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