Top 80+ Solved Financial Reporting MCQ Questions Answer
Q. IAS 17 does not applies to
a. Biological asset held by lessee under finance leases
b. Biological asset provided by lessor under operating leases
c. Investment property provided by lessor under operating leases
d. All of the above
Q. Consideration which varies upon certain future events which may or may not occur iscalled….
a. Variable consideration
b. Future consideration
c. Agreed price
d. None of these
Q. Income tax consists of
a. Domestic taxes that are based on taxable profit
b. Foreign taxes that are based on taxable profit
c. Tax that are payable by a subsidiary on distribution to the reporting entity
d. All of the above
Q. Operating lease is :
a. Short term agreement
b. Long term agreement
c. Medium term agreement
d. Any of the above
Q. Ind AS 41 deals with
a. Biological assets
b. Accounting for agriculture
c. Interim reporting
d. None of these
Q. ….. is a financial reporting period shorter than a full financial year
a. Short period
b. A quarter
c. Interim period
d. None of these
Q. Land related to agricultural activities is coming under the scope of Ind AS….
a. 16
b. 36
c. 115
d. 2
Q. A…………. is an operating segment or results from the aggregation of two or moreoperating segments that meets quantitative thresholds.
a. Joint Venture
b. Associates
c. Reportable segment
d. None of the above
Q. Theoretical ex-right price is calculated when there is :
a. Bonus issue
b. Right issue
c. Stock split
d. All of these
Q. Activities that result in changes in the size and composition of equity capital andborrowing of an entity are called
a. Operating activity
b. Investment activity
c. Income producing activity
d. Financing activity
Q. A statement showing information on increase or decrease in net asset or wealth of anentity is called…
a. Statement of financial position
b. Statement of comprehensive income
c. Cash flow statement
d. Statement of Changes in equity
Q. ” Deferred tax asset is not a component of statement of financial position”
a. Statement is true
b. Statement is false
c. Statement is not relevant as per IAS1
d. This item is not considered for reporting
Q. Omission or misstatement in entity’s financial statement for one or more prior period iscalled
a. Change in accounting estimate
b. Prior period errors
c. Change in accounting policy
d. None of these
Q. Amount attributed to the asset or liability for tax purpose is called
a. Carrying amount
b. NRV
c. Depreciation
d. Tax base