MCQ for CA Final FR - Chapter 1 Ind AS 1 : PRESENTATION OF FINANCIAL STATEMENTS

Sample Multiple Choice Questions (MCQ's) for CA Final - Paper 1 - Financial Reporting - Chapter 1: Ind AS 1 : PRESENTATION OF FINANCIAL STATEMENTS - For Practice relevant for May/Nov 23 Examinations

Q:1 Which among the following have to mandatorily implement IND AS in Phase II 1st Apr 2017:

  1. Unlisted companies having net worth of`150 crore or more but less than rupees five hundred crore
  2. Unlisted companies having net worth of`250 crore or more but less than rupees five hundred crore
  3. Unlisted companies having net worth of`50 crore or more but less than rupees five hundred crore
  4. none of the above

Answer: 2

 

Q:2 Title of Ind AS 101

  1. First Time Adoption of Indian Accounting Standards
  2. Share based payments
  3. Business Combinations
  4. None of the above

Answer: 1

 

Q:3 A retail chain acquired a competitor in March, 20X1 and accounted for the business combination under Ind AS 103 on a provisional basis in its 31st March, 20X1 annual financial statements.The business combination accounting was finalised in 20X1-20X2 and the provisional fair values were updated. As a result, the 20X0-20X1 comparatives were adjusted in the 20X1-20X2 annual financial statements.Does the restatement require an opening statement of financial position (that is, an additional statement of financial position) as of 1st April, 20X0?

  1. Yes
  2. No

Answer: 2

 

Q:4 X Ltd. provides you the following information:

Raw material stock holding period: 3 months

Work-in-progress holding period: 1 month

Finished goods holding period: 5 months

Debtors collection period: 5 months

You are requested to compute the operating cycle of X Ltd.

  1. 12 months
  2. 11 months
  3. 14 months
  4. 10 months

Answer: 3

Q:5 How should electricity deposits be classified, i.e., current or non-current?

  1. Current
  2. Non-Current

Answer:2 

Q:6 An entity shall present (in case of consolidated statement of profit and loss) the following items as allocation of profit or loss and other comprehensive income for the period:

  1. profit or loss for the period attributable to:© The Institute of Chartered Accountants of India 2.46 FINANCIAL REPORTING (i)non-controlling interests, and (ii)owners of the parent
  2. comprehensive income for the period attributable to: (i) non-controlling interests, and  (ii)owners of the parent
  3. both a & b
  4. none of the above

Answer:3

CA Final - Paper 1 - FR - Chapter 2   

 

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