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MGT401 Financial Accounting II MCQs

MGT401-Financial Accounting II study material for students of virtual university of Pakistan. Download Past(old) Papers solved/unsolved, past assignments, quiz, mcqs, lecture notes, video lectures, handouts, books of MGT401-Financial Accounting II

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Which of the following statement is/are INCORRECT under the Cost Method for recognition of investment in associated companies?
  • Any distribution of profits by the investee company is recorded as an expense
  • Any distribution of profits by the investor company is recorded as an income
  • The carrying amount of the investment is increased or decreased to reorganize the investor’s share of
  • profits or losses of the investee after the date of acquisition
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Which of the following consist of money owing for goods supplied to the firm and for expenses & loans?
  • Assets
  • Capital
  • Liability
  • Income
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In which situation, a company will be treated as related party?
  • If it has the ability to control the other company
  • If it has significance influence over financial and operating matters of other company
  • If it is associated with other company
  • All of the given options
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In which situation, a company will be treated as related party?
  • If it has the ability to control the other company
  • If it has significance influence over financial and operating matters of other company
  • If it is associated with other company
  • All of the given options
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Which of the following is/are the Classification of Current Assets with respect to the Companies Ordinance 1984?
  • Cash Balance
  • Loans and Advances
  • Bank Balance
  • All of the given options
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Insurance paid in advance would be treated in the Balance sheet as:
  • Non current asset
  • Current asset
  • Intangible asset
  • Deferred expense
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Concept of capital maintenance is most important for:
  • Purchase of non current assets
  • Sources of finance
  • Measurement of profit
  • Relationship of debt to equity
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Which of the following asset is not an example of Intangible Fixed Assets?
  • Vehicles
  • Good Will
  • Copyrights
  • Trade Marks and Designs
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Sitara Textile is using the prudence concept to record the profit in its income statement. According to prudence concept, Sitara Textile will record profit when it is:
  • Expected
  • Realized
  • Material
  • Received
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Which of the following is/are example(s) of research activities?
  • Activities aimed at obtaining new knowledge
  • The search, evaluation, final selection and application of research findings
  • The search for alternatives
  • All of the given options
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