Accounting & Auditing Paper II (2000) - B

Accounting & Auditing Paper II (2000) - B

1. Income Tax is levied on?

a) Agricultural Income
b) Presumptive Income
c) None of above

2. 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.

3. 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

4. Income Tax rates are the same for?

a) Limited Companies
b) Banking Companies
c) None of above

5. Super Tax on companies is?

a) In vogue in Pakistan
b) Not in vogue in Pakistan
c) None of above/STRONG>

6. Current Ratio is calculated as?

a) Fixed Assets/Current Liabilities
b) Current Liabilities/Current Assets
c) Current Assets/Current Liabilities

7. 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

8. Combination can be best described as?

a) Restructuring of Capital of a Company
b) Reduction of Capital of a Company
c) Amalgamation of two different types of businesses

9. Sources of funds can be increased by?

a) Describing selling prices
b) Increasing expenditure
c) None of above

10. A partnership, in today’s Pakistan, under the current law can have the following number of partners?
a) 50
b) 20
c) 100

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