Accounting & (a) Changes with (a) Accumulated profit

volume of production. and loss account

Auditing Paper -I (b) Changes with variable (b) Profit for the year
(2000) expenses (c) None of these.
(c) Changes in Direct
(1) Double entry book- material. (14) The requirements of
keeping was fathered by: an audit report for a
(a) F.W.Taylor (8) Break Even can be Banking Company in
(b) Henry Fayol calculated as under: Pakistan is under:
(c) Lucas Pacioli. (a) ______VC_______ (a) Under the Banking
FC- TR TC Companies Ordinance,
(2) Funds Flow Statement (b) FC 1962.
and sources and I- VC TR(c) None of (b) Under the Companies
application statement these. Ordinance, 1984.
are:’ (c) Under (a) and (b)
(a) Synonymous (9) Quick Ratio can be above.
(b) Antagonistic computed as under:
(c) None of these. (a) Quick . Assets/Quick (15) Deferred Taxation is:
Liabilities (a) Fixed asset
(3) Depreciation in spirit (b) Quick . Liabilities (b) Fixed liabilities
is similar to: Current Assets (c) Part of Owners
(a) Depletion (c) Current Assets/ Equity.
(b) Amortization Current Liabilities
(c) Depression. (16) Investment
(10) In straight line Corporation of Pakistan
4) Balance Sheet is method of depreciation, follows:
always prepared: the written down value of (a) Open-end mutual
(a) for the year ended. a fixed asset will be at funds
(b) As on a specified the end of the life of the (b) Closed-end mutual
date. asset as under: funds
(c) None of these. (a) Rupee one (c) None of these.
(b) Rupee zero (c) None
(5) In Insurance, the of these. (17) Directors Report is --
following Profit and Loss -- in respect of financial
Accounts are prepared: (11) Sales budget must report constituent.
(a) Separate for Fire, be prepared: (a) Mandatory for a
Marine, and Accidents (a) Independently limited Company
etc. (b) Depending on (b) Voluntary for a limited
(b) Consolidated for production capacity Company
Fire, Marine, and (c) Based on Sales (c) None of these.
Accidents etc.(c) None forecasts of market.
of these. (18) Every limited
(12) Consolidation of Company in Pakistan is
(6) Partners in Pakistan subsidiary accounts in the required by law to include
can today be fixed at the balance sheet of a the following along with
following numbers: unlisted Holding company financial reports:
(a) 20 is at present in Pakistan: (a) Ratio Analysis
(b) 50 (a) Compulsory (b) Chairman’s Review
(c) 75. (b) Voluntary (c) None of these.
(c) Required.
(7) Flexible budget is a (19) Cash budget
budget with the following (13) Retained earning is excludes the following:
features: synonymous to: (a) Non-Cash items
(b) Cash items including depreciation
(c) Purchase on Credit
items. 5. A good Cost
Accounting System is:
(20) NGOs are legally a. If it computes
required to: estimated cost only
(a) Prepare accounts b. If it cannot be
in a prescribed manner reconciled with financial
under the law.(b) accounts
Prepare accounts as c. If it enables
desired by donors. management to
(c) None of these. increase productivity
and rationalize cost
structure
6. Verification includes:
Accounting & a. Checking Vouchers
b. Examining audit report
Auditing Paper - c. None of the above
II (2000)
7. Stratified audit sample
means:
1. Fixed Cost: a. Randomly selected
a. Changes with items for audit
production b. Purposively selected
b. Never changes even items for audit
if production capacity c. Items carefully
is doubled selected from each group
c. None of the above
8. Internal Control is
2. Conversion cost is: totally synonymous with:
a. Material Cost + a. Internal check
Overhead Cost b. Internal audit
b. Direct Labour + c. None of above
Material Cost
c. Labour Cost + 9. Audit of a bank is
Overhead Cost generally conducted
through:
3. Process Costing is a. Routine checking
relevant to: b. Couching
a. Cement industry c. Balance sheet audit
b. Job Order cost oriented
Projects 10. An auditor is liable for
c. None of the above his annual audit of
accounts o:
4. Operating Profit is: a. Creditors
a. Profit after deducting b. Bankers
financial costs c. Owners
b. Profit after deducting
taxes 11. Income Tax is levied
c. Profit after on:
deducting normal a. Agricultural Income
operating expenses b. Presumptive Income
c. None of above
12. 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.
13. 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
14. Income Tax rates are
the same for:
a. Limited Companies
b. Banking Companies
c. None of above
15. Super Tax on
companies is:
a. In vogue in Pakistan
b. Not in vogue in
Pakistan
c. None of above
16. Current Ratio is
calculated as:
a. Fixed Assets/Current
Liabilities
b. Current
Liabilities/Current Assets
c. Current
Assets/Current
Liabilities
17. Short-term loan can
be described as: personal assets by the
a. If the period is three (2) For preparing balance owner:
years sheets prepaid expenses (a) Increases total
b. If the period is less are shown as part of: assets and increases
than one year (a) Liability owner’s equity
c. If the period is over (b) Equities (b) Increases total assets
one year (c) Assets only
(d) None of these (c) Has no effect on
18. A partnership, in assets but increases
today’s Pakistan, under (3) Unpaid and owner’s equity
the current law can have unrecorded expenses are (d) Increase assets and
the following number of called: liabilities
partners: (a) Prepaid expenses (e) None of these
a. 50 (b) Accrued expenses
b. 20 (c) Additional expenses (9) All of the following
c. 100 (d) None of these are forms of
organizations except:
19. Combination can be (4) Amount, cash, or (a) Proprietorship
best described as: other assets removed (b) Corporation
a. Restructuring of from business by owner (c) Retailer
Capital of a Company is: (d) Partnership
b. Reduction of Capital of (a) Capital (e) None of these
a Company (b) Drawings
c. Amalgamation of (c) Assets (10) Economic resources
two different types of (d) None of these of a business that are
businesses expected to be of benefit
(5) Under the diminishing in the future are referred
20. Sources of funds can balance method, to as:
be increased by: depreciation amount is: (a) Liabilities
a. Describing selling (a) Payment (b) Owner’s equity
prices (b) Receipt (c) Withdrawals
b. Increasing expenditure (c) Expenditure (d) Assets
c. None of above (d) None of these (e) None of these

