Re: [discussion_vu] MGT401 Online Quiz# 1 By Uthman Siddiq

Financial Accounting 2 Quiz no 1.

On 10/24/11, سیٌد عمر شاہ <mubarakanwer@gmail.com> wrote:
> Welc0m
>
> On Mon, Oct 24, 2011 at 8:22 AM, ROMA virani <virani.1990@gmail.com> wrote:
>
>> Qno8 the answer is c the fourth schedule
>>
>>
>> On Mon, Oct 24, 2011 at 11:15 PM, mc080401659 Zarqa Zarnigar <
>> mc080401659@vu.edu.pk> wrote:
>>
>>> Thank you for sharing recent quiz 1, i ll also share when i will attempt.
>>>
>>> On 10/24/11, سیٌد عمر شاہ <mubarakanwer@gmail.com> wrote:
>>> > *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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