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GT401 - Financial Accounting II-Current-Midterm-Subjective-Paper-2011

Shared by Husnain Sadiq

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.

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)


 Naive Enigma Thanks for sharing 

always welcome 

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Q1: According to IAS-16, at which value assets are initially

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?

4-None of the above

Q3: In which situation, company ABC and XYZ can be

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
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?

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
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?


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?

2-Office Equipment
3-Motor Vehicles
4-Investment Properties

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MGT401 latest midterm 2011 subjective questions solved





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