vu mgt401 Final Term - Quiz No.4
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 is the type of stock for trading concerns?
Raw Material
Work in Process
Finished Goods
Stock in Trade
Question 2: An enterprise would be the subsidiary of another enterprise if that investor enterprise can control the subsidiary represents:
Subsidiary Companies
Holding Companies
Public Limited Companies
Private Limited Companies
Question 3: Which of the following is (are) related with the IAS 23?
Qualifying Assets
Amount to be capitalized related to the Borrowing cost
Capitalization period related to the Borrowing cost
All of the given options
Question 5: Which of the following is INCORRECT with respect to Perpetual Inventory System?
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
Question 6: Which of the following is an example of Capital Expenditure:
Wages paid on the purchases of goods
Carriage paid on the purchases of goods
Transportation paid on machinery purchased
Octori duty paid on goods
Question 7: Which one of the following is NOT recorded under Equity section of the Balance Sheet?
Share Premium
Share Capital
Accumulated Profit
Dividend Payable
Question 8: Which of the following IAS affect(s) the recognition, presentation and discourse of fixed assets in financial statements?
IAS 01
IAS 16
IAS 23
All of the given options
Question 9: Which of the following is/are the physical asset(s)?
Term Finance Certificates
Loan Agreements
Trade Receivables
All of the given options
Question 10: What is the treatment of Depreciation in accounting?
Treated as a reserve
Treated as an expense
Treated as a surplus
Treated as a Liability
