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CA Inter Schedule III Division I Financial Statements — practice questions

Explore 85 free Schedule III Division I Financial Statements questions in CA Inter Accounting. Open each question or exercise to read its content, reference answers and available explanation.

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Schedule III Division I Financial Statements questions and exercises with answers

Showing questions 1–30 of 85.

Division I of Schedule III suits companies following which rules?Read the answer and worked solution →Schedule III to the Companies Act, 2013 is read with which section?Read the answer and worked solution →A company with total income of Rs 150 crore may round its figures to the nearestRead the answer and worked solution →Rounding rules for financial statements change at total income ofRead the answer and worked solution →An asset held primarily for the purpose of being traded is classified asRead the answer and worked solution →If a company's normal operating cycle cannot be identified, its duration is assumed to beRead the answer and worked solution →Cash is a non-current asset when it is restricted from use for at leastRead the answer and worked solution →A liability due to be settled within twelve months after the reporting date isRead the answer and worked solution →A liability with no unconditional right to defer settlement for twelve months isRead the answer and worked solution →Which amount would be reported as a trade receivable?Read the answer and worked solution →Amounts owed to suppliers for goods bought in the normal course are calledRead the answer and worked solution →The disclosure requirements of Schedule III stand in relation to Accounting Standards asRead the answer and worked solution →For terms used in Schedule III, which meanings apply?Read the answer and worked solution →Once a unit of measurement such as lakhs is chosen, itRead the answer and worked solution →Which item appears under shareholders' funds on the balance sheet?Read the answer and worked solution →Deferred tax liabilities (net) are shown under which balance sheet heading?Read the answer and worked solution →Which line is a current liability in the prescribed balance sheet format?Read the answer and worked solution →Trade payables on the face of the balance sheet are split into dues ofRead the answer and worked solution →Capital work-in-progress is shown among which balance sheet group?Read the answer and worked solution →In the prescribed format, which of these is a current asset?Read the answer and worked solution →Deferred tax assets (net) are presented amongRead the answer and worked solution →Shareholders holding more than what percentage must be individually identified?Read the answer and worked solution →Bonus shares and buy-back details in share capital disclosures cover how many preceding years?Read the answer and worked solution →Calls unpaid by directors and officers are disclosed underRead the answer and worked solution →For forfeited shares, the amount shown is the amountRead the answer and worked solution →Which is a listed head under reserves and surplus?Read the answer and worked solution →A reserve specifically represented by earmarked investments is termed aRead the answer and worked solution →Which is a head of long-term borrowings?Read the answer and worked solution →Bonds and debentures are stated in what order of maturity?Read the answer and worked solution →If directors guaranteed certain loans, what must be disclosed?Read the answer and worked solution →

Worked practice questions

Division I of Schedule III suits companies following which rules?

  1. Audit and Auditors Rules, 2014
  2. Companies Share Capital Rules, 2014
  3. Indian Accounting Standards Rules, 2015
  4. Accounting Standards Rules, 2006
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Correct answer: D. Accounting Standards Rules, 2006

Division I is meant for companies whose financial statements must comply with the Companies (Accounting Standards) Rules, 2006.

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Schedule III to the Companies Act, 2013 is read with which section?

  1. Section 134
  2. Section 129
  3. Section 143
  4. Section 128
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Correct answer: B. Section 129

Schedule III carries the reference to Section 129, which governs the form of financial statements.

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A company with total income of Rs 150 crore may round its figures to the nearest

  1. hundreds
  2. lakhs
  3. tens
  4. thousands
Show answer and solution

Correct answer: B. lakhs

At Rs 100 crore of total income or more, rounding is to lakhs, millions or crores, so hundreds and thousands are not allowed.

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AS 3 Cash Flow StatementAS 19 LeasesValuation of Inventories (AS 2)AS 22 Taxes on IncomeAS 28 Impairment of AssetsProperty, Plant and EquipmentAS 17 Segment ReportingAS 13 Accounting for Investments