IND AS 103

Q1. Optional Concentration Test is given in which para of Ind AS

• B7B

• B78

• Both

• None of the above

Q2. In case the reason of distress sale is recognized then amount of Business Purchase Gain will be transferred to

• Capital reserve

• Not recognized

• OCI (NR)

• OCI (R)

Q3. Corresponding IFRS for Ind AS 103 is

• IFRS 13

• IFRS 103

• IFRS 3

• None of the above

Q4. Which of the following is/are out of the scope of Ind AS 103

• Accounting for Asset acquisition

• Common Control Transaction

• Formation of a new Joint Arrangement

• Both (a) & (c)

Q5. What is Non-Controlling Interest called in AS 14

• Minority Interest

• Minority Controlling interest

• Both

• None of the above

Q6. In reverse acquisition, Financial Statements are Prepared in name of

• a) Legal Acquiree

• b) Legal Acquirer

• c) Accounting Acquirer

• Both (a) & (c)

Q7. Under AS 14 Goodwill is to be amortized over a period of

• 3 years

• 5 years

• 10 years

• 8 years

Q8. Indemnifying Asset will be recognized based on indemnified asset

• True

• False

Q9. Which of the following will be subsumed in Goodwill

• a) Assembled work force

• b) Customer loyalty

• c) None of the above

• Both a) & b)

Common Control Transactions is given in which Appendix

• Appendix A

• Appendix B

• Appendix C

• Appendix D