Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Corporate Financial Reporting Total Number of Question: 40 Time: 41 Minutes Please check your email after completion of test for result. All the best... Name Phone No Email Area Pin Code 1. Which of the following is NOT a qualitative characteristic of financial statements under Ind AS? Relevance Faithful Representation Aggressive Accounting Comparability None 2. Which financial statement provides information about a company’s financial performance over a period? Balance Sheet Profit and Loss Statement Cash Flow Statement Statement of Changes in Equity None 3. Which of the following accounting concepts requires financial statements to be prepared assuming the entity will continue operating? Consistency Concept Accrual Concept Going Concern Concept Matching Concept None 4. Which of the following assets is NOT classified as an intangible asset Patent Copyright Goodwill Land None 5. Which of the following is an example of a contingent liability? Accounts Payable Outstanding Salaries Pending Lawsuits Loan Taken None 6. Depreciation is recorded based on which accounting principle? Cost Principle Matching Principle Consistency Principle Revenue Principle None 7. Which Ind AS governs the treatment of Investment Property? Ind AS 16 Ind AS 40 Ind AS 38 Ind AS 23 None 8. Which method is commonly used for valuation of inventory under Ind AS2 FIFO LIFO Weighted Average Cost Both (a) and (c) None 9. An asset is considered impaired when: Its fair value is greater than book value Its carrying amount exceeds recoverable amount Its historical cost is equal to fair value None of the above None 10. A liability that arises from past events and is expected to be settled in the future is called: Contingent Liability Financial Liability Provision Equity Instrument None 11. Ind AS 110 is applicable to: Segment Reporting Consolidated Financial Statements Related Party Disclosures Fair Value Measurement None 12. Which of the following is NOT a component of consolidated financial statements? Consolidated Balance Sheet Consolidated Cash Flow Statement Individual Financial Statements of subsidiaries Consolidated Profit and Loss Statement None 13. A company is considered a subsidiary when another company holds more than: 25% of shares 50% of shares 75% of shares 90% of shares None 14. Which method is used for accounting for associates in consolidated financial statements? Equity Method Cost Method Fair Value Method Historical Cost Method None 15. Minority interest in a subsidiary is shown in: Equity section of Consolidated Balance Sheet Liability side of the Balance Sheet Profit and Loss Statement Notes to Accounts None 16. Ind AS 32 deals with: Financial Instruments: Presentation Business Combinations Share-Based Payments Consolidated Financial Statements None 17. Under Ind AS 109, financial assets are classified as: Amortized Cost Fair Value through Other Comprehensive Income (FVOCI) Fair Value through Profit or Loss (FVTPL) All of the above None 18. Which model is used for recognizing Expected Credit Loss (ECL)? Historical Loss Model Fair Value Model Expected Credit Loss Model None of the above None 19. Ind AS 102 governs: Share-Based Payments Borrowing Costs Lease Accounting Employee Benefits None 20. Which of the following is NOT an example of a financial liability? Bank Loan Trade Payables Share Capital Bonds Payable None 21. Corporate Social Responsibility (CSR) is mandated for companies under which act? Companies Act, 1956 Companies Act, 2013 SEBI Act, 1992 FEMA, 1999 None 22. Which of the following is NOT part of corporate governance principles? Transparency Accountability Insider Trading Fairness None 23. Which framework is widely used for sustainability reporting? IFRS GRI Standards Ind AS 115 US GAAP None 24. Which of the following is NOT an element of integrated reporting? Financial Capital Manufactured Capital Speculative Capital Natural Capital None 25. Which body regulates corporate governance in India? SEBI RBI IRDAI ICAI None 26. Which committee was formed for corporate governance reforms in India Narasimham Committee Kotak Committee Shah Committee Rangarajan Committee None 27. Whistleblower policy is a part of: Corporate Governance Financial Reporting Inventory Management Ind AS 16 None 28. Which act governs the prevention of insider trading in India? SEBI Act, 1992 Companies Act, 2013 RBI Act, 1934 FEMA, 1999 None 29. Sustainability reporting primarily focuses on: Financial Performance Environmental, Social, and Governance (ESG) factors Only Regulatory Compliance Marketing Strategies None 30. Ethical corporate reporting ensures: Transparent disclosures Financial fraud Tax evasion Market manipulation None 31. Ind AS 116 deals with the accounting of: Employee Benefits Leases Financial Instruments Earnings Per Share None 32. Which of the following is NOT a characteristic of a lease under Ind AS 116 Transfer of ownership at the end of the lease term The lessee has an option to purchase the asset at fair value The lease term is less than 1 year The lease term is for the major part of the asset's useful life None 33. Employee Benefits under Ind AS 19 are categorized into: Short-term, Post-employment, Other long-term, Termination Long-term, Short-term, Severance Direct, Indirect, Post-retirement None of the above None 34. Under Ind AS 19, actuarial gains and losses are recognized in: Profit and Loss Statement Other Comprehensive Income Equity Liabilities None 35. A change in accounting policy is applied retrospectively when: The change affects only current period The change affects both current and prior periods The change affects only future periods The change is implemented for convenience None 36. When a prior period error is discovered, it is corrected by: Restating the prior period financial statements Adjusting the error in the current period Recording the correction in the income statement Only adjusting the balance sheet None 37. Which of the following is required for a change in accounting estimate? Retroactive application Adjustment of prior periods Recognition in the current period’s profit and loss Immediate recognition in equity None 38. Ind AS 113 provides guidance on: Impairment of Assets Fair Value Measurement Business Combinations Consolidated Financial Statements None 39. Under Ind AS 113, the fair value of a financial instrument is determined by: Market approach Income approach Cost approach All of the above None 40. Under Ind AS 24, related party disclosures are required when a party has: Control over the reporting entity Significant influence over the reporting entity Joint control with the reporting entity All of the above None 1 out of 4 Great job on taking the INCOC Test! We appreciate your interest in test. Look out for results and future opportunities. Stay Connected !! Your quiz time is about to finish. Few seconds left. Time's upYou cannot switch tabs while taking this quiz!You are not allowed to switch tabs violation has been recorded.you cannot minimize full screen mode!You are not allowed to minimize full screen while taking this quiz, violation has been recorded.Access denied! To begin the quiz, please grant this quiz access to your camera.Time is Up!Time is Up!
