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CA Inter AS 25 Interim Financial Reporting — practice questions — page 2

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 31–45 of 45.

A retailer's festive-quarter sales are recognised when?Read the answer and worked solution →When may uneven costs be deferred at an interim date?Read the answer and worked solution →Interim materiality is judged relative to which data?Read the answer and worked solution →Versus annual reports, interim reports use estimates how?Read the answer and worked solution →A policy change with no specified transition is made in Q3. What happens to Q1 and Q2 statements?Read the answer and worked solution →A policy change within a year is applied from when?Read the answer and worked solution →On first AS 25 report, which comparatives are optional?Read the answer and worked solution →In which year was AS 25 on interim reporting issued?Read the answer and worked solution →AS 25 says timely interim reporting helps users to understand what?Read the answer and worked solution →Regulator sets its own format. What still applies?Read the answer and worked solution →A half-yearly reporter revises an estimate. First-half figures?Read the answer and worked solution →A cost fails the asset test at year end. At an interim date?Read the answer and worked solution →What must a liability at an interim date represent?Read the answer and worked solution →Can items that fail the asset or liability definition be shown in an interim balance sheet?Read the answer and worked solution →Each interim period of a quarterly reporter uses what?Read the answer and worked solution →

Worked practice questions

A retailer's festive-quarter sales are recognised when?

  1. Spread equally by quarter
  2. When they actually occur
  3. Smoothed on annual average
  4. At start of next year
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Correct answer: B. When they actually occur

Seasonal revenues are recognised in the period in which they actually arise rather than evened out.

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When may uneven costs be deferred at an interim date?

  1. Only if also proper at year end
  2. Whenever the board approves
  3. Whenever profit looks volatile
  4. Only in the first quarter
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Correct answer: A. Only if also proper at year end

Anticipation or deferral is allowed at an interim date only for a type of cost that could also be anticipated or deferred at year end.

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Interim materiality is judged relative to which data?

  1. Total assets of the group
  2. Estimated annual data used
  3. Previous year totals shown
  4. Interim period financial data
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Correct answer: D. Interim period financial data

Materiality for interim recognition and disclosure is assessed against the interim period figures so they are understandable.

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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