Q#1: Which of the following is NOT the classification of current assets with respect to the Companies Ordinance 1984?
(A) Cash balance
(B) Bank balance
(C) Premises
(D) Marketable securities
Answer: (C) Premises
Q#2: Written down value of an asset = ————–
(A) Original cost – Accumulated depreciation
(B) Original cost – Appreciation
(C) Book value – Accumulated depreciation
(D) Original cost – Salvage value
Answer: (A) Original cost – Accumulated depreciation
Q#3: Which of the following entities is not a profit-oriented entity?
(A) Sole proprietorship
(B) Partnership
(C) Companies
(D) Foundations
Answer: (D) Foundations
Q#4: All of the following are fixed assets EXCEPT:
(A) Machinery
(B) Freehold land
(C) Leasehold land
(D) Marketable securities
Answer: (D) Marketable securities
Q#5: A partnership firm has a maximum ____ number of partners.
(A) 20
(B) 15
(C) 10
(D) 02
Answer: (A) 20
Q#6: Which of the following is NOT the classification of current assets with respect to the Companies Ordinance 1984?
(A) Stock
(B) General stores
(C) Spare parts
(D) Bank overdraft
Answer: (D) Bank overdraft
Q#7: Which of the following IAS deals with inventories?
(A) IAS 38
(B) IAS 23
(C) IAS 02
(D) IAS 16
Answer: (C) IAS 02
Q#8: Which one of the following is related to IAS 32 & 39?
(A) Property, Plant & Equipment
(B) Inventory
(C) Financial statements
(D) Financial instruments
Answer: (D) Financial instruments
Q#9: IAS-16 deals with:
(A) Property, Plant and Equipment
(B) Cash flow statement
(C) Presentation of financial statements
(D) Earnings per share
Answer: (A) Property, Plant and Equipment
Q#10: Which of the following meeting is held once in the life of a company?
(A) Statutory meeting
(B) Annual general meeting
(C) Extraordinary meeting
(D) Board meeting
Answer: (A) Statutory meeting
Q#11: Which of the following is NOT a qualifying asset?
(A) Power plant under construction
(B) Inventories requiring long manufacturing period
(C) Special inventory taking 5 months
(D) Asset ready for use
Answer: (D) Asset ready for use
Q#12: Which of the following is original and planned investigation undertaken to gain new scientific or technical knowledge?
(A) Development
(B) Research
(C) Innovation
(D) Testing
Answer: (B) Research