one
B. Rupee zero
C. None of these.

216. Sales budget must be prepared:
A. Independently
B. Depending on production capacity
C. Based on Sales forecasts of market.

217. Consolidation of subsidiary accounts in the balance sheet of a unlisted Holding company is at present in Pakistan:
A. Compulsory
B. Voluntary
C. Required.

218. Retained earning is synonymous to:
A. Accumulated profit and loss account
B. Profit for the year
C. None of these.

219. The requirements of an audit report for a Banking Company in Pakistan is under:
A. Under the Banking Companies Ordinance, 1962.
B. Under the Companies Ordinance, 1984.
C. Under (a) and (b) above.

220. Investment Corporation of Pakistan follows:
A. Open-end mutual funds
B. Closed-end mutual funds
C. None of these.

NOTE
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