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CA Final Conceptual Framework for Financial Reporting — practice questions — page 2

Explore 40 free Conceptual Framework for Financial Reporting questions in CA Final Financialreporting. Open each question or exercise to read its content, reference answers and available explanation.

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Conceptual Framework for Financial Reporting questions and exercises with answers

Showing questions 31–40 of 40.

Accruals differ from provisions because they are:Read the answer and worked solution →Going concern basis applies unless:Read the answer and worked solution →Foreseeable future for going concern is usually:Read the answer and worked solution →Which statement is a snapshot at one date?Read the answer and worked solution →A cash flow statement reports activities under which three heads?Read the answer and worked solution →Consolidated statements show parent and subsidiaries as:Read the answer and worked solution →Equity rose from Rs 10,00,000 to 11,50,000; owners added 60,000, dividends 20,000. Comprehensive income?Read the answer and worked solution →Which body recommends Ind AS to the Ministry of Corporate Affairs?Read the answer and worked solution →Once a company adopts Ind AS, voluntarily or mandatorily:Read the answer and worked solution →Ind AS 107 deals with disclosures relating to which subject?Read the answer and worked solution →

Worked practice questions

Accruals differ from provisions because they are:

  1. Far more uncertain in amount
  2. Always known before year start
  3. Much less uncertain in timing
  4. Fixed by the tax authority
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Correct answer: C. Much less uncertain in timing

Accruals involve far less uncertainty about timing and amount than provisions do.

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Going concern basis applies unless:

  1. A loss is reported in one year
  2. Liquidation becomes imminent
  3. The auditor is changed
  4. A bank loan is raised
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Correct answer: B. Liquidation becomes imminent

Continuation is presumed until liquidation becomes imminent, at which point another basis applies.

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Foreseeable future for going concern is usually:

  1. 12 months or the period if longer
  2. Three years in every single case
  3. One month after the year end
  4. Just the period that has ended
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Correct answer: A. 12 months or the period if longer

The foreseeable future is generally at least twelve months or the specified accounting period, taking the longer of the two.

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More Financialreporting topics

Ind AS 116 LeasesInd AS 36 Impairment of Assets and Ind AS 38 Intangible AssetsInd AS 24 Related Party Disclosures and Ind AS 108 Operating SegmentsInd AS 1 Presentation of Financial StatementsInd AS 12 Income TaxesInd AS 113 Fair Value MeasurementInd AS 109 Financial InstrumentsInd AS 23 Borrowing Costs and Ind AS 40 Investment Property