MCQ On Ind AS 7 Statement of cash flow

1.       An entity shall prepare cash flow statement as:

(a)    Notes to account

(b)   Integral part of financial statements

(c)    Optional

(d)   None of the above

2.       Statement of cash flow shall report cash flows classified by:

(a)    Operating activities and investing activities

(b)   Investing activities and financing activities

(c)    Operating activities and financing activities

(d)   Operating activities, financing activities and investing activities

3.       Operating activities includes:

(i)      Principal revenue producing activities of an entity.

(ii)    Other activities that are not investing or financing activities.

(a)    (i)

(b)   (ii)

(c)    (i) and (ii)

(d)   (i) or (ii)

4.       Cash from operation will increase due to:

(a)    Increase in current assets

(b)   Decrease in current liabilities

(c)    Neither of two

(d)   Both (a) and (b) above

5.       Cash flow is based upon:

(a)    Accrual basis of accounting

(b)   Cash basis of accounting

(c)    Hybrid basis of accounting

(d)   None of the above

Answer: 

1.  B , 2. D , 3 C , 4. C 5. B

Support-desk for Implementation of Ind AS

With the beginning of financial year 2016-17, the era of implementation of Ind AS has begun in India. In this regard, a number of issues are constantly being faced by the Small and Medium Practitioners (SMPs) and companies in the implementation of Ind AS. In view of this, it has been decided to launch a “Support-desk for Implementation of Ind AS”, so as to address the difficulties faced by the members and stakeholders as early as possible.

For this purpose, a support desk has been created, wherein the members can submit their queries, questions, suggestions online by clicking on the below-mentioned link:

Support-desk for implementation of Ind AS


https://docs.google.com/forms/d/1_KTFV6gIAFsBSXpyalyb2P2XkOdvGX4Nhc52z8lWhwg/viewform?edit_requested=true


Alternatively, you may send your views by e-mail at indas@icai.in. 

MCQ on Ind AS applicability_2

1.      Ind-AS stands for:

a)      Indian accounting standard

b)      International accounting standard

c)      Indian financial reporting standard

d)      None of the above

2.      Ind AS is applicable to:

a)      Individual

b)      Partnership Firms

c)      Companies

d)      Trust

3.      Ind AS was notified on which date:

a)      February 16, 2015

b)      February 16, 2016

c)      February 15, 2016

d)      February 15, 2015

4.      As per the roadmap for Ind AS adoption for first phase companies, what is the date of transition?

a)      April 01, 2016

b)      April 01, 2015

c)      March 31, 2015

d)      March 31, 2016

5.      As per the roadmap for Ind AS adoption, Net worth means?

a)      As defined in clause 2 (55)of the Companies Act 2013

b)      As defined in clause 2 (57)of the Companies Act 2013

c)      As defined in clause 2 (56)of the Companies Act 2013

d)      None of the above

Answers :   1 A , 2 C , 3 A , 4B , 5B