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CA Final Ind AS 24 Related Party Disclosures and Ind AS 108 Operating Segments — practice questions — page 2

Explore 91 free Ind AS 24 Related Party Disclosures and Ind AS 108 Operating Segments 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 24 Related Party Disclosures and Ind AS 108 Operating Segments questions and exercises with answers

Showing questions 31–60 of 91.

A customer gives 10% or more of revenue. What is disclosed?Read the answer and worked solution →Revenue is Rs 500 lakh; one customer gives Rs 50 lakh. Disclose?Read the answer and worked solution →How are entities under common control treated when assessing a major customer?Read the answer and worked solution →Must an entity name its major customer under Ind AS 108?Read the answer and worked solution →What does asymmetrical allocation to segments mean in Ind AS 108?Read the answer and worked solution →Ind AS 108 requires segment disclosures for each period for which what is presented?Read the answer and worked solution →A parent lets a subsidiary use a building rent-free. This is:Read the answer and worked solution →Two companies share one director. Under Ind AS 24 they are:Read the answer and worked solution →Ind AS 24 adds which relatives, unlike IAS 24?Read the answer and worked solution →Under Ind AS 24, key management personnel include any director of the entity, whether:Read the answer and worked solution →Compensation under Ind AS 24 covers employee benefits as defined in which Ind AS?Read the answer and worked solution →A state-controlled firm deals with another firm under the same state:Read the answer and worked solution →Parent and subsidiary relationships must be disclosed:Read the answer and worked solution →Key management personnel compensation is disclosed in total and for how many categories?Read the answer and worked solution →Which item is a minimum paragraph 18 disclosure?Read the answer and worked solution →Paragraph 19 requires related party disclosures separately for how many categories?Read the answer and worked solution →Which example is in Ind AS 24 but not in IAS 24?Read the answer and worked solution →A company may state its related party deals were at arm's length only if:Read the answer and worked solution →Which two may NOT be combined in one aggregated disclosure?Read the answer and worked solution →A material deal with one individual related party should be:Read the answer and worked solution →Ind AS 24 disclosures do not apply where they conflict with confidentiality duties set by:Read the answer and worked solution →A law bars a bank from disclosing a customer's dealings. The bank:Read the answer and worked solution →In judging a related party relationship, Ind AS 24 stresses:Read the answer and worked solution →A supplier provides 70 per cent of a firm's inputs. Only due to this dependence, it is:Read the answer and worked solution →Companies A and B are subsidiaries of the same parent. They are:Read the answer and worked solution →A staff pension fund of the reporting entity is, under Ind AS 24:Read the answer and worked solution →A director of R Ltd fully owns entity E. For R Ltd's statements, E is:Read the answer and worked solution →A firm supplies key management personnel services to R Ltd. Relative to R Ltd, the firm is:Read the answer and worked solution →In consolidated statements, intragroup related party balances are usually:Read the answer and worked solution →Ind AS 24 applies to which kinds of financial statements?Read the answer and worked solution →

Worked practice questions

A customer gives 10% or more of revenue. What is disclosed?

  1. Its full identity
  2. Nothing about it
  3. Fact, amount, segments
  4. Only its country
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Correct answer: C. Fact, amount, segments

The entity discloses that fact, the revenue amount from each such customer and the segment or segments reporting it.

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Revenue is Rs 500 lakh; one customer gives Rs 50 lakh. Disclose?

  1. Yes, exactly 10% triggers
  2. No, must exceed 10%
  3. No, below the threshold
  4. Only if segment reportable
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Correct answer: A. Yes, exactly 10% triggers

Revenue of 10 per cent or more triggers disclosure, and Rs 50 lakh is exactly 10%.

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How are entities under common control treated when assessing a major customer?

  1. Each is a separate customer
  2. As one single customer
  3. Ignored for the test
  4. Only the parent counts
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Correct answer: B. As one single customer

A group known to be under common control is treated as a single customer.

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More Financialreporting topics

Ind AS 116 LeasesInd AS 36 Impairment of Assets and Ind AS 38 Intangible AssetsInd 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 PropertyInd AS 103 Business Combinations