AS 25 - Interim Financial Reporting MCQ

Question 1

1. AS 25 mandates the following in relation to interim financial reports.

A) which entities should publish interim financial reports.

B) how frequently it should publish interim financial reports.

C) how soon it should publish after the end of interim period.

Answer

D) none of the above. ✓

Question 2

2. The standard defines Interim financial Report as a financial report for an interim period that contains a set of ………. financial statements.

A) Complete

B) Condensed

C) Financial statement similar to annual

Answer

D) Either complete or condensed ✓

Question 3

3. ABC Limited has reported ₹ 85,000 as per tax profit in first quarter and expects a loss of ₹ 25,000 each in subsequent quarters. It has corporate tax rate slab of 20% on the first ₹ 20,000 earnings and 40% on all additional earnings. Calculate tax expenses that should report in first quarter interim financial report.

B) ₹ 30,000

C) ₹ 2,000

D) AS 25 does not mandate to report tax expenses

Answer

A) ₹ 17,000 ✓

AS 25 - Interim Financial Reporting MCQ

Sample Questions: AS 25 - Interim Financial Reporting