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# MGT401 Current Mid Term Papers Nov 2011, (Fall 2011)

Current Mid Term Papers Nov 2011, (Fall 2011)

Current Fall 2011 Papers, November 2011 Papers, Mid Term Fall 2011 Papers, Solved Papers, Solved Past Papers, Solved MCQs

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Please Share your Current Papers Questions/Pattern here to help each other. Thanks

subjective questions

Difference in perpetual inventory system periodic inventory system
laibilities
lifo method numerical
historical cost realized value current cost
MCQ's mix thy

TODAY MY PAPER WAS MGT401

THERE R TOTAL 32 QUESTION IN WHICH 28 R MCQS WHICH R FROM PAST PAPERS AND AND 4 LONG QUESTION

ONE IS NUMERICAL QUESTION FROM LIF0

2ND IS IDENTIFYING WHICH OF THE FOLLOWING IS FINANCIAL ASSET

1.GOLD

2.BANK BALLANCE

3.CASH

3RD ONE IS Define Contingent Liabilities?

yar plz share the past paperz jha se tum ko mcqs aya tha plz yar

Total question = 32

Mcq’z = 28

2 question (3 marks each)

2 question (5 marks each)

Subjective questions

3 marks each

1) Numerical: Calculation of value of stock using LIFO method

2) What do you know about financial liabilities?

5 marks each

1) Differentiate between FIFO & LIFO method. (5 marks)

2) Define long term liabilities. Which heads included in long term liabilities.

MGT401

Total question = 32

Mcq’z = 28

2 question (3 marks each)

2 question (5 marks each)

Subjective questions

3 marks each

1) Numerical: Calculation of value of stock using LIFO method

2) What do you know about financial liabilities?

5 marks each

1) Differentiate between FIFO & LIFO method. (5 marks)

2) Define long term liabilities. Which heads included in long term liabilities.

Some important solved mcqs
Q1: According to IAS-16, at which value assets are initially
measured?

1-Cost
2-Revalued Amount
3-Carrying Amount
4-Fair Value

Q2: A machine has historical cost value of Rs.200,000 while
accumulated depreciation up to five years is Rs. 110,000 and
depreciation for 5th year is Rs. 15,000.What will be the carrying
value of the machine at the end of 5th year?

1-75000
2-295000
3-185000
4-None of the above

Q3: In which situation, company ABC and XYZ can be
interconnected?
1-Associated to Each Other
2-One is parent co. to another
3-Business relationship
4-All of the above

Q4: What is reflected by the Memorandum of Association (MOA)
of a company?

1-Operating procedures
2-Rules
3-Scope of Business
4-All of the above

Q5: Which of the following represents the qualify Asset?

1-Asset ready to be used
2-Work in progress
3-Site uder Construction
4-All of the above

Q6: Which of the following IAS deals with Inventories?
1-IAS-36
2-IAS-32
3-IAS-02
4-IAS-39

Q7: ABC Chemicals Ltd. acquired an asset in year 2005. After five
years, it has been assessed that the carrying value of asset is
significantly higher than its recoverable value. What does this
situation called in accounting language?
1-Impairment Loss
2-Depreciation
3-Carrying Loss
4-None of the above

Q8: Which of the following schedule of the Company Ordinance
1984 is related to the classification of intangible assets?

1-2nd
2-1st
3-4th
4-3rd

Q9: Which organizations are required special approvals from
SECP for their establishment?
1-Manufacturing firms
2-Non-profit organizations
3-Public Limited Co.
4-All of the above

Q10: Which of the followings is/are not allowed to be revalued in
accordance with IAS-16?
1-Plant
2-Office Equipment
3-Motor Vehicles
4-Investment Properties

Total questions 32

28 mcqs

3marks

Balance (Jan 1st 2008)                                      100units @8.00 per unit

Purchase (Jan 1st)                                             100units @9.00 per unit

Issued  (Jan 3rd)                                                100units

Calculated the value of inventory on Jan 3rd 2008 using weighted average method

3marks

What items are included in notes to account of stock in trade?

5marks

• Opening stock                                      40000
• Purchase stock                                     60000
• Return in ward                                      10000
• Wages                                                  5000
• Salaries                                                10000
• Rent                                                     10000
• Closing stock                                        20000

Calculate the cost of goods sold for trading concern?

5marks

Briefly described the following pass of measuring the elements of financial statement with the respect to the ISAB’s framework?

• Historical cost
• Current cost
• Realization value

Total question = 32

Mcq’z = 28

2 question (3 marks each)

2 question (5 marks each)

Subjective questions

3 marks each

1) Numerical: Calculation of value of stock using LIFO method

2) What do you know about financial liabilities?

5 marks each

1) Differentiate between FIFO & LIFO method. (5 marks)

2) Define long term liabilities. Which heads included in long term liabilities.

Today’s paper of mgt401 time 8:00

Total 32 questions

28 mcq’s

4 subjective

Disclosure of cash and bank balances marks 3

Write down the major classification of liabilities marks 3

Disclosure of joint venture with respect to equity method marks 5

Define current liabilities. Names the heads of current liabilities. Marks 5

# MGT401 Midterm Paper December 3, 2011 shared by Sehrish Rao

1  Briefly discuss (5)

Historical cost

Current cost

Realizable value

2        Write down the component of financial statement with respect to the IASB FRAMEWORK..(3)

If balance janurary (1, 2008)        100 units,9 Rs per unit

Jan 1          received                      100 units,8 Rs per unit

Jan 3         issued                               100 units

Then calculate the value of inventories of January 3,2008 using weighted average method.(5)

4   question yaad nhi :ppPp

Note : ALL mcq’s were from past papers :D

MGT401 Midterm Paper December 3, 2011 shared by Sehrish Rao

1 Briefly discuss (5)
Historical cost
Current cost
Realizable value

2 Write down the component of financial statement with respect to the IASB FRAMEWORK..(3)

If balance janurary (1, 2008) 100 units,9 Rs per unit

Jan 1 received 100 units,8 Rs per unit

Jan 3 issued 100 units

Then calculate the value of inventories of January 3,2008 using weighted average method.(5)

4 question yaad nhi :ppPp

Note : ALL mcq’s were from past papers
MGT401 Midterm Paper December 3, 2011 shared by Sehrish Rao

1 Briefly discuss (5)
Historical cost
Current cost
Realizable value

2 Write down the component of financial statement with respect to the IASB FRAMEWORK..(3)

If balance janurary (1, 2008) 100 units,9 Rs per unit

Jan 1 received 100 units,8 Rs per unit

Jan 3 issued 100 units

Then calculate the value of inventories of January 3,2008 using weighted average method.(5)

4 question yaad nhi :ppPp

Note : ALL mcq’s were from past papers

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