MGT401 Final Term MCQs Mega File by Sajda

MGT401 Mega Quiz File By

Innocent Prince

Insurance paid in advance would be treated in the Balance sheet as:

Non current asset

Intangible asset Deferred expense

following statement is correct?

the face value?

Which of the following is (are) related with the IAS 23?

Which of the following is recorded under Long Term Liabilities section of the Balance Sheet?

Creditors Provision for Taxation Dividend Payable

Which of the following represents the claims of the owners against the assets of the business?

Assets Expenses

Owner’s Equity

Income

Which of the following represents the total par value of shares offered to the general public for contribution?

Issued Capital

Paid up Capital

up by the public out of total issued capital?

Section 95A of the Companies ordinance 1984 is applied on which of the following companies?

Listed companies only

None listed companies only Private companies only All companies

Which of the following represents the objective of the financial statements?

To provide the information about the business objectives To provide the information about the business liabilities To provide the information about the business assets To provide the information about the financial position, Financial performance and Changes in financial position

Which of the following section of the Companies ordinance 1984 refers to the share issued at discount?

Section 83

Section 84

Section 85 Section 86

According to the Prudence concept, Stock should be included in Balance Sheet at:

Cost

Its net Realizable value Lower of its total cost or its total net realizable value Higher of its total cost or its total net realizable value

Which of the following IAS deals with Subsidiary Companies?

IAS 27

IAS 28 IAS 01 IAS 07

Which one the following risk will arise when financial instruments fluctuate due to changes in foreign exchange rates?

Credit Risk Cash Flow Risk Liquidity Risk

Which of the following is an artificial person recognized by law?

Limited company

Partnership Sole-proprietorship Trust

Why do businesses charge depreciation on their fixed assets?

To ensure that sufficient cash is available to replace the assets To show the realizable value of the assets in the Balance Sheet

To spread the cost of the assets over their estimated useful life

To show when the assets must be replaced

Which of the following is/are Non-Current Liabilities according to the 4th schedule clause 8(A) of the Companies Ordinance 1984?

Long term financing

Deferred liabilities

Which of the following is a fall in the value of an asset so that its recoverable amount is now less than its carrying value in the balance sheet?

Impairment

Depreciation Accumulated Deprecation Carrying Value