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Subject: Financial Reporting

Total Number of Question: 40

Time: 41 Minutes

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Phone No

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Which method is used to consolidate a joint operation?

Equity Method

Line-by-line Proportionate Consolidation

Full Consolidation

None of the above

Ind AS 113 defines fair value as:

Cost less accumulated depreciation

Price received in an orderly transaction between market participants

Intrinsic value of an asset

Book value

Impairment of financial assets under Ind AS 109 is determined using:

Lifetime expected credit loss model for all financial assets

12-month expected credit loss for assets without significant credit deterioration

Historical loss model

None of the above

Which financial instruments are measured at FVOCI under Ind AS 109?

Equity instruments held for trading

Equity instruments designated irrevocably by the entity

Derivatives

Held-to-maturity investments

Impairment loss on a cash-generating unit (CGU) is allocated first to:

Goodwill

PPE on a pro-rata basis

Intangible assets other than goodwill

All assets equally

Which of the following is NOT considered in determining the value in use?

Cash flow projections

Discount rate

Market value

Inflation rate assumptions

Ind AS 19 categorizes employee benefits into:

Short-term, termination, post-employment, and other long-term benefits

Fixed-term, variable-term, and termination benefits

Compensation, termination, and bonus plans

None of the above

Actuarial gains and losses under Ind AS 19 are:

Recognized in P&L

Deferred over the service period

Recognized in OCI

Ignored

Ind AS 1 requires disclosures related to:

Sources of estimation uncertainty

Basis of preparation

Both (a) and (b)

Neither (a) nor (b)

10.

Which of the following is NOT an operating cash flow activity under Ind AS 7?

Collection from customers

Payment to suppliers

Purchase of machinery

Payment of wages

21.

Ind AS 107 requires disclosure of:

Fair value measurements

Risk management policies

Credit risk, liquidity risk, and market risk

All of the above

22.

A financial liability is classified as current when:

It is expected to be settled in more than 12 months

The entity has an unconditional right to defer settlement beyond 12 months

Settlement is due within 12 months

None of the above

23.

Defined benefit plans are measured using:

Historical cost

Present value of defined benefit obligation

Expected cost

None of the abov

24.

Current service cost under Ind AS 19 is:

Recognized in OCI

Recognized in P&L

Deferred to the next period

Capitalized as an asset

25.

Contract costs that are incremental and expected to be recovered are:

Recognized as an expense immediately

Deferred and amortized over the contract term

Written off to OCI

Capitalized only if above 10% of contract value

26.

Under Ind AS 115, the transaction price includes:

Fixed consideration only

Both fixed and variable consideration

Contingent consideration only

None of the above

27.

An impairment loss under Ind AS 36 is reversed when:

The recoverable amount of the asset increases

The asset is sold

Goodwill impairment is reversed

None of the above

28.

Which of the following assets is NOT tested annually for impairment?

Goodwill

Intangible assets with indefinite life

PPE with finite life

Intangible assets under development

29.

Purchase consideration for a business combination excludes:

Contingent consideration

Acquisition-related costs

Fair value of shares issued

Cash paid to acquire assets

30.

Which of the following is a characteristic of a reverse acquisition?

Legal acquirer is the accounting acquirer

Accounting acquirer is different from the legal acquirer

No goodwill is recognized

None of the above

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