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business
advanced financial accounting

Questions and Answers of Advanced Financial Accounting

Your plc is a fast-growing, hi-tech business. Its income statement for the year ended 30 September 2010 and its balance sheet as of 30 September 2010 are shown below. The company has the opportunity
Sparks plc is a large electronics company that produces components for CD players and iPods. It is close to the current year end and Sparks is forecasting profit after tax at £60m. The following two
(i) Why are accountants required to produce financial information?(ii) Who do they produce it for and what do they do with it?
Describe the broad regulatory, professional, and operational framework of accounting.
What are the conceptual frameworks of accounting?
(i) What is accountancy?(ii) What is an accountant?(iii) What do accountants do?
(i) What is financial management?(ii) How does financial management relate to accounting and perhaps other disciplines?
The managing director of a large public limited company stated: ‘I’ve built up my business over the past 15 years from a one-man band to a large plc. As we grew we seemed to spend more and more
The managing director of a growing private limited company stated: ‘All these accounting concepts and standards seem like a lot of red tape to me, and we’ve got financial accountants and
Is accounting objective? Discuss concerning at least six different accounting concepts.
At a recent meeting of the local branch of the Women’s Institute, they discussed what sort of organization they were. The discussion broadened into a general debate about all types of
Mary Andrews was an accountant but is now semi-retired. She has been asked by her local comprehensive school careers officer to give a talk entitled: ‘What is an accountant and what is accounting,
Accounting standards in general are reasonably unambiguous. Are there any major areas where accountants may disagree in balance sheet accounting?
Financial statements are produced each year by businesses, using prescribed formats. Should major plcs be allowed to reflect their individuality in their financial statements?
Professionals in the UK, for example, doctors, solicitors, accountants, etc., normally work within partnerships. Many tradesmen, such as plumbers, car mechanics, carpenters, and so on, operate as
Bill Walsh has just been appointed Finance Director of a medium-sized engineering company, Nutsan Ltd, which has a high level of exports and is very sensitive to economic changes throughout the UK
Wembley Stadium II (the Football Association’s replacement for the original iconic Wembley Stadium) was planned to open in 2003 but due to numerous problems financing the construction, problems in
Conceptual frameworks of accounting have been developed over many years and in many countries. Explain how these culminated in the publication of the UK Statement of Principles (SOP) in 1999, and
The International Accounting Standards Board (IASB) decreed the adoption of the International Financial Reporting Standards (IFRSs) by all listed companies within the European Union are mandatory
What are the four basic business transactions and what are their corresponding debit and credit accounting entries under the convention of double-entry bookkeeping?
(i) Name each of the books of account and ledgers in an accounting system.(ii) What are they used for?
(i) At a specific point in time, what does a company’s trial balance show?(ii) What may the trial balance not show?
How may the financial position of a company be ascertained from its trial balance?
How may the cash position of a company be ascertained from its trial balance?
Why is the profit made during an accounting period not necessarily equal to the cash flow during that period?
In what ways do businesses adjust their accounts for accruals and prepayments?
‘Managers who are non-accounting specialists don’t need to learn about bookkeeping, debits and credits, etc.’ Discuss.
Computerised accounts and information systems have speeded up the recording of accounting data and the presentation of information. What are the other advantages over manual accounting systems and
Use the same example in P9.11. The investment is reclassified from FVOCI to amortized cost on 1 January 2012. Prepare the journal entries on 1 January 2012 to record the reclassification of the
Use the same example in P9.12 . The investment is reclassified from FVTPL to amortized cost on 1 January 2012.Prepare the journal entries on 1 January 2012 to record the reclassification of the
Assume the same information as in P10.10, except that the hedged item is a firm commitment, and the forward contract was designated as a fair value hedge of the foreign exchange risk of a firm
Describe the three types of share-based payment transactions under IFRS 2.
Discuss the methods of measurement of the fair value of equity instruments allowed under IFRS 2.
Explain what is meant by “repricing” and how it is accounted for under IFRS 2.
On 1 December 20x0, the board of Progressive Corporation approved a share option plan for selected employees.Up to 5,000,000 ordinary shares could be issued under this option plan. The terms of the
Generally, new shell entities inserted into existing group structures as part of the corporate reorganization process will meet the definition of business under IFRS 3.
Company B paid cash consideration amounting to \($250\),000 to Company A in exchange for 100% interests held by Company A in the paid up capital of Company D on 1 January 20x5. Company D was
Assume the same facts as in P3.11 with the exception that in this case, Company X exchanges replacement awards for the share-based payment awards of Company Y, for which employees had yet to render
The trial balances for FIRE and WALL as of 31 December 20x3 are as follows:Additional information:(a) On 1 January 20x2, FIRE purchased 70% of WALL’s ordinary shares. At the date of acquisition,
Why do VHWOs not report all pledges received in the period in the assets without donor restrictions section of the statement of activities? Identify what is not included.
