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CA Final Ind AS 1 Presentation of Financial Statements — practice questions — page 2

Explore 90 free Ind AS 1 Presentation of Financial Statements questions in CA Final Financialreporting. Open each question or exercise to read its content, reference answers and available explanation.

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Ind AS 1 Presentation of Financial Statements questions and exercises with answers

Showing questions 31–60 of 90.

Which item must be displayed prominently on the financial statements?Read the answer and worked solution →Showing amounts in crores is acceptable if the entity does what?Read the answer and worked solution →Which line item is a minimum balance sheet item under Ind AS 1?Read the answer and worked solution →Investments accounted for by the equity method are shown how?Read the answer and worked solution →How are assets held for sale shown in the balance sheet?Read the answer and worked solution →What replaces current/non-current split when more relevant?Read the answer and worked solution →Which entities typically present a liquidity-order balance sheet?Read the answer and worked solution →What is disclosed for combined line items with mixed maturity?Read the answer and worked solution →May an entity use both current/non-current and liquidity presentation?Read the answer and worked solution →Inventory sells in 14 months; normal operating cycle is 18 months. Class?Read the answer and worked solution →No clear operating cycle exists; stock will sell in 15 months. Class?Read the answer and worked solution →A financial asset held primarily for trading is classified as?Read the answer and worked solution →Cash of Rs 5 lakh is locked in escrow 18 months after year-end. Class?Read the answer and worked solution →What does the operating cycle measure?Read the answer and worked solution →A loan instalment falls due in nine months. Class of that instalment?Read the answer and worked solution →Which feature makes a liability current at year-end?Read the answer and worked solution →Trade payables due in 14 months within a 16-month cycle are?Read the answer and worked solution →How are bank overdrafts usually classified?Read the answer and worked solution →Loan due in 8 months is refinanced long-term after year-end. Class?Read the answer and worked solution →Entity can, at its discretion, roll over a loan for 24 months. Class?Read the answer and worked solution →Refinancing is possible but not at the entity's discretion. Class?Read the answer and worked solution →Lender gave a 15-month grace period by year-end to fix a covenant breach. Class?Read the answer and worked solution →Receivables are disaggregated into which amounts?Read the answer and worked solution →Which is a sub-class of inventories that Ind AS 1 lists?Read the answer and worked solution →Which must be disclosed for each class of share capital?Read the answer and worked solution →Each reserve within equity needs which disclosure?Read the answer and worked solution →For equity not limited by shares, what must be shown by category?Read the answer and worked solution →Profit or loss must be allocated between NCI and whom?Read the answer and worked solution →Which is shown separately within revenue in profit or loss?Read the answer and worked solution →Which is a minimum line item in the profit or loss section?Read the answer and worked solution →

Worked practice questions

Which item must be displayed prominently on the financial statements?

  1. Name of the auditor
  2. Address of the registrar
  3. Number of employees
  4. Presentation currency
Show answer and solution

Correct answer: D. Presentation currency

The presentation currency, along with entity name, period date and level of rounding, must be prominently shown.

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Showing amounts in crores is acceptable if the entity does what?

  1. Shows exact amounts as well
  2. Restates in lakhs next year
  3. Discloses the level of rounding
  4. Gets regulator consent
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Correct answer: C. Discloses the level of rounding

Rounding to lakhs or crores is fine if the level of rounding is disclosed and material information is not omitted.

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Which line item is a minimum balance sheet item under Ind AS 1?

  1. Expected future profits
  2. Biological assets within Ind AS 41
  3. Directors' loan guarantees
  4. Brand value created internally
Show answer and solution

Correct answer: B. Biological assets within Ind AS 41

Biological assets within the scope of Ind AS 41 Agriculture are on the list of minimum balance sheet line items.

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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 12 Income TaxesInd AS 113 Fair Value MeasurementInd AS 109 Financial InstrumentsInd AS 23 Borrowing Costs and Ind AS 40 Investment PropertyInd AS 103 Business Combinations