Accounting (6) Users of accounting (11) An owner

& Auditing information include:
(a) The tax authorities
investment of land into
the business would:
paper-I (b) Investors (a) Decrease withdrawals
(c) Creditors (b) Increase liabilities
(2001) (d) All of these (c) Increase owner’s
equity
(7) The business form(s) (d) Decrease assets
Write only the correct in which the owner(s) is (e) None of these
answer in the Answer (are) personally liable is
Book. Do not reproduce (are) the: (12) A cash purchase of
the questions. (a) Partnership only supplies would:
(b) Proprietorship (a) Decrease owner’s
(1) Books of original (c) Corporation only equity
entry are called: (d) Partnership and (b) Increase liabilities
(a) Ledger proprietorship (c) Have no effect on
(b) Work sheets (e) None of these total assets
(c) Journal (d) None of these
(d) None of these (8) The investment of
(13) An owner (c) Cost of goods sold (e) None of these
investment of each into (d) Gross profit
the business would: (e) None of these (3) A cost center is:
(a) Increase assets (a) A unit of production in
(b) Decrease liabilities (19) The maximum relation to which costs
(c) Increase withdrawals number of partners in are ascertained
(d) Decrease owner’s Pakistan can be fixed at (b) A location which is
equity the following: responsible for controlling
(e) None of these (a) 20 direct costs
(b) 50 (c) Part of the factory
(14) The payment of rent (c) 75 overhead system by
each month for office (d) None of these which costs are gathered
space would: (d) Any location or
(a) Decrease total (20) Balance sheet is department which
assets always prepared: incurs cost
(b) Increase liabilities (a) For the year ended (e) None of these
(c) Increase owner’s (b) As on a specific
equity date (4) At break-even point
(d) None of these (c) None of these of 400 units sold the
variable costs were Rs.
(15) Real accounts are 400 and the fixed costs
related to: Accounting were Rs.200. What will be
(a) Assets the 401 units sold
(b) Expenses and & Audting contributing to profit
incomes before income tax?
(c) Customers and Paper-II (a) Rs. 0.00
Creditors etc.
(d) None of these
(2001) (b) Rs. 0.50
(c) Rs. 1.00
(d) Rs. 1.50
(16) Which one of the (e) None of these
following accounts would Write only the correct
usually have a debit answer in the Answer (5) In considering a
balance? Book. Do not reproduce special order situation
(a) Cash the questions. that will enable a
(b) Creditors company to make use of
(c) Accounts payable (1) The measureable currently idle capacity,
(d) Salaries Expenses value of an alternative which of the following
(e) None of these use of resources is cost will be irrelevant:
referred to as: (a) Materials
(17) Quick assets include (a) An opportunity cost (b) Depreciation
which of the following? (b) An imputed cost (c) Direct labour
(a) Cash (c) A different cost (d) Variable factory
(b) Accounts Receivable (d) A sunk cost overhead
(c) Inventories (e) None of these (e) None of these
(d) Only (a) and (b)
(e) None of these (2) A quantitative (6) A fixed cost:
expression of (a) May change in total
(18) Net income plus management objectives is when such change is not
operating expenses is an: related to changes in
equal to: (a) Organizational chart production
(a) Net sales (b)Management chart (b) Will not change in
(b) Cost of goods (c) Budget total because it is not
available for sale (d) Procedural chart related to changes in
production
(c) Is constant per unit
for each unit of change in
production
(d) May change in total,
depending on production
with the relevant range
(e) None of these
(7) Completion of a job is
result in:
(a) DR finished goods
…….. CR WIP
(b) DR Cost of goods
……... CR finished goods
