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B.Com Finance Practice Test: Financial Reporting
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B.Com Finance Practice Test: Financial Reporting
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25 Questions

1. Under Ind AS 1, which of the following must be disclosed on the statement of financial position?
2. IAS 24 and Ind AS 24 are deal with……
3. Ind AS 1 deals with……………
4. A change of estimate should be made to the income statement of ……..
5. ……….is the amount of income taxes payable on the taxable profit for a period, in accordance with rules established by the tax authorities
6. IASB was established in the year….
7. FASB is based in…………….
8. A…………. is an operating segment or results from the aggregation of two or more operating segments that meets quantitative thresholds.
9. An intangible asset is identified when,
10. Ind AS 2 deals with…
11. ….. is a financial reporting period shorter than a full financial year
12. Theoretical ex-rights price (‘TERP’) is calculated when there is a:
13. Land related to agricultural activities is coming under the scope of Ind AS….
14. When the recoverable amount of an asset is less than its carrying value in the statement of financial position, the asset is said to be
15. Carrying amount of an asset as on 1st April 2015 is Rs. 1500000 and depreciation for the year 2015 – 2016 is 15000. Fair value of the asset less cost of disposal as on 31 March 2016 is Rs. 120000. Which of the following is the carrying amount at 1st April 2106?
16. As per Ind AS 23, assets that require substantial time to bring to their intended use or to salable condition are known as
17. Amount attributed to the asset or liability for tax purpose is called
18. ………………..is the process of determining the monetary amounts at which the elements of financial statements are recognized and carried in the financial statements.
19. What do you mean by ASB?
20. Ind AS 41 deals with
21. …………. are the amount of income tax payable in future period for taxable temporary differences.
22. A property developer must classify properties that it hold for sale in the ordinary course of business as
23. Which of the following is not a minimum item on the face of the statement of comprehensive income?
24. Events after the end of the reporting period are defined as:
25. When a lease transfers substantially all the risks and rewards of ownership to lessee, this is called…..

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