This topic provides the latest mgt401 quiz 2 solution with an answer that helps in test and exam preparation and also it will be beneficial to improve your knowledge and learning skills.
MGT401 Quiz 2 Solved
1) Which one of the following is the type of stack for trading concerns
- Work in Process
- Raw Material
- Finished Goods
- Stock in Trade
2) Which of the following is NOT an objective of the financial statement
- To meet the stakeholder’s expectation
- To help the user to take relevant decision
- To show operating results of an entity
- To show cash flows of an entity
3) Which of the following IAS covers the treatment & recognition of Provision
- IAS 33
- IAS 39
- IAS 38
- IAS 37
4) A set of theoretical principles that assists and guide in financial reporting is known as:
- Conceptual framework
- IAS
- GAAP
- IASB
5) Which of the following is a rebate or allowance from the scheduled price granted by the seller to the buyer
- Invoice at discount
- Trade discount
- Seller discount
- Purcher discount
6) Which is used to calculate the amount of interest payable to the bond holder.
- Nominal rate
- Stated rate
- Coupon interest rate
- All of the above
7) The ability to meet obligations by an entity is known as:
- Profitability and solvency
- Operating leverage and liquidity
- Liquidity and solvency
- Working capital solvency
8) Inventories are assets which:
- Recorded at sale value in the books of accounts
- Held for the process of production for such sale
- Held for long term capital appreciations
- Used in the supply or production of goods and services for administrative purposes
9) Current assets include:
- Other Receivables (loans)
- Short Term Investment
- Trade Receivable
- All of the above
10) Carrying amount of an intangible asset will decrease over the time due to:
- Decrease in impairment loss
- Increase in accumulated amortization
- Decrease in amortization
- Decrease in demand
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