Post on 03-Apr-2018
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7/28/2019 Quizzes MGT401
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Quiz Start Time: 08:07 PM
Time Left34
sec(s)
Question # 1 of 10 ( Start time: 08:07:20 PM ) Total Marks: 1
Inventories are assets which:
Select correct option:
Used in the supply or production of goods and servic
Held for long term capital appreciation
Held for the process of production for such sale
Recorded at sale value in the books of accounts
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Quiz Start Time: 08:07 PM
Time Left70
sec(s)
Question # 2 of 10 ( Start time: 08:08:26 PM ) Total Marks: 1
If the holding company owns marginally less than 100% shares of the subsidiary company then the subsidiary type will betermed as:
Select correct option:
Partially Owned Subsidiary
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Wholly Owned Subsidiary
Virtually Wholly Owned Subsidiary
Indirect Subsidiary
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Quiz Start Time: 08:07 PM
Time Left90
sec(s)
Question # 3 of 10 ( Start time: 08:08:58 PM ) Total Marks: 1
Which of the following IAS deals with the related party?
Select correct option:
IAS 23
IAS 02
IAS 24
IAS 28
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Quiz Start Time: 08:07 PM
sec(s)
Question # 4 of 10 ( Start time: 08:11:20 PM ) Total Marks: 1
When capitalization of borrowing cost should be stopped for a qualifying asset?
Select correct option:
When substantially all activities that are necessary t
When slightly all activities that are necessary to pre
When a qualifying asset is substantially in use
When a qualifying asset is slightly in use
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Quiz Start Time: 08:07 PM
Time Left9
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Question # 5 of 10 ( Start time: 08:12:48 PM ) Total Marks: 1
Identify which of the following techniques for valuing inventory are allowed under IAS-2? (i) FIFO (First in First Out) (ii)Average cost (iii) LIFO (Last in First Out) (iv) Replacement cost
Select correct option:
(i), (ii), (iii), (iv)
(i), (ii), (iv)
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Question # 7 of 10 ( Start time: 08:15:25 PM ) Total Marks: 1
Historical cost convention:
Select correct option:
Account for only past transactions
Fails to measure the changing price levels over t ime
Records all assets at their cost to the company, with
Has replaced in accounting records by a system of c
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Quiz Start Time: 08:07 PM
Time Left16
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Question # 8 of 10 ( Start time: 08:16:53 PM ) Total Marks: 1
Which of the following investment are recorded using Cost Method?
Select correct option:
Investments made for longer period
Investments made for shorter period
Investments made for shorter and longer period
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None of the given options
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Quiz Start Time: 08:07 PM
Time Left5
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Question # 9 of 10 ( Start time: 08:18:11 PM ) Total Marks: 1
What is the treatment of Accumulated Depreciation in accounting?
Select correct option:
Treated as a reserve
Treated as a contra asset
Treated as a surplus
Treated as an expense
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Quiz Start Time: 08:07 PM
Time Left 36sec(s)
Question # 10 of 10 ( Start time: 08:19:42 PM ) Total Marks: 1
In case an item of property, plant and equipment is exchanged for similar asset of the enterprise, the cost of the new asset ismeasured at the ---------------- of the old asset.
Select correct option:
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Carrying value
Fair value
Future value
Salvage Value
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MGT401 Financial Accounting II
Quiz Start Time: 05:49 PM Time Left 53
sec(s)
Question # 1 of 15 ( Start time: 05:49:17 PM ) Total Marks: 1
Which of the following option is/are TRUE with respect to the Disclosure requirement for intangible
assets acquired by the way of Government grants?
Select correct option:
The fair value initially recognized
Disclosure for carrying amount
Disclosure for the amount of commitments for acquisition of intangible assets
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All of the given options
Quiz Start Time: 05:49 PM Time Left 76
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Question # 2 of 15 ( Start time: 05:50:43 PM ) Total Marks: 1
Which of the following is the ability to govern the financial and operating policies of an enterprise so as
to obtain from its activities?
Select correct option:
Control
Significant Influence
Direct Subsidiary
Indirect Subsidiary
Quiz Start Time: 05:49 PM Time Left 87
sec(s)
Question # 3 of 15 ( Start time: 05:52:09 PM ) Total Marks: 1
Which one of the following methods for inventory valuation is NOT suitable for homogeneous units?
Select correct option:
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FIFO Method
LIFO Method
Weighted Average Method
Specific Identification Method
Quiz Start Time: 05:49 PM Time Left 83
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Question # 4 of 15 ( Start time: 05:53:40 PM ) Total Marks: 1
Which of the following meeting is held once in the life of a company?
