Multiple Choice Questions (MCQ's) of Accounting

[kamranACA]

Awais,

I don't know why you take the things wrong on all aspects. No one was quarreling. A person said these MCQs are for the very initial level and I agreed with his views. There is no problem in agreeing with some one's views. Is there any?


Wasim Akram,

The activity on this forum is not for our personal financial benefits. Therefore, you need not to consider my firm for any consultation on the basis of the forum discussions or otherwise. My comments were in reply to some one who was giving remarks on professional exposure. Otherwise I never discuss myself personally.

You or your company is not the one for which I specifically long for. I also know that the business does not come from the people of your level. Rather, it comes from the major stake-holders and we might be very much in touch where we should be. So please don't take the things on heart. Your consultants might be doing a good job. You please concentrate and absorb what they try to make you understand.

The remarks regarding "mindset" had a forum specific background and you may not be aware of that. The things which are not known should remain out of one's remarks. This is just a suggestion. You are of course independent in whatever you do. I again confirm that we don't discuss the issues on the forum on the basis of personal grudges. This should not be the professional attitude. If you find something non-professional you may continue with your findings.

However, it's very much my personal will if I don't want to reply any one specifically, for disclosed or undisclosed reasons. This is just a clarification note. Don't please find non-professional attitude from this sentence.

If some other wants to reply your query he should do it.

Regards,


KAMRAN.

[kamranACA]

Awais,

To my apprehension, you are also not in a position to offer business opportunities to CA firms. So there is no logic for you to need my firm's profile. Profiles are not the toys for kids. These are used where some requirement arises.


Regards,


KAMRAN.

[awaisaftab]

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by kamranACA</i>
<br />Awais,

To my apprehension, you are also not in a position to offer business opportunities to CA firms. So there is no logic for you to need my firm's profile. Profiles are not the toys for kids. These are used where some requirement arises.


KAMRAN.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">


If you dont want to give your firm's profile then its your own choice.For your kind information I am working in a private Ltd company as Manager Accounts and we also have a Auditor. I am in position to insist managemnt of my company to appoint another auditor. For last five year a charted accounting firm providing us audit and tax services but their services are not up to mark. Know I am convencing my company to appoint another auditor. My first choice is TMRC (Cost and Management Accountants).

Know we shall talk on any other topic this thread is for MCQ's. Pl dont mind

Regards,


Awais

[kamranACA]

Dear Awais,

It's good to know about the five years saga and your realization of the factual position about your auditors. It's also good to know about your choice.

I knew you are manager accounts and I believe no manager account has an authority of changing auditors. You must check the law. Convincing is something else and I don't believe the people are convinced with the statements of those who can leave their organization any time, rather who are more than prepared to do so all the times.

To be in a convincing position takes a long time. If you are in such position it's good for your career.

Whatever this thread is purposed for, you can take care of the very objective.

Regards,


KAMRAN.

[awaisaftab]

Kamran,

I have never passed any comments,personal in nature, about you . I also expect same from you.

Awais

[kamranACA]

Dear

I did not say any thing personal more than the extent of asking for my firm's profile.

Regards,


KAMRAN.

[awaisaftab]

I did not say any thing personal more than the extent of asking for my firm's profile.

Regards,


KAMRAN.
[/quote]


IS SADGI PE KOYEE MAR JAY NA AY KHUDA

It is not a personal matter to demand from someone the profile of his company. But its the insult of another person to pass negative remarks about his job,designation and status. Please read one time more your last post. You have too disappointed me.

Regards,

Awais

[awaisaftab]

Dears,

Lets return to our main aim i.e obviously knowledge sharing.

Who cannot become the member of audit committee,formed in listed companies, as per code of corporate governance.

a.CFO
b.Internal Auditor
c.Both CFO and Internal Auditor
d.None of the above.

[kamranACA]

Awais,

I am not that "Sada" so "koi" does not need to die. Asking for the profile in the fashion you did procured you the answer which you got.

I can't help you if you are disappointed.

Regards,


KAMRAN.

[awaisaftab]

Yes, you are not a simple person but posing as you are.

Regards,

Awais

[kamranACA]

You wrongly deduced it. It was never posed like that.

Regards,

[danishayub_76]

Multiple Choice Questions are awaited................!

[danishayub_76]

Javed & Sons (Pvt) Limited, traded off its used plant and machinery for a
new model. The old machinery, given off, had a book value of Rs.16,000
and fair value of Rs.12,000. The machine was bought two years back at a
cost of Rs.24,000. However, the management traded it off for a new model
having invoice price of Rs.32,000. In negotiations with the seller, a tradein-
allowance of Rs.18,000 was agreed for the old machine.
Required In the light of IAS-16
(i) Calculate the cost of new machine.
(ii) Compute gain/ loss incurred in exchange transaction.
(iii) Record the transaction in the books of the company.

[danishayub_76]

Dear Awais Bhai ! Assalam O Alaikum. Hope you will be fine and healthy. I need your guidance in the following question of ICMAP examinations in previous year.
Javed & Sons (Pvt) Limited, traded off its used plant and machinery for a

new model. The old machinery, given off, had a book value of Rs.16,000

and fair value of Rs.12,000. The machine was bought two years back at a

cost of Rs.24,000. However, the management traded it off for a new model

having invoice price of Rs.32,000. In negotiations with the seller, a tradein-

allowance of Rs.18,000 was agreed for the old machine.

Required In the light of IAS-16

(i) Calculate the cost of new machine.

(ii) Compute gain/ loss incurred in exchange transaction.

(iii) Record the transaction in the books of the company.





Waiting for your help....

[faisal_ali]

Bilanben Ltd manufactures grass-cutting equipment. The following was the cost of production for the year ended 31 December 2003, based on a normal capacity of 4500 units.
$
Direct Materials 157 500
Direct Labour 270 000
Variable Overheads 54 000
Fixed Overheads 125 000
606 500
There are 30 production workers who each work a 30-hour week and have two weeks unpaid holiday per annum.
Additional costs, based on a production of 5000 units, are administrative overheads of $140 000, of which 50% are fixed, and $150 000 for advertising.
Selling price is $250 per unit. The Sales Director has suggested that during 2004 he can sell 5000 units at $250 each.

Option 2
To hire new machinery for one year at a cost of $50 000. This would leave all variable costs unchanged. This was already under consideration and $17 500 had been spent on market research.