MCQ for CA Final FR - Chapter 7 Ind AS 38: Intangible Assets

Sample Multiple Choice Questions (MCQ's) for CA Final - Paper 1 - Financial Reporting - Chapter 7: INDIAN ACCOUNTING STANDARD 38: Intangible Assets :  - For Practice relevant for May/Nov 23 Examinations

 

Q:1 Specify which Ind AS is Applicable for Owned by a Company and leased out under an Operating Lease

 

  1. Ind AS 10
  2. Ind AS 40
  3. Ind AS 2
  4. None of these

Answer: 2

 

Q:2 Specify which Ind AS is Applicable for-

Property acquired with a view for development and resale

 

  1. Ind AS 1
  2. Ind AS 2
  3. Ind AS 12
  4. Ind AS 16

Answer: 2

 

Q:3 Specify which Ind AS is Applicable for-

Property occupied by Employees paying rent at less than market rate

 

  1. Ind AS 105
  2. Ind AS 10
  3. Ind AS 16
  4. Ind AS 12

Answer: 3

 

Q:4 X Limited has an investment property (building) which is carried in Balance Sheet on 31st March, 20X1 at`15,00,000.During the year X Limited has stopped letting out the building and used it as its office premise. On 31st March, 20X1, management estimates the recoverable amount of the building as`10,00,000 and its remaining useful life as 20 years and residual value is nil. How should X Limited account for the above investment property as on 31st March, 20X1?

Calculate carrying amt as on 31st March,20X1

 

  1. 1200000
  2. 1000000
  3. 1035000
  4. 1100000

Answer: 2

 

Q:5 On 31stMarch, 20X1, Earth India Ltd. paid`50,00,000 for a 100% interest in Sun India Ltd.At that date Sun Ltd.’s net assets had a fair value of`30,00,000. In addition, Sun Ltd. also held the following rights:

  • Trade Mark named “GRAND” – valued at `180,000 using a discounted cash flow technique.

  • Sole distribution rights to an electronic product; future cash flows from which are estimated to be `150,000 per annum for the next 6 years.

10% is considered an appropriate discount rate.

The 6 year, 10% annuity factor is 4.36.

Calculate goodwill and other Intangible assets arising on acquisition

 

  1. 11,66,000
  2. 11,60,000
  3. 11,06,000
  4. 11,00,000

Answer: 1

 

CA Final - Paper 1 - FR - Chapter 8   

 

To get back to the Chapterwise MCQ List Page      

 

Hope you can find this article helpful. If you did like the content then Share it with your friends who are preparing for CA Final Exams or who will be giving their CA Final Exams in the near future.

Request for Callback

Thank you ! We will get to you soon.

Couldn't submit your request.