Revised Schedule VI

Quiz

1. Revised Schedule VI is not applicable for ----

any insurance or banking company, or any company engaged in the generation or supply of electricity.

2. Within Share Capital disclosures, names of shareholders holding __ % of shares are required to be disclosed ---

Five

3. Current Liabilities are expected to be settled within this period ---

Normal Operating Cycle

4. Current maturities of long term debt mean amounts becoming payable within----

12 months from the reporting date.

5. Advances to parties towards acquisition of fixed assets are classified under ---

Non-current assets Long term loans and advances

6. What is the treatment for dividend proposed before the reporting date but before approval of FS by the Board-

Provide for dividend as per AS-4, disclose in Notes

7. Separate disclosure in P&L is required for all items exceeding ----

Rs.100000 or 1% of total revenue from operations whichever is higher

8. Appropriations from current profit to be disclosed under ---

Balance of current Surplus in Balance Sheet Notes.

9. Bifurcation of trade receivables into more than and less than 6 months is from ---

a. The bill date or

b. The date they became due

10. ABC Ltd. purchased long term bonds of XYZ Ltd. on 14.01.2012 maturing on 13.01.2017. Where would the said bonds be disclosed on the following dates

a. 31.03.2012

b. 31.03.2015

c. 31.03.2016

d. 31.03.2012 – Non-current assetsnon-current investments

e. 31.03.2015 - Non-current assetsnon-current investments

f. 31.03.2016 – Current assets Current investments.

11.For the purpose of presentation of investments, AS 13 will have over-ridding effect on revised schedule VI. State whether True or False.

False

12. As per general instructions, disclosure of imports is based on _____ Value and that for exports is based on _____Value.

CIF FOB

13.Dividend declared by the subsidiary companies after the date of balance sheet is not required to be recognized as per revised schedule VI in the year of declaration. State whether True or false.

True

14.Details pertaining to aggregate number and class of shares allotted for consideration other than cash, bonus share and shares bought back will be disclosed only for the period of -------- immediately preceding the balance sheet date.

5 Years

15.Which of the following disclosures are still required under Revised Sch. VI. :

Disclosure relating managerial remuneration. Information relating licensed and installed capacity. Information on investments purchased and sold. Disclosure regarding foreign exchange earnings. Disclosure on account of commission, brokerage and

non-trade discounts.

16.Bonds/debentures under long term borowings shall be stated in descending order of maturity or conversion, starting from earliest redemption. State whether true or false.

False (It should be from farthest redemption).

17.When a promoter or any third party has given any personal security for borrowing, these should be classified as secured borrowing.

False. Though not secured per se, disclosure of security should be made.

18.Current Investments should be bifurcated into “Trade” and “Non-Trade”

False

19.Where should the following items be disclosed as per Rev. Sch. VI

• Unamortised premium on forward contracts

Current Assets Other current assets

• Unbilled Revenue

Current Assets Other current assets

• Finance lease payments for 12 months after the BS date

Current Liabilities Other Current Liabilities.

• Prepaid AMC charges

Current Assets Other Current Assets

• Income recd. in advance

Current Liabilities Other current liabilities.

• Preliminary expenses to be w/off over 5 years

Next one year’s w/off in Current Assets Other Current Assets, beyond 12 months in Non-Current Assets

Other non-current assets.