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Quiz on RPT
Quiz on RPT
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Answers
1
Which of the following is not to be disclosed under AS18
Bad debts of RP
Name of the Related party
Amount of transaction with RP
Description of relation with RP
2
Applicability of this disclosures apply to.
a)Independent/ separate FS
c)Cash flow statement
d)Both a and b
b)Consolidated financial statements
3
H ltd owns 60% in B ltd ,50% in C ltd Are B and C ltd are Related party.
Yes ,fellow subsidiaries
Yes , holding associate relation
No they are not RP
Yes , holding subsidiary relation
4
In consolidated financial statements which of the following disclosure is not required
Inter company transaction
Salary paid to Managing director
Salary paid to KMP
Loan given to Joint venture
5
Which SA provides provisions regarding RPT
505
230
550
510
6
Is it mandatory to give disclosure even if the transaction is at arms length price
False
True
7
A holds 51% of B ltdB holds 51% % of O ltd Z ltd holds 49%of O ltd RP for Z ltd as per As 18?
A,B,Z Ltd
A,B ltd
O ltd
A,B,Z,O ltd
8
As per companies act who is a KMP among the following
CFO
CS
CEO
All of the above
9
Mr X is a non executive director of the reporting entity. Is it a RPT
May be
Depending on the facts
Yes
No
10
X ltd is a subsidiary of B ltd which of the following is a related party transaction .
Loan given to employees of B ltd
Salary paid to B ltd employees
Miscellaneous expenses of entity
Loan given to managing director of X ltd
