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:
- Unlisted companies having net worth of`150 crore or more but less than rupees five hundred crore
- Unlisted companies having net worth of`250 crore or more but less than rupees five hundred crore
- Unlisted companies having net worth of`50 crore or more but less than rupees five hundred crore
- none of the above
Answer: 2
Q:2 Title of Ind AS 101
- First Time Adoption of Indian Accounting Standards
- Share based payments
- Business Combinations
- 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?
- Yes
- 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.
- 12 months
- 11 months
- 14 months
- 10 months
Answer: 3
Q:5 How should electricity deposits be classified, i.e., current or non-current?
- Current
- 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:
- 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
- comprehensive income for the period attributable to: (i) non-controlling interests, and (ii)owners of the parent
- both a & b
- none of the above
Answer:3
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