In the period in which an intercorporate sale occurs, how do the consolidation eliminating entries differ when unrealized profits pertain to an intangible asset rather than a tangible asset?
One difference between accounting for a governmental (not-for-profit) unit and a commercial (for-profit) enterprise is that a governmental unit shoulda. Not record depreciation expense in any of its
Belle Valley incurred $100,000 of salaries and wages for the month ended March 31, 20X2. How should this be recorded on that date? c. Expenditures Salaries and Wages Debit Vouchers Payable Salaries
Which of the following accounts of a governmental unit is credited when taxpayers are billed for property taxes?a. Estimated Revenue.b. Revenue.c. Appropriations.d. Fund Balance—Assigned for
Fixed assets purchased from general fund revenue were received. What account, if any, should have been debited in the general fund?a. Noneb. Fixed Assetsc. Expendituresd. Fund Balance—Unassigned
The initial transfer of cash from the general fund to establish an internal service fund requires the general fund to credit Cash and debita. Accounts Receivable—Internal Service Fund.b. Transfers
Which of the following steps in the acquisition of goods and services occurs first?a. Appropriationb. Encumbrancec. Budgetd. Expenditure
What account is used to earmark the fund balance to recognize the contingent obligations of goods ordered but not yet received?a. Appropriationsb. Encumbrancesc. Obligationsd. Fund Balance—Assigned
When a governmental unit’s Estimated Revenues Control account is closed out at the end of the fiscal year, the excess of estimated revenues over estimated appropriations isa. Debited to Fund
Carson City’s general fund issued purchase orders of $630,000 to vendors for supplies. Which of the following entries should the city make to record this transaction? Debit Credit Q. ENCUMBRANCES
The following balances are included in the subsidiary records of Dogwood’s Parks and Recreation Department on March 31, 20X2:How much does the department have available to purchase additional
Which of the following accounts of a governmental unit is credited when the budget is recorded?a. Encumbrancesb. Budgetary Fund Balance—Assigned for Encumbrancesc. Estimated Revenue Controld.
Which of the following accounts of a governmental unit is debited when supplies previously ordered are received?a. Encumbrancesb. Budgetary Fund Balance—Assigned for Encumbrancesc. Vouchers
Which of the following situations will increase a governmental unit’s fund balance at the fiscal year-end?a. Appropriations are less than expenditures and budgetary fund balance assigned for
Which of the following accounts of a governmental unit is credited to close it out at the fiscal year-end?a. Appropriations Controlb. Revenue—Property Taxc. Budgetary Fund Balance—Assigned for
The primary focus in accounting and reporting for governmental funds isa. Income determination.b. Flow of financial resources.c. Capital maintenance.d. Transfers relating to proprietary activities.
The governmental fund measurement focus is the determination of Income Financial Position Flow of Financial Resources Yes Yes No b. No Yes No d. 2 2 No Yes Yes Yes
A Budgetary Fund Balance—Assigned for Encumbrances in excess of a balance of Encumbrances Control indicatesa. An excess of vouchers payable over encumbrances.b. An excess of purchase orders over
The Encumbrances Control account of a governmental unit is debited whena. Goods are received.b. A voucher payable is recorded.c. A purchase order is approved.d. The budget is recorded.
The following pertains to property taxes levied by Cedar City for the calendar year 20X6:City Cedar should report revenues from property taxes for 20X6 ofa. $700,000.b. $600,000.c. $690,000.d.
Oak City issued a purchase order for supplies with an estimated cost of $5,000. When the supplies and accompanying invoice were received, the invoice indicated a $4,950 actual price. What amount
For the budgetary year ending December 31, 20X6, Johnson City expects the following inflows of resources in its general fund:In the budgetary entry, what amount should Johnson City record for
Encumbrances outstanding at year-end in a state’s general fund should be reported as aa. Liability in the general fund.b. Fund balance designation in the general fund.c. Fund balance reserve in the
Interperiod equity is an objective of financial reporting for governmental entities. According to the Governmental Accounting Standards Board, is interperiod equity fundamental to public
Which of the following statements is correct regarding comparability of governmental financial reports?a. Comparability is not relevant in governmental financial reporting.b. Differences between
Using the requirements of GASB 33, classify each of the following independent transactions for the community of Fair Lake into the proper category of revenue presented in the right-hand column.
The governmentwide financial statements use thea. Economic resources measurement focus and the accrual basis of accounting.b. Current financial resources measurement focus and the accrual basis of
The financial statements for the governmental funds use thea. Economic resources measurement focus and the accrual basis of accounting.b. Current financial resources measurement focus and the accrual
According to GASB 34, infrastructure fixed assetsa. Must be capitalized and depreciated.b. Must be capitalized, but governments do not have to depreciate them.c. May be capitalized and depreciated.d.
On which of the following governmentwide financial statements would you find all liabilities of a state or local government?a. Statement of net position.b. Statement of financial condition.c.
