Financial Reporting | Nov 24 | MCQs Solution | Vague MCQs | Paper Review | #Finance

hello everyone hope uh your paper went well and if you have return your financial reporting paper and you are very sure about how the paper went I request you not to continue watching this live we can continue with your preparation this is for those students who are slightly confused who

are concerned that you know a lot of time it happens after you come back from the examination you want to see the answer until the time you see the answer your mind doesn’t work for the next paper this is the CashNews.co for those students as quickly give you the solutions of mcqs and overall

review of the paper and there are some big mcqs as well uh you know every time one or the other surprise comes in the questions that is one aspect so this is not to demotivate you even if your paper has not gone well please keep this thing in mind you know the performance of other students would

may may not have been that well and you would you know get some benefit of Doubt especially in case of v msqs and all of that so this is purely for you to get clarity of thought in your mind as to how was your paper and you should immediately switch to AFM okay how much I say of course you will be

looking for McQ solutions from you know one person or the other person so just to ensure that you don’t waste much of a time I’ll do a quick recap or revision part of it back to the solutions first one is you know with respect to Joint operations what should be disclosed so there should

be uh so here 60 cres is pertaining to zaraa limited and the question has asked in the books of Tara limited so Tara limited’s expense is 40 they recognize the provision of 40 cres and a contingent liability of 60 cres because if the other party does not pay the demand has come to Tara

limited now if you have any you know further doubt or if you feel some otherwise you can definitely put it down in the comment section then the second question on classification the question is not clear as to whether the intention of the entity is to hold it till the maturity to collect all the

Cash Flows of interest and principle or to sell it or to make Profit that is not given in the question at all so how will we decide whether it is cost orci so that is one big aspect in this question it can be either of A and D because even in case of variable

interest you could use for method then reportable segment it is a straightforward thing 10% criteria apply A and E how much should be current liability again there is a blunder here because the lease rentes that you it comprises of principal plus interest and only the principal component should be

your current liability now they have not given the interest rate the discounting rate any of those things so but you know given the information 840,000 should be the correct answer then what is the amount of re to be recognized elevator contract standard question I I hope all of you have done it

right 15 that is Cost Plus whatever 25% of the you know Balance cost that has been already incurred then and this question was like you know very very simple and that is where mcqs can actually help you government grants to be recognized by The Entity the conditions to be set this is sit question

so two out of two is for sure here what is the sance of CA regarding conflict of interest again you know State forward question this question was picked up from a specific paragraph in index 101 as it is they have picked it up and they put it out as a question the answer is 2 3 and four then coming

to the next case study here after negotiation what should they do it will still be a Current financial liability because on 31st March the condition was breached and the rectification or the you know Banker agreed after the Financial Statements have been issued so it will be

classified as current then here I arrived at an answer I did a quick calculation might be incorrect 151 12.80 then goodwi 2426 which is also done by my student then Accounting treatment for cost incur for inovation very smartly in the question they have given food quotes and gaming

but only for code and gaming they said that it will enhance so only this should be Capitalized then n value should be 16 CR it should not it should be based on when you finally finalized then purchase consideration is 22 cres plus 3 CR of convent consideration 25 crores and for

here you will recognize the fair value and subsequent change will recogniz P that’s it okay so that’s a quick answer from my side on the McQ maybe a couple of them I would have you know missed possible I’m not sure because the questions today coming to the uh normal questions on

consolidation standard question here now only thing the way they have tried to you know turn uh confuse students what I would say is here they have said check has been issued and check is to be received so this is something which is called as cashing Transit kind of thing right so that is the

adjustment here so when you eliminate here here it is 120 here it is 160 120 will go off from here 160 will go off from here and you will have 40 as cashing Transit this is one adjustment dividend adjustment has been standed apart from that after two very difficult attemps of consolidation this has

been a pretty simpler one and here they given based on purchase consideration you can just do a you know proportionate basis then again this is a question from the St directly put up then this is on inter financial statement where you have to bring the defer taxation impact this again uh at you

know even in my IND 40 YouTube revision I had told that you know this kind of questions can be tested and that is what has been tested in this particular paper right exactly the same thing what is there in the stud is more for disclosure requirement and and 4 had clearly said that you know

disclosure requirement can be tested from this particular standard then this requires some knowledge of Taxation for computation nothing very difficult then this is for your you know restoration related Provisions so a lot of focus is there on General entries guys if you find the McQ Solutions and

the discussion useful do please like the CashNews.co and share it with your friends they’ll give you some motivation at least then here it is on IND 102 again a standard question a lot of you know text extra text has been given here just to confuse you but the answering pattern will be as

normally what you do then this is on points again a standard question then this on voluntary you know adoption of IND how to do how to treat different items concept and offsetting very you know typical Theory question but again even if you have you know not done this thoroughly you could have

answered based on a general understanding you will be getting some marks qualitative characteristics they keep on testing once in a while as a part of theory Bas on performance obligation how many performance obligations are there then deValuation the again a standard question

nothing difficult here and here whether it is an estimate or changeing error again you know so four marks question for one each question for the correct answer or wrong answer you could do so L if you put me slightly long because a lot of General have been asked and average question right if you

have any disputes on the McQ Solutions you can ask me but now those of you are writing this paper my sincere request to all of you please please please please focus on AFM paper and that is what we have to focus on even if you missed out something in this paper you have to compensate that with the

AFM paper all the best for AFM start with maybe smaller topics today follow it up with you know larger chunks tomorrow and the last day you can do a quick revision of theory topics which will actually help you to uh you know push forward your preparation don’t take bigger topics today because

you already exhausted after your AG and Pap right so thanks a lot