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MGT401- Financial Accounting II (Session - 4)
Question No: 1 ( Marks: 1 ) - Please choose one
Which of the following is a present obligation of the entity arising
from a past event the settlement of which is expected to result in an
outflow from the entity of resources embodying economic benefits?
► Asset
► Income
► Expense
► Liability
Question No: 2 ( Marks: 1 ) - Please choose one
Which of the following types of business enjoys greater freedom and
flexibility in making business decisions according to the economic
conditions?
►Private Limited Company
►Sole-proprietorship
►Partnership
►Public Limited Company
The maximum numbers of shareholders allowed in a private limited
company is 50.
Public Limited Companies the minimum number cannot be less than
three.
Question No: 3 ( Marks: 1 ) - Please choose one
Proper Books of Accounts are kept by every company under which of
the following sections of the Companies Ordinance 1984?
►Section 230
►Section 233
►Section 184
►Section 110
Question No: 4 ( Marks: 1 ) - Please choose one
Which of the following item may be included in a Balance Sheet at
more than its historical cost?
►Good will
►Land
►Research expenditures
►Work in progress
Question No: 5 ( Marks: 1 ) - Please choose one
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
Question No: 6 ( Marks: 1 ) - Please choose one
The valuation of stock at lower of its cost or net realizable value
is an application of:
►The consistency concept
►The going concern concept
►The prudence concept
►The accrual concept
Question No: 7 ( Marks: 1 ) - Please choose one
Which one of the following is an example of Financial Asset?
►Inventories
►Patent rights
►Goodwill
►Accounts receivable
Question No: 8 ( Marks: 1 ) - Please choose one
Mr. Jason invested Rs. 100,000 in bank as bonds for nine months. At
the end of the year, this invested amount will be shown in Balance
Sheet under the head of:
►Fixed Assets
►Current Asset
►Current Liabilities
►Long Term Liabilities
Question No: 9 ( Marks: 1 ) - Please choose one
Which of the following represents the Financial Information
presented in the financial statements relating to the assets and
incomes should not be overstated.
►Consistency
►Profit
►Materiality
►Prudence
Question No: 10 ( Marks: 1 ) - Please choose one
Which of the following statement shows the movement of cash inflows
and outflows?
►Income Statement
►Balance Sheet
►Statement of Owner's equity
►Cash Flows Statement
Question No: 11 ( Marks: 1 ) - Please choose one
Which of the following is an example of current liability?
►Bank Overdraft
►Stock
►Goodwill
►A loan repayable in two years
Question No: 12 ( Marks: 1 ) - Please choose one
Which of the following is a component of current liabilities?
►Assets subject to finance lease
►Debentures
►Provision for Taxation
►Loans taken for more than five years
Question No: 13 ( Marks: 1 ) - Please choose one
A damage claim of Rs.15 million for breach of contract has been
served on the Company. The Company legal counsel is of the view that
it is possible that the damages will be awarded to the plaintiff.
However, the amount of damages can not be reasonable estimated. What
accounting treatment would be made in this regards?
►A provision will be made for damages
►Damages will be disclosed as contingent
liabilities not sure
►Damages will be treated as accrued income
►No treatment will be taken
Question No: 14 ( Marks: 1 ) - Please choose one
Which of the following term represents the amount of share capital
collected from the shareholders on application of shares?
►Registered Capital
►Subscribed Capital not sure
►Nominal Capital
►Paid up capital
Question No: 15 ( Marks: 1 ) - Please choose one
Where shares are purchased at a price above the face value, the
difference shall be charged to:
►Share Premium Account
►Share Discount Account
►Distributable Profit Account
►Un-distributable Profit Account
Question No: 16 ( Marks: 1 ) - Please choose one
In case of operating lease, an asset is recorded in the books of
lessee at which of the following value?
►Faire value
►Present value
►Market value
►Not recorded at any value
Question No: 17 ( Marks: 1 ) - Please choose one
Which of the following IAS covers the Debentures?
►IAS 32 only
►IAS 39 only
►Both IAS 32 and IAS 39
►IAS 17
Question No: 18 ( Marks: 1 ) - Please choose one
Which of the following events are indicative of conditions that
arose after Balance Sheet date?
►Adjusting events after balance sheet date
►Adjusting events before balance sheet date
►Non - adjusting events after balance sheet date
►Non - adjusting events before balance sheet date
Question No: 19 ( Marks: 1 ) - Please choose one
Which of the following is/are the event/s after the balance sheet
date with respect to IAS 10?
►Adjusting events only
►Non-adjusting events only
►Both Adjusting and Non-adjusting events
►None of the given options
Question No: 20 ( Marks: 1 ) - Please choose one
With respect to IAS 10, major purchases of assets, classification of
assets as held for sale, other disposal of assets, or expropriation of
major assets by Govt. are considered as which of the following?
►Adjusting Events
►Non-Adjusting Events
►Bogus Events
►Contingent Events
Question No: 21 ( Marks: 1 ) - Please choose one
With respect to IAS 10, sale of inventory after the balance sheet
date below its cost and also below its net realizable value (inventory
was measured at net realizable value on the balance sheet date) is
considered as which of the following?
