How “accounts payable has been increased to Rs. 48,000 in year 2013 from Rs. 40,000 in year 2012” is treated in cash flow statement?

• A) It is treated as cash inflow in financing activity.
• B) It is treated as cash outflow in operating activity.
• C) It is treated as cash inflow in operating activity
• D) It is treated as cash outflow in financing activity.

Which of the following best describes the following statement “The issuance of Fraudulent Financial Statements intended to mislead investors and creditors”?

• A) Fraud Employee fraud
• B) Fraud
• C) Management Fraud
• D) None of the given terms

Trade credit is one of the feasible sources of funds to meet the additional amount for working capital immediately. Identify the cost of trade credit for FEL Company if company buys Rs.280, 000 of materials per month and avails discount on the terms of 3/30, net 90.

• A) 6.4%
• B) 12.41%
• C) 18.81%
• D) Required more information to find cost of trade credit

Which of the following country is said to have a society with great social consciousness?

• A) England
• B) Pakistan
• C) India
• D) America

Increase in cost of doing business due to bribe is more visible in which of the following kind of state?

• A) Autocratic states
• B) Totalitarian states
• C) Theocratic states
• D) Democratic states

Increase in cost of doing business due to bribe is more visible in which of the following kinds of state?

• A) Democratic states
• B) Totalitarian states
• C) Autocratic states
• D) Theocratic states

Which of the following are norms that are seen as central to the functioning of a society and to its social life?

• A) Values
• B) Folkways
• C) Ethics
• D) Mores

Which one of the following is an assumption of David Ricardo’s theory?

• A) No transportation cost
• B) Difference in exchange of returns
• C) Production rate fluctuation
• D) Variable returns to scale

What happens to the currency value when we produce more paper money?

• A) Paper money has no relation with the value of currency
• B) Value increases
• C) Devaluation
• D) Value remains the same

GDP stands for gross domestic production.

• A) True
• B) False
• C)
• D)

Which of the following country is famous for the export of cocoa?

• A) Mexico
• B) Italy
• C) France
• D) Ghana

China, Korea, and Japan, emphasize family and work group goals, this is the example of Individualism culture.

• A) True
• B) False
• C)
• D)

The shift toward a market-based economic system typically entails a number of steps. Which of the following is a correct sequence?

• A) Deregulation, creation of a legal system and privatization
• B) Privatization, deregulation and creation of a legal system
• C) Creation of a legal system, deregulation and privatization
• D) Deregulation, privatization and creation of a legal system

Interest rates, recession and inflation are some of the economic risk factors.

• A) True
• B) False
• C)
• D)

Association of two or more individuals who have a shared sense of identity and interact with each other in structured ways on the basis of common behavior is termed as:

• A) Group
• B) Division
• C) Class
• D) Association

Among the following, which country has strong and rigid cast system?

• A) India
• B) Pakistan
• C) America
• D) England

Appropriate dress code, good social manners and eating with correct stencils are:

• A) Mores
• B) Folkways
• C) Rituals
• D) Traditions

In transforming economies like many African countries, international business firms have to bare extra cost and they are reluctant to enter there because they mostly face resistance by:

• A) Geographical conditions
• B) Their political system
• C) Local War Lords
• D) Their culture

Who argued for the first time that unrestricted free trade is beneficial to a country?

• A) Carl Max
• B) Adam Smith
• C) Francis Huntington
• D) Samuel Fukuyama

Who was the founder of Confucianism?

• A) K’ung-Fu-tzu
• B) Qin Shi Huang
• C) Zhu Xi
• D) Han Wudi