MCQ on IndAS Dated 27 January 2019

N 1. What are intangible assets?

I. a) Non-monetary assets with physical substance

II. b) Monetary assets without physical substance

III. c) Non-monetary assets without physical substance

IV. d) Monetary assets with physical substance

2. An Intangible assets shall be measured Initially

I. At Cost

II. Market price

III. Fair Value

IV. Amortised value

3 Which one is correct

I. Internally generated goodwill shall be recognised , at cost, as an assets

II. Internally generated goodwill shall be recognised , at Fair value , an assets

III. Internally generated goodwill shall be recognised as. Market price, an assets

IV. Internally generated goodwill shall not be recognised as an assets

4 Research Phase Expenses on Research shall be

I. Shall be capitalised –based on future benefit

II. Shall be charged to revenue

III. Shall depend on accounting policies

IV. None of the above

5 Development Phase Expenses during Development Phase shall be

I. Shall be charged to revenue

II. Capitalised –if there is ability to use or sell the intangible assets/technical feasibility of
completing the intangible assets

III. Shall depend on accounting policies

IV. None of the above

 6 Which one these is not an intangible:

I. Brand

II. License

III. Mast head

IV. Deferred Revenue

7 Which assets are permitted to Tax Amortisation benefit?

I. Registered trademark,
II. Supplier Relationship
III. Customer Relationship
IV. Technology Ideation

8 IndAS 113 is on

I. Liquidation Valuation measurement

II. market value

III. Fair Value measure

IV. Intangible
9 Under SEBI (Listing Obligation and Disclosure Requirements ) Regulations 2015,the listed
entity shall present the cash flow statement by applying

(i) Only Direct Method

(ii) Only Indirect Method
(iii) Either Direct or Indirect Method
(iv) As per the decision of Audit committee

10 As per IndAS 7 , the Cash Flow is classified into

I) Operating activities and investing activities

II) Investing activities and financing activities
III) Operating activities and financing activities
IV) Operating activities, financing activities and investing activities

11 As per IndAS 7 ,for an investment to qualify as a cash equivalent it must be readily

convertible to a known amount of cash and be subject to an insignificant risk of changes in
value. Therefore, an investment normally qualifies as a cash equivalent
only when it has a short maturity of, say,

I. One month or less from the date of acquisition.

II. three months or less from the date of acquisition
III. six months or less from the date of acquisition
IV. nine months or less from the date of acquisition