/wEPDwUKMTY2NzQ4MDg3MQ9kFgICAw9kFgICAQ9kFgJmD2QWAmYPZBYOZg8PFgIeBFRleHQFCDA4OjA3IFBNZGQCAQ8PFgIfAAUBMWRkAgIPDxYC /wEWCgK1rfiBBwK254SXBwK88NO5CAK154SXBwK88M+5CAKw54SXBwK88Nu5CAK354SXBwK88Ne5CAKct7iSDPdDIEf9A60ZPTe7W9tgfht5/FZR

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Quiz Start Time: 08:07 PM Question # 1 of 10 ( Start time: 08:07:20 PM ) Inventories are assets which: Select correct option:
Used in the supply or production of goods and services for administrative purposes.

Total Marks: 1

Held for long term capital appreciation

Held for the process of production for such sale

Recorded at sale value in the books of accounts

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Quiz Start Time: 08:07 PM Question # 2 of 10 ( Start time: 08:08:26 PM ) Total Marks: 1

If the holding company owns marginally less than 100% shares of the subsidiary company then the subsidiary type will be termed as: Select correct option:
Partially Owned Subsidiary

Wholly Owned Subsidiary

Virtually Wholly Owned Subsidiary

Indirect Subsidiary

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Quiz Start Time: 08:07 PM Question # 3 of 10 ( Start time: 08:08:58 PM ) Which of the following IAS deals with the related party? Select correct option:
IAS 23

Total Marks: 1

IAS 02

IAS 24

IAS 28

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sec(s) Quiz Start Time: 08:07 PM Question # 4 of 10 ( Start time: 08:11:20 PM ) When capitalization of borrowing cost should be stopped for a qualifying asset? Select correct option:
When substantially all activities that are necessary to prepare the qualifying asset for its use or sale are complete

Total Marks: 1

When slightly all activities that are necessary to prepare the qualifying asset for its use or sale are complete

When a qualifying asset is substantially in use

When a qualifying asset is slightly in use

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Quiz Start Time: 08:07 PM Question # 5 of 10 ( Start time: 08:12:48 PM ) Total Marks: 1

Identify which of the following techniques for valuing inventory are allowed under IAS-2? (i) FIFO (First in First Out) (ii) Average cost (iii) LIFO (Last in First Out) (iv) Replacement cost Select correct option:
(i), (ii), (iii), (iv)

(i), (ii), (iv)

(i), (ii)

(iii), (iv)

Saving...

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Quiz Start Time: 08:07 PM Question # 6 of 10 ( Start time: 08:14:33 PM ) Which one of the following is the type of stock for trading concerns? Select correct option:
Raw Material

Total Marks: 1

Work in Process

Finished Goods

Stock in Trade

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Quiz Start Time: 08:07 PM

Question # 7 of 10 ( Start time: 08:15:25 PM ) Historical cost convention: Select correct option:
Account for only past transactions

Total Marks: 1

Fails to measure the changing price levels over time

Records all assets at their cost to the company, without considering any adjustment for depreciation

Has replaced in accounting records by a system of current cost accounting

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Quiz Start Time: 08:07 PM Question # 8 of 10 ( Start time: 08:16:53 PM ) Which of the following investment are recorded using Cost Method? Select correct option:
Investments made for longer period

Total Marks: 1

Investments made for shorter period

Investments made for shorter and longer period

None of the given options

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Quiz Start Time: 08:07 PM Question # 9 of 10 ( Start time: 08:18:11 PM ) What is the treatment of Accumulated Depreciation in accounting? Select correct option:
Treated as a reserve

Total Marks: 1

Treated as a contra asset

Treated as a surplus

Treated as an expense

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Quiz Start Time: 08:07 PM Question # 10 of 10 ( Start time: 08:19:42 PM ) Total Marks: 1

In case an item of property, plant and equipment is exchanged for similar asset of the enterprise, the cost of the new asset is measured at the ---------------- of the old asset. Select correct option:

Carrying value

Fair value

Future value

Salvage Value

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MGT401 Financial Accounting II

Quiz Start Time: 05:49 PM Time Left 53 sec(s)

Question # 1 of 15 ( Start time: 05:49:17 PM ) Total Marks: 1 Which of the following option is/are TRUE with respect to the Disclosure requirement for intangible assets acquired by the way of Government grants? Select correct option:

The fair value initially recognized Disclosure for carrying amount Disclosure for the amount of commitments for acquisition of intangible assets

All of the given options

Quiz Start Time: 05:49 PM Time Left 76 sec(s)

