Blog: MGT401 1st Quiz Spring 2013 File 2

MGT401 Financial Accounting II


Quiz Start Time: 05:49 PM  Time Left  53
sec(s)  


Question # 1 of 15 ( Start time: 05:49:17 PM )  Total Marks: 1
Which of the following option is/are TRUE with respect to the Disclosure requirement for intangible assets acquired by the way of Government grants?
Select correct option:

 The fair value initially recognized
 Disclosure for carrying amount
 Disclosure for the amount of commitments for acquisition of intangible assets
 All of the given options


  
Quiz Start Time: 05:49 PM  Time Left  76
sec(s)  

Question # 2 of 15 ( Start time: 05:50:43 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:

 Control
 Significant Influence
 Direct Subsidiary
 Indirect Subsidiary


Quiz Start Time: 05:49 PM  Time Left  87
sec(s)  


Question # 3 of 15 ( Start time: 05:52:09 PM )  Total Marks: 1
Which one of the following methods for inventory valuation is NOT suitable for homogeneous units?
Select correct option:

 FIFO Method
 LIFO Method
 Weighted Average Method
 Specific Identification Method



Quiz Start Time: 05:49 PM  Time Left  83
sec(s)   


Question # 4 of 15 ( Start time: 05:53:40 PM )  Total Marks: 1
Which of the following meeting is held once in the life of a company?
Select correct option:

 Statutory Meeting
 Annual General Meeting
 Extraordinary Meeting
 Board Meeting

Quiz Start Time: 05:49 PM  Time Left  85
sec(s)  


Question # 5 of 15 ( Start time: 05:55:11 PM )  Total Marks: 1
Which of the following is INCORRECT with respect to Perpetual Inventory System?
Select correct option:

 Receipt of inventory is debited to Stock Account
 Issuance of inventory is credited to Stock Account and Debited to Material Consumption Account
 Receipt of inventory is debited to Purchase Account
 Material Consumption Account becomes the part of Trading Account


Quiz Start Time: 05:49 PM  Time Left  85
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Question # 6 of 15 ( Start time: 05:56:16 PM )  Total Marks: 1
Which of the following business is formed by the approval of Ministry of Interior?
Select correct option:

 Money Exchange Company
 Non Banking Finance Corporation
 Security Services Providing Company
 Corporate Brokerage House



Quiz Start Time: 05:49 PM  Time Left  74
sec(s)  


Question # 7 of 15 ( Start time: 05:57:41 PM )  Total Marks: 1
The closing balance of inventory will be if: Opening inventory will Rs.1, 000, purchases will Rs.10, 000 and cost of sales will Rs.10,500.
Select correct option:

 Rs. 1,000
 Rs. 500
 Rs. 1,500
 Rs. 950

Quiz Start Time: 05:49 PM  Time Left  83
sec(s)  


Question # 8 of 15 ( Start time: 05:58:52 PM )  Total Marks: 1
Which of the following IAS deals with the Borrowing Costs?
Select correct option:

 IAS 23
 IAS 07
 IAS 01
 IAS 16


Question # 9 of 15 ( Start time: 05:59:23 PM )  Total Marks: 1
On which certificate, the birth date of a company is mentioned?
Select correct option:

 Certificate of Corporation
 Certificate of Incorporation
 Certificate of Quality
 Certificate of Excellence

Quiz Start Time: 05:49 PM  Time Left  88
sec(s)  


Question # 10 of 15 ( Start time: 06:00:33 PM )  Total Marks: 1
Who sign the Articles of Association (AOA) of a company?
Select correct option:

 Managers of the company
 Employees of the company
 Sponsors of the company
 All of the given options


Question # 11 of 15 ( Start time: 06:01:54 PM )  Total Marks: 1
Which of the following is NOT the method of stock valuation?
Select correct option:

 FIFO Method
 Weighted Average Method
 Specific Identification Method
 Straight Line Method

 Quiz Start Time: 05:49 PM  Time Left  86
sec(s)  


Question # 12 of 15 ( Start time: 06:02:12 PM )  Total Marks: 1
Which one of the following is a method of stock valuation?
Select correct option:

 Diminishing Balance Method
 Written Down Value Method
 Specific Identification Method
 Sum of Year Digit Method


     Quiz Start Time: 05:49 PM  Time Left  87
sec(s)  


Question # 13 of 15 ( Start time: 06:02:47 PM )  Total Marks: 1
Which of the following statement is/are INCORRECT under the Cost Method for recognition of investment in associated companies?
Select correct option:

 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
 The carrying amount of the investment is increased or decreased to reorganize the investor’s share of profits or losses of the investee after the date of acquisition
 All of the given options


    

Quiz Start Time: 05:49 PM  Time Left  75
sec(s)  


Question # 14 of 15 ( Start time: 06:03:48 PM )  Total Marks: 1
In case of calling Extraordinary General Meeting (EOGM), at least how much voting right is required by any director or share holder of a company according to Companies Ordinance 1984?
Select correct option:

 5%  voting rights
 10% voting rights
 15% voting rights

 20% voting rights

 Start Time: 05:49 PM  Time Left  75
sec(s)  


Question # 15 of 15 ( Start time: 06:04:10 PM )  Total Marks: 1
LIFO means?
Select correct option:

 Last-In-First-Out
 Large Integrated Financial Organization
 The Last-In-First-Out method of approximating the cost of stock
 None of the given options