111. Principal and markup payment within one year constitutes long term liability for disclosure in the balance sheet of a company:
A. True
B. False
112. Working capital finance can be termed as “Running finance” in a limited company:
A. True
B. False
113. Conversion cost is calculated as under:
A. Labour plus materials
B. Labour plus overheads cost
C. Both of the above
D. None of the above
114. Current Ratio can be calculated as under:
A. Current liabilities current assets
B. Current assets
C. Current liabilities
D. None of the above
115. The need for keeping a record of income and expenditures in a clear and systematic manner has given rise to the subject of:
A. Book Keeping
B. Accounting cycle
C. Manufacturing
D. None of the above
116. If proper books of accounts are not kept in a business, the amount of profit:
A. Can be ascertained
B. Cannot be ascertained
C. Easily ascertained
D. None of the above
117. The state under which transactions are recorded chronologically in the books of accounts is called:
A. Summarizing
B. Classifying
C. Recording
D. None of the above
118. Book-Keeping is mainly concerned with:
A. Recording of financial data relating to business transactions
B. Designing the system in recording, classifying, summarizing the recorded data
C. Interpreting the data for internal and external users
D. None of the above
119. “Common taxpayer identification number” means the registration number or any other number allocated to a:
A. Wholesaler
B. Retailer
C. Importer
D. Registered Person
120. Appellate tribunal means the Appellate Tribunal Inland Revenue established under Section _ of Income-tax Ordinance 2001:
A. 120
B. 130
C. 131
D. None of these
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