1271. Productivity means :

A. The ability to produce *
B. All units produce
C. Good Units produce
D. None of the above

1272. Economic resources of a business that are expected to be of benefit in the future are reffered to as :

A. Liabilities
B. Owner’s Equity
C. Withdrawals
D. Assets *

1273. Short term loan can be best 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
D. None of these

1274. Preparation of final financial reports is governed in pakistan under :

A. No law
B. Companies ordinance *
C. None of the above
D. All of the above

1275. Inventory turnover is calculated as under :

A. CGS/ closing inventory *
B. Gross profit closing inventory
C. Opening inventory
D. None of the above

1276. There is a difference between :

A. Worksheet and Balance sheet worksheet as *
B. Worksheet and profit and loss account
C. Combination results of profits and financial position
D. None of these

1277. Preparation of annual report of a firm governed under :

A. Partnership Act 1932
B. Under partnership Deed
C. None of these *
D. All of these

1278. Return of equity will be calculated as under :

A. Operating profit * 100 Equity
B. Net profit * 100 paid up capital only
C. None of these *
D. All of the above

1279. Prime cost is calculated as under :

A. Manufacturing cost + cost of goods sold
B. Direct material plus factory overheads
C. Direct Labour + Direct Material *
D. None of the above

1280. Increase in income constitutes :

A. Inflows *
B. Outflows
C. None of the above