TYBCOM SEM 6 || Financial Reporting MCQS of Mid Sem Exam
FINANCIAL REPORTING
(FR)
MCQS : UNIT - 2 & 3
1. EPS is _________ ratio that gives the information regarding earning available to each equity shares.
(A) EPS
(B) DEPS
(C) Financial
(D) None
2. It is an important financial ratio for assessing the state of _____ price of share.
(A) book
(B) cost
(C) market
(D) None
3. _______ in the method of computation of EPS is a must.
(A) consistency
(B) variable
(C) change
(D) None
4. Which section is applicable to companies whose shares or potential equity share are listed on recognized stock exchange in India.
(A) AS 51
(B) AS 25
(C) AS 20
(D) AS 23
5. How many types of EPS?
(A) 7
(B) 2
(C) 4
(D) 1
6. Calculate the net profit / loss for the period including prior period items and extraordinary items as per ________ and also deduct tax expenses.
(A) AS 5
(B) AS 25
(C) AS 20
(D) AS 23
7. A bonus has the effect of _______ the number of shares without generating new earnings.
(A) increasing
(B) decreasing
(C) stable
(D) none
8. Which EPS indicate the capacity of the business to generate eaming in the future when no change is expected in number of shares?
(A) BEPS
(B) EPS
(C) DEPS
(D) None
9. When there are potential equity shares in capital structure of the enterprises,what is calculated?
(A) BEPS
(B) EPS
(C) DEPS
(D) None
10. Both BEPS & DEPS for current period and previous period should be disclosed with _______ prominence.
(A) Equal
(B) Same
(C) unequal
(D) None
11. The numerator used in BEPS & DEPS and their reconciliation with ________ figure.
(A) paper
(B) Reported
(C) Printed
(D) None
12. Which Employee benefits revised section?
(A) AS 51
(B) AS 15
(C) AS 20
(D) AS 23
13. For whom the standard is applicable to benefits provided ?
(A) Special employee
(B) All employee
(C) Selected employee
(D) None
14. How many types of employee benifits separately get under AS 15?
(A) 1
(B) 4
(C) 2
(D) 7
15. Whole time directors and management personnel said which type of employee?
(A) Standard
(B) All
(C) Selected
(D) None
16. Which are benefits that are not conditional on future employment ?
(A) Vested
(B) Non- vested
(C) Selected
(D) None
17. Which are benefits that conditional on fulfillment of future emplyment condition?
(A) Vested
(B) Non- vested
(C) Selected
(D) None
18. The benefits are comparable except that employee are not entitled to any payment in cash for the unused entitled of leave on leaving the service that calls
(A) Accumulating compensating Absences non Vesting
(B) Accumulating compensating Absences Vesting
(C) Non Accumulating compensating Absences
(D) None
19. Paid leave of absence subject to the proviso that unavailed portion cannot be carried forward that calls
(A) Accumulating compensating Absences non Vesting
(B) Accumulating compensating Absences Vesting
(C) Non Accumulating compensating Absences
(D) None
20. ______ may be discretionary contractual based on historical precedent for fulfilment of statutory obligations
(A) Salary
(B) Overtime
(C) Bonus
(D) None
21. When does payment under profit sharing and bonus plans accrue and called long tem employee benefits?
(A) 6 months
(B) 36 months
(C) 12 months
(D) None
22. Post employment benefits are employee benefits which are payable _________ the completion of employment.
(A) after
(B) before
(C) 12 months
(D) None
23. Which Act of the Employee Provident Fund?
(A) 1950
(B) 1956
(C) 1952
(D) None
24. What is influenced by many factors such as salary at the time of retirement total service period of retiring employee.
(A) Salary
(B) Bonus
(C) Pension
(D) Gratuity
25. By whom actuarial valuation is done?
(A) Actuary
(B) Accountant
(C) C.A.
(D) None
26. Which cost is the increase in the present value of the defined benefits obligation resulting from employee service in the current period?
(A) Past service
(B) Current Service
(C) Future service
(D) None
27. One actuarial assumption which has a material effect is the _______
(A) discount rate
(B) present rate
(C) premium rate
(D) None
28. The difference between the expected return on plan assets and the actuarial return on plan assets is ________
(A) Actuarial gain/loss
(B) Profit and Loss
(C) Current profit /loss
(D) None
29. The proportionate share is determined on the basis of the ______
(A) Past vaule
(B) Present value
(C) Future value
(D) None
30. By whom The Financial Statements are prepared ?
(A) Board of Directors
(B) Accountant
(C) C.A.
