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CA Final Ind AS 34 Interim Financial Reporting — practice questions — page 2

Explore 56 free Ind AS 34 Interim 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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Ind AS 34 Interim Financial Reporting questions and exercises with answers

Showing questions 31–56 of 56.

Interim profit and loss covers the current period and:Read the answer and worked solution →A highly seasonal business is encouraged to additionally report:Read the answer and worked solution →Materiality for interim recognition and disclosure is assessed in relation to:Read the answer and worked solution →An item is material if its omission or misstatement could influence:Read the answer and worked solution →A big estimate change in an unreported final interim period goes in:Read the answer and worked solution →Interim measurement is made on what basis so reporting frequency does not alter annual results?Read the answer and worked solution →A cost that fails the asset definition at an interim date is:Read the answer and worked solution →Interim income tax expense is based on the best estimate of the:Read the answer and worked solution →Expected annual profit Rs 8 lakh, tax Rs 2 lakh. Q1 profit Rs 1.6 lakh. Q1 tax is:Read the answer and worked solution →Half-year profit before tax is Rs 6,00,000 and the expected annual tax rate is 30 percent. Tax for the half-year is:Read the answer and worked solution →Q1 profit Rs 4 lakh taxed at 25%. Annual rate now 30%, year-to-date profit Rs 10 lakh. Q2 tax is:Read the answer and worked solution →Q1 inventory write-down Rs 40,000. By Q2 the year-to-date estimate is Rs 55,000. Q2 charge:Read the answer and worked solution →A Q1 restructuring loss proves smaller in Q2. The correction is by:Read the answer and worked solution →A liability at the end of an interim period must represent:Read the answer and worked solution →First-half amounts of a half-yearly reporter, once estimates change, are:Read the answer and worked solution →Which is named as revenue recognised when it occurs, not smoothed over the year?Read the answer and worked solution →Uneven costs may be anticipated or deferred at interim dates only if:Read the answer and worked solution →Compared with annual reports, interim reports generally require:Read the answer and worked solution →A change in accounting policy at an interim date is reflected by:Read the answer and worked solution →Why must a policy change cover the whole financial year?Read the answer and worked solution →Goodwill impairment booked in an interim period is later:Read the answer and worked solution →The ban on reversing interim goodwill impairment is extended by analogy to other areas:Read the answer and worked solution →Ind AS 36 states that an impairment loss recognised for goodwill:Read the answer and worked solution →Ind AS 34 Appendix A on interim reporting and impairment matches which interpretation?Read the answer and worked solution →Versus IAS 34, Ind AS 34 allows profit and loss in:Read the answer and worked solution →A reporter more frequent than half-yearly measures income and expenses on what basis?Read the answer and worked solution →

Worked practice questions

Interim profit and loss covers the current period and:

  1. Cumulatively for the year to date
  2. Only the last twelve months
  3. Only the previous quarter
  4. Annualised to a full year
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Correct answer: A. Cumulatively for the year to date

Both the current interim period and the year-to-date cumulative figures appear, each with comparable prior-year figures.

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A highly seasonal business is encouraged to additionally report:

  1. Only the latest month results
  2. Only budgeted figures for a year
  3. Year-end tax computations only
  4. Trailing twelve months, compared
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Correct answer: D. Trailing twelve months, compared

Trailing twelve-month data smooths out seasonality, so such entities are encouraged to add it with the prior twelve-month comparison.

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Materiality for interim recognition and disclosure is assessed in relation to:

  1. Expected annual figures
  2. Interim period data
  3. The prior year totals
  4. Group net worth alone
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Correct answer: B. Interim period data

Judging against the interim figures themselves avoids misleading inferences that non-disclosure against annual data might cause.

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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