Select correct option:
Statutory Meeting
Annual General Meeting
Extraordinary Meeting
Board Meeting
Quiz Start Time: 05:49 PM Time Left 85
sec(s)
Question # 5 of 15 ( Start time: 05:55:11 PM ) Total Marks: 1
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Which of the following is INCORRECT with respect to Perpetual Inventory System?
Select correct option:
Receipt of inventory is debited to Stock Account
Issuance of inventory is credited to Stock Account and Debited to Material Consumption Account
Receipt of inventory is debited to Purchase Account
Material Consumption Account becomes the part of Trading Account
Quiz Start Time: 05:49 PM Time Left 85
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Question # 6 of 15 ( Start time: 05:56:16 PM ) Total Marks: 1
Which of the following business is formed by the approval of Ministry of Interior?
Select correct option:
Money Exchange Company
Non Banking Finance Corporation
Security Services Providing Company
Corporate Brokerage House
Quiz Start Time: 05:49 PM Time Left 74
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Question # 7 of 15 ( Start time: 05:57:41 PM ) Total Marks: 1
The closing balance of inventory will be if: Opening inventory will Rs.1, 000, purchases will Rs.10, 000
and cost of sales will Rs.10,500.
Select correct option:
Rs. 1,000
Rs. 500
Rs. 1,500
Rs. 950
Quiz Start Time: 05:49 PM Time Left 83
sec(s)
Question # 8 of 15 ( Start time: 05:58:52 PM ) Total Marks: 1
Which of the following IAS deals with the Borrowing Costs?
Select correct option:
IAS 23
IAS 07
IAS 01
IAS 16
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Question # 9 of 15 ( Start time: 05:59:23 PM ) Total Marks: 1
On which certificate, the birth date of a company is mentioned?
Select correct option:
Certificate of Corporation
Certificate of Incorporation
Certificate of Quality
Certificate of Excellence
Quiz Start Time: 05:49 PM Time Left 88
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Question # 10 of 15 ( Start time: 06:00:33 PM ) Total Marks: 1
Who sign the Articles of Association (AOA) of a company?
Select correct option:
Managers of the company
Employees of the company
Sponsors of the company
All of the given options
Question # 11 of 15 ( Start time: 06:01:54 PM ) Total Marks: 1
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Which of the following is NOT the method of stock valuation?
Select correct option:
FIFO Method
Weighted Average Method
Specific Identification Method
Straight Line Method
Quiz Start Time: 05:49 PM Time Left 86
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Question # 12 of 15 ( Start time: 06:02:12 PM ) Total Marks: 1
Which one of the following is a method of stock valuation?
Select correct option:
Diminishing Balance Method
Written Down Value Method
Specific Identification Method
Sum of Year Digit Method
Quiz Start Time: 05:49 PM Time Left 87
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Question # 13 of 15 ( Start time: 06:02:47 PM ) Total Marks: 1
Which of the following statement is/are INCORRECT under the Cost Method for recognition of
investment in associated companies?
Select correct option:
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 investors share of
profits or losses of the investee after the date of acquisition
All of the given options
Quiz Start Time: 05:49 PM Time Left 75
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Question # 14 of 15 ( Start time: 06:03:48 PM ) Total Marks: 1
In case of calling Extraordinary General Meeting (EOGM), at least how much voting right is required by
any director or share holder of a company according to Companies Ordinance 1984?
Select correct option:
5% voting rights
10% voting rights
15% voting rights
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20% voting rights
Start Time: 05:49 PM Time Left 75
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Question # 15 of 15 ( Start time: 06:04:10 PM ) Total Marks: 1
LIFO means?
Select correct option:
Last-In-First-Out
Large Integrated Financial Organization
The Last-In-First-Out method of approximating the cost of stock
None of the given options
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Quiz Start Time: 08:34 PM
Time Left36
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Question # 1 of 20 ( Start time: 08:34:29 PM ) Total Marks: 1
Which of the following is not a recommended method of inventory costing under IAS-2?
Select correct option:
FIFO (First in First Out)
LIFO (Last in First Out)
Average Cost
None of the given options
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Quiz Start Time: 08:34 PM
Time Left48
sec(s)
Question # 2 of 20 ( Start time: 08:35:29 PM ) Total Marks: 1
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Which of the followings is/are not allowed to be revalued in accordance with IAS-16?
