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MGT401 - Financial Accounting II, Quiz # 03 will be opened on February 02, 2015 and last date to attempt quiz will be February 03, 2015.

MGT401 - Financial Accounting II

Dear Students

This is to inform that Quiz # 03 will be opened on February 02, 2015 and last date to attempt quiz will be February 03, 2015.


  • You can start attempting the quiz at any time but within given date(s) by clicking the quick link for Quiz on VU-LMS as it will become enabled within the mentioned dates.  As soon as the time will be over, it will automatically be disabled and will not be available to attempt it.
  • Quiz will be based on Multiple Choice Questions (MCQs).  
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  • If you failed to attempt the quiz in given time then no re-take or off line quiz will be held as compensation/replacement.



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As you know that Post Mid-Term semester activities have started and load shedding problem is also prevailing in our country. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments, quizzes or GDBs.

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Replies to This Discussion

Please all students related this subject Share your online Quizzes here to help each other.thanks


Please share the question and their answers of this quiz if anyone has done.

In financial year 2010, a company XYZ (Pvt.) Ltd. was established with registered office in Islamabad. According to Companies Ordinance 1984, what will be the maximum number of shareholders of company XYZ (Pvt.) Ltd.?

 Select correct option:







 :A Private limited company can be formed at least by:

 Select correct option:

2 members

 3 members

 1 member

 07 members



 Which of the following is/are example(s) of development activities?

 Select correct option:

 The design of tools, jigs, moulds and dies involving new technology

 The design, construction and testing of pre-production or pre-use prototypes and models

 The design, construction and operation of a pilot plant

All of the given options



 Which of the following is an artificial person recognized by law?

 Select correct option:

 Limited company






 What is the minimum limitation for subscribers for holding shares of the company?

 Select correct option:

One share

 Five shares

 Ten shares

 Hundred shares



 In which situation, a company will be treated as related party?

 Select correct option:

 If it has the ability to control the other company

If it has significance influence over financial and operating matters of other company

 If it is associated with other company

 All of the given options




 In how many categories companies are classified according to Section 15 (2) of Companies Ordinance 1984?

 Select correct option:







 Which one of the following is an appropriation by a limited liability company?

 Select correct option:

Directors' salaries

 Free Sample Distribution


 Loan interest




 Which organization does not necessarily required share capital at the time of incorporation?

 Select correct option:




 Insurance Company

Private Limited Company



 Which of the following entities is not profit oriented entity?

 Sole propietorship






 Which of the following IAS deals with Revaluation of Assets?








 Written down value of an asset = ----------------


Original cost – Accumulated depreciation

 Original cost – Appreciation

 Book value – Accumulated depreciation

 Original cost – Salvage value



 A Private limited company can be formed at least by:

2 members


 1 member

 7 members


 Which one of the following is(are) recorded under the Equity section of the Balance Sheet?

 Share Premium


 Accumulated Profit

All of the given options


 Which of the following is (are) intangible resources for a company?


 Software licensing


 Production rights

All of the given options



 According to IAS-16, which of the following asset has unlimited life?


 Motor Vehicle






 Which of the following represents the Qualifying Asset?


 Inventory routinely manufactured

 Asset ready for use

Manufacturing plants

 None of the given options




 Which of the following is recorded under Long Term Liabilities section of the Balance Sheet?




 Provision for Taxation

 Dividend Payable




 In which of the following situations a company operates beyond the scope of its objectives enlisted in Memorandum of Association (MOA)?

Ultra Virus

 Ultra Violence

 Ultra Vires

 Ultra Wires




 Which of the following may consist of more than 20 persons in case of partnership?

 Firms of Lawyers

Firms of Doctors     NOT CONFIRM

 Firms of Associates

 All of the given options



 In which document the information about how to run the business is stated?


Memorandum of Association

 Memorandum of Understanding

 Articles of Association

 Annual Report



 How the significant influence of investing company can be observed?


 As member of the Board of Directors (BODs) of the investee company

operating policy making process of the investee company

 transaction between investor and investee companies

 All of the given options



 If ABC Co. acquires the production rights from XYZ Co. as part of its business combination then at which value ABC will record the cost of acquiring the production rights in its books of accounts at the time of acquisition?


fair value

 book value

 realization value

 replacement value



 Which of the following is original and planned investigation undertaken with the prospect of gaining new scientific or technical knowledge and understanding?

 Select correct option:







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