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CA Final Consolidated Financial Statements (Ind AS 110) — practice questions — page 2

Explore 46 free Consolidated Financial Statements (Ind AS 110) questions in CA Final Financialreporting. Open each question or exercise to read its content, reference answers and available explanation.

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Consolidated Financial Statements (Ind AS 110) questions and exercises with answers

Showing questions 31–46 of 46.

Joint control requires decisions about relevant activities to have what?Read the answer and worked solution →What is equity in a subsidiary not attributable to the parent called?Read the answer and worked solution →Under IFRS, where is non-controlling interest shown on the consolidated balance sheet?Read the answer and worked solution →A parent owns 70% of a subsidiary. The remaining 30% share of net assets belongs to:Read the answer and worked solution →Full consolidation of partly owned subsidiaries is the reason for reporting what?Read the answer and worked solution →The consolidated income statement shows minority interest as what?Read the answer and worked solution →Which NCI measurement choice at acquisition gives the 'full goodwill' method?Read the answer and worked solution →After acquisition, NCI is updated for its share of the subsidiary's:Read the answer and worked solution →Consideration transferred in a business combination is measured at:Read the answer and worked solution →A negative goodwill result on acquisition is recognised as what?Read the answer and worked solution →Goodwill arises when the price paid for a company exceeds what?Read the answer and worked solution →A buys 100% of B for Rs 20 lakh. B's identifiable net assets at fair value are Rs 9 lakh. Goodwill is:Read the answer and worked solution →Acquirer pays Rs 60,000 for 100% of net assets with fair value Rs 40,000. Goodwill equals:Read the answer and worked solution →Goodwill in consolidated statements is treated as what type of asset?Read the answer and worked solution →Goodwill can be recognised only through what?Read the answer and worked solution →Which business combination method has been disallowed under US GAAP since 2001?Read the answer and worked solution →

Worked practice questions

Joint control requires decisions about relevant activities to have what?

  1. A simple majority vote
  2. One party's casting vote
  3. Unanimous party consent
  4. Approval by the court
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Correct answer: C. Unanimous party consent

Joint control is the contractually agreed sharing of control, needing unanimous consent of the parties sharing control.

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What is equity in a subsidiary not attributable to the parent called?

  1. Non-controlling interest
  2. Capital redemption fund
  3. Revaluation reserve
  4. Treasury share stock
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Correct answer: A. Non-controlling interest

IFRS 10 defines non-controlling interest as equity in a subsidiary not attributable, directly or indirectly, to a parent.

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Under IFRS, where is non-controlling interest shown on the consolidated balance sheet?

  1. Among liabilities
  2. In the mezzanine
  3. Within equity
  4. Among assets
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Correct answer: C. Within equity

IFRS shows NCI within equity, at the very bottom of the equity section.

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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