Ind AS Quiz

What is the primary objective of Ind AS 103?

• Define assets and liabilities

• Establish principles for business combinations

• Recognize intangible assets

• Classify financial instruments

Under Ind AS 103, what method is used for recognizing business combinations?

• Cost method

• Equity method

• Acquisition method

• Fair value method

Which of the following is NOT a component of goodwill calculation?

• Consideration transferred

• Net identifiable assets acquired

• Non-controlling interest

• Depreciation expense

True or False: A business combination under common control is accounted for using the acquisition method under Ind AS 103.

• True

• False

Which of the following is NOT a category in the cash flow statement under Ind AS 7?

• Operating activities

• Investing activities

• Manufacturing activities

• Financing activities

Cash flows from interest paid should be classified under:

• Operating activities

• Investing activities

• Financing activities

• Either (a) or (c), depending on accounting policy

True or False: Ind AS 7 mandates the direct method for presenting cash flow statements.

• True

• False

Investment property is initially measured at:

• Cost

• Fair value

• Cost or fair value, whichever is lower

• Historical cost minus depreciation

True or False: Ind AS 40 allows investment property to be depreciated like tangible fixed assets.

• True

• False

What is the recoverable amount of an asset under Ind AS 36?

• Higher of fair value less costs of disposal and value in use

• Lower of carrying amount and value in use

• Cost minus accumulated depreciation

• None of the above