841. Increase in income constitutes:
A. Inflows
B. Outflows
C. None of these

842. An endowment insurance policy can be taken in respect of:
A. Fire insurance
B. Accident insurance
C. Life insurance
D. None of these

843. Deferred cost is a:
A. Liability
B.Asset
C. None of these

844. Banks, for the preparation of financial statements, are governed under:
A. Banking Companies Ordinance, 1962
B. State Bank of Pakistan Act
C. None of these

845. Return on investment is computed:
A. Investment/Profit x 100
B. Profit x 100/Investment
C. None of these

846. Rent of the premises constitutes variable expenses for cost allocation:
A. True
B. False

847. Sugar used in a sugarcane company is:
A. Variable cost
B. Fixed cost
C. None of these

848. An auditor is liable under the following circumstances:
A. Third Party Liabilities
B. Fraud perpetrated in highly sophisticated circumstances
C. None of these

849. Agricultural income is taxable under the Income Tax Laws of Pakistan:
A. True
B. False

850. Principal and markup payment within one year constitutes long term liability for disclosure in the balance sheet of a company.
A. True
B. False

NOTE
IF YOU THINK ANY OF THE MCQ ABOVE IS WRONG.
PLEASE COMMENT WITH CORRECT ANSWER AND ITS DETAIL EXPLANATION IN COMMENT BOX.
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