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MGT401 Current Grand Quiz + Mid Term Quiz Fall 2020 Preparation Material Due Date: 26-12-2020

MGT401 Current Grand Quiz + Mid Term Quiz Fall 2020 Preparation Material Due Date: 26-12-2020

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Replies to This Discussion

  • Which of the followings item(s) must be disclosed on the face of income statement according to IAS-1?

 

  • Revenue
  • Results of operating activities
  • All of the given options Page No (154)
  • Finance costs

 

 

  • Which of the following is the combined account for showing both result of business, i.e., gross and net profits?

 

  • Trading and profit and loss account
  • Profit and loss appropriation account
  • Income statement
  • None of the given options

 

  • The goods are written off when:

 

  • These are completely damaged
  • These are stolen
  • These are destroyed by fire
  • All of the given options

 

 

  • Which of the following bases, stock should be valued according to IAS-2?

 

  • Cost
  • Higher of cost or net realizable value
  • Lower of cost or net realizable value
  • Net realizable value Page No (47)

 

 

  • Which of the following business is formed by the approval of Stock Exchange?

 

  • Money Exchange Company
  • Non-Banking Finance Corporation
  • Trade organization u/s 42 of the Companies ordinance
  • 1984 Corporate Brockage House

 

 

 

 

 

  • Which of the following fixed asset is shown at cost rather at book value?

 

  • Machinery
  • Furniture
  • Vehicles
  • Land

 

 

 

 

  • Which of the following is NOT related to the qualitative characteristics that make financial information useful?

 

  • Reliability only
  • Relevancy only
  • Both Reliability and Relevancy
  • Understandability

 

  • An intangible asset with indefinite useful life shall:

 

  • Be amortized using straight line method?
  • Not to be amortized
  • Be amortized using reducing balance method
  • Either be amortized using straight line method OR be amortized using reducing balance method

 

 

  • The capital maintenance concept implies that:

 

  • The capital of a business should be kept intact by not paying out dividends.
  • A business should invest its profits in the purchase of capital assets.
  • Fixed assets should be properly maintained.
  • Profit is earned only if the value of an organization’s net assets or its operating capability has increased during the accounting period.

 

 

  • The cost of inventories of a service provider does not consist of:

 

  • Costs of personnel directly engaged in providing the service
  • Supervisory personnel
  • Attributable overheads.
  • Labor and other costs relating to sales

 

 

 

 

 

 

 

  • Which one of the following is the concept of the capital maintenance?

 

  • Financial capital maintenance
  • Physical capital maintenance
  • Both Physical and Financial capital maintenance Page No (104)
  • None of the given options

 

 

  • If the closing balance is lower than the difference of the opening balance and depreciation for the Year, it shows:

 

  • An addition of fixed assets has been taken place
  • A disposal of fixed assets Page No (180)
  • Fixed assets are installed under finance lease
  • None of the given options

 

 

  • Which of the following item may be included in a Balance Sheet at more than its historical cost?

 

  • Good will
  • Land
  • Research expenditures
  • Work in progress

 

 

  • The valuation of stock at lower of its cost or net realizable value is an application of:

 

  • The consistency concepts
  • The going concern concept
  • The prudence concepts
  • The accrual concepts

 

 

  • Contribution to Research foundation amounting to Rs. 100,000/- Whether it is:

 

  • Development cost
  • Development cost & capitalized
  • Research expenses
  • None of the given options

 

  • There are ____ methods for recognition of investment in associated companies:

 

  • One
  • Two (Cost method & Equity method) Page No 43
  • Three
  • Four

 

 

  • ______is the estimated selling price in the ordinary course of business less the estimated cost necessary to make the sale.

 

 

  • Net realizable value
  • Carrying value
  • Market value
  • All of the given options

 

 

  • Cost of the inventory is calculated with which of the following method:

 

  • First in First Out (FIFO) & Last in First Out (LIFO)
  • Specific identification of cost
  • Weighted Average
  • All of the given options Page No (48)

 

 

  • The table shows information relating to end of year stock:

 

Particulars

Rs.

Cost

100,000/-

Realizable value

90,000/-

Cost of selling

10,000/-

Replacement cost

70,000/-

According to IAS 2, what is the value of stock at the balance sheet date?)   