On which of the following financial statements would you find all of the capital assets of a local government?a. Statement of net position.b. Statement of financial condition.c. Statement of
For which fund category is a statement of cash flows prepared?a. Governmental.b. Proprietary.c. Fiduciary.d. None of the above.
On the statement of net position prepared at June 30, 20X5, what amount should be reported for total net position?a. $8,839,000b. $7,804,000c. $7,150,000d. $8,189,000The Village of Hampton reported
On the statement of net position prepared at June 30, 20X5, what amount should be reported for net position invested in capital assets net of related debt?a. $8,839,000b. $7,804,000c. $7,150,000d.
On the statement of net position prepared at June 30, 20X5, what amount should be reported for net position, unrestricted?a. $1,685,000b. $1,689,000c. $1,035,000d. $1,031,000The Village of Hampton
Which of the following funds can be major assuming they meet the appropriate tests?a. The parking meter special revenue fund and the water utility enterprise fund.b. The fire station capital projects
Where in the basic financial statements would you find a description of the measurement focus and the basis of accounting used in the governmentwidefinancial statements?a. In the statement of net
Where in the financial section of a CAFR would you find an analysis of the balances and transactions of individual funds?a. In the governmentwide financial statements.b. In the fund financial
On December 31, 20X1, Tiffin Township paid a contractor $2,000,000 for the total cost of a new firehouse built in 20X1 on township-owned land. Financing wasby means of a $1,500,000 general obligation
A municipality’s debt service fund is an example of which of the following types of funds?a. Fiduciaryb. Governmentalc. Proprietaryd. Internal service
Revenue of a governmental unit’s special revenue fund should be recognized in the period in which thea. Revenue becomes available and measurable.b. Revenue becomes available for appropriation.c.
Taxes collected and held by a municipality for a school district would be accounted for in a(n)a. Enterprise fund.b. Intragovernmental (internal) service fund.c. Agency fund.d. Special revenue fund.
Interest expense on bonds payable should be recorded in a debt service funda. At the end of the fiscal period if the interest due date does not coincide with the end of the fiscal period.b. When
Which of the following funds does not have a fund balance?a. General fundb. Agency fundc. Special revenue fundd. Capital projects fund
Which of the following accounts could be included in an enterprise fund’s statement of net position? 3. Reserve for Encumbrances No Revenue Bonds Payable Net Position No Yes b. No Yes Yes Yes Yes
Customers’ meter deposits that cannot be spent for normal operating purposes would most likely be classified as restricted cash in the balance sheet of whichfund?a. Internal serviceb.
Which fund is not an expendable fund?a. Capital projectsb. Generalc. Special revenued. Internal service
If a governmental unit established a data processing center to service all agencies within the unit, the center should be accounted for as a(n)a. Capital projects fund.b. Internal service fund.c.
Recreational facilities run by a governmental unit and financed on a user-charge basis would be accounted for in which fund?a. Generalb. Trustc. Enterprised. Capital projects
The Underwood Electric Utility Fund, which is an enterprise fund, had the following during its 20X1 fiscal year, ending at December 31, 20X1:What amount should be reflected in the fund’s statement
Which of the following funds of a governmental unit uses the same basis of accounting as an enterprise fund?a. Special revenueb. Internal servicec. Permanent fundd. Capital projects
Fixed assets utilized in a city-owned utility are accounted for in which of the following? Enterprise Fund General Fund No No b. No Yes c. Yes No d. Yes Yes
Which of the following funds of a governmental unit would account for long-term debt in the fund’s accounts?a. Special revenueb. Capital projectsc. Internal serviced. General
For the year ended June 30, 20X7, the trust fund should report investment earnings ofa. $80,000.b. $50,000.c. $85,000.d. $35,000.On August 1, 20X6, the City of Rockhaven received $1,000,000 from a
For the year ended June 30, 20X7, the trust fund should report the $75,000 spent to support local artists as aa. Deduction.b. Contra contribution.c. Transfer out.d. Direct adjustment from fund
Which of the following statements is (are) correct about agency funds?I. Agency funds should report investment earnings only when they are both measurable and available.II. Agency funds are reported
For the year ended June 30, 20X7, what was the income of Westbury’s internal service fund?a. $13,000b. $6,000c. $3,000d. $10,000On July 2, 20X6, the Village of Westbury established an internal
At June 30, 20X7, what total assets amount would appear on the internal service fund balance sheet?a. $700,000b. $710,000c. $713,000d. $708,000On July 2, 20X6, the Village of Westbury established an
Assume that the mayor’s office and the police department were billed $55,000 for data processing work during the year ended June 30, 20X7. What account inthe general fund should be debited to
Assume that the water utility, an enterprise fund, was billed $25,000 for data processing work during the year ended June 30, 20X7. What account inthe enterprise fund should be debited to record

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