FINANCE RELATED MCQS Double entry book-keeping was fathered by Lucas Pacioli.

cas Pacioli. Balance Sheet is always prepared as on a Specified Date. Partners in Pakistan can today be fixed at the following numbers: 2 Deferred Taxation is Pa!t of "#ne!s E$uit%. E ery limited !ompany in Pakistan is re"uired by law to include the following along with financial reports: C&ai!'ans Re(ie#. #perating Profit is$: P!ofit afte! deductin) no!'al ope!atin) e*penses includin) Dep!eciation. %ncome Tax is le ied on: P!esu'pti(e Inco'e. %ncome Tax rates are the same for: +an,in) Co'panies. Books of original entry are called: -ou!nal. The measurable alue of an alternati e use of resources is referred to as: An "ppo!tunit% Cost. & credit balance remaining in '#( !ontrol account is called: "(e!.applied o(e!&ead. Deferred )e enue is: Lia/ilit%. Deferred Taxation amount be treated as: An ite' in t&e +alance S&eet on asset side. Retu!n on E$uit% is an example of a Profitability )atio$ %f a company raises money to finance short-term needs by selling its accounts recei able to another party* this is called facto!in). The basic +rent+ that you are charged when you borrow money is called Real Rate of Retu!n.