Question # 2 of 15 ( Start time: 05:50:43 PM ) Total Marks: 1 Which of the following is the ability to govern the financial and operating policies of an enterprise so as to obtain from its activities? Select correct option:

Control Significant Influence Direct Subsidiary Indirect Subsidiary

Quiz Start Time: 05:49 PM Time Left 87 sec(s)

Question # 3 of 15 ( Start time: 05:52:09 PM ) Total Marks: 1 Which one of the following methods for inventory valuation is NOT suitable for homogeneous units? Select correct option:

FIFO Method LIFO Method Weighted Average Method Specific Identification Method

Quiz Start Time: 05:49 PM Time Left 83 sec(s)

Question # 4 of 15 ( Start time: 05:53:40 PM ) Total Marks: 1 Which of the following meeting is held once in the life of a company? Select correct option:

Statutory Meeting Annual General Meeting Extraordinary Meeting Board Meeting

Quiz Start Time: 05:49 PM Time Left 85 sec(s)

Question # 5 of 15 ( Start time: 05:55:11 PM ) Total Marks: 1

Which of the following is INCORRECT with respect to Perpetual Inventory System? Select correct option:

Receipt of inventory is debited to Stock Account Issuance of inventory is credited to Stock Account and Debited to Material Consumption Account Receipt of inventory is debited to Purchase Account Material Consumption Account becomes the part of Trading Account

Quiz Start Time: 05:49 PM Time Left 85 sec(s)

Question # 6 of 15 ( Start time: 05:56:16 PM ) Total Marks: 1 Which of the following business is formed by the approval of Ministry of Interior? Select correct option:

Money Exchange Company Non Banking Finance Corporation Security Services Providing Company Corporate Brokerage House

Quiz Start Time: 05:49 PM Time Left 74

sec(s)

Question # 7 of 15 ( Start time: 05:57:41 PM ) Total Marks: 1 The closing balance of inventory will be if: Opening inventory will Rs.1, 000, purchases will Rs.10, 000 and cost of sales will Rs.10,500. Select correct option:

Rs. 1,000 Rs. 500 Rs. 1,500 Rs. 950

Quiz Start Time: 05:49 PM Time Left 83 sec(s)

Question # 8 of 15 ( Start time: 05:58:52 PM ) Total Marks: 1 Which of the following IAS deals with the Borrowing Costs? Select correct option:

IAS 23 IAS 07 IAS 01 IAS 16

Question # 9 of 15 ( Start time: 05:59:23 PM ) Total Marks: 1 On which certificate, the birth date of a company is mentioned? Select correct option:

Certificate of Corporation Certificate of Incorporation Certificate of Quality Certificate of Excellence

Quiz Start Time: 05:49 PM Time Left 88 sec(s)

Question # 10 of 15 ( Start time: 06:00:33 PM ) Total Marks: 1 Who sign the Articles of Association (AOA) of a company? Select correct option:

Managers of the company Employees of the company Sponsors of the company All of the given options

Question # 11 of 15 ( Start time: 06:01:54 PM ) Total Marks: 1

Which of the following is NOT the method of stock valuation? Select correct option:

FIFO Method Weighted Average Method Specific Identification Method Straight Line Method

Quiz Start Time: 05:49 PM Time Left 86 sec(s)

Question # 12 of 15 ( Start time: 06:02:12 PM ) Total Marks: 1 Which one of the following is a method of stock valuation? Select correct option:

Diminishing Balance Method Written Down Value Method Specific Identification Method Sum of Year Digit Method

Quiz Start Time: 05:49 PM Time Left 87 sec(s)

Question # 13 of 15 ( Start time: 06:02:47 PM ) Total Marks: 1 Which of the following statement is/are INCORRECT under the Cost Method for recognition of investment in associated companies? Select correct option:

Any distribution of profits by the investee company is recorded as an expense Any distribution of profits by the investor company is recorded as an income The carrying amount of the investment is increased or decreased to reorganize the investors share of profits or losses of the investee after the date of acquisition All of the given options

Quiz Start Time: 05:49 PM Time Left 75 sec(s)

Question # 14 of 15 ( Start time: 06:03:48 PM ) Total Marks: 1 In case of calling Extraordinary General Meeting (EOGM), at least how much voting right is required by any director or share holder of a company according to Companies Ordinance 1984? Select correct option:

5% voting rights 10% voting rights 15% voting rights

20% voting rights

Start Time: 05:49 PM Time Left 75 sec(s)

Question # 15 of 15 ( Start time: 06:04:10 PM ) Total Marks: 1 LIFO means? Select correct option:

Last-In-First-Out Large Integrated Financial Organization The Last-In-First-Out method of approximating the cost of stock None of the given options

