Beruflich Dokumente
Kultur Dokumente
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34 sec(s)
Quiz Start Time: 08:07 PM Question # 1 of 10 ( Start time: 08:07:20 PM ) Inventories are assets which: Select correct option:
Used in the supply or production of goods and services for administrative purposes.
Total Marks: 1
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70 sec(s)
Quiz Start Time: 08:07 PM Question # 2 of 10 ( Start time: 08:08:26 PM ) Total Marks: 1
If the holding company owns marginally less than 100% shares of the subsidiary company then the subsidiary type will be termed as: Select correct option:
Partially Owned Subsidiary
Indirect Subsidiary
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90 sec(s)
Quiz Start Time: 08:07 PM Question # 3 of 10 ( Start time: 08:08:58 PM ) Which of the following IAS deals with the related party? Select correct option:
IAS 23
Total Marks: 1
IAS 02
IAS 24
IAS 28
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sec(s) Quiz Start Time: 08:07 PM Question # 4 of 10 ( Start time: 08:11:20 PM ) When capitalization of borrowing cost should be stopped for a qualifying asset? Select correct option:
When substantially all activities that are necessary to prepare the qualifying asset for its use or sale are complete
Total Marks: 1
When slightly all activities that are necessary to prepare the qualifying asset for its use or sale are complete
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9 sec(s)
Quiz Start Time: 08:07 PM Question # 5 of 10 ( Start time: 08:12:48 PM ) Total Marks: 1
Identify which of the following techniques for valuing inventory are allowed under IAS-2? (i) FIFO (First in First Out) (ii) Average cost (iii) LIFO (Last in First Out) (iv) Replacement cost Select correct option:
(i), (ii), (iii), (iv)
(i), (ii)
(iii), (iv)
Saving...
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44 sec(s)
Quiz Start Time: 08:07 PM Question # 6 of 10 ( Start time: 08:14:33 PM ) Which one of the following is the type of stock for trading concerns? Select correct option:
Raw Material
Total Marks: 1
Work in Process
Finished Goods
Stock in Trade
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Question # 7 of 10 ( Start time: 08:15:25 PM ) Historical cost convention: Select correct option:
Account for only past transactions
Total Marks: 1
Records all assets at their cost to the company, without considering any adjustment for depreciation
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Quiz Start Time: 08:07 PM Question # 8 of 10 ( Start time: 08:16:53 PM ) Which of the following investment are recorded using Cost Method? Select correct option:
Investments made for longer period
Total Marks: 1
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Quiz Start Time: 08:07 PM Question # 9 of 10 ( Start time: 08:18:11 PM ) What is the treatment of Accumulated Depreciation in accounting? Select correct option:
Treated as a reserve
Total Marks: 1
Treated as a surplus
Treated as an expense
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36 sec(s)
Quiz Start Time: 08:07 PM Question # 10 of 10 ( Start time: 08:19:42 PM ) Total Marks: 1
In case an item of property, plant and equipment is exchanged for similar asset of the enterprise, the cost of the new asset is measured at the ---------------- of the old asset. Select correct option:
Carrying value
Fair value
Future value
Salvage Value
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
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:
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
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:
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
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
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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:
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:
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:
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
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
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
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 investors share of profits or losses of the investee after the date of acquisition All of the given options
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:
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
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36 sec(s)
Quiz Start Time: 08:34 PM Question # 1 of 20 ( Start time: 08:34:29 PM ) Which of the following is not a recommended method of inventory costing under IAS-2? Select correct option: Total Marks: 1
Average Cost
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Quiz Start Time: 08:34 PM Question # 2 of 20 ( Start time: 08:35:29 PM ) Total Marks: 1
Which of the followings is/are not allowed to be revalued in accordance with IAS-16? Select correct option:
Land
Motor vehicles
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56 sec(s)
Quiz Start Time: 08:34 PM Question # 3 of 20 ( Start time: 08:36:14 PM ) SECP (Securities and Exchange Commission of Pakistan) is governed by the Select correct option: Total Marks: 1
Ministry of Interior
Ministry of Affairs
Ministry of Finance
Ministry of Commerce
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Quiz Start Time: 08:34 PM Question # 4 of 20 ( Start time: 08:37:38 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:
Direct subsidiary
Indirect subsidiary
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42 sec(s)
Quiz Start Time: 08:34 PM Question # 5 of 20 ( Start time: 08:38:17 PM ) What is the benchmark treatment of borrowing cost under IAS-23? Select correct option: Total Marks: 1
It should be capitalized
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67 sec(s)
Quiz Start Time: 08:34 PM Question # 6 of 20 ( Start time: 08:39:09 PM ) Which of the following sections of the Companies Ordinance 1984 is related to the Statutory Meeting? Select correct option: Total Marks: 1
Section 157
Section 158
Section 159
Section 160
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52 sec(s)
Quiz Start Time: 08:34 PM Question # 7 of 20 ( Start time: 08:39:39 PM ) Total Marks: 1
According to Companies Ordinance 1984, at least what percentage of majority favor is required to pass the "Special Resolution"? Select correct option:
45%
60%
75%
90%
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59 sec(s)
