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CA Final Ind AS 27, 28 and 111 Separate Financial Statements, Associates and Joint Ventures — practice questions — page 2

Explore 57 free Ind AS 27, 28 and 111 Separate Financial Statements, Associates and Joint Ventures 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 27, 28 and 111 Separate Financial Statements, Associates and Joint Ventures questions and exercises with answers

Showing questions 31–57 of 57.

For the equity method, the investor's statements should follow:Read the answer and worked solution →Which associate statements does the equity method use?Read the answer and worked solution →Outsiders hold cumulative preference shares of an associate. Share of profit is adjusted for:Read the answer and worked solution →Associate earns Rs 5,00,000, owes outsiders Rs 1,00,000 preference dividend. Investor holds 40%. Profit share?Read the answer and worked solution →Who must apply the equity method to associates?Read the answer and worked solution →The equity method exemption needs the parent to produce:Read the answer and worked solution →A venture capital firm may measure its associate at:Read the answer and worked solution →An investment in an associate that is held for sale is accounted for under:Read the answer and worked solution →An associate becoming a subsidiary is accounted for under:Read the answer and worked solution →When the equity method stops and the retained interest is a financial asset, it is measured at:Read the answer and worked solution →An associate becomes a joint venture of the investor. The investor:Read the answer and worked solution →Associate stake falls, equity method continues. Earlier OCI gains are:Read the answer and worked solution →Net investment impairment is recognised only on:Read the answer and worked solution →Goodwill in an associate's carrying amount is tested:Read the answer and worked solution →In separate statements the same accounting applies to:Read the answer and worked solution →A dividend from a subsidiary is recognised in separate financial statements when:Read the answer and worked solution →A Rs 12,000 subsidiary dividend, held at cost, is credited to:Read the answer and worked solution →Cost-method investments in separate statements that are held for sale follow:Read the answer and worked solution →An investment entity exempt from consolidation presents separate statements:Read the answer and worked solution →In a qualifying reorganisation, cost of the new parent's investment is:Read the answer and worked solution →A parent that skips consolidation and prepares separate statements must disclose:Read the answer and worked solution →A joint arrangement is one in which two or more parties have:Read the answer and worked solution →In a joint venture, the parties with joint control have rights to the:Read the answer and worked solution →A joint venturer accounts for its interest in a joint venture using:Read the answer and worked solution →A joint operator recognises in a joint operation:Read the answer and worked solution →If facts and circumstances change, an entity should:Read the answer and worked solution →Equity accounting is usually applied where the investor holds what share of voting shares?Read the answer and worked solution →

Worked practice questions

For the equity method, the investor's statements should follow:

  1. differing policies each year
  2. uniform policies for like events
  3. only the associate's policies
  4. only local tax policies
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Correct answer: B. uniform policies for like events

Uniform accounting policies must be applied for like transactions in similar circumstances, unless impracticable for an associate.

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Which associate statements does the equity method use?

  1. The oldest available
  2. Only audited annual
  3. Only budget figures
  4. The most recent available
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Correct answer: D. The most recent available

The most recent available financial statements of the associate or joint venture are used.

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Outsiders hold cumulative preference shares of an associate. Share of profit is adjusted for:

  1. their dividends
  2. their face value
  3. their issue premium
  4. their income tax
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Correct answer: A. their dividends

The share of profit or loss is computed after adjusting for dividends on those shares, whether or not declared.

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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