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Quiz Start Time: 08:34 PM Question # 1 of 20 ( Start time: 08:34:29 PM ) Which of the following is not a recommended method of inventory costing under IAS-2? Select correct option: Total Marks: 1

FIFO (First in First Out)

LIFO (Last in First Out)

Average Cost

None of the given options

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Quiz Start Time: 08:34 PM Question # 2 of 20 ( Start time: 08:35:29 PM ) Total Marks: 1

Which of the followings is/are not allowed to be revalued in accordance with IAS-16? Select correct option:

Land

Capital work in progress

Motor vehicles

All of the given options

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Quiz Start Time: 08:34 PM Question # 3 of 20 ( Start time: 08:36:14 PM ) SECP (Securities and Exchange Commission of Pakistan) is governed by the Select correct option: Total Marks: 1

Ministry of Interior

Ministry of Affairs

Ministry of Finance

Ministry of Commerce

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Quiz Start Time: 08:34 PM Question # 4 of 20 ( Start time: 08:37:38 PM ) Total Marks: 1

If the holding company owns more then 50% but less then 100% shares of the subsidiary company then the subsidiary type will be termed as: Select correct option:

Partially owned subsidiary

Wholly owned subsidiary

Direct subsidiary

Indirect subsidiary

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Quiz Start Time: 08:34 PM Question # 5 of 20 ( Start time: 08:38:17 PM ) What is the benchmark treatment of borrowing cost under IAS-23? Select correct option: Total Marks: 1

It should be charged as an expense

It should be capitalized

It should be both charged as an expense and capitalized

None of the given options

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Quiz Start Time: 08:34 PM Question # 6 of 20 ( Start time: 08:39:09 PM ) Which of the following sections of the Companies Ordinance 1984 is related to the Statutory Meeting? Select correct option: Total Marks: 1

Section 157

Section 158

Section 159

Section 160

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Quiz Start Time: 08:34 PM Question # 7 of 20 ( Start time: 08:39:39 PM ) Total Marks: 1

According to Companies Ordinance 1984, at least what percentage of majority favor is required to pass the "Special Resolution"? Select correct option:

45%

60%

75%

90%

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Quiz Start Time: 08:34 PM Question # 8 of 20 ( Start time: 08:40:20 PM ) Which one of the following IAS is related to the Interest in Joint Venture? Select correct option: Total Marks: 1

IAS 27

IAS 28

IAS 31

IAS 32

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Quiz Start Time: 08:34 PM Question # 9 of 20 ( Start time: 08:40:56 PM ) What should be the treatment of research cost incurred by a business according to IAS-38? Select correct option: Total Marks: 1

It should be recorded as a part of capital of the business

It should be recorded as non-current asset

It should be recorded as current asset

It should be recorded as expense for the period

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Quiz Start Time: 08:34 PM Question # 10 of 20 ( Start time: 08:42:00 PM ) Total Marks: 1

Which of the following is (are) example(s) of monetary asset(s) with physical existence? Select correct option:

Design

Notes receivable

Trademark

Both design and trademark

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Quiz Start Time: 08:34 PM Question # 11 of 20 ( Start time: 08:43:29 PM ) Which of the following is an identifiable non-monetary asset without physical substance? Select correct option: Total Marks: 1

Tangible Asset

Intangible Asset

Floating Asset

Circulating Asset

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Quiz Start Time: 08:34 PM Question # 12 of 20 ( Start time: 08:44:19 PM ) Impairment loss on an asset is occurred due to: Select correct option: Total Marks: 1

Internal factors

External factors

Both internal and external factors

None of the given option

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Quiz Start Time: 08:34 PM Question # 13 of 20 ( Start time: 08:45:40 PM ) Total Marks: 1

On 1st January 2001, a XYZ company purchased a laser printer costing Rs.7,000. The printer has an estimated life of 4 years after which it will have no residual value. The depreciation charge for 2003 on printer on straight line basis will be: Select correct option:

Rs.1850

Rs.1750

Rs.1950

None of the given

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Quiz Start Time: 08:34 PM Question # 14 of 20 ( Start time: 08:46:31 PM ) Total Marks: 1

A business has the following items extracted from its accounting records. Cost of Sales Rs.85,000 Opening inventory Rs.10,000 Closing inventory Rs.15,000 What will be the cost of purchased material? Select correct option:

Rs.105,000

Rs.85,000

Rs.100,000

Rs. 90,000

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Quiz Start Time: 08:34 PM Question # 15 of 20 ( Start time: 08:47:45 PM ) Which of the following entities is profit oriented entity? Select correct option: Total Marks: 1

