The 'Interim Financial Report' should include: MCQ with Answer and Explanation

Question
The 'Interim Financial Report' should include:
A. Only a condensed balance sheet
B. Only profit and loss
C. Condensed set of financial statements and selected explanatory notes
D. Full annual report
Answer: Option C
Solution (By JKSSB Mock Tests)
As per Ind AS 34, interim report includes condensed statements and notes.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
In BRS, if overdraft as per pass book is the starting point, bank charges not recorded in cash book will:
A. Not considered
B. Increase overdraft
C. No change
D. Decrease overdraft
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Correct Answer: Option B

Explanation:
Bank charges reduce passbook balance, so overdraft increases. So add to overdraft as per passbook.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Income Tax (Ind AS 12)' requires deferred tax on:
A. No deferred tax
B. All temporary differences
C. Only timing differences
D. Permanent differences
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Correct Answer: Option B

Explanation:
Deferred tax is recognised for temporary differences between carrying amount and tax base.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is not a function of cost accounting?
A. Assisting in decision making
B. Cost control
C. Ascertaining cost
D. Preparation of financial statements
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Correct Answer: Option D

Explanation:
Preparation of financial statements is the function of financial accounting, not cost accounting.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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