221. Directors Report is —- in respect of financial report constituent.
A. Mandatory for a limited Company
B. Voluntary for a limited Company
C. None of these.

222. Every limited Company in Pakistan is required by law to include the following along with financial reports:
A. Ratio Analysis
B. Chairman’s Review
C. None of these.

223. Cash budget excludes the following:
A. Non-Cash items
B. Cash items
C. Purchase on Credit items.

224. NGOs are legally required to:
A. Prepare accounts in a prescribed manner under the law.
B. Prepare accounts as desired by donors.
C. None of these.

225. Fixed Cost:
A. Changes with production
B. Never changes even if production capacity is doubled
C. None of the above

226. Conversion cost is:
A. Material Cost + Overhead Cost
B. Direct Labour + Material Cost
C. Labour Cost + Overhead Cost

227. Process Costing is relevant to:
A. Cement industry
B. Job Order cost oriented Projects
C. None of the above

228. Verification includes:
A. Checking Vouchers
B. Examining audit report
C. None of the above

229. Internal Control is totally synonymous with:
A. Internal check
B. Internal audit
C. None of above

230. Income Tax is levied on:
A. Agricultural Income
B. Presumptive Income
C. None of above

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

Leave a Reply