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MGT401 - Financial Accounting II Quiz No. 01 Solution and Discussion Spring 2014 Due Date 29/4/2014

Quiz # 01

Financial Accounting II

Dear Students

This is to inform that quiz 01 will be opened on 25th April, 2014 and last date to attempt quiz will be 29th April, 2014.


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Replies to This Discussion

1.Which one of the following is TRUE with respect to “FIFO” in inventory valuation?


2. Which document contains the information about authorized share capital of a company?

Memorandum of Association

3.In which situation, company ABC and XYZ can be interconnected?

If they are associate to each other

If one is subsidiary of other

If one is parent of the other

All of the given options

4.Who sign the Memorandum of Association (MOA) of a company?

Managers of the company

5.Which activities by definition do not fulfill the recognition criteria according to IAS-38?

Development activities

Research activities

Both development and research activities

None of the given options

6.An inventory valuation system should include the cost of:

Both Carriage in & Carriage out

7.Which company is required to represent financial statements after every three, six and twelve months to SECP and shareholders by Companies Ordinance 1984?

Public Listed Company

8.Which organizations are required special approvals from SECP for their establishment?

Non Profit Organizations

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

Provision for Taxation

10. Which of the following is INCORRECT with respect to Perpetual Inventory System?

Receipt of inventory is debited to Purchase Account

Salaam to All Friends.

Here is my today's Quiz, you may take help to take your quiz for maximum numbers.

May b some of questions, answered wrongly, so attempt on your own efforts.


Liaqat Ali Ch.


Not downloading, access denied error is showing, why?


mgt 401 solve quiz today 29/4/2014



Pari Q4 ka corect answer Dividend ha ?

My Today's Quiz


thanks yasir


Question # 1 of 10 ( Start time: 10:07:31 PM )     Total Marks: 1
Which of the following sections of the Companies Ordinance 1984 is related to the Statutory Meeting?
Select correct option:
        Section 157
    Section 158
    Section 159
    Section 160
Question # 2 of 10 ( Start time: 10:08:16 PM )     Total Marks: 1
Which one of the following is(are) NOT recorded under Current Liabilities section of the Balance Sheet?
Select correct option:
    Deferred Taxation
    Obligation Under Finance Lease
    All of the given options
Question # 3 of 10 ( Start time: 10:09:40 PM )     Total Marks: 1
Which of the following sections of Companies Ordinance 1984 are related to the Non Profit oriented entities?
Select correct option:
        Section 42
    Section 43
    Section 44
    Section 45
Question # 4 of 10 ( Start time: 10:11:04 PM )     Total Marks: 1
Preparation and presentation of Financial Statements are governed by:
Select correct option:
    Companies Ordinance 1984
    International Accounting Standards
    International Financial Reporting Standards
        All of the given options
Question # 5 of 10 ( Start time: 10:12:19 PM )     Total Marks: 1
Depreciation is:
Select correct option:
        A systematic allocation of depreciable amount of an asset over its estimated useful life
    The end life of an asset
    The increase in value of asset
    Another name of Impairment
Question # 6 of 10 ( Start time: 10:12:45 PM )     Total Marks: 1
Which of the following IAS deals with the related party?
Select correct option:
    IAS 23
    IAS 02
        IAS 24
    IAS 28
Question # 7 of 10 ( Start time: 10:13:21 PM )     Total Marks: 1
Surplus on revaluation of an asset is a/an:
Select correct option:
        Realized reserve
    Notional reserve
    Actual reserve
    Repurchased reserve
Question # 8 of 10 ( Start time: 10:14:39 PM )     Total Marks: 1
Which institute governs over incorporation and continuation of companies in Pakistan?
Select correct option:
Question # 9 of 10 ( Start time: 10:15:36 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
Question # 10 of 10 ( Start time: 10:17:04 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:
    Significant Influence
    Direct Subsidiary
    Indirect Subsidiary

Few questions from Current quiz on 5/4/14 

Q1 how many persons are required to take over the business after the death of a member in case of single member entity

  • seven
  • three
  • two
  • one

Q2 Which of the following IAS deals with borrowing cost?

  1. IAS23
  2. IAS07
  3. IAS01
  4. IAS16

Q7 Which of the following is artificial person recognised by law?

  1. Limited Company
  2. partnership
  3. sole proprietorship
  4. Rrust

Q8 In which case capitalization of borrowing cost should be suspended for a qualifying asset?

  1. when sustainable administrative or technical work is taking place
  2. when active development is interrupted for extended period
  3. when there is a temporarily delay in the process taking place
  4. All of the given options

Q9 Which of the following is/are not allowed to be revalued in accordance with the IAS-16

  1. Land
  2. Capital work in process
  3. motor vehicle
  4. All of the given options

Q10 Which of the following is obtained by disposing off a production plant at the end of the usefull life?

  1. Residual value'
  2. Gaining value
  3. Written down value
  4. replacement value

These are some of question that i attempted sorry few are missing i did not captured them :P

Here is my today's Quiz, please verify the answer if there is mistake also corect me.



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