1581. In Pakistan, Commerical papers are issued as per the guidelines issued by _________.

A. The securities and exchange commission of pakistan
B. State bank of pakistan *
C. Forward market commission
D. None of the above

1582. Commercial paper are generally issued at a price ______.’

A. Equal to face value
B. More than face value
C. Less than face value *
D. Equal to redemption value

1583. Which of the following is not applicable to commercial paper_______.

A. Face value
B. Issue price
C. Coupon rate
D. None of the above *

1584. Legislature has not used the term ” owned” by a person in respect of “depreciable asset” for claim of depreciation in the strict sense of “registered owner” under________.

A. Section 19
B. Section 20
C. Section 21
D. Section 22 *

1585. Cash discout terms offered by trade creditors never be accepted because ________.

A. Benefit in very small
B. Cost is very high
C. No sense to pay earlier
D. None of the above *

1586. In lease system, interest is calculated on ________.

A. Cash down payment
B. Cash price outstanding *
C. Hire purchase price
D. None of the above

1587. A short-term lease which is often cancellable is known as _______.

A. Finance lease
B. Net lease
C. Operating lease *
D. Leverage lease

1588. Which of the following is not a usual type of lease arrangement ?

A. Sale & lease back
B. Goods on approval *
C. Leverage lease
D. Direct lease

1589. Under income-tax provisions depreciation on lease asset is allowed to _________.

A. Lessor *
B. Lessee
C. Any of the two
D. None of the two

1590. ‘Leases’ a leased asset is shown in the balance sheet of _______.

A. Manufacturer
B. Lessor
C. Lessee *
D. Financing bank