231. If a firm has paid super-tax, its partners may follow any one of the following behaviours:
A. No need to pay income tax, even if the income exceeds the taxable limit.
B. Pay income tax, even if the income does not exceed the taxable income.
C. Pay income tax as required under the law.

232. A resident multinational company need not:
A. Pay income tax, if it s caused under Double Taxation agreement.
B. If it is not enjoying tax exemption under the Income Tax Ordinance, 1979 (Second Schedule).
C. None of above

233. Income Tax rates are the same for:
A. Limited Companies
B. Banking Companies
C. None of above

234. Super Tax on companies is:
A. In vogue in Pakistan
B. Not in vogue in Pakistan
C. None of above

235. Current Ratio is calculated as:
A. Fixed Assets/Current Liabilities
B. Current Liabilities/Current Assets
C. Current Assets/Current Liabilities

236. Short-term loan can be described as:
A. If the period is three years
B. If the period is less than one year
C. If the period is over one year

237. A partnership, in today’s Pakistan, under the current law can have the following number of partners:
A. 50
B. 20
C. 100

238. Sources of funds can be increased by:
A. Describing selling prices
B. Increasing expenditure
C. None of above

239. Double Entry Book Keeping was fathered by:
A. Luca Paioli
B.YoyjiIjiri
C.Micheal Hammer
D. Ishikawa

240. Accumulated loss of a company is shown in the balance sheet as:
A. Liability
B. As an asset
C. As foot note to balance sheet
D. None of these

NOTE
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