(D) None
31. For whom the financial statement are prepared?
(A) Government
(B) Board directors
(C) Debenture holders
(D) Share holders
32. How many fundamental accounting assumption that underlie the preparation and presentation of financial statements ?
(A) 7
(B) 2
(C) 3
(D) 1
33. The accounting policies ________ from enterprise to enterprise.
(A) Vary
(B) Same
(C) not say
(D) None
34. What prescribed in schedual Il to the Companies Act 2013.
(A) Appriciation
(B) Depression
(C) Recession
(D) Depreciation
35. Which amount for assets is the cost of an asset less its estimated residual value?
(A) Appriciable
(B) Depression
(C) Recession
(D) Depreciable
36. Which formula used is based upon weighted average cost?
(A) Cost
(B) Market
(C) Book
(D) None
37. Which investments are carried at cost or fair value whichever is lower?
(A) Current
(B) Future
(C) Past
(D) None
38. Long tem investments are carried at __________.
(A) Cost
(B) Market
(C) Book
(D) None
39. The accounting policies adopted for ___________ report are in line with accounting policies of the company.
(A) C.A.
(B) Segment
(C) Annual
(D) None
40. Who are required to give sufficient and reasonable explanation in the Director's Report?
(A) Accountant
(B) Board of Directors
(C) C.A
(D) None
41. How many years the books of accounts together with elements vouchers of every company relating to a immediatly preceding the current year, are required to be preserved in good order?
(A) 1
(B) 3
(C) 2
(D) 8
42. Company has always been managed with the principle of _______
(A) Good Corporate Governance
(B) Cooperation
(C) Loyalty
(D) Trust
43. SEBl or Stock Exchange or any statutory authority on any matter related to capital markets, during the last __________ years.
(A) 1
(B) 3
(C) 2
(D) 8
44. _______ had prepared the annual accounts on a going concern basis.
(A) Directors
(B) Accountant
(C) C.A.
(D) None
45. Which report are generally not audited?
(A) C.A.
(B) Interim
(C) Accountant
(D) None
46. Which reporting is the reporting for period of less than a year generally for a period of 3 months?
(A) Accountant
(B) Interim
(C) C.A.
(D) None
47. An approach to measuring interim period income by viewing each interim period as an _________ part of the annual period.
(A) C.A.
(B) Non integral
(C) integral
(D) None
48. Which section effects of Changes in Foreign Exchange Rates?
(A) AS 51
(B) AS 11
(C) AS 20
(D) AS 23
49. Depriciation and amortization for an interim period is based only on assets owen during that ____________ period.
(A) Current
(B) Interim
(C) Future
(D) Past
50. Information about multiple product/service and its operation in different geographical areas is called __________ information.
(A) Future
(B) Segment
(C) Current
(D) None
51. How many types of segments?
(A) 8
(B) 2
(C) 3
(D) 1
52. _________revenue is revenue from sales to external customers as reported in the statement of profit and loss.
(A) Company
(B) Enterprise
(C) Business
(D) None
53. In which clause of the Listing Agreement with stock exchange it is obligatory for all listed companies to submit unaudited interim financial results to the concerned Stock Exchange?
(A) 49
(B) 45
(C) 41
(D) 46
54. Generally interim financial statements are for how many months?
(A) 9
(B) 3
(C) 6
(D) 4
55. Interim period is a period of reporting shorter than one year.
56. Basic objective of interim financial statement is to provide frequent and timely assessment of enterprise performance.
57. On which employees benefit the AS 15 is not applicable?
(A) provident fund
(B) pension scheme
(C) ESOP/ESPS
(D) None of the above
58. All forms of consideration given by an enterprise in exchange for service rendered by employees is
called Employee Benefits.
59. What is the objective of AS 15?
(A) Accounting & disclosure for employee benefits
(B) to provide protection to employee
(C) to give assurance for payment of employees benefits
(D) No of the above
60. Potential equity share is a financial instument may entitle its holder to equity shares.
61. How many types of EPS are to be reported by accompany on the face of statement of profit & loss account?
(A) 2
(B) 4
(C) 3
(D) 5
62. In AS 20 which type of shares have effect of increasing the number of shares without generating new earnings?
(A) bonus shares
(B) right shares
(C) a & b both
(D) none of the above
63. On 1-1-2018 xyz corporation has 5,400 shares outstanding. On 31-05-18, it issued 2400 equity shares for cash. ON 1-11-2018 it bought back 1200 equity shares. Calculate Weighted Average number of shares as on 31-12-2018.
(A) 6200
(B) 7200
(C) 7000
(D) 6600
64. _________ is a financial reporting period shorter than an full financial year.
(A) Academic period
(B) Accounting period
(C) Interim period
(D) All of the above
65. interim financial report means a financial report containing either a ________4 (as described in this Statement) for an interim period.
(A) Complete set of financial statements or a set of condensed financial statements
(B) Set of condensed financial statements statements
(C) Complete set of financial statements
(D) None of the above
66. Interim financial result are prepared as per _________.
(A) GAAP
(B) Clause of 41 or listing agreement
(C) Both
(D) None
67. Income by sale of investment of Rs. 2,00,000 in first quarter are equally distributed in all quarters. Profit for the 4th quarter is Rs.1,50,000, what is the profit reported in IFR of 4th Quarter.
(A) Rs.1,50,000
(B) Rs.1,00,000
(C) Rs.2,00,000
(D) Rs.2,50,000
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