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
- Ind AS 10
- Ind AS 40
- Ind AS 2
- None of these
Answer: 2
Q:2 Specify which Ind AS is Applicable for-
Property acquired with a view for development and resale
- Ind AS 1
- Ind AS 2
- Ind AS 12
- 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
- Ind AS 105
- Ind AS 10
- Ind AS 16
- 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
- 1200000
- 1000000
- 1035000
- 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
- 11,66,000
- 11,60,000
- 11,06,000
- 11,00,000
Answer: 1
CA Final - Paper 1 - FR - Chapter 8
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