MGT401 Midterm Past Papers

Paper 1

Spring 2009

Q3. How many days before notice is served to the members for holding statutory meeting? 60days (1 marks)

30days 40days

21days

Q4. How many days before notice is served to the members for holding Annual General Meeting? (1 marks)

60days 30days 40days

21days

Q5. Which of the following IAS deals with the term Significant Influence in associate companies?

IAS 27

Q1. According to fourth schedule of companies ordinance which of the stock-in-trade is not part of the current asset (1 marks)

Stock of raw material

Stock of finished goods

Q2. Which of the following refers to the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all? (1 marks)

Company Trust

IAS 28

IAS 01 IAS 07

Q6. 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:

Partially Owned Subsidiary

Wholly Owned Subsidiary Direct Subsidiary

Q7. If the holding company owns100% shares of the subsidiary company then the subsidiary

type will be termed as: Partially Owned Subsidiary

Wholly Owned Subsidiary

Direct Subsidiary

Q8. Whom of the following are responsible to prepare the annual accounts of the company under Companies Ordinance 1984?

Directors of the company

Shareholders of the company Internal Auditors of the company Managers of the company

Q9. Which one of the following cost is directly attributable to the Property, Plant and Equipment? Costs of site preparation

Administration and other general overhead cost Costs of conducting business in a new location or with a new class of customer( including costs of staff training)

Q10. Which of the following is(are) related with the IAS 23?

Qualifying Assets Amount to be capitalized Capitalization period

Q11. Which of the following is the application of research findings or other knowledge to a plan or design for the production of new or substantially improved materials, devices, products, processes, systems or services before the start of commercial production or use?

Applied research

Development Business research Accounting

Q12. Which one of the following is an example of Intangible Assets?

Preliminary expenses

Copy rights

Investments Discount on issue of shares

Q13. Goodwill must be shown in the financial statement of company limited by liability under the heading of:

Current Assets

Intangible Fixed Assets

Tangible Fixed Assets

Q14. Which of the following information must be disclosed in case of loan and advances to subsidiary companies?

The name of each borrower Amount of loans and advances The terms of loan and the particulars of collateral security held

All of the given options [page 45 handouts

Q15. If:

Then: Direct Material Cost is Rs. 15,000 Factory overhead is Rs. 5,000