(c) DR WIP
……………..….….. CR FOH
control
(d) DR FOH control
…….….. CR FOH applied
(e) None of these
(8) Operating cost in
often named as:
(a) Manufacturing cost
plus commercial expenses
(b) Prime cost plus
factory overheads
(c) Direct material plus
direct labour
(d) Selling plus
administrative
expenses
(e) None of these
(9) Expenses such as rent
and depreciation of a
building are shared by
several departments
these are:
(a) Indirect expenses
(b) Direct expenses
(c) Joint expenses
(d) All of the above
(e) None of these
(10) If under applied FOH
is closed to cost of goods
sold, the journal entry is:
(a) DR Cost of goods
sold …….. CR FOH
control
(b) DR FOH control
……..……….. CR Cost of produce
goods sold (b) All units produced
(c) DR FOH control (c) Good units produced
……..……….. CR Profit % (d) None of these
loss account
(d) None of these (16) A segment of the
business that generates
(11) Re-order quantity both revenue and cost is
…… 3600 units called:
Maximum consumption (a) Profit Center
...… 900 units per week (b) Cost Center
Minimum comsumption (c) Cost driver
…....300 units per week (d) All of these
Re-order period (e) None of these
…………….….5 weeks
Based on this data Re- (17) Verification includes:
order level is: (a) Checking vouchers
(a) 4500 units (b) Examining audit
(b) 3900 units report
(c) 1200 units (c) None of these
(d) 400 units
(e) None of these (18) Audit of a bank is
generally conducted
(12) The time lag through:
between indenting and (a) Routine checking
receiving material is (b) Vouching
called: (c) Balance sheet audit
(a) Lead time (d) None of these
(b) Idle time
(c) Stock out time (19) Economics resources
(d) None of these of a business that are
expected to be of benefit
(13) A credit balance in the future are referred
remaining in FOH Control to as:
account is called: (a) Liabilities
(a) Over-applied (b) Owner’s equity
overhead (c) Withdrawals
(b) Under-applied (d) Assets
overhead (e) None of these
(c) Actual overhead
(d) None of these (20) Short term Loan can
be best described as:
(14) Direct material cost (a) If the period is three
plus direct labour cost is years
called: (b) If the period is less
(a) Prime cost than one year
(b) Conversion cost (c) If the period is over
(c) Product cost one year
(d) All of these (d) None of these
(e) None of these
Accounting
(15) Productivity means:
(a) The ability to
& Auditing
 Paper-I positions
(d) None of these (1) Prime cost is
(2002) (6) Deferred Revenue is:
calculated as under:
(a) Manufacturing
(a) Liability
(b) Asset Cost/Cost of Goods Sold
(1) Maximum number of (c) None of these (b) Direct Method plus
partners in a partnership factory overheads
firm set up in Pakistan (7) Preparation of annual (c) Direct labour +
under Partnership Act, report of a firm is
1932 is: Direct Material
governed under: (d) None of these
(a) 5 (a) Partnership Act 1932
(b) 25 (b) Under partnership
(c) 20 Deed (2) Process Cost is very
(d) None of these (c) None of these much applicable in:
(a) Construction
(2) Preparation of final (8) Deferred Taxation Industry
financial reports is amount be treated as:
governed in Pakistan (b) Pharmaceutical
(a) Foot note Industry
under: (b) An item in the
(a) No law (c) Air line company
Balance Sheet on asset
(b) Companies side (d) None of these
Ordinance 1984 (c) None of these
(c) None of these (3) The latest
(9) Return of Equity will computation of variances
(3) Depreciation is based be calculated as under:
on: of manufacturing
(a) Operating Profit x
(a) Economic life of overheads is in one the
100/Equity
asset (b) Net profit x following ways:
(b) Declared life of asset 100/Paid up Capital (a) Two variance
by supplier only approaches
(c) Normal life of asset (c) None of these (b) Three variance
(d) None of these
approaches
(10) Current maturity of (c) Four variance
(4) Inventory turnover is long term loan is:
calculated as under: approaches
(a) Current Liability
(a) Cost of Goods (b) Long Term Liability (d) None of these
sold/Closing Inventory (c) None of these
(b) Gross profit/Closing (4) Random sampling in
Inventory
(c) Sales/Opening Accounting auditing means:
(a) Selection through
Inventory
(d) None of these & Auditing convenience sampling
(b) Selection through
(5) There is a difference Paper-II scientific sampling
between:
(a) Worksheet and
(2002) approach
(c) None of these
Balance Sheet
(b) Worksheet and profit
and loss account Write only the correct (5) Expenditure incurred
(c) Worksheet as answer in the Answer in procuring machinery
combination of results of Book. Do not reproduce is:
profits and financial the questions. (a) An admissible
expenditure for tax calculated as under:
purposes (a) Current (1) Rent of the premises
(b) No admissible for tax Assets/Current Liabilities constitutes variable
(b) Fixed Assets/Current
purposes expenses for cost
Liabilities
(c) None of these (c) Liquid allocation:
Assets/Current (a) True
(6) Increase in income Liabilities (b) False
constitutes: (d) None of these
(a) Inflows (2) Sugar used in a
(b) Outflows (2) Deferred cost is a: sugarcane company is:
(a) Liability
(c) None of these (a) Variable cost
(b)Asset
(c) None of these (b) Fixed cost
(7) M & A stands for: (c) None of these
(a) Mergers & Analysis (3) Work Sheet is:
(b) Mergers & (a) Balance Sheet (3) An auditor is liable
Acquisitions (b) Fund Flows Statement under the following
(c) Mergers & Allocation (c) A combination of circumstances:
Profit and Loss
(d) None of these (a) Third Party Liabilities
Account and Balance
Sheet items (b) Fraud perpetrated
(8) An endowment (d) None of these in highly sophisticated
insurance policy can be circumstances
taken in respect of: (4) Banks, for the (c) None of these
(a) Fire insurance preparation of financial
statements, are governed
(b) Accident insurance (4) Agricultural income is
under:
(c) Life insurance (a) Banking Companies taxable under the Income
(d) None of these Ordinance, 1962 Tax Laws of Pakistan:
(b) State Bank of (a) True
(9) Audit and special Pakistan Act (b) False
audit are the same: (c) None of these
(a) In Insurance (5) Principal and markup
(5) Return on investment
Company payment within one year
is computed:
(b) In Banking Company (a) Investment/Profit x constitutes long term
(c) None of these 100 liability for disclosure in
(b) Profit x the balance sheet of a
(10) Acid test is the same 100/Investment company.
as: (c) None of these (a) True
(a) Quick test (b) False
(b) Liquid test Accounting &
(c) None of these Auditing Paper- (6) Ordinarily one can
II (2003) have the following
Accounting & partners in a partnership
Auditing Paper-I in Pakistan under the
(2003) Write only the correct Partnership Act 1932.
answer in the Answer (a) 10
Book. Do not reproduce (b) 20
(1) Acid Test Ratio is the questions. (c) 30
(d) None of these
(7) Working Capital
finance can be termed as
“Running Finance” in a
limited company.
(a) True
(b) False
(8) Income from Capital
gains arising out of
trading on a stock
strange in Pakistan is
taxable these days:
(a) True
(b) False
(9) Conversion Cost is
calculated as under:
(a) Labour Plus Materials
(b) Labour plus
overheads
(c) None of these
(10) Current Ratio can be
calculated as under:
(a) Current
Liabilities/Current Assets
(b) Current
Assets/Current
Liabilities
(c) None of these
Accounting &
Auditing Paper -I
(2013)
PART-I ((MCQs)
(COMPULSORY)
Q.1. (i) Select the best
option/answer and fill in the
appropriate Circle on the OMR
Answer Sheet. (20x1=20)
(ii) Answers given anywhere,
other than OMR Answer Sheet,
shall not be considered.
1. Double Entry Book
Keeping was fathered
by:
(a) Luca Paioli (b)
Yoyji Ijiri (c) Micheal
Hammer (d) Ishikawa
http://en.wikipedia.org/w
iki/Double-
entry_bookkeeping_syste
m Ordinance 1984 where
It was first codified in the
15th century by the
Franciscan friar Luca
Pacioli.
2. Accumulated loss of
a company is shown in
the balance sheet as:
(a) Liability (b) As an
asset (c) As foot note to
balance sheet (d) None
of these
Profit is recognized on
Credit side while Losses
on Debit side.
http://www.indiastudycha
nnel.com/exp...an-
Assets.aspx
3. Under the Companies
Ordinance 1984,
disclosure of financial
information is legally
required for listed
companies
under:
(a) Schedule 6 (b)
Schedule 5 (c)
Schedule 4 (d)
Schedule 8
http://www.secp.gov.pk
/corporatelaws...mp_Or
d1984.pdf
4. A company is
considered sick under
the Companies
current ratio is:
(a) Below 0.5 : 1 (b)
Below 3 : 1 (c) Above
2.5 : 1 (d) None of
these
Section 295 (d)(iii)
CO1984
http://www.secp.gov.pk/
corporatelaws...mp_Ord1
984.pdf
(iii) current ratio has
deteriorated beyond 0.5 :1
5. Banks are required to
prepare their financial
statements as per
following legislation:
(a) Free to prepare with
no legislative
requirements (b) Under
Companies Ordinance
1984
(c) Banking
Ordinance 1962 (d)
State Bank Laws
http://www.sbp.org.pk/bs
d/2001/C36.htm
In terms of Section 34 of
the Banking Companies
Ordinance, 1962 the
banks are required to
prepare their annual
accounts in the forms set
out in the Second
Schedule to the said
Ordinance.
6. Preparation of
financial statement of
listed insurance
companies in Pakistan
is governed by:
(a) Insurance Act 1938
(b) Insurance
Ordinance 2000 (c)
Companies Act 1913
(d) Companies
Ordinance 1984
http://www.pgi.com.pk/p
dfs/annual2012_PGI%20
annual%202012.pdf
http://www.pgi.com.pk/p
dfs/halfyearly2006.pdf
BASIS OF PRESENTATION
The financial statements
have been prepared in
accordance with the
requirements of accounting
regulations laid down by the
SECP (Insurance Rules,
2002) of the Insurance
Ordinance, 2000.
Insurance Ordinance, 2000
(Primarily), CO1984
(secondary).
7. Trading loss occurs
when:
(a) Revenues exceed
the matching relevant
costs. (b) Revenue and
matching costs are
equal to each other.
(c) When relevant
matching cost exceeds
revenues (d) None of
these
Simple, when cost (e.g.
Rs. 100) is greater than
Revenue (e.g. Rs. 80),
then loss (of Rs. 20) will
occur.
Furthermore, See
matching concept also.
Generally, while making
financial statements only
those costs are
undertaken which
MATCHES to the
accounting period in
which the Matched
Revenue was generated.
8. Accounting
requirements governing
NGOs are prescribed in:
(a) Partnership Act
1932 (b) Cooperative
societies legislation (c)
Companies Ordinance
1984 (d) None of these
http://www.asp.org.pk/in
depth/csos_covernance_r
esources/2.pdf
There are between 10 to
18 different laws in
Pakistan that may govern
an NGO.
THE CO-OPERATIVE
SOCIETIES ACT, 1925
71. Rules.– (2) (h)
prescribe the accounts and the
books to be kept by a society
and provide for the audit of such
accounts,.......
CO1984 does not apply as per
sec 4(i) of CO1984
PA 1932 Sec 4 defines
partnership, while NGO's are
not businesses for sharing
profit/losses.
9. Work sheet is
equivalent to:
(a) Balance sheet (b)
Income statement (c)
Trial Balance (d) None
of these
Basically, Work Sheet is the
SUM of Balance sheet,Income
statement andTrial Balance.
BUT nature of worksheet is of
Trial Balance.
http://www.wisegeek.co
m/what-is-a-trial-
balance.htm
The trial balance is an
accounting listing that
shows the beginning and
