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Accounting & Auditing Paper I (2003) - A
1.
Accounting & Auditing Paper-II (2003)
Rent of the premises constitutes variable expenses for cost allocation?
a) True
b) False
2.
Sugar used in a sugarcane company is?
a) Variable cost
b) Fixed cost
c) None of these
3.
Agricultural income is taxable under the Income Tax Laws of Pakistan?
a) True
b) False
4.
An auditor is liable under the following circumstances?
a) Third Party Liabilities
b) Fraud perpetrated in highly sophisticated circumstances
c) None of these
5.
Ordinarily one can have the following partners in a partnership in Pakistan under the Partnership Act 1932?
a) 10
b) 20
c) 30
d) None of these
6.
Principal and markup payment within one year constitutes long term liability for disclosure in the balance sheet of a company?
a) True
b) False
7.
Working Capital finance can be termed as “Running Finance” in a limited company?
a) True
b) False
8.
Conversion Cost is calculated as under?
a) Labour Plus Materials
b) Labour plus overheads
c) None of these
9.
Current Ratio can be calculated as under?
a) Current Liabilities/Current Assets
b) Current Assets/Current Liabilities
c) None of these
10.
Income from Capital gains arising out of trading on a stock strange in Pakistan is taxable these days?
a) True
b) False
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