T.Y B.COM
SEMESTER - 6
FINANCIAL REPORTING
(FR)
MCQS - 2019
(1) Segment revenue includes _______.
(A) Extraordinary items
(B) Gain on sale of investment
(C) Revenue from transaction with other
(D) All of A, B & C
(2) Investment risk and actuarial risk are borne by the employer under_______.
(A) Multi employer plan
(B) Defined benefits plan
(C) Defined contribution plan
(D) None of A, B & C
(3) Expected return on plan assets is Rs.50,00,000 and actual return on plan assets is Rs. 46,99,080. Then difference between is_______.
(A) Actuarial loss Rs.2,25,230
(B) Actuarial gain Rs.2,25,230
(C) Actuarial gain Rs.3,00,920
(D) Actuarial loss Rs.3,00,920
(4) _______ arise when an enterprise introduces a defined benefit plan or changes the benefits payable under an existing defined benefit plan.
(A) Current service cost
(B) Short term cost
(C) Interest cost
(D) Past service cost
(5) The fair value of plan assets at the beginning and at the end of the year was Rs.1,90,000 and Rs.2,70,000 respectively. The employer's contribution to the plan during the year was Rs.50,000. Benefit payments to retirees were Rs.30,000. Calculate the actual return on plan asset.
(A) Rs. 60,000
(B) Rs. 65,000
(C) Rs. 10,000
(D) Rs. 1,00,000
(6) B ltd had 50,000 equity shares of Rs.100 each outstanding on 1.4.2017. Net profit of the year 2017-18 is Rs.7,50,000. It had 10% 10,000 convertible preference shares of Re. 100 each, each to be converted into 1 equity share of Rs.100 each, calculate diluted EPS ignoring DDT.
(A) Rs. 17.14
(B) Rs. 14.17
(C) Rs. 17.41
(D) Rs. 14.07
(7) Interim financial reporting is the reporting for a _______.
(A) Period of full financial year
(B) Period shorter than full financial year
(C) Period of three months
(D) Period of six months
(8) Which are the reportable segments based on the segment result given as under ?
|
Particulars |
Segment-T |
Segment-U |
Segment-V |
Segment-W |
Segment-X |
|
Segment result |
Rs.3,00,000 |
Rs.(5,00,000) |
Rs.30,000 |
Rs.(40,000) |
Rs.1,00,000 |
(A) T,V,X
(B) T,U,X
(C) T,U
(D) W,X,V
(9) To measure obligation under defined benefit plan, the discount rate should be determined by reference to_______.
(A) A market yield on government bonds at the beginning of the year
(B) Market yield on government bonds at the balance sheet date
(C) Higher of (A) or (B) above
(D) Lower of (A) or (B) above
(10) Diluted earning per share is required when _______.
(A) A sale has been made
(B) An acquisition has been made
(C) There is a long time loan in the balance sheet of the company
(D) There are potential shares outstanding sheet of the company
(11) which of the following statement is/are correct with reference to mandatory disclosure requirements as per AS-20, earning per share?
(i) Only positive earning per share
(ii) Both basic EPS and dilutive EPS for current period and previous period should be disclosed
(iii) Components for net profit
(iv) Terms and conditions of contract generating potential equity shares.
(A) II, III, IV
(B) I, II, III, IV
(C) Only II & III
(D) Only I
(12) E ltd has 3,000 equity shares of Rs 10 each full paid up as on 1.4.2017. on 31.1.2018 company issued 1,200 equity shares of Rs 10 each, Rs 5 paid up. On 1.3.2018, company repurchase 1,200 equity shares. Compute weighted average number of equity shares outstanding as on 31.3.2018.
(A) 2300 Equity shares
(B) 1300 Equity shares
(C) 3300 Equity shares
(D) 3000 Equity shares
(13) Basic earning per share shall be calculated by dividing the numerator by the
(A) Number of ordinary shares outstanding at the beginning of the period.
(B) Number of preference shares.
(C) Weighted average number of equity shares outstanding during the period.
(D) Number of ordinary shares outstanding at the end of the period.
(14) A ltd. Had 2,00,000 outstanding equity shares of Rs. 10 each on 1.4.2017. net profit of the year 2017-18 is Rs.30,00,000. A ltd had 8%, 40,000 convertible debentures of Rs 100, each to be converted into 4 equity shares of Rs. 10 each. Tax rate is 30%, calculate diluted EPS.
(A) Rs.6.89
(B) Rs.8.96
(C) Rs.8.69
(D) Rs.9.68
(15) _______ Means financial reporting for the period, which begins on the first day of the fiscal and ends on given interim date.
(A) Previous year to next year
(B) Quarter to year end basis
(C) Year to year basis
(D) Year to date basis
(16) What is the minimum percentage of total external revenue of the enterprise which should be there in the reportable segments ?
