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

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

As per Ind AS 34, interim report includes condensed statements and notes.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

No comments yet. Be the first to start the discussion!

Question #1 Report Error

In the absence of a partnership deed, interest on loan advanced by a partner to the firm is:

A. Not allowed

B. 6% p.a.

C. 5% p.a.

D. 12% p.a.

Correct Answer: Option B

Explanation:
Section 13(d) of Partnership Act allows interest at 6% p.a. on partner's loan in absence of agreement.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2 Report Error

The 'Going Concern' assumption in audit is evaluated by:

A. Auditor to assess whether the entity can continue in operation

B. Tax department

C. Management only

D. Shareholders

Correct Answer: Option A

Explanation:
Auditor must consider the appropriateness of management's use of going concern basis.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3 Report Error

The basic exemption limit for an individual below 60 years under the new tax regime (AY 2024-25) is:

A. ₹3,00,000

B. ₹2,50,000

C. ₹5,00,000

D. ₹2,00,000

Correct Answer: Option A

Explanation:
Under the new regime, basic exemption limit is ₹3,00,000 for individuals below 60 years.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping