Pakistan shares longest border with

• A. Iran
• B. India
• C. Afghanistan
• D. China

Accounting equation is defined as

• A. Assets = Liabilities + Owners’ Equity
• B. Liabilities = Short term liabilities + current assets
• C. Liabilities = Fixed assets – current assets                                                            D.  None of these

Current assets include

• A. Debtors
• B. Stocks
• C. Patents
• D. Both A and B

Home trade does not involve:

• A. Whole seller
• B. Retailer
• C. Producer
• D. Importer

An unauthorized contract between a purported agent and a third party that is not ratified by the “principal” is binding on the

• A. “Agent” only.
• B. “Principal” only
• C. Both on the agent and the principle.
• D. None of the above

The liabilities of a partnership may include

• A. Amounts owed to partners for their capital contributions
• B. loans to the partnership
• C. Amount that a partner may owe to another partner
• D. Both ‘A’ and ‘B’

The maximum number of partners in a partnership under Pakistani law is:

• A. 10
• B. 15
• C. 20
• D. 25

Loss of goods by fire should be credited to

• A. Loss of goods by fire in account
• B. Sales account
• C. Purchases account
• D. Bad debts account

In the accounting cycle

• A. Books are closed before making financial statements
• B. Closing entries are made before the adjusting entries
• C. Adjusting entries are made before financial statements are made
• D. None of the above

How many members are in FATF?

• A. 32
• B. 35
• C. 49
• D. None of above