Select correct option:
Land
Capital work in progress
Motor vehicles
All of the given options
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Quiz Start Time: 08:34 PM
Time Left56
sec(s)
Question # 3 of 20 ( Start time: 08:36:14 PM ) Total Marks: 1
SECP (Securities and Exchange Commission of Pakistan) is governed by the
Select correct option:
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Ministry of Interior
Ministry of Affairs
Ministry of Finance
Ministry of Commerce
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Quiz Start Time: 08:34 PM
Time Left
54
sec(s)
Question # 4 of 20 ( Start time: 08:37:38 PM ) Total Marks: 1
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:
Select correct option:
Partially owned subsidiary
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Wholly owned subsidiary
Direct subsidiary
Indirect subsidiary
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Quiz Start Time: 08:34 PM
Time Left42
sec(s)
Question # 5 of 20 ( Start time: 08:38:17 PM ) Total Marks: 1
What is the benchmark treatment of borrowing cost under IAS-23?
Select correct option:
It should be charged as an expense
It should be capitalized
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It should be both charged as an expense and capital
None of the given options
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Quiz Start Time: 08:34 PM
Time Left67
sec(s)
Question # 6 of 20 ( Start time: 08:39:09 PM ) Total Marks: 1
Which of the following sections of the Companies Ordinance 1984 is related to the Statutory Meeting?
Select correct option:
Section 157
Section 158
Section 159
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Section 160
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Quiz Start Time: 08:34 PM
Time Left52
sec(s)
Question # 7 of 20 ( Start time: 08:39:39 PM ) Total Marks: 1
According to Companies Ordinance 1984, at least what percentage of majority favor is required to pass the "Special
Resolution"?
Select correct option:
45%
60%
75%
90%
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Quiz Start Time: 08:34 PM
Time Left59
sec(s)
Question # 8 of 20 ( Start time: 08:40:20 PM ) Total Marks: 1
Which one of the following IAS is related to the Interest in Joint Venture?
Select correct option:
IAS 27
IAS 28
IAS 31
IAS 32
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Quiz Start Time: 08:34 PM
Time Left36
sec(s)
Question # 9 of 20 ( Start time: 08:40:56 PM ) Total Marks: 1
What should be the treatment of research cost incurred by a business according to IAS-38?
Select correct option:
It should be recorded as a part of capital of the busi
It should be recorded as non-current asset
It should be recorded as current asset
It should be recorded as expense for the period
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Quiz Start Time: 08:34 PM
Time Left18
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Question # 10 of 20 ( Start time: 08:42:00 PM ) Total Marks: 1
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Which of the following is (are) example(s) of monetary asset(s) with physical existence?
Select correct option:
Design
Notes receivable
Trademark
Both design and trademark
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Quiz Start Time: 08:34 PM
Time Left54
sec(s)
Question # 11 of 20 ( Start time: 08:43:29 PM ) Total Marks: 1
Which of the following is an identifiable non-monetary asset without physical substance?
Select correct option:
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Tangible Asset
Intangible Asset
Floating Asset
Circulating Asset
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Quiz Start Time: 08:34 PM
Time Left
16
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Question # 12 of 20 ( Start time: 08:44:19 PM ) Total Marks: 1
Impairment loss on an asset is occurred due to:
Select correct option:
Internal factors
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External factors
Both internal and external factors
None of the given option
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Quiz Start Time: 08:34 PM
Time Left46
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Question # 13 of 20 ( Start time: 08:45:40 PM ) Total Marks: 1
On 1st January 2001, a XYZ company purchased a laser printer costing Rs.7,000. The printer has an estimated life of 4 years
after which it will have no residual value. The depreciation charge for 2003 on printer on straight line basis will be:
Select correct option:
Rs.1850
Rs.1750
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Rs.1950
None of the given
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Quiz Start Time: 08:34 PM
Time Left28
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Question # 14 of 20 ( Start time: 08:46:31 PM ) Total Marks: 1
A business has the following items extracted from its accounting records. Cost of Sales Rs.85,000 Opening inventory Rs.10,000
Closing inventory Rs.15,000 What will be the cost of purchased material?
Select correct option:
Rs.105,000
Rs.85,000
Rs.100,000
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Rs. 90,000
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Quiz Start Time: 08:34 PM
Time Left66
sec(s)
Question # 15 of 20 ( Start time: 08:47:45 PM ) Total Marks: 1
Which of the following entities is profit oriented entity?
Select correct option:
NGOs
Trust
Societies
Sole - proprietorship
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Quiz Start Time: 08:34 PM
Time Left
36
sec(s)
Question # 16 of 20 ( Start time: 08:48:12 PM ) Total Marks: 1
Which organizations are required special approvals from SECP for their establishment?
