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CA Inter Schedule III Division I Financial Statements — practice questions — page 3

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 61–85 of 85.

Capital contracts yet to be executed and not provided for areRead the answer and worked solution →Uncalled liability on partly paid shares held as investments is aRead the answer and worked solution →Arrears of fixed cumulative preference dividends areRead the answer and worked solution →If proceeds of a specific-purpose issue remain unspent, the company must stateRead the answer and worked solution →If the Board feels some assets will not realise their stated value, it mustRead the answer and worked solution →A company must report immovable property whose title deeds areRead the answer and worked solution →When PPE is revalued, the company must say whether the valuation was by aRead the answer and worked solution →In the CWIP ageing schedule, the total must tally withRead the answer and worked solution →Total income in the statement of profit and loss equalsRead the answer and worked solution →Profit before exceptional and extraordinary items and tax is total income lessRead the answer and worked solution →Profit before extraordinary items and tax is found by deducting what from item V?Read the answer and worked solution →Profit before tax is profit before extraordinary items and tax lessRead the answer and worked solution →Earnings per equity share are shown on aRead the answer and worked solution →What is deducted from revenue from operations of a non-finance company?Read the answer and worked solution →Which belongs to finance costs?Read the answer and worked solution →Which is classified as other income?Read the answer and worked solution →Employee benefits expense shows salaries, provident fund contributions, ESOP andRead the answer and worked solution →A separate item threshold is 1% of revenue or Rs 1,00,000, whichever is higher. For Rs 5 crore revenue it isRead the answer and worked solution →Disclosure of CSR expenditure applies to companies covered underRead the answer and worked solution →A manufacturing company reports raw materials underRead the answer and worked solution →A trading company discloses, under broad heads, itsRead the answer and worked solution →Imports must be disclosed on which valuation basis?Read the answer and worked solution →Export earnings in foreign exchange are disclosed on which basis?Read the answer and worked solution →Transactions unrecorded in books but surrendered as income in tax assessments are shown asRead the answer and worked solution →Subsidiaries not consolidated must be listed along withRead the answer and worked solution →

Worked practice questions

Capital contracts yet to be executed and not provided for are

  1. Contingencies
  2. Provisions
  3. Liabilities
  4. Commitments
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Correct answer: D. Commitments

The estimated amount of capital contracts remaining to be executed and not provided for is a commitment.

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Uncalled liability on partly paid shares held as investments is a

  1. Reserve
  2. Provision
  3. Commitment
  4. Fund
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Correct answer: C. Commitment

Uncalled liability on shares and other investments partly paid is listed under commitments.

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Arrears of fixed cumulative preference dividends are

  1. Shown as a reserve
  2. Added to equity payout
  3. Left out entirely
  4. Disclosed separately
Show answer and solution

Correct answer: D. Disclosed separately

Arrears of fixed cumulative dividends on preference shares are disclosed separately from proposed dividends.

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More Accounting topics

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