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Created on April 08, 2026 By

CA Sonal Saboo

CMA Final

Final Corporate Financial Reporting PN-18 Quiz 4

This quiz is based on the CMA Corporate Financial Reporting paper.
Each question is multiple-choice with 4 options, and only 1 option is correct.
Attempt the quiz to test your understanding of CMA CFR concepts.

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Category: Corporate Financial Reporting PN-18

1. Cummins Ltd acquired a machine for Rs.65 Lakhs on 1st July, 2022. It has a life of 5 years with a salvage value of Rs.7 Lakhs. As on 31st March, 2025, if present value of future cash flows is Rs.28 Lakhs and net selling price is Rs.25 Lakhs, impairment loss will be

a. Rs.5 Lakhs

b. Rs.5.10 Lakhs

c. Rs.7 Lakhs

d. Rs.2 Lakhs

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Category: Corporate Financial Reporting PN-18

2. The Financial Statements of the Union Government shall disclose the following details under ‘Loans and Advances made by the Union Government’ in the Annual Finance Accounts of the Union Government

a. the summary of Loans and Advances showing loanee group- wise details

b. the summary of Loans and Advances showing Sector-wise details

c. the summary of repayments in arrears from Governments and other loanee entities

d. All of the above

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Category: Corporate Financial Reporting PN-18

3. Consolidated Fund of India is the fund referred to in of the Constitution of India

a. Article 266(1)

b. Article 266(2)

c. Article 266(3)

d. Article 266(4)

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Category: Corporate Financial Reporting PN-18

4. The financial statements of the Union Government, State Governments and the Union Territories with legislature shall disclose the following details concerning Public Debt and other obligations

a. the opening balance, additions and discharges during the year, closing balance and net change in rupee terms with respect to internal debt

b. the opening balance, additions and discharges during the year, closing balance and net change in rupee terms with respect to external debt, wherever applicable

c. the opening balance, receipts and disbursements during the year, closing balance and net change in rupee terms with respect of other obligations

d. All of the above

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Category: Corporate Financial Reporting PN-18

5. As per The Constitution of India, the Accounts of the Government are kept in

a. Consolidated Funds of India

b. Public Accounts of India

c. Contingency Funds of India

d. All of the above

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Category: Corporate Financial Reporting PN-18

6. Which of the following is/ are responsibility/responsibilities of GASAB?

a. Formulating and proposing standards that improve the usefulness of financial reports

b. Keeping the standards up to date and reflect change in the Governmental environment

c. Improving standard of Government accounting and financial reporting

d. All of the above

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Category: Corporate Financial Reporting PN-18

7. Standards developed for accrual system of accounting in the Government are called the

a. Indian Government Accounting Standards

b. Indian Government Reporting Standards

c. Indian Government Financial Reporting Standards

d. Indian Government Accounting and Reporting Standards

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Category: Corporate Financial Reporting PN-18

8. Which of the following is not a general principal of Government Accounting?

a. Reporting of Utilisation of Public Funds

b. Expenditures are classified under Sectors, major heads, minor heads, sub-heads and detailed heads of Accounts

c. Budget Based

d. Single Entry System

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Category: Corporate Financial Reporting PN-18

9. IGAS 2 is related to

a. Accounting and Classification of Grants-in-aid

b. Guarantees given by Governments: Disclosure Requirements

c. Government Investments in Equity

d. None of the above

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Category: Corporate Financial Reporting PN-18

10. GASAB stands for .

a. Government Accounting Standards Advisory Board

b. Government Accounting Standards Applicability Board

c. Government Auditing Standards Advisory Board

d. Government Accounting for States Advisory Board

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Category: Corporate Financial Reporting PN-18

11. Which of the following is not a feature of Government Accounting?

a. Non-fund based Accounting

b. Double Entry System

c. Adherence to Government Regulations

d. Transacting through Banks

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Category: Corporate Financial Reporting PN-18

12. Corporate sustainability reporting helps companies to .

a. assess and manage their sustainability impacts

b. report their contributions to sustainable development

c. integrate sustainability into their business strategies

d. All of these

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Category: Corporate Financial Reporting PN-18

13. report is an analytical tool for displaying human resources-related facts, insights, and metrics to improve workforce performance, recruiting procedures, and other important HR operations.

a. Environmental, Social and Governance

b. Corporate Social Responsibility

c. Human Resources

d. Integrated

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Category: Corporate Financial Reporting PN-18

14. EVA = - (WACC × Invested Capital)

a. NOPAT

b. PAT

c. EBIT

d. None of these

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Category: Corporate Financial Reporting PN-18

15. XBRL stands for

a. eXtended Business Reporting Language

b. eXtensible Business Reporting Language

c. eXtensible Business Reporting Laws

d. eXtended Business Reported Language

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Category: Corporate Financial Reporting PN-18

16. Which of the following is / are benefit/s of XBRL Reporting?

a. Automated Data Processing

b. Improved reporting quality

c. Cost and time savings

d. All of these

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Category: Corporate Financial Reporting PN-18

17. External benefits of sustainability reporting can include .

a. Enhanced link between financial and non-financial performance

b. Improving reputation and brand loyalty

c. Enhanced perception on organisation’s value

d. Both 2 and 3

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Category: Corporate Financial Reporting PN-18

18. The key challenges for implementation of QBL reporting framework are

a. Awareness of relevant issues associated with QBL reporting

b. Understanding stakeholder requirements

c. Aligning QBL reporting with objectives and risks

d. All of these

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Category: Corporate Financial Reporting PN-18

19. In 4P Bottom Line Reporting bottom line relate business with happiness of stakeholders

a. first

b. second

c. third

d. forth

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Category: Corporate Financial Reporting PN-18

20. External benefits of sustainability reporting can include

a. Mitigating – or reversing – negative environmental, social and governance impacts

b. Improving reputation and brand loyalty

c. Enhanced perception on organisation’s value

d. All of the above

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Category: Corporate Financial Reporting PN-18

21. A company required to furnish cost audit report and other documents to the Central Government under Section 148(6) of the Companies Act, 2013 and rules made thereunder, shall file such report and other documents using the XBRL taxonomy given in Annexure-III to the said Rule for the financial years on or after April 1, 2014 in e-Form specified under the Companies (Cost Records and Audit) Rules, 2014

a. CRA-2

b. CRA-3

c. CRA-4

d. CRA-1

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Category: Corporate Financial Reporting PN-18

22. The three pillars of sustainability are often referred to as

a. Planet – People – Profit

b. People – Planet – Profit

c. People – Profit – Planet

d. People – Plant – Profit

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Category: Corporate Financial Reporting PN-18

23. An is an entity over which the investor has significant influence.

a. Associate

b. Joint Venture

c. Partnership

d. All of these

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Category: Corporate Financial Reporting PN-18

24. How is the investor's share of profit or loss from a joint venture recognised?

a. As a revenue

b. As a liabilities

c. As an expense

d. As a part of equity

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Category: Corporate Financial Reporting PN-18

25. Which of the following is not a type of joint arrangement recognised under Ind AS 111?

a. Joint Venture

b. Joint Operation

c. Joint Control Entity

d. Joint Contribution Entity

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Final PN-18 Corporate Financial Reporting Quiz 4

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