Select correct option:
Manufacturing Organizations
Non Profit Organizations
Profit Making Organizations
Service Organizations
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Time Left7
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Quiz Start Time: 08:34 PM
Question # 17 of 20 ( Start time: 08:49:15 PM ) Total Marks: 1
In which year, local legislations of Pakistan permitted to make private limited company by a single person?
Select correct option:
2002
2001
2000
1999
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Quiz Start Time: 08:34 PM
Time Left50
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Question # 18 of 20 ( Start time: 08:50:43 PM ) Total Marks: 1
Which of the following is (are) intangible resources for a company?
Select correct option:
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Software licensing
Royalty
Production rights
All of the given options
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Quiz Start Time: 08:34 PM
Time Left 47sec(s)
Question # 19 of 20 ( Start time: 08:51:40 PM ) Total Marks: 1
Which of the following is (are) related with the IAS 23?
Select correct option:
Qualifying Assets
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Amount to be capitalized related to the Borrowing co
Capitalization period related to the Borrowing cost
All of the given options
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Quiz Start Time: 08:34 PM
Time Left12
sec(s)
Question # 20 of 20 ( Start time: 08:52:26 PM ) Total Marks: 1
Which of the following statement is/are INCORRECT under the Cost Method for recognition of investment in associated
companies?
Select correct option:
Any distribution of profits by the investee company i
Any distribution of profits by the investor company is
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The carrying amount of the investment is increased
All of the given options
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Quiz Start Time: 04:46 PM
Time Left 31sec(s)
Question # 2 of 10 ( Start time: 04:48:13 PM ) Total Marks: 1
The closing stock will be shown under the head of _________ in Balance Sheet.
Select correct option:
Non current Assets
Current Assets
Intangible Assets
Tangible Assets
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Quiz Start Time: 04:46 PM
Time Left5
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Question # 3 of 10 ( Start time: 04:49:21 PM ) Total Marks: 1
Which of the following is/are INCORRECT with respect to the Capital section of the balance sheet for a sole-proprietorship?
Select correct option:
Opening Capital New Capital + Profit for the year
Opening Capital New Capital + Loss for the year =
Opening Capital Loss for the year + Drawings = C
All of the given options
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Quiz Start Time: 04:46 PM
Time Left36
sec(s)
Question # 4 of 10 ( Start time: 04:50:49 PM ) Total Marks: 1
The closing balance of inventory will be if: Opening inventory will Rs.1, 000, purchases will Rs.10, 000 and cost of sales will
Rs.10,500.
Select correct option:
Rs. 1,000
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Rs. 500
Rs. 1,500
Rs. 950
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Quiz Start Time: 04:46 PM
Time Left13
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Question # 5 of 10 ( Start time: 04:51:49 PM ) Total Marks: 1
Which of the following is related to the qualitative characteristics that make financial information useful?
Select correct option:
Understandability
Comparability
Both Understandability and Comparability
Reliability and Relevancy
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Quiz Start Time: 04:46 PM
Time Left
49
sec(s)
Question # 6 of 10 ( Start time: 04:53:09 PM ) Total Marks: 1
Which one of the following IAS is related to the Interest in Joint Venture?
Select correct option:
IAS 27
IAS 28
IAS 31
IAS 32
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Quiz Start Time: 04:46 PM
Time Left63
sec(s)
Question # 7 of 10 ( Start time: 04:53:53 PM ) Total Marks: 1
What is the treatment of Depreciation in accounting?
Select correct option:
Treated as a reserve
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Treated as an expense
Treated as a surplus
Treated as a Liability
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Quiz Start Time: 04:46 PM
Time Left21
sec(s)
Question # 8 of 10 ( Start time: 04:54:27 PM ) Total Marks: 1
Who issues International Accounting Standards?
Select correct option:
Board of International Standards on Auditing
International Accounting Standards Board
Institute of Chartered Accountants of Pakistan
Securities and Exchange Commission of Pakistan
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Quiz Start Time: 04:46 PM
Time Left33
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Question # 9 of 10 ( Start time: 04:55:42 PM ) Total Marks: 1
Which of the following is (are) related with the IAS 23?
Select correct option:
Qualifying Assets
Amount to be capitalized related to the Borrowing co
Capitalization period related to the Borrowing cost
All of the given options
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Quiz Start Time: 04:46 PM
Time Left76
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Question # 10 of 10 ( Start time: 04:56:41 PM ) Total Marks: 1
How many person(s) is(are) required to takeover the business after the death of a member in case of Single Member company?
Select correct option:
Seven
Three
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Two
One
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