Correct Answer:
C. Value added at each stage of production and distribution
VAT is collected at each stage with credit for tax paid on inputs.
November 13, 2026 · Accounting and Finance MCQs, Public Finance & Budgeting MCQs
Sales tax in the form of a value added tax (VAT) is levied on:
Related MCQs
Which of the following is NOT one of Adam Smith's canons of taxation?
A.
Equity
B.
Certainty
C.
Elasticity
D.
Economy
Correct answer is:
C. Elasticity
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An adverse opinion is issued when the effects of misstatements are:
A.
Material but not pervasive
B.
Trivial and isolated
C.
Both material and pervasive
D.
Related only to disclosures of no importance
Correct answer is:
C. Both material and pervasive
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IPSAS 1 deals with:
A.
Presentation of financial statements
B.
Inventories
C.
Leases
D.
Borrowing costs
Correct answer is:
A. Presentation of financial statements
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A Drawing and Disbursing Officer (DDO) is an officer who:
A.
Audits the accounts of a department
B.
Prepares the national budget
C.
Collects customs duty
D.
Draws money from the treasury or bank on bills and disburses it
Correct answer is:
D. Draws money from the treasury or bank on bills and disburses it
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Annual demand is 10,000 units, ordering cost is Rs. 50 per order and holding cost is Rs. 4 per unit per year. The Economic Order Quantity (EOQ) is:
A.
250 units
B.
1,000 units
C.
500 units
D.
5,000 units
Correct answer is:
C. 500 units
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Under the Constitution of Pakistan, the Auditor-General can be removed from office:
A.
In the like manner and on the like grounds as a judge of the Supreme Court
B.
By any minister
C.
By the Prime Minister alone
D.
By the Chief Secretary
Correct answer is:
A. In the like manner and on the like grounds as a judge of the Supreme Court
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