FINANCIAL REPORTING (MCQS)

T.Y B.COM

SEMESTER - 6

FINANCIAL REPORTING 

(FR) 

MCQS - MARCH 2015

1. When segment is made on the basis of products or services which are exposed to different risk & return then it is known as

A. Product segment

B. business segment

C. Market segment

D. Geographical segment

2. To measure obligation under defined benefit plan, the discount rate should be determined by reference to

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

3. Interim financial reporting is the reporting for a

A. Period of three months

B. Period of six months

C. Period of full financial year

D. period shorter than full financial year

4. Segment reporting helps users of financial statements to better

A. understand performance of the enterprise

B. assess risks and returns of the enterprise

C. to make more informed judgments of the enterprise as a whole

D. a, b and c

5. _________ arises when an enterprise introduces a defined benefit plan or changes in the benefits payable unde an existing defined benefit plan.

A. Interest cost

B. Current service cost

C. Past service cost

D. Actuarial gains and losses

6. Shivam Ltd. is dealing in the seasonal product, as per discrete view while preparing quarterly interim financial report expenses should be recognized _________. 

A. Fully in the quarter in which they occur

B. In proportion to seasonal revenue of each quarter

C. In equal proportion to each quarter

D. In proportion of profit of each quarter

7. Gratuity and pension are examples of......... 

A. Short-term employee benefits 

B. Post-employment benefits

C. Long-term employee benefits

D. Termination benefits

8. AS-15 applies to accounting of all employee benefits except ___________. 

A. Employee Stock Options

B. Salary and Wages

C. Gratuity and Pension

D. Social Security Contribution

9. X Ltd. had 1200 lakh equity shares outstanding as on 1.4.2013. On 31.8.2013 it issued 600 lakh equity shares for cash. On 1.2.2014, the company bought back 300 lakh equity shares. The Weighted Average No. of Equity Shares as on 31.3.2014 are:

A. 1500 lakh equity shares

B. 1250 lakh equity shares

C. 1000 lakh equity shares

D. None of a, b & c

10. If risk and returns of a company is mainly affected both by difference in product/ service it produces and its operation in different geographical area, then the secondary reportable segment is __________. 

A. Product segment

B. Business segment

C. Market segment

D. Geographical segment

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