Which of the following is recorded under long

Reference no: EM13614881

1. Which of thefollowing is an artificial person recognized by law?
A. Limited company
B. Partnership
C. Foundation
D. Trust

2. Which of the following enjoys the benefit of limitedliability?
A. Limited company
B. Sole-proprietorship
C. Foundation
D. Trust

3. Which of the following business has the burden of unlimited liability?
A. Sole-proprietorship
B. Single Member Company
C. Public Limited Company
D. Private Limited Company

4. Which of the following business is formed by the approval of State Bank of Pakistan?
A. Money Exchange Company
B. Non Banking Finance Corporation
C. Trade organization u/s 42 of the Companies ordinance1984
D. Corporate Brockage House

5. If the holding company owns more then 50% but less then100% shares of the subsidiary company then the subsidiary type will be termed as:
A. Partially owned subsidiary
B. Wholly owned subsidiary
C. Direct subsidiary
D. Indirect subsidiary

6. If "A" is subsidiary of "B" and"B" is a subsidiary of "C" then which ofthe following statement is TRUE?
A. "A" is not a subsidiary of "C"
B. "C" is holding company of "B"only
C. "C" is not holding company of"B"
D. "A" is subsidiary of "C" .

7. Which of the following is recorded under Long TermLiabilities section of the Balance Sheet?
A. Creditors
B. Provision for Taxation
C. Dividend Payable
D. Debentures

8. Which one ofthe following is NOT the component of cost?
A. Import duties
B. Installation costs
C. Cost of site preparation
D. Transportation outwards

9. Which of the following is an example of RevenueExpenditure?
A. Transportation paid on machinery purchased
B. A second-hand car was purchases for Rs. 7,000 and Rs.5,000 were spent
for his repairs and overhauling
C. An additional room was constructed at a cost of Rs.15,000
D. Carriage paid on goods purchased

10. Which of the following costs can be capitalized?
A. Assets that are not currently in use because of excesscapacity
B. Assets that are ready for intended use
C. Assets intended for sale or use that are produced asdiscrete projects
D. Assets under construction for entity's own use

Reference no: EM13614881

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