                       

  • 90,000/-
  • 80,000/-
  • 100,000/-
  • 70,000/-

 

  • The cost of inventories of a service provider consists of which of the following:

 

  • Labor
  • Other costs of personnel directly engaged in providing the service
  • Labor and other costs relating to sales
  • All of the given options

 

 

  • Which of the following is the disadvantage of modified schedules and alternative workplace?

 

  • Freedom in professional and personal life
  • Adds more Job satisfaction
  • Complicated coordination
  • Suitable for self-starter who require little direct supervision

 

 

  • Revenue expenditure is likely to benefit:

 

  • Future period
  • Current + future period
  • Current period Page No (19)
  • Past period

 

 

  • Net investment in the lease is:

 

  • Residual value
  • MLP + URV
  • V of G.I
  • None

 

 

  • What is material?

 

  • Item that could influence economic decision of users
  • It depends on size and nature of them
  • Both economic decision of users & size and nature of them
  • None of the given options

 

 

  • As a result of a product break through, it has been determined that manufacturing equipment previously depreciated over 15 years should be depreciated over 20 years whether it is:

 

  • Changes in accounting policy
  • Prior period error
  • Changes in accounting estimate
  • None of the given options

 

 

  • Example of change in accounting estimates are the followings:

 

  • Bad Debts
  • Inventory obsolescence
  • Warranty obligations
  • All of the given options Page No (169)

 

 

  • Imran & Co made a profit for the year of Rs. 56,250 after accounting for depreciation Rs. 3,750. During the year, fixed assets were purchased for 24,000 debtors increased by Rs. 3,000, stock decreased by Rs. 5,400 and creditors increased by Rs. 1,050.

 

The increase in cash and bank during the year was:

  • 39,450 = (56250+3750) - (24,000+3,000-5400-1050)
  • 15,950
  • 14,650
  • 17,150

 

 

  • Khan & reported a profit of Rs. 30,000 for the year, after charging the following:

 

Depreciation Rs. 5,000

Loss on sale of assts Rs. 2,000

 

During the year there was a decrease in working capital of Rs. 1,000. What was the net cash flow generated from operations?

 

  • 12,000
  • 38,000 = (30,000+5,000+2,000+1,000)
  • 20,000
  • 25,000

 

 

  • Which of the following is not a cash flow in a cash flow statement?

 

  • A right issue
  • A depreciation charges
  • Proceeds on the sale of a fixed asset
  • Corporation tax paid

 

 

 

  • A cash flow statement provides information that enables user to evaluate:

 

  • Changes in net assets
  • Financial structure
  • Amounts and timing of cash flows
  • All of the given options

 

  • The accounting entity or separate entity concept means.

 

  • That each branch of the business should be treated as a separate accounting entity.
  • That each line of business should be treated as a separate accounting entity.
  • That business should be treated as an entity separate from its owners.
  • None of the above.

 

 

  • You are running a small business. You have obtained a personal loan from the bank that you intend to use for renovation of your own house. The loan would be classified as:

 

  • Long term liability of the business.
  • Short term liability of the business.
  • Any one of the above depending upon the term of the loan.
  • None of the above.

 

Ans:  None of the above.

 

Following the separate entity concept only those transactions will be recorded in the books of the business that relate to the business. A personal loan of the owner will not be recorded in the books of the business at all.

 

  • Assets and liabilities are classified into current and non-current on the basis of:

 

  • Their expected life or repayment term.
  • The amount spent or payable i.e. on the basis of materiality.
  • Judgement of the individual.
  • All of the above.

 

Ans. Their expected life or repayment term.

 

In case of assets the major classification of the assets includes Non-current assets and Current Assets, whereas in case of liabilities the major classifications are:

Equity,

  • Non-Current Liabilities
  • and Current Liabilities.

All these classifications are based on the expected life of the asset or the repayment term, there value of the judgement of the individual do not affect their classification

 

 

  • Which of the following statements best defines the term “Useful life of an asset”?

 

  • It is the time period after which the asset becomes useless.
  • It is the time period after which the organization sells the asset.
  • It is the time period after which maintaining the asset is not viable economically.
  • None of the above.

 

Ans:     It is the time period after which maintaining the asset is not viable economically.

 

Useful life of an asset is defined as the number of years over which an enterprise expects to use an asset. OR The number of production or similar units expected to be obtained from an asset. This means that the enterprise would like to use the asset as long as it is economically feasible for the enterpriser to operate the asset. Economic feasibility means that the asset is giving more output than the cost incurred to operate it.

