A complete set of financial statements under Ind AS includes the following. 1. Balance sheet at the end of the period. 2. Statement of profit and loss for the period. 3. Statement of changes in equity for the period. 4. Statement of cash flow for the period. 5. Balance sheet at the beginning of the preceding period. Which statements given above are correct?

Rashna Company collected the following data in its accounting records in 2014 : From the income statement : Depreciation expense Tk. 1,000 Loss on sale of equipment 3,000 From the comparative balance sheet : Beginning balance , equipment Tk. 12,500 Ending balance , equipment 8,000 Beginning balance , accumulated depreciation 2,000 Ending balance , accumulated depreciation 2,400 No new equipment was purchased during the year. The equipment was sold at the end of the year. What was the cash in -flow from the sale of equipment in 2014?

A

Tk, 3,900

B

Tk. 1,000

C

Tk. 900

D

Tk. 600

Which of the following activities should be shown separately in the cash flow statement prepared as per Accounting Standard-3?
1. Cash flow from borrowing activities
2. Cash flow from operating activities
3. Cash flow from financing activities
4. Cash flow from investing activities
5. Cash flow from miscellaneous activitie

A

1, 2 and 3

B

1, 3 and 5

C

1, 3 and 4

D

1, 2 and 5

Which of the following activities should be shown separately in the cash flow statement prepared as per accounting standard-3?
I. Cash flow from borrowing activities.
II. Cash flow from operating activities.
III. Cash flow from financing activities.
IV. Cash flow from investing activities.
V. Cash flow from miscellaneous activities.

A

I, II and III

B

I, III and V

C

II, III and IV

D

I, IV and V

Which of the following are examples of cash flow from operating activities as per AS-7?
1. Cash receipts from the sale of goods and the rendering of services.
2. Cash receipts from disposal of intangible assets.
3. Cash receipts from royalties, fees, commissions and other revenue.
4. Cash payments to suppliers for goods and services.
5. Cash proceeds from issuing shares or other similar instruments.
6. Cash payments to and on behalf of employees.
Select the correct answer:

A

1, 3, 4 and 6

B

2, 5 and 6

C

1, 2, 3 and 4

D

2, 3, 4 and 6

A company XYZ (parent co.) is required to present consolidated financial statements, except if it meets certain conditions. You need to identify those conditions from the following.
1. It is a subsidiary of another entity and all its other owners, including those not otherwise entitled to vote, have been informed about and do not object to, the parent not presenting consolidated financial statements.
2. Its debt or equity instruments are not treaded in a public market.
3. Its ultimate or any intermediate parent produces Ind AS complaint consolidated financial statements available for public use

A

Both 1 and 3

B

Both 2 and 3

C

Both 1 and 2

D

All of these

Which of the following statements are correct?
1. Analysis and interpretation of financial statements, is a function of accounting.
2. Profit and Loss account is prepared for ascertaining financial postition of a firm.
3. Goodwill is a wasting asset.
4. Balance Sheet is prepared for ascertaining financial position of a firm
Select the correct answer

A

1 and 2

B

1 and 3

C

1 and 4

D

2 and 3

Assertion (A): In preparing final accounts, if closing stock is given in the trial balance, it is shown only in the Balance Sheet.
Reason (R): Any item appearing in the trial balance is treated only at one place i.e. either in the trading and profit & loss a/c or in the balance sheet.
Now, select the correct answer:

A

Both (A) and (R) are true and (R) is the correct explanation of (A)

B

Both (A) and (R) are true, but (R) is not correct explanation of (A)

C

(A) is true but (R) is false

D

(A) is false but (R) is true

Owners equity balance at the end is Rs. 21,000. During the year additional capital introduced by owner is Rs. 6,000 and drawings made is Rs. 4,000. If net profit for the year is Rs. 8,000. Then what is the balance of owner is equity in the beginning?

A

Rs. 23,000

B

Rs. 21,000

C

Rs. 19,000

D

Rs. 11,000

In the following question, two statements are given each followed by two conclusions I and II. You have to consider the statements to be true even ifthey seem to be at variance from commonly known facts. You have to decide which of the given conclusions, if any, follows from the given statements. Statements:
(I) Empty set is a subset of any set.
(II) A set is a subset of power set. Conclusion:
(I) Empty set is a power set.
(II) A set is a subset of power set.

A

Conclusion I follows

B

Conclusion II follows

C

Neither I nor II follows

D

Both I and II follows

Milo has the year-end balances as follows: Account receivables TA. 5000; Supplies TA. 12,000; Equipment's TA. TA. 18,000; Accounts payable TA. 17,000 and Owner's equity TA. 43,000. The cash account balance was not available at year-end, Given the account balances listed, the balance in the cash account should be:

A

TA. 25,000

B

TA. 95,000

C

TA. 43,000

D

Can't be determined