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CS Executive Practice Test: Consolidation of Accounts – Corporate and Management Accounting
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CS Executive Practice Test: Consolidation of Accounts – Corporate and Management Accounting
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25 Questions

1. If stock is sold for a profit from one group member to another, how should this be dealt with in the final accounts
2. Unrealized profit on goods sold and included in stock is deducted from:
3. Which of the following treatment of ‘Share Capital’ of the subsidiary company is correct
4. The claim by outsiders to assets featured on a consolidated balance sheet is known as:
5. What is the term used to describe dividends paid by one company in the group to another in the same group
6. S Ltd. is a subsidiary of H Ltd. S Ltd. remitted a cheque for ₹ 5,000 to H Ltd. on 30th March 2018, which was received by H Ltd. on 1st April 2019. The accounting year of both companies closed on 31st March 2019. Which of the following treatment is correct in the consolidated financial statement for a cheque in transit
7. The group’s share of the pre-acquisition reserves of a subsidiary form part of the:
8. Which of the following treatment is correct for mutual debts with regard to purchasing and sale of goods between holding and subsidiary company
9. A parent owns two-third of the subsidiary’s equity. As of a year-end the subsidiary’s inventory includes goods sent to it by the parent invoiced at ₹ 3,60,000. The parent has purchased these goods for ₹ 3,00,000. Which of the following are the correct entries for eliminating unrealized profit
10. If the closing balance of general reserve of a subsidiary is less than the opening balance of general reserve then it can be concluded that –
11. How is negative goodwill reported on the consolidated statement of financial position
12. When dealing with consolidated balance sheets, the expression cost of control could be used instead of:
13. Deduction of outsiders liabilities from total assets then dividing it by number of shares, the resultant figure will be
14. In which of the following case the C Ltd. will be subsidiary of A Ltd
15. On a consolidated balance sheet, if the shares of a company have been bought for more than the balance sheet value then the difference would appear as:
16. If less than 100% of a subsidiary’s share capital has been acquired then what is the rule for inclusion of the subsidiary’s assets on the consolidated balance sheet
17. Preparation of consolidated Balance Sheet of holding company and its subsidiary company is as per –
18. On consolidation, if the total of the fair value of the assets acquired is less than the whole purchase consideration then the differences should be treated as:
19. Which of the following is the best theoretical justification for consolidated financial statements
20. If the closing balance of general reserve of a subsidiary is more than the opening balance of general reserve then it can be concluded that
21. As of the year-end, the parent’s statement of financial position reports rent receivable as an asset at ₹ 60,000 and this includes ₹ 15,000 due from the subsidiary. Subsidiary reports rent payable as ₹ 15,000. Which of
the following will be included in the consolidated statement of financial position
22. Pre-acquisition dividend received by Holding Company is credited to:
23. Which exchange rate will be considered for the conversion of the share capital of the subsidiary company
24. Y Company has a receivable from its parent, X Company. Should this receivable be separately reported on Y’s balance sheet and in X’s consolidated balance sheet?
Y’s balance sheet X’s balance sheet
25. Which of the following is true

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