Responsive Menu

Add more content here...

Made&Mad4CA

Made&Mad4CA

Ind AS 1 – Presentation of Financial Statements

Welcome to your Ind AS 1 – Presentation of Financial Statements

What is the primary objective of Ind AS 1?

To define revenue recognition

To prescribe the basis for presentation of general-purpose financial statements

To determine the treatment of financial instruments

To define lease accounting

None

Which of the following is NOT a component of financial statements as per Ind AS 1?

Balance Sheet

Income Statement

Cash Flow Statement

Cost Sheet

None

As per Ind AS 1, financial statements should be prepared using which basis of accounting?

Accrual basis

Cash basis

Hybrid basis

None of the above

None

Going concern assumption means:

The business will cease operations soon

The business will continue for the foreseeable future

The business has to be liquidated

The financial statements are prepared on a cash basis

None

Which of the following is NOT required in a complete set of financial statements under Ind AS 1?

Notes to accounts

Director’s Report

Statement of Profit and Loss

Statement of Financial Position

None

Ind AS 1 requires the statement of financial position to classify assets and liabilities as:

Tangible and intangible

Monetary and non-monetary

Current and non-current

Operating and non-operating

None

Time's up

Scroll to Top