FR MCQ SET 3

Which IFRS standard deals with fair value measurement?

• IFRS 9

• IFRS 13

• IFRS 16

• IFRS 17

Which of the following is a key difference between IND AS and IFRS?

• IND AS is mandatory for all Indian companies, whereas IFRS is optional

• IND AS is tailored to Indian economic conditions, while IFRS is international

• IFRS includes more local regulations compared to IND AS

• IND AS and IFRS are identical with no differences

Net Worth Assessment and IND AS Applicability

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OFF

Which statement provides information on the company's financial position at a specific date?

• Statement of Profit & Loss

• Statement of Changes in Equity

• Balance Sheet

• Cash Flow Statement

Which section of the balance sheet lists long-term investments?

• Non-current Assets

• Current Assets

• Current Liabilities

• Equity

In the Statement of Profit & Loss, which section typically includes revenues and expenses?

• Operating Activities

• Financing Activities

• Investing Activities

• Comprehensive Income

What does the term 'Other Comprehensive Income' encompass in financial reporting?

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OFF

Operating Cycle and Classification

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OFF

Assets that are expected to be converted into cash or consumed within one year are classified as:

• Non-current Assets

• Intangible Assets

• Current Assets

• Financial Assets

Liabilities due for payment within the operating cycle are classified as:

• Non-current Liabilities

• Current Liabilities

• Long-term Liabilities

• Contingent Liabilities