Quiz Start Time: 08:34 PM Question # 8 of 20 ( Start time: 08:40:20 PM ) Which one of the following IAS is related to the Interest in Joint Venture? Select correct option: Total Marks: 1
IAS 27
IAS 28
IAS 31
IAS 32
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36 sec(s)
Quiz Start Time: 08:34 PM Question # 9 of 20 ( Start time: 08:40:56 PM ) What should be the treatment of research cost incurred by a business according to IAS-38? Select correct option: Total Marks: 1
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Quiz Start Time: 08:34 PM Question # 10 of 20 ( Start time: 08:42:00 PM ) Total Marks: 1
Which of the following is (are) example(s) of monetary asset(s) with physical existence? Select correct option:
Design
Notes receivable
Trademark
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54 sec(s)
Quiz Start Time: 08:34 PM Question # 11 of 20 ( Start time: 08:43:29 PM ) Which of the following is an identifiable non-monetary asset without physical substance? Select correct option: Total Marks: 1
Tangible Asset
Intangible Asset
Floating Asset
Circulating Asset
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16 sec(s)
Quiz Start Time: 08:34 PM Question # 12 of 20 ( Start time: 08:44:19 PM ) Impairment loss on an asset is occurred due to: Select correct option: Total Marks: 1
Internal factors
External factors
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46 sec(s)
Quiz Start Time: 08:34 PM Question # 13 of 20 ( Start time: 08:45:40 PM ) Total Marks: 1
On 1st January 2001, a XYZ company purchased a laser printer costing Rs.7,000. The printer has an estimated life of 4 years after which it will have no residual value. The depreciation charge for 2003 on printer on straight line basis will be: Select correct option:
Rs.1850
Rs.1750
Rs.1950
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Quiz Start Time: 08:34 PM Question # 14 of 20 ( Start time: 08:46:31 PM ) Total Marks: 1
A business has the following items extracted from its accounting records. Cost of Sales Rs.85,000 Opening inventory Rs.10,000 Closing inventory Rs.15,000 What will be the cost of purchased material? Select correct option:
Rs.105,000
Rs.85,000
Rs.100,000
Rs. 90,000
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66 sec(s)
Quiz Start Time: 08:34 PM Question # 15 of 20 ( Start time: 08:47:45 PM ) Which of the following entities is profit oriented entity? Select correct option: Total Marks: 1
NGOs
Trust
Societies
Sole - proprietorship
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36 sec(s)
Quiz Start Time: 08:34 PM Question # 16 of 20 ( Start time: 08:48:12 PM ) Which organizations are required special approvals from SECP for their establishment? Select correct option: Total Marks: 1
Manufacturing Organizations
Service Organizations
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Question # 17 of 20 ( Start time: 08:49:15 PM ) In which year, local legislations of Pakistan permitted to make private limited company by a single person? Select correct option:
Total Marks: 1
2002
2001
2000
1999
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50 sec(s)
Quiz Start Time: 08:34 PM Question # 18 of 20 ( Start time: 08:50:43 PM ) Which of the following is (are) intangible resources for a company? Select correct option: Total Marks: 1
Software licensing
Royalty
Production rights
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Quiz Start Time: 08:34 PM Question # 19 of 20 ( Start time: 08:51:40 PM ) Which of the following is (are) related with the IAS 23? Select correct option: Total Marks: 1
Qualifying Assets
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Quiz Start Time: 08:34 PM Question # 20 of 20 ( Start time: 08:52:26 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:
The carrying amount of the investment is increased or decreased to reorganize the investor s share of profits or losses of the investee aft
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Quiz Start Time: 04:46 PM Question # 2 of 10 ( Start time: 04:48:13 PM ) The closing stock will be shown under the head of _________ in Balance Sheet. Select correct option:
Non current Assets
Total Marks: 1
Current Assets
Intangible Assets
Tangible Assets
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5 sec(s)
Quiz Start Time: 04:46 PM Question # 3 of 10 ( Start time: 04:49:21 PM ) Total Marks: 1
Which of the following is/are INCORRECT with respect to the Capital section of the balance sheet for a sole-proprietorship? Select correct option:
Opening Capital New Capital + Profit for the year = Closing Capital
Opening Capital New Capital + Loss for the year = Closing Capital
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Quiz Start Time: 04:46 PM Question # 4 of 10 ( Start time: 04:50:49 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
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Quiz Start Time: 04:46 PM Question # 5 of 10 ( Start time: 04:51:49 PM ) Which of the following is related to the qualitative characteristics that make financial information useful? Select correct option:
Understandability
Total Marks: 1
Comparability
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Quiz Start Time: 04:46 PM Question # 6 of 10 ( Start time: 04:53:09 PM ) Which one of the following IAS is related to the Interest in Joint Venture? Select correct option:
IAS 27
Total Marks: 1
IAS 28
IAS 31
IAS 32
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Quiz Start Time: 04:46 PM Question # 7 of 10 ( Start time: 04:53:53 PM ) What is the treatment of Depreciation in accounting? Select correct option:
Treated as a reserve
Total Marks: 1
Treated as an expense
Treated as a surplus
Treated as a Liability
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Quiz Start Time: 04:46 PM Question # 8 of 10 ( Start time: 04:54:27 PM ) Who issues International Accounting Standards? Select correct option:
Board of International Standards on Auditing
Total Marks: 1
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Quiz Start Time: 04:46 PM Question # 9 of 10 ( Start time: 04:55:42 PM ) Which of the following is (are) related with the IAS 23? Select correct option:
Qualifying Assets
Total Marks: 1
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76 sec(s)
Quiz Start Time: 04:46 PM Question # 10 of 10 ( Start time: 04:56:41 PM ) Total Marks: 1
How many person(s) is(are) required to takeover the business after the death of a member in case of Single Member company? Select correct option:
Seven
Three
Two
One