851. Ordinarily one can have the following partners in a partnership in Pakistan under the Partnership Act 1932.
A. 10
B. 20
C. 30

852. Working Capital finance can be termed as “Running Finance” in a limited company.
A. True
B. False

853. Income from Capital gains arising out of trading on a stock strange in Pakistan is taxable these days:
A. True
B. False

854. Conversion Cost is calculated as under:
A.LabourPlus Materials
B.Labour plus overheads
C. None of these

855. Current Ratio can be calculated as under:
A. Current Liabilities/Current Assets
B. Current Assets/Current Liabilities
C. None of these

856.The term “Audit” originated from the Latin word-
A.Audire
B. Adhere
C.Adihere
D. None of the above

857.The basis for decision making by the management is-
A. Accounting statements
B. Financial Statement
C. Bank statements
D. None of the above

858.The management takes so many decisions on the basis of-
A. Accounting statement
B. Financial statements
C. Bank statements
D. None of the above

859.The authenticity of financial statements is very essential and such authenticity of accounts can be assured with the help of an-
A. Internal Audit
B. Performance Audit
C.Independant Audit
D. None of the above

860. Examination of books of accounts with supporting vouchers and documents in order to detect and prevent error and fraud is the main function of-
A. Accountant
B. Management
C. Company Director
D. Auditing

NOTE
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