Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Financial ReportingTotal Number of Question: 40Time: 41 MinutesPlease check your email after completion of test for result.All the best... Name Phone No Email State 1. A liability is classified as current if: It is due to be settled within the entity's normal operating cycle It is expected to be settled within 12 months Both (a) and (b) Neither (a) nor (b) None 2. Ind AS 12 is applicable to: Accounting for income taxes Recognition of provisions Revenue recognition Accounting for goodwill None 3. Deferred tax assets are recognized when it is: Probable that future taxable profit will be available Possible that there are temporary differences Certain that losses will be incurred Speculative None 4. Exemptions under Ind AS 101 include: Business combinations Leases Fair value as deemed cost All of the above None 5. The purpose of Ind AS 8 is to ensure: Consistency in accounting policies Disclosure of accounting estimates Both A and B None of the above None 6. Revenue from contracts with multiple performance obligations is allocated based on: Standalone selling prices of each performance obligation Total transaction price equally divided Cost incurred for each performance obligation None of the above None 7. A contract asset arises when: The entity has satisfied a performance obligation but is yet to receive payment Payment is received in advance Goods are delivered, but risk and rewards have not been transferred None of the above None 8. A contract liability arises when: Payment is received before a performance obligation is satisfied Goods are delivered before payment is received Performance obligations are satisfied None of the above None 9. Impairment loss recognized under Ind AS 36 is charged to: Other Comprehensive Income Retained Earnings Profit or Loss Revaluation Reserve None 10. Reversal of impairment loss is NOT allowed for: PPE Goodwill Intangible assets Investment property None 11. Which of the following is eliminated during consolidation? Unrealized profits from intra-group transactions Dividends received from a subsidiary Both (a) and (b) Neither (a) nor (b) None 12. Which of the following is included in non-controlling interest? Share of profits of the subsidiary attributable to minority shareholders Share of net assets attributable to minority shareholders Both (a) and (b) None of the above None 13. Derivative financial instruments are measured at: Fair value Cost Amortized cost Net realizable value None 14. Hedge accounting under Ind AS 109 is applied when: The hedging relationship meets all qualifying criteria The hedging instrument is a derivative The hedged item is a financial liability None of the above None 15. Short-term leases under Ind AS 116 are those with a lease term of: 3 months or less 6 months or less 12 months or less 24 months or less None 16. Under Ind AS 116, a lessee recognizes a right-of-use asset unless: It is a short-term lease It is a low-value asset lease Both (a) and (b) Neither (a) nor (b) None 17. Past service cost under Ind AS 19 is recognized: Over the remaining service period of employees Immediately in P&L Over the useful life of the asset In OCI None 18. Actuarial assumptions include all EXCEPT: Discount rate Inflation rate Market value of plan assets Expected return on plan assets None 19. Ind AS 1 requires entities to prepare a classified statement of financial position unless: The entity is a financial institution The entity is a manufacturing company The entity has immaterial liabilities None of the above None 20. Reconciliation of movements in liabilities arising from financing activities is disclosed under: Ind AS 1 Ind AS 7 Ind AS 8 Ind AS 36 None 21. Which of the following is a non-adjusting event under Ind AS 10? A court case settlement after the reporting date A decline in the market value of investments after the reporting date Discovery of fraud after the reporting date Receipt of insurance claim for damage occurring before the reporting date None 22. Ind AS 33 applies to: Earnings Per Share Income Taxes Related Party Disclosures Employee Benefits None 23. Basic earnings per share is calculated as: Net profit / Weighted average number of ordinary shares outstanding Net profit after tax / Total shares issued Operating profit / Total equity None of the above None 24. Ind AS 34 applies to: Interim Financial Reporting Consolidated Financial Statements Segment Reporting Business Combinations None 25. Segment reporting is governed by: Ind AS 108 Ind AS 33 Ind AS 24 Ind AS 105 None 26. Which is NOT an operating segment under Ind AS 108? A business unit generating revenue A business unit for which discrete financial information is available A business unit with intersegment revenue only A business unit regularly reviewed by the chief operating decision maker None 27. Ind AS 101 permits exemption for: Business combinations Leases Share-based payments All of the above None 28. Cash flows from purchase of investment properties are classified under: Operating activities Investing activities Financing activities Both (a) and (b) None 29. Provisions are recognized under Ind AS 37 when: There is a present obligation An outflow of resources is probable The amount can be estimated reliably All of the above None 30. Ind AS 20 covers: Government Grants Earnings Per Share Interim Financial Reporting Borrowing Costs None 31. Ind AS 40 excludes: Investment property held for rental income PPE used in production Property under construction for investment purposes None of the above None 32. Under Ind AS 8, retrospective application is required for: Changes in accounting policies Changes in accounting estimates Errors Both (a) and (c) None 33. Exchange differences on foreign operations are recognized in: Profit or loss Other Comprehensive Income Retained earnings Equity only None 34. Ind AS 23 applies to: Borrowing Costs PPE Intangible Assets Financial Instruments None 35. Ind AS 21 applies to: Foreign Exchange Transactions Financial Instruments Borrowing Costs Consolidation None 36. Non-controlling interest is measured at: Fair value Proportionate share of net assets of the subsidiary Either (a) or (b) None of the above None 37. Ind AS 103 applies to: Business Combinations PPE Impairment of Assets Financial Instruments None 38. Which of the following is NOT a component of cash flow statements? Operating activities Financing activities Investing activities Revenue activities None 39. Which of the following is a monetary item under Ind AS 21? Trade receivables Inventory Prepaid expenses Goodwill None 40. Under Ind AS 2, which method is prohibited for inventory valuation? FIFO Weighted average Specific identification LIFO 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. 1 2 3 4 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!