 

 

 

  • What is depreciation?

 

  • Market value of an asset reduces with the passage of time. This reduction is called depreciation.
  • Systematic allocation of depreciable amount of an asset over its useful life.
  • It is the cost of maintaining an asset.
  • All of the above.

 

Ans:     Systematic allocation of depreciable amount of an asset over its useful life.

 

Depreciation is a charge for using the asset or spreading its cost of purchase over the life of the asset and is calculated by distributing the cost of the asset over its useful life.

 

 

  • The consideration that would have to be paid if same or an equivalent asset is acquired. Such kind of consideration is called:

 

  • Current cost Page No (104)
  • Periodic cost
  • Fixed Cost
  • Semi-annual cost

 

  • ______is the undiscounted amounts of cash or cash equivalents expected to be paid to satisfy the liabilities in the normal course of business.

 

  • Settlement value Page No (104)
  • Realizable value
  • Residual value
  • None of the given options

 

  • Which of the following is a tool of measuring financial position of an entity?

 

  • Balance sheet Page No (96)
  • Income statement
  • Cash flow statement
  • All of above

 

  • _____are included in the cost on inventories only to the extent that they are incurred in bringing the inventories to their present location and condition.

 

  • Other costs
  • Installation cost
  • Transportation cost
  • Carrying cost

 

 

 

 

 

 

  • In perpetual Inventory systems inventory is recorded as:

 

  • Receipt of inventory is debited to purchases account.
  • No recording is made for individual issue in the General Ledger.
  • Receipt of inventory is credited to Stock Account.
  • Issues are Credited to Stock Account and Debited to Material Consumption Account Page No (51)

 

 

  • Which of the following is not a component of financial statement?

 

  • Balance sheet and Income statement
  • Statement of changes in equity
  • Cash flow statement
  • None of the above

 

 

  • Cash discounts are received on early payment of the outstanding amount. These discounts are:

 

  • Non conditional and reduce from the value of the inventory.
  • Conditional and reduce from the value of the inventory.
  • Non conditional and are not reduced from the value of the inventory.
  • Conditional and are not reduced from the value of the inventory. Page No (55)

 

  • Stores and spares are valued at:

 

  • Cost value
  • Market value
  • Cost or market whichever is less Page No (62)
  • Cost or market whichever is greater

 

  • Stores and spares include items which may result in _____but are not distinguishable.

 

  • Revenue expenditure
  • Fixed capital expenditure Page No (64)
  • Both capital and revenue expenditure
  • None of the above

 

  • The cost of inventories may not be recoverable if:

 

  • Those inventories are damaged
  • They have become wholly or partially obsolete
  • Their selling price has declined
  • All of above Page No (49)

 

 

 

 

  • IAS 1 suggests certain order for notes to the financial statements. This will assist users when comparing the statements of different entities. By applying above statement, which of the following does not include in IAS

 

  • Statement of compliance with IAS’s
  • Statement of the measurement basis and accounting policies applied
  • Other disclosures
  • None of the given options

 

 

  • Revenue shall be measured at ______ of the consideration received or receivable.

 

  • Fair value Page No (159)
  • Cost value
  • Discount value
  • None of the given options

 

  • Depreciation, maintenance, rent, utilities and management costs of administrative offices are charged to:

 

  • Administrative cost
  • Distribution Costs
  • Finance Costs
  • Cost of Goods Sold

 

  • Under IAS 28 investment in associates is recorded using which of the following method?

 

  • Equity method
  • Cost & Equity method
  • Cost method
  • None of the given options

 

 

  • IAS 36 “Impairment of Assets” defines that recognition of gains / losses is always due to ______of the assets:

 

  • Change in Fair value
  • Addition of assets
  • Deletion of assets
  • Depreciation

 

 

 

 

 

  • Distribution costs are expenses that are directly related to:

 

  • Selling the products of the entity Page No (162)
  • Mark up paid on loans and leases
  • Administration and management of the business.
  • All of the given options

 

 

  • An entity shall present a statement of changes in equity, showing which of the following on the face of the statement:

 

  • Profit or loss for the period
  • Total income and expense for the period
  • Total amounts attributable to equity holders of the parent and to minority interest
  • All of the given options Page No (165)

 

 

  • Other operating income, includes which of the following:

 

  • Income from financial assets
  • Income from investments in debts, loans, advances and receivables to each related party
  • Income from assets other than financial assets
  • All of the given options Page No (152)

 

  • Under which of the following circumstances provision might not be recognized?