NGOs

Trust

Societies

Sole - proprietorship

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Quiz Start Time: 08:34 PM Question # 16 of 20 ( Start time: 08:48:12 PM ) Which organizations are required special approvals from SECP for their establishment? Select correct option: Total Marks: 1

Manufacturing Organizations

Non Profit Organizations

Profit Making Organizations

Service Organizations

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Quiz Start Time: 08:34 PM

Question # 17 of 20 ( Start time: 08:49:15 PM ) In which year, local legislations of Pakistan permitted to make private limited company by a single person? Select correct option:

Total Marks: 1

2002

2001

2000

1999

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Quiz Start Time: 08:34 PM Question # 18 of 20 ( Start time: 08:50:43 PM ) Which of the following is (are) intangible resources for a company? Select correct option: Total Marks: 1

Software licensing

Royalty

Production rights

All of the given options

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Quiz Start Time: 08:34 PM Question # 19 of 20 ( Start time: 08:51:40 PM ) Which of the following is (are) related with the IAS 23? Select correct option: Total Marks: 1

Qualifying Assets

Amount to be capitalized related to the Borrowing cost

Capitalization period related to the Borrowing cost

All of the given options

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Quiz Start Time: 08:34 PM Question # 20 of 20 ( Start time: 08:52:26 PM ) Total Marks: 1

Which of the following statement is/are INCORRECT under the Cost Method for recognition of investment in associated companies? Select correct option:

Any distribution of profits by the investee company is recorded as an expense

Any distribution of profits by the investor company is recorded as an income

The carrying amount of the investment is increased or decreased to reorganize the investor s share of profits or losses of the investee aft

All of the given options

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sec(s)

Quiz Start Time: 04:46 PM Question # 2 of 10 ( Start time: 04:48:13 PM ) The closing stock will be shown under the head of _________ in Balance Sheet. Select correct option:
Non current Assets

Total Marks: 1

Current Assets

Intangible Assets

Tangible Assets

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Quiz Start Time: 04:46 PM Question # 3 of 10 ( Start time: 04:49:21 PM ) Total Marks: 1

Which of the following is/are INCORRECT with respect to the Capital section of the balance sheet for a sole-proprietorship? Select correct option:
Opening Capital New Capital + Profit for the year = Closing Capital

Opening Capital New Capital + Loss for the year = Closing Capital

Opening Capital Loss for the year + Drawings = Closing Capital

All of the given options

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Quiz Start Time: 04:46 PM Question # 4 of 10 ( Start time: 04:50:49 PM ) Total Marks: 1

The closing balance of inventory will be if: Opening inventory will Rs.1, 000, purchases will Rs.10, 000 and cost of sales will Rs.10,500. Select correct option:
Rs. 1,000

Rs. 500

Rs. 1,500

Rs. 950

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Quiz Start Time: 04:46 PM Question # 5 of 10 ( Start time: 04:51:49 PM ) Which of the following is related to the qualitative characteristics that make financial information useful? Select correct option:
Understandability

Total Marks: 1

Comparability

Both Understandability and Comparability

Reliability and Relevancy

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Quiz Start Time: 04:46 PM Question # 6 of 10 ( Start time: 04:53:09 PM ) Which one of the following IAS is related to the Interest in Joint Venture? Select correct option:
IAS 27

Total Marks: 1

IAS 28

IAS 31

IAS 32

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Quiz Start Time: 04:46 PM Question # 7 of 10 ( Start time: 04:53:53 PM ) What is the treatment of Depreciation in accounting? Select correct option:
Treated as a reserve

Total Marks: 1

Treated as an expense

Treated as a surplus

Treated as a Liability

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Quiz Start Time: 04:46 PM Question # 8 of 10 ( Start time: 04:54:27 PM ) Who issues International Accounting Standards? Select correct option:
Board of International Standards on Auditing

Total Marks: 1

International Accounting Standards Board

Institute of Chartered Accountants of Pakistan

Securities and Exchange Commission of Pakistan

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Quiz Start Time: 04:46 PM Question # 9 of 10 ( Start time: 04:55:42 PM ) Which of the following is (are) related with the IAS 23? Select correct option:
Qualifying Assets

Total Marks: 1

Amount to be capitalized related to the Borrowing cost

Capitalization period related to the Borrowing cost

All of the given options

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Quiz Start Time: 04:46 PM Question # 10 of 10 ( Start time: 04:56:41 PM ) Total Marks: 1

How many person(s) is(are) required to takeover the business after the death of a member in case of Single Member company? Select correct option:
Seven

Three

Two

One

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