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mgt401 financial accounting solved midterm past paper....

Posted by: Syed Badsha



Midterm Examination (Spring 2010)

only quizes


MGT401 – Financial Accounting II



Q. 01: Which of the following type of the business is governed under the Partnership Act 1932 in Pakistan?



· Sole-Proprietorship


· Partnership


· Limited
Companies


· Unlimited
Companies



Q. 02: Which of the following is/are not example of current liability?



· Sundry
Debtors


· Debentures


· Loan
given to Mr. A for shorter period


· All of the given options



Q. 03: Which of the following are the resources controlled by the entity as a result of a past event from which future economic benefits are expected to flow to the entity?



· Assets


· Gains


· Liabilities


· Expenses



Q. 04: All of the following are the assets of the firm except



· A
building owned by the firm


· Goods in
transit


· Money
owed to the firm by it’s debtors


· Money which the firm has borrowed and has not yet been repaid.



Q. 05: Which of the following is related to the qualitative characteristics that make financial information useful?



· Reliability
only


· Relevancy
only


· color:blue"">Both Reliability and Relevancy


· Comparability



Q. 06: Which of the following statement is true regarding Going Concern Concept?



· The
Business is profitable


· The assets of the Business are valued at Market Value


· The
business will continue until the Directors decide to close it


· The
Business will continue its working



Q. 07: Under which of the following assumptions, the Financial Statements are to be prepared?



· Future
Assumptions


· Past
Assumptions


· Accrual Basis and Going Concern Basis


· Accrual
Basis Assumption only



Q. 08: Which one of the following is not a physical asset?



· Term
Finance Certificates


· Loan
Agreements


· Trade
Receivables


· Goodwill



Q. 09: Which one of the following is not the example of Financial Instruments?



· Share
Capital


· Loans
Payable


· Debentures


· Inventories



Q. 10: The firm uses diminishing balance method for calculating Depreciation. The vehicle costing 20,000 was sold after two years. The sale resulted neither in loss or
profit. What was the sale price of the Vehicle?



· 7,200


· 12,000


· 12,800


· 16,000



Q. 11: Which of the following is/are not included in the disclosure requirement of Trade Debts with respect to the Companies Ordinance 1984?



· Amount
due in respect of goods sold


· Amount
due in respect of services rendered


· Amount due in respect of other contractual obligation


· Amount
due which are in nature of loans or advances.




Q. 12: A firm has two categories of stock. The cost and Net Realizable Value (NRV) of each is as follows:


Cost NRV


Category 1 Rs. 35,000 Rs. 22,000


Category 2 Rs. 22,000 1""> Rs. 25,000



What amount will be disclosed.



· 44,000


· 47,000


· 57,000


· 60,000



Q. 13: Which of the following method is suitable for calculating the cost of inventory when actual costs of individual units of merchandise can be determined from the
accounting records?



· FIFO Method


· LIFO Method


· Weighted
Average Method


· Specific Identification Method



Q. 14: Which of the following authority regulates/governs the functioning of Companies?



· Securities & Exchange Commission of Pakistan


· Federal
Government


· Ministry
of Finance


· All of
the Given Options



Q. 15: Which of the following is true about the meeting of Directors?



· color:blue"">The quorum for a meeting of Directors of a listed company should
not less than 1/3 of their members or four which is greater.


· The
quorum for a meeting of Directors of a listed company should not less than 1/3
of their members or four which is lesser.


· The
quorum for a meeting of Directors of a listed company should not less than 1/2
of their members or four which is greater.


· The
quorum for a meeting of Directors of a listed company should not less than 1/2
of their members or four which is lesser.



Q. 16: Which of the following is true about the Companies Limited by shares?



· Company
has limited shares to offer


· Shareholders
of the Company are limited


· Liability of Shareholders is limited


· Liability
of Shareholders is unlimited



Q. 17: Proper Books of Accounts are kept by every company under which of the following section of Companies Ordinance 1984?



· 230


· 233


· 184


· 110



Q. 18: Which of the following is not attributable to the Property Plant & Equipment?



· Costs of
site preparation


· Administration and other general overhead costs


· Initial
delivery and handling charges


· Installation
and Assembly cost



Q. 19: Which of the following expenditure can not be capitalized?



· Initial
Composition Cost


· Cost of
adding Air conditioner to the Computer Room


· Cost of
Adding extra RAM to Computer


· New
tyres placed on a motor car



Q. 20: ABC (Pvt) Limited is engaged in production of an asset. The production started on July 31, 2007. The Production completed on July 31, 2008. The works manager checked
the asset and required some minor modifications. These modifications were
completed on August 30, 2008. The Asset was delivered to Works Manager on
September 10, 2008. The production started from such asset on October 01, 2008.
When should capitalization cease?



· July 31,
2007


· July 31,
2008


· August 30, 2008


· October
01, 2008



Q. 21: Which of the following is an identifiable non-monetary asset without physical substance?



· Tangible
Asset


· Intangible Asset


· Floating
Asset


· Circulating
Asset



Q. 22: Which of the following is the application of research findings or other knowledge to a plan design for the production of new or substantially improved material,
devices products, processes, systems or services before the start of commercial
production or use?



· Applied
Research


· Business
Research


· Development


· Accounting




Q. 23: Which of the following is an example of Intangible Asset?



· Preliminary
Expenses


· Copy rights


· Investments


· Discounts
on issue of shares



Q. 24: Which of the following statement is true under the Cost method for recognition of investments in associated companies?



· Any distribution of profits by the investee company is recorded as
an income


· Any
distribution of profits by the investee company is recorded as an expense


· Any
distribution of profits by the investor company is recorded as an income


· Any
distribution of profits by the investor company is recorded as an expense



Q. 25: Which of the following IAS is related to Financial Instruments Disclosure and Presentation?



· IAS 27


· IAS 28


· IAS 31


· IAS 32



Q. 26: Which of the following is related to IAS 31?



· Consolidated
and Separate Financial Statements


· Interest
in Joint Venture


· Financial
Instruments Disclosure and Presentation


· Financial
Instruments Recognition and Measurement




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Comment by shahkhan on May 17, 2011 at 10:46pm

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Comment by TAIMOOR NAZIR on May 14, 2011 at 4:19pm

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