IND AS 1 -Presentation Of Financial Statements

Question 1

An entity shall present a third balance sheet as at the beginning of the preceding period in addition to the minimum comparative financial statements if:

Answer 1

It applies an accounting policy retrospectively

Question 2

An entity presents an analysis of expenses recognised in the profit or loss using a classification based on the nature of expenses method. Which of the following is not the classification using the nature of expense?
Answer 1 : Employee benefits expense
Answer 2: Selling and distribution expenses
Answer 3 : Amortisation expense
Answer 4: Depreciation expense

Answer 2

Selling and distribution expenses

Question 3

Application of Ind AS 1 is important for:

Answer 1: Preparation of general-purpose financial statements

Answer 2: Presentation of general-purpose financial statements

Answer 3: Preparation and presentation of general-purpose financial statements

Answer 4: Preparation, presentation and disclosure in the general-purpose financial statements

Answer 3

Preparation and presentation of general-purpose financial statements

Question 4

Which of the following information of the entity is not mandatory to be displayed prominently, and is to be repeated when necessary for the information presented to be understandable?

1: Name of the reporting entity or other means of identification, and any change in that information from the end of the preceding reporting period
2 : Whether the financial statements cover the individual entity or a group of entities
3 : Equity pattern showing the Names of major shareholdings in the entity
4: Level of rounding used in presenting amounts in the financial statements

Answer 4

Equity pattern showing the Names of major shareholdings in the entity