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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.

Instructions:

  • 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).  
  • Each question has a fixed time limit of 90 seconds. So you have to save your answer before 90 seconds. But due to unpredictable/unstable Internet speed, it is strongly recommended that you save your answer within 60 seconds to avoid any inconvenience. While attempting a question, keep an eye on the remaining time.
  • Attempting quiz is unidirectional. Once you have moved forward to the next question, you will not be able to go back to the previous one. Therefore before moving to the next question, make sure that you have selected the best option and saved your answer.
  • DO NOT press back button of your browser or refresh the page while attempting a question. Otherwise you will lose the chance of attempting the current question and a new question will be loaded.
  • DO NOT try to disable “Java Script” in your browser; otherwise you will not be able to attempt the quiz.
  • If for any reason, you lose access to Internet (like power failure or disconnection of Internet); you will be able to attempt the quiz again but from the next question where you left in last attempt. But remember that you have to complete the quiz before expiry of the deadline.
  • 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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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.
Thanks. 

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:

 7

 20

50

 15

 

 

 :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

 Partnership

 Sole-proprietorship

 Trust

 

 

 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:

3

 2

 5

 4

 

 

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

 Select correct option:

Directors' salaries

 Free Sample Distribution

 Dividends

 Loan interest

 

 

 

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

 Select correct option:

 

 Bank

 University

 Insurance Company

Private Limited Company

 

 

 Which of the following entities is not profit oriented entity?

 Sole propietorship

 partnership

 companies

 foundations

 

 

 Which of the following IAS deals with Revaluation of Assets?

 

IAS-16

 IAS-07

 IAS-01

 IAS-23

 

 

 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

 3members

 1 member

 7 members

 

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

 Share Premium

 Reserves

 Accumulated Profit

All of the given options

 

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

 

 Software licensing

 Royalty

 Production rights

All of the given options

 

 

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

 Building

 Motor Vehicle

 Machinery

Land

 

 

 

 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?

 

Debentures

 Creditors

 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:

 

Research

 Development

 Audit

 Accounting




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