 

  • The board agreed a detailed closure plan on 20 December 20X9 and details were given to customers and employees.
  • A company is obliged to incur cleanup costs for environmental damage (that has already been caused)
  • A company intends to carry out future expenditure to operate in a particular way in the future.
  • None of the given options

 

  • Cost of goods sold includes which of the following:

 

  • Sales and distribution costs
  • Depreciation, maintenance, rent and utilities
  • Direct labor cost Page No (161)
  • Advertisement costs

 

 

 

 

 

 

 

  • Management shall use its judgment in developing and applying an accounting policy that results in information that is:

 

  • Relevant to the economic decision-making needs of the user
  • Reliable, in that the financial statements & Neutral
  • Complete in all material respects & Prudent
  • All of the given options Page No (166)

 

  • Accounting policies should be applied consistently for          

 

  • Similar Page No (168)
  • Divergent
  • Contradictory
  • Conflicting

 

  • Cash Flow Statement means:

 

  • A statement shows the movement in cash resources of the business
  • The statement shows the sources from which business generated cash and its application.
  • A statement analyses operating, investing and financing activities of the business
  • All of the given options Page No (170)

 

  • Ahmed & Co. issued shares how would a bonus issue of shares effect a cash flow statement:

 

  • It would reduce cash flow from operations
  • It would have no effect on cash flow
  • It would increase cash flow from investing activities
  • It would increase cash flow from financing activities

 

  • Cash flow from operating activities are generally derived from the principal of ____ the business:

 

  • Revenue producing activities Page No (172)
  • Capital producing activities
  • Cash receipts & payment activities
  • Cash receipts & payment from owner activities

 

 

 

 

  • At the time of inception of lease, in cash flow statement, Asset and Liability is recorded in Balance Sheet. However, in case of cash flows:

 

  • Only payment of Lease Rentals is shown as outflow Page No (180)
  • Both payment of finance lease & Lease Rentals is shown as outflow
  • Only payment of Lease Rentals is shown as inflow
  • Only payment of finance charge is shown as outflow

 

  • Which of the following statement would be considered as out flow, in the outflow statement?

 

  • The difference between the old and new valuations in the case of the revaluation of fixed assets
  • Proceeds as a result of selling fixed assets
  • The depreciation charge for the current year
  • The repayment of a bank loan

 

 

  • Imran & Co. changed LIFO method to FIFO method to valuate for its finished goods inventory. Whether it is:

 

  • Change in accounting estimates
  • Prior period errors
  • Change in accounting policy
  • None of the given options

 

 

  • A prior period shall be corrected by:

 

  • Retrospective restatement Page No (168)
  • Prospective application
  • Shall not be corrected
  • None of the above

 

 

  • Reporting Inventory at the lower of cost or market value is a departure from the accounting principle of:

 

  • Full disclosure
  • Historical cost
  • Consistency
  • Conservatism

 

 

 

  • Issuance of shares at discount is the inverse of:

 

  • Issuance of Bonus
  • Issuance at Premium Page No (116)
  • Right Shares Issue
  • Further Issue

 

  • A private company is not required to issue a _____ as it is prohibited by its articles from inviting general public to subscribe for its shares.

 

  • Cash flow statement
  • Prospectus Page No (123)
  • Income statement
  • Balance sheet

 

 

  • Risks and rewards associated with the ownership related to:

 

  • Finance Lease
  • Operating Lease
  • Hire Purchase Agreement
  • Installments

 

  • Minimum lease payment (MLP) includes from lessor point of view:

 

  • Total payment
  • Residual value guaranteed by lessee Page No (128)
  • Party related to him or third party
  • All of the given options

 

  • In operating lease, rental expenses should be charged to:

 

  • Balance sheet
  • Profit and loss account
  • Income of lessee
  • None of the given options

 

  • Fair presentation means:

 

  • Application of Companies Ordinance 1984
  • Income Tax Ordinance, 2001
  • IAS with additional disclosure
  • None of the given options

 

 

 

 

 

 

 

  • Rendering of services, revenue associated with the transaction can be estimated reliably when, which of the following conditions are satisfied:

 

  • The amount of revenue cannot be measured reliably
  • It is doubtful that economic benefits associated with the transaction will flow to the entity
  • The stage of completion of the transaction at the balance sheet date can be measured reliably Page No (160)
  • The cost incurred for the transaction and the cost to complete the transaction cannot be measured reliably

 

 

  • Which transaction will cause an increase in capital employed?