ending balances for all
accounts included in the
set of books. This
worksheet format
makes it possible to
evaluate whether or not
the total debits for the
period cited are in
balance with the total
number of credits
generated for the same
period. When a true trial
balance exists, the total
credits and total debits
will be equal.
10. Work sheet does
include:
(a) Fund flows
statement (b) Cash
gensation statement (c)
Cash flow statement (d)
None of these
Work Sheet is the SUM of
Balance sheet,Income statement
andTrial Balance formats.
11. Deffered tax is
shown in the balance
sheet as:
(a) Liability (b) Asset
(c) An expenditure in
income statement (d)
None of these
No Doubt, its
controversial.
****Deferred**** not
"Deffered"
Can be asset or liability.
Para 58 IAS 12
Current and deferred tax
shall be recognised as
income or an expense
and included in profit or
loss for the period.....
Whatever the amount of
Deferred tax is shown in
the balance sheet, it is
shown as in the
Expenditure section of
Income statement under
the head Taxation, along
with the current tax.
12. The following
represent tangible assets
and are shown in the
balance sheet as:
(a) People (b) Expenses
(c) Revenue (d)
Goodwill
It should be INtangible.
option a,b,c are irrelevant
as they cannot be shown
on Balance Sheet.
13. Under the Rule of
thumb a good current
ratio is:
(a) 6 : 1 (b) 10 : 1 (c)
.05 : 1 (d) 2 : 1
http://www.encyclopedia
ofcredit.com/Working-
Capital
Current Ratio: The
current ratio gauges how
capable a business is in
paying current liabilities
by using current assets
only. Current ratio is also
called the working capital
ratio. A general rule of
thumb for the current
ratio is 2 to 1 (or 2:1 or
2/1).
14. Financial analysis is
a legislative
requirement under:
(a) Companies
Ordinance 1984 (b)
Partnership Act 1932
(c) Voluntary act (d)
None of these
CO84 & PA32 does not
contain the word
"analysis".
No Voluntary Act exists in
Pakistan.
Generally financial
statements in Pakistan
does not contain any sort
of analysis.
15. Pakistan follows the
following budgeting
system at Federal level:
(a) Zero-Based
Budgeting (b) Program
Budgeting
(c) Responsibility
Budgeting (d)
Incremental /
decremental
budgeting
http://www.grbi.gov.pk/Docu
ments/BudgetaryReform.pdf
pg 31
The recurrent budget
estimates are prepared
on incremental basis.
16. Preparation of
budget by a company is
compulsory under:
(a) No Law (b) Several
laws (c) Securities &
Exchange Ordinance
1969 (d) Companies
Ordinance 1984
CO84 & SEO69 does not
require any budget preparation.
17. Depreciation must
be accounted for:
(a) Revenues (b) Fixed
Assets (c) Share Capital
(d) None of these
Revenue and Share
capital are not tangible
items for which
depreciation is calculated.
18. Accelerated
the market value of its
depreciation is allowed shares as quoted on the
under: stock exchange or the net
(a) Income Tax worth of its share has
Ordinance 2001 (b) fallen by more than
seventy-five per cent of
Voluntary principals (c) its par value
Prudential Regulations if 75% fall in par then
(d) None of these value will remain 25% i.e.
0.25 to 1
Section [23B. Accelerated
depreciation to alternate
energy projects.

19. Partnerships are

legally required to
prepare their financial
statements for
distribution on wide
basis under:
(a) Partnerships Act
1932 (b) Securities &
Exchange Rules 2000
(c) Voluntary Act for
Compliance (d) None
of these

Partnerships are not

legally required for FS
especially to be
distributed on wide basis.

20. A company is
considered sick if the
market value compared
to its par value is:
(a) 1 : 1 (b) 2 : 1 (c)
0.25 : 1 (d) None of
these

Section 295 (d)(i)

CO1984
http://www.secp.gov.pk/
corporatelaws...mp_Ord1
984.pdf