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CA Inter AS 25 Interim Financial Reporting — practice questions

Explore 45 free AS 25 Interim Financial Reporting questions in CA Inter Accounting. Open each question or exercise to read its content, reference answers and available explanation.

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AS 25 Interim Financial Reporting questions and exercises with answers

Showing questions 1–30 of 45.

What is an interim period under AS 25?Read the answer and worked solution →What does an interim financial report contain under AS 25?Read the answer and worked solution →A new company's first annual reporting period is only 8 months long. Under AS 25, how is this period treated?Read the answer and worked solution →Which matter does AS 25 itself leave to statutes and regulators?Read the answer and worked solution →Which is a minimum component of an AS 25 interim report?Read the answer and worked solution →Condensed interim statements are mainly meant to do what?Read the answer and worked solution →Condensed interim statements must carry which headings?Read the answer and worked solution →Where is interim EPS shown if annual accounts show EPS?Read the answer and worked solution →What must interim disclosures state about accounting policies?Read the answer and worked solution →A firecracker maker sells in one quarter. What must it disclose?Read the answer and worked solution →Which items must interim disclosures describe, if material?Read the answer and worked solution →When must an interim report disclose segment information?Read the answer and worked solution →How is segment capital employed computed for interim disclosure?Read the answer and worked solution →Which change in composition must an interim report disclose?Read the answer and worked solution →Changes in contingent liabilities are reported from which date?Read the answer and worked solution →On what basis are interim explanatory disclosures normally reported?Read the answer and worked solution →The comparative balance sheet in an interim report is as of when?Read the answer and worked solution →Which profit and loss figures must an interim report show?Read the answer and worked solution →How is the interim cash flow statement presented?Read the answer and worked solution →Seasonal firms are encouraged to add which data?Read the answer and worked solution →With no final interim report, where is a big estimate change shown?Read the answer and worked solution →Which accounting policies apply to interim statements?Read the answer and worked solution →Reporting frequency (quarterly or annual) should not affect what?Read the answer and worked solution →How are interim income and expenses measured under AS 25?Read the answer and worked solution →A Q1 inventory write-down of Rs 80,000 is re-estimated at Rs 50,000 in Q2. What is done in Q2?Read the answer and worked solution →May a cost failing the asset test at an interim date be deferred to smooth earnings?Read the answer and worked solution →How is income tax expense recognised in each interim period?Read the answer and worked solution →Best-estimate annual tax rate is 25%. Interim profit before tax is Rs 8,00,000. Tax expense for the period?Read the answer and worked solution →A dividend is received only in Q3. How is it treated at the Q1 date?Read the answer and worked solution →Which is an example of occasional revenue named in AS 25?Read the answer and worked solution →

Worked practice questions

What is an interim period under AS 25?

  1. A period shorter than a financial year
  2. Any period ending on 31 March
  3. A period longer than a financial year
  4. The first year of operations
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Correct answer: A. A period shorter than a financial year

AS 25 defines an interim period simply as any reporting period that is shorter than a full financial year.

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What does an interim financial report contain under AS 25?

  1. Only a directors' narrative statement
  2. Only an auditor's certificate set
  3. Complete or condensed statements
  4. Only the profit and loss account
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Correct answer: C. Complete or condensed statements

The interim report is defined as holding either a full set of statements or a condensed set for the interim period.

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A new company's first annual reporting period is only 8 months long. Under AS 25, how is this period treated?

  1. A transition period
  2. An interim period
  3. Not an interim period
  4. A quarterly period
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Correct answer: C. Not an interim period

A shorter first annual period is that year's annual period, so it is not an interim period.

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More Accounting topics

AS 3 Cash Flow StatementSchedule III Division I Financial StatementsAS 19 LeasesValuation of Inventories (AS 2)AS 22 Taxes on IncomeAS 28 Impairment of AssetsProperty, Plant and EquipmentAS 17 Segment Reporting