vu mgt401 Final Term - Quiz No.3
vu mgt401 Financial Accounting II Quiz
This quiz belongs to book/course code vu mgt401 Financial Accounting II of vu organization. We have 12 quizzes available related to the book/course Financial Accounting II. This quiz has a total of 10 multiple choice questions (MCQs) to prepare and belongs to topic Final Term. NVAEducation wants its users to help them learn in an easy way. For that purpose, you are free to prepare online MCQs and quizzes.
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Question 1: Which one of the following IAS is related to the Interest in Joint Venture?
IAS 27
IAS 28
IAS 31
IAS 32
Question 2: Which of the following is/are NOT the example(s) of Financial Asset?
Minority interest
Sale of goods
Purchases of goods
All of the given options
Question 3: Which of the following IAS deals with the Associated Companies?
IAS 27
IAS 28
IAS 01
IAS 07
Question 4: Which one of the following is related to the Benchmark Treatment for an investment in jointly controlled entities?
Proportionate Consolidation Method
Equity Method
LIFO Method
Specific Identification Method
Question 5: Which of the following costs can be capitalized?
Purchases of assets financed through issue of debentures
Assets that are not currently in use because of excess capacity
Assets not currently undergoing activities necessary to prepare for intended use
Assets intended for sale or use that are produced as discrete projects
Question 6: 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
Indirect subsidiary
Question 7: According to the Benchmark Treatment, Which of the following method is used for stock valuation?
FIFO Method or LIFO Method
LIFO Method
FIFO orWeighted Average Method
Specific Identification Method
Question 8: Which of the following methodology is adopted for the valuation of investments held to maturity?
Proportionate Consolidation or Equity Method
At cost or Under IAS 39
At amortized cost
At fair value
Question 9: Under which of the following methods for inventory valuation, costs of earliest purchases assumed still to be in inventory?
FIFO Method
LIFO Method
Weighted Average Method
Specific Identification Method
Question 10: of the following represent(s) the Prime Cost?
Direct Material Cost + Direct Labour Cost
Total Factory Cost – Factory Overheads
Conversion Cost – Factory Overheads + Direct Material Costs
All of the given options
