FR MCQ SET 2

Which of the following is NOT typically included in the balance sheet according to the latest financial statements structure?

• Assets

• Liabilities

• Statement of Cash Flows

• Equity

In the Statement of Profit & Loss, what does 'Other Comprehensive Income' include?

• Revenue from sales

• Gains and losses not recognized in profit or loss

• Operating expenses

• Interest expenses

Which of the following is included in the Statement of Changes in Equity (SOCE)?

• Changes in net income

• Changes in equity other than those resulting from transactions with owners

• Changes in market value of investments

• Cash flow from financing activities

What is the purpose of the operating cycle concept in financial reporting?

Which of the following is classified as a non-current asset?

• Inventory

• Trade receivables

• Property, plant, and equipment

• Cash and cash equivalents

A liability is classified as current if:

• It is expected to be settled within 12 months

• It relates to long-term borrowings

• It is due after more than 12 months

• It is part of equity

What is the primary function of the National Financial Reporting Authority (NFRA)?

• To provide tax guidelines

• To oversee the quality of financial reporting and auditing

• To issue IFRS standards

• To set company registration rules

NFRA has the authority to:

• Regulate stock exchanges

• Monitor and enforce compliance with accounting standards

• Approve mergers and acquisitions

• Issue corporate governance guidelines

NFRA was established under which act?

• Companies Act, 2013

• Securities Contracts (Regulation) Act, 1956

• Banking Regulation Act, 1949

• Indian Contract Act, 1872

Which of the following standards is a part of IND AS?

• IND AS 1: Presentation of Financial Statements

• IFRS 9: Financial Instruments

• IFRS 15: Revenue from Contracts with Customers

• IFRS 16: Leases