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business
financial accounting and reporting

Questions and Answers of Financial Accounting And Reporting

The following data relate to Contract RJC 19:\section*{Required}Prepare the relevant statement of comprehensive income and statement of financial position extracts in accordance with the requirements
Metvon Ltd has a number of contracts in progress at its