(A) 75%
(B) 60%
(C) 10%
(D) 50%
(17) Increase in the present value of defined obligation resulting from employee's service in the current period is known as _______.
(A) Past service cost
(B) Current service cost
(C) Short term service cost
(D) Interest cost
(18) From the following data regarding revenue of 3 segments of Mex ltd. Calculate enterprise revenue.
|
Particulars |
Segment - P |
Segment - Q |
Segment - R |
|
External
Sales-In India |
1,50,000 |
2,55,000 |
1,40,000 |
|
External
Sales-Outside India |
60,000 |
75,000 |
30,000 |
|
Inter Segment
Sales |
20,000
|
- |
45,000 |
(A) Rs. 6,45,000
(B) Rs. 5,45,000
(C) Rs. 7,10,000
(D) Rs. 7,75,000
(19) Which are reportable segment based on segment assets given as under: (amount in Rs. Lakhs)
|
Particular |
Segment - S |
Segment - T |
Segment - U |
Segment - V |
Segment - W |
Segment - X |
|
Segment Assets |
20 |
40 |
15 |
10 |
10 |
05 |
(A) S, T, U, V, W, X
(B) S, T, U, V, W
(C) S, T, U, V
(D) S, T, U
(20) G ltd. has Rs.10,00,000 net income for the quarter ended 31.12.2017 which includes 70,000 provision for bad and doubtful debts, out of this, Rs 30,000 provision related to second quarter due to wrong estimate in the second quarter. What is the profit for the quarter ended 31.12.2017 as per AS-25 ?
(A) Rs. 10,70,000
(B) Rs. 10,40,000
(C) Rs. 10,30,000
(D) Rs. 10,00,000
(21) C ltd had 2,00,000 equity shares on 1.4.2017. on 1.10.2017 company issued 5 equity bonus shares for every 10 equity shares outstanding on 30.9.2017. Net profit of 2017-18 was Rs.50,00,000 and net profit of 2016-17 was Rs.35,00,000. Calculate EPS of 2017-18 and restate EPS of 2016-17.
(A) EPS Rs.17.16, Restated Rs.16.17
(B) EPS Rs.14.67, Restated Rs.16.24
(C) EPS Rs.16.67, Restated EPS Rs.11.67
(D) EPS Rs.15.67, Restated Rs.12.67
(22) If risk and returns of a company is mainly affected both by difference in product / service it produces and it's operation in different geographical area, then the secondary reportable segment is_______.
(A) Geographical segment
(B) Business segment
(C) Product segment
(D) Market segment
(23) F ltd. has net income of Rs.2,65,000 for the quarter ended on 30.9.2017, after considering Rs.60,000 extraordinary loss incurred on 20.4.2017 which was allocated equally to each quarter for financial year 2017-18. Ascertain profit of 2nd quarter ended on 30.9.2017 as per AS-25.
(A) Rs. 2,90,000
(B) Rs. 2,80,000
(C) Rs. 2,85,000
(D) Rs. 2,65,000
(24) Which of the following is not covered by AS-15 ?
(A) Contract for service
(B) Contract of service
(C) Defined contribution plan
(D) Defined benefit plan
(25) 70% of sales promotion expenses Rs 10 lakhs incurred in the 3rd quarter has been referred to the 4th quarter as the sales in the last quarter is high. Give the treatment required for 3rd quarter as per AS-25.
(A) Less Rs 10 lakhs from profit as sales promotion expense not recognized in the quarter
(B) Add Rs 10 lakhs to profit as sales promotion expense not recognized in the quarter
(C) No changes is required in the profit
(D) Less Rs.7 lakhs from profit as sales promotion expense not recognized in the quarter
(26) _______ is an approach of measuring interim period income by viewing each interim period independently.
(A) Discrete view
(B) Integral view
(C) Hybrid view
(D) Year to date basis
(27) Which one of the following is not a short term employee benefit ?
(A) Bonus
(B) Medical facility
(C) Salaries and wages
(D) pension
(28) Which of the following is not recognized as per discrete view considering AS-25 ?
(A) Interim period transactions
(B) Income - tax expenses
(C) Interim period expenses
(D) Interim period incomes
(29) The difference between segment revenue and segment expense is called _______.
(A) Segment liabilities
(B) Segment Revenue
(C) Segment assets
(D) Segment result
(30) D ltd have carried forward loss of Rs 4,00,000 for the income tax purpose for which deferred tax assets has not been recognized. It also earns Rs 6,00,000 profit in each quarter ending 30.6.2017, 30.9.2017, 31.12.2017 and 31.3.2018, excluding the loss carried forward.
Income tax rate is expected to be 30%, calculate effective tax rate for the year 2017-18.
(A) 12.5%
(B) 25%
(C) 15%
(D) 20%
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