[discussion_vu] MGT401 Online Quiz# 1 By Uthman Siddiq

Assalam-u-Alaikum WRB!

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

1-      Cost
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?

1-      75000
2-      295000
3-      185000
4-      None of the above

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

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
2-      Rules
3-      Scope of Business
4-      All of the above

Q5: Which of the following represents the Qualifying Asset?

1-      Asset ready to be used
2-      Work in progress
3-      Site Under Construction
4-      All of the above

Q6: Which of the following IAS deals with Inventories?

1-      IAS-36
2-      IAS-32
3-      IAS-02
4-      IAS-39

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
2-      Depreciation
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?

1-      2nd
2-      1st
3-      4th
4-      3rd

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?

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

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