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

Which disease is more common in males than females?

• A. Heart diseases
• B. Dementia
• C. Colour blindness
• D. Herpes

In which continent there is no glacier?

• A. Africa
• B. Australia
• C. Asia
• D. North america

Lion’s share of UN’s budget is being spent on

• A. Diseases
• B. Natural disasters
• C. Peace
• D. Poverty

When the stock market is down falling called:

• A. Bullish
• B. Bearish
• C. Falling
• D. Crashing

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