►Adjusting Event not sure
►Non-Adjusting Event
►Bogus Event
►Contingent Event
Question No: 22 ( Marks: 1 ) - Please choose one
Which of the following is a possible asset that arises from past
events and whose existence will be confirmed only by the occurrence of
one or more uncertain future events not wholly within the control of
the entity?
►Contingent asset
►Fixed asset
►Current asset
►Floating asset
Question No: 23 ( Marks: 1 ) - Please choose one
Which of the following is/are related to the IAS-37?
►Contingent Assets
►Contingent Liabilities
►Both Contingent Assets and Contingent Liabilities
►Inventory
Question No: 24 ( Marks: 1 ) - Please choose one
Which of the following is the example of Certain Liabilities?
►Creditors against supplies not sure
►Accruals against expenses
►Provision against expected losses
►Provision against expected profits
Question No: 25 ( Marks: 1 ) - Please choose one
An equity instrument that is subordinate to all other classes of
equity instruments is:
►Ordinary share
►Potential ordinary share
►Warrants
►Options
Question No: 26 ( Marks: 1 ) - Please choose one
Which of the following is/are Financial Instruments that give the
holder, the right to purchase ordinary shares?
►Equity shares
►Potential ordinary shares
►Warrants or Options
►Preference shares
Question No: 27 ( Marks: 1 ) - Please choose one
Which of the following is widely used by investors as a measure of
Company performance in comparing the results of a Company over a
period of time?
►Earning Per Share
►Balance Sheet
►Cash Flow Statement
►Notes to the accounts
Question No: 28 ( Marks: 1 ) - Please choose one
Which of the following represents the Equity?
►Share capital + Accumulated profit + General
reserves not sure
►Share capital + Accumulated profit - General reserves
►Share capital - Accumulated profit - General reserves
►Accumulated profit - General reserves
Question No: 29 ( Marks: 1 ) - Please choose one
Which of the following is included in the Equity Section of the
Balance Sheet?
►Share capital
►Long term financing
►Deferred cost
►Liability against assets subject to finance lease
Question No: 30 ( Marks: 1 ) - Please choose one
Which of the following is NOT considered as expense by their
function with respect to IAS 01?
►Cost of goods sold
►Distribution costs
►Administrative expenses
►Transportation costs
Question No: 31 ( Marks: 1 ) - Please choose one
Which of the following is TRUE?
►Gross profit – Operating expenses = Operating profit
not sure
►Cost of sales + Operating expenses = Operating profit
►Cost of sales – Operating expenses = Net profit
►Cost of sales – Operating expenses = Gross profit
Question No: 32 ( Marks: 1 ) - Please choose one
An electricity accrual of Rs. 375 was treated as prepayment in
preparing a trader's profit and loss account. As a result his profit
was:
►Understated by Rs. 750
►Overstated by Rs. 750
►Understated by Rs. 375 not sure
►Overstated by Rs. 375
Question No: 33 ( Marks: 1 ) - Please choose one
If A Limited Company entered into a contract with Pakistan Leasing
Company to acquire an asset with down payment of Rs.30, 000, semi-
annual payment of Rs. 50,000 and the lease term is 2 years. The lessee
guaranteed the lessor to purchase the asset at the end of lease term
at Rs. 10,000 which is estimated residual value. Then what is the
amount of Minimum Lease Payment with respect to the lessee?
►Rs. 130,000
►Rs. 220,000 not sure
►Rs. 230,000
►Rs. 240,000
Question No: 34 ( Marks: 1 ) - Please choose one
Which of the following is the correct formula to find the Present
Value? Where FV = Future Value, r = Interest rate and n = Time period
►FV(1 + r)-n not sure
►FV (1 + r)n
►FV(1 - r)-n
►FV(1 x r)-n
Question No: 35 ( Marks: 1 ) - Please choose one
If you plan to save Rs. 5,000 with a bank at an interest rate of 8%,
what will be the worth of your amount after 4 years if bank offers
simple interest?
►Rs. 5,400
►Rs. 5,900
►Rs. 6,600
►Rs. 6,802
Question No: 36 ( Marks: 1 ) - Please choose one
What will be the purchase source at the time of re-purchase of
shares?
► The purchase shall be in cash and out of the distributable
profits.
► The purchase shall be in cash and out of the un-distributable
profits.
► The purchase shall be in credit and out of the distributable
profits.
► The purchase shall be in cash and out of the Revaluation
surplus profits.
Question No: 37 ( Marks: 1 ) - Please choose one
Which of the followings item(s) must be disclosed on the face of
income statement according to IAS-1?
► Revenue
► Results of operating activities
► All of the given options
► Finance costs
Question No: 38 ( Marks: 1 ) - Please choose one
Which of the following is the combined account for showing both
result of business, i.e., gross and net profits?
► Trading and profit and loss account
► Profit and loss appropriation account
► Income statement
► None of the given options
Question No: 39 ( Marks: 1 ) - Please choose one
The goods are written off when:
► These are completely damaged
► These are stolen
► These are destroyed by fire
► All of the given options
Question No: 40 ( Marks: 1 ) - Please choose one
Which of the following bases, stock should be valued according to
IAS-2?
► Cost
► Higher of cost or net realizable value
► Lower of cost or net realizable value
► Net realizable value
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