Accounting - Study Mode

Show All Answers

[#196] A company XYZ (parent co.) is required to present consolidated financial statements, except if it meets certain conditions. You need to identify those conditions from the following. 1. It is a subsidiary of another entity and all its other owners, including those not otherwise entitled to vote, have been informed about and do not object to, the parent not presenting consolidated financial statements. 2. Its debt or equity instruments are not treaded in a public market. 3. Its ultimate or any intermediate parent produces Ind AS complaint consolidated financial statements available for public use

(A) Both 1 and 3

(B) Both 2 and 3

(C) Both 1 and 2

(D) All of these

Correct Answer

(D) All of these

[#197] A debenture holder gets:

(A) dividend

(B) right prescribed in articles

(C) ownership of the company

(D) interest at fixed rate

Correct Answer

(D) interest at fixed rate

[#198] Which one of the following is not an example of 'financing activities' with reference to cash flow statement?

(A) Repayment of bank loan

(B) Interest on debentures/Dividend paid

(C) Cash proceeds from public deposits

(D) Sale of fixed assets

Correct Answer

(D) Sale of fixed assets

[#199] The first accounting standard issued by the Accounting Standard Board of India (ASBI) relates to:

(A) Valuation of Inventories

(B) Depreciation Accounting

(C) Disclosure of Accounting Policies

(D) Revenue Recognition

Correct Answer

(C) Disclosure of Accounting Policies

[#200] Double Entry System was propounded by-

(A) Carter

(B) Pickles

(C) Malthus

(D) Lucas Pacioli

Correct Answer

(D) Lucas Pacioli