 

  • Receipt of payment from account receivables in cash
  • Increasing the provision for bad debts
  • Receipt of a loan
  • Disposal of a fixed asset for more than its book value

 

 

  • Income statement formats based on classification of:

 

  • Expenses
  • Incomes
  • Revenues
  • All of the given options

 

 

  • Preliminary expenses are an example of:

 

  • Revenue expenditure
  • Deferred revenue expenditure
  • Capital expenditure
  • None of the given options

 

  • The stock sheet for the previous year was incorrectly under casted by Rs. 200,000, whether it is:

 

  • Changes in accounting policy
  • Change in accounting estimate
  • Prior period error
  • None of the given options

 

 

 

 

 

 

 

 

 

 

 

  • An example of cash flows from operating activities is:

 

  • Cash receipt from sale of goods and rendering of services
  • Cash payment to acquire property plant and equipment
  • Proceed from short term financing
  • Cash payment and receipt from acquisition and disposal other long-term assets

 

 

  • Inventories are carried in the books of accounts according to the methods of valuation given in:

 

  • IAS 28
  • IAS 2
  • IAS 4
  • IAS 29

 

 

  • According to the International Accounting Standards any decrease in the value of goodwill is made with the help of:

 

  • Amortization
  • Impairment
  • Depreciation
  • None of the given options

 

 

 

  • Stock is valued using FIFO. Opening stock was 10 units at 2 each. Purchases were 30 units at Rs. 3 each, then issues of 12 units were made, followed by issues of 8 units. Closing stock is valued at:

 

  • 58
  • 50
  • 70
  • 60

 

 

  • The historical cost convention:

 

  • Fails to take account of changing price levels over time.
  • Records only past transactions.
  • Values all assets at their cost to the business, without any adjustment for depreciation.
  • Has been replaced in accounting records by a system of current cost accounting.

 

 

 

 

 

 

 

 

  • The issue of the shares at discount must be authorized by resolution passed in _______ of the company and must be sanctioned by the Commission.

 

  • General Meeting Page No (117)
  • Extra Ordinary Meeting
  • Statutory Meeting
  • None of the given options

 

  • Property, plant and equipment are carried in the books of accounts in accordance with the requirements of:

 

  • IAS 2
  • IAS 4
  • IAS 16
  • IAS 28

 

  • A public company is required to file a _______ with SECP before allotment of

 

  • Prospectus
  • Statement in lieu of prospectus Page No (123)
  • Articles of Association
  • None of the given options

 

 

  • A person who acquires shares in a Company is known as a:

 

  • Director
  • Shareholder
  • Partner
  • Manager

 

 

  • The amount of the issued share capital of a company is:

 

  • Always equal to the amount of its authorized share capital
  • Equal to the amount of its issued preference share capital
  • Equal to the reserves of the company
  • None of the given options

 

 

  • Contingent liabilities are written in Balance Sheet as:

 

  • Long Term Deposits
  • Current Liabilities
  • Long Term Loans
  • Foot Notes

 

 

 

 

  • Which of the following is NOT an example of current liability?

 

  • Bank overdraft
  • Loan given to Mr. A for shorter period Page No (14)
  • Accounts Payable
  • Loan received form Mr. B for shorter period

 

  • Which one of the following is the present obligation of the entity as a result of past even from which future economic benefits are expected to flow to the entity?

 

  • Asset
  • Gain
  • Liability
  • Expense

 

 

  • Which of the following is an increase in the future economic benefits related to an increase in an asset or a decrease of a liability that can be measured reliably?

 

  • Equity
  • Income
  • Liability
  • Expense

 

 

  • Which of the following is TRUE with respect to the Prudence concept?

 

  • Financial Information presented in the financial statements relating to the assets and incomes should not be overstated and relating to liabilities and expenses should not be understated.

 

  • Financial Information presented in the financial statements relating to the assets liabilities, expenses and incomes should not be overstated.

 

 

  • Financial Information presented in the financial statements relating to the assets liabilities, expenses and incomes should not be understated.
  • Financial Information presented in the financial statements relating to the assets and incomes should not be understated and relating to liabilities and expenses should not be overstated.

 

 

 

 

 

 

 

 

 

 

 

  • The accruals concept:

 

  • Applies to revenue and expenses only
  • Applies to assets and liabilities only
  • Applies to revenue, expenses, assets and liabilities
  • Is not a fundamental accounting concept

 

 

  • Which of the following is TRUE with respect to the disclosure requirements of Trade Debts?

 

  • Provision for doubtful debts is deducted from the doubtful debts
  • Doubtful debts are deducted from the Provision for doubtful debts
  • Doubtful debts and its Provision are shown separately as asset
  • Provision for doubtful debts is not taken into consideration

 

 

  • Trade debts secured are to be shown in the balance sheet under the head of:

 

  • Non-Current Assets
  • Current Liabilities
  • Current Assets
  • Capital

 

  • Which of the following is NOT the type of Market Risk?

 

  • Price Risk
  • Liquidity Risk
  • Interest Rate Risk
  • Currency Risk
  • Which one of the following is NOT an example of Financial Instruments?

 

  • Inventories
  • Loans payable
  • Share capital
  • Debentures
  • Which of the following IAS mainly covers Financial Instruments of other long-term investments?

 

  • IAS 27 & 32
  • IAS 28 & 39
  • IAS 32 & 39
  • IAS 31 & 32

 

 

 

 

  • Which one of the following is related to the IAS 27?

 

  • Consolidated and Separate Financial Statements
  • Interest in Joint Venture
  • Financial Instruments Disclosure and Presentation
  • Financial Instruments Recognition and Measurement

 

  • A fixed asset cost Rs. 8,000; it is sold for Rs. 4,800. At the date of its disposal, its net book value is Rs. 3,000. What is the profit or loss on disposal?

 

  • Profit Rs. 3,200
  • Loss Rs. 3,200
  • Loss Rs. 1,800
  • Profit Rs. 1,800

 

 

  • A firm depreciated its fixed assets purchased on January 01, 1993 at the rate of 25% per annum using the reducing balance method. If the total depreciation charged on these assets up to 31st December, 1995 was Rs. 23,125, their net book value at that date was:

 

  • 16,875
  • 17,500
  • 7,708
  • 10,000

 

Formula: (23125/0.75) – 23125 = 7708

 

  • Which of the following is NOT the Classification of Current Assets with respect to the Companies Ordinance 1984?

 

  • Stock
  • General Stores
  • Spare parts
  • Fixture

 

  • Which one of the following methods for inventory valuation is most conservative method during periods of rising prices?

 

  • FIFO Method
  • Weighted Average Method
  • Specific Identification Method
  • LIFO Method

 

 

 

 

 

  • According to the Allowed Alternative Treatment, which of the following method is used for stock valuation?

 

  • FIFO Method
  • LIFO Method
  • Weighted Average Method
  • Specific Identification Method

 

  • Which of the following is(are) related with the IAS 23?

 

  • Qualifying Assets
  • Amount to be capitalized
  • Capitalization period
  • All of the given options
  • Revaluation of asset is conducted by:

 

  • Directors
  • Shareholders
  • Managers
  • Professional Qualified Valuers

 

  • Which one of the following subsequent expenditure can be capitalized?

 

  • Modification of an item of Plant to extend its useful life or capacity
  • Expenditure on repairs and maintenance of Property Plant and Equipment that is made to restore or maintain the economic benefit from it
  • New tires placed on a motor car
  • None of the given options

 

 

  • Which of the following asset is recorded in Balance Sheet under the heading of Current Assets?

 

  • Furniture
  • Deferred Cost
  • Land
  • Prepayments

 

 

  • If the holding company owns100% shares of the subsidiary company then the subsidiary type will be termed as:

 

  • Partially Owned Subsidiary
  • Wholly Owned Subsidiary
  • Direct Subsidiary
  • Indirect Subsidiary

 

 

  • Which of the following IAS deals with the term Significant Influence in associate companies?

 

  • IAS 07
  • IAS 27
  • IAS 28
  • IAS 01

 

 

  • Which of the following types of business can maintain the secrecy in all business matters?

 

  • Sole-proprietorship
  • Partnership
  • Public Limited Company
  • Private Limited Company

 

  • Which of the following types of business has the burden of unlimited liability?

 

  • Private Limited Company
  • Sole-proprietorship
  • Single Member Company
  • Public Limited Company

 

  • Which of the following refers to the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all?

 

  • Sole - proprietorship
  • Partnership
  • Company
  • Trust

 

 

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