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Paper-1: Financial Reporting

Unit 1: Ind AS 1 “Presentation of Financial Statements”

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1. What is included in the profit or loss section of the statement of profit and loss?

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2. According to Ind AS 1, in which circumstance can an entity offset expenses reimbursed by a subsidiary against expenses incurred by a holding company?

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3. What items are reclassified to profit or loss in subsequent periods?

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4. Under which circumstances is an additional statement of financial position not required as per Ind AS 1?

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5. What are the components of financial statements as per Ind AS 1?

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6. What is the purpose of financial statements?

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7. When can an entity offset assets and liabilities or income and expenses?

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8. According to Ind AS 1, when should an entity classify deferred tax assets and liabilities?

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9. When is an asset classified as current according to Ind AS 1?

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10. When should an entity prepare its financial statements on a going concern basis?

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11. What items are excluded from being presented as extraordinary items?

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12. What is included in the other comprehensive income section?

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13. When can an entity depart from a requirement of an Ind AS?

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14. What should an entity disclose when it changes the end of its reporting period and presents financial statements for a period longer or shorter than one year?

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15. What is meant by ‘true and fair view’ in the presentation of financial statements?

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16. Which items are included in the current assets category of A Limited’s consolidated balance sheet?

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17. According to Ind AS 1, how should an entity classify inventory and debtors?

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18. Which of the following is a criteria for an entity to change the presentation or classification of items in its financial statements according to Ind AS 1?

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19. What should an entity disclose if the financial statements are not prepared on a going concern basis?

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20. If the production time of the entity was 15 months and the time lag between the date of sale and collection from customers is 13 months, would the inventory and trade receivables be current in nature?

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21. How should inventory/trade receivables be classified if they are expected to be realized within 15 months?

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22. Which of the following items should be presented separately in the statement of profit and loss if they are material?

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23. What is the objective of Ind AS 1?

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24. According to Ind AS 1, how should a liability be classified if a lender provides a grace period for rectifying a breach?

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25. What is the basis of preparation for financial statements according to Ind AS 1?

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26. In accordance with Ind AS 1, how many balance sheets should an entity present?

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27. According to Ind AS 1, when should a liability be classified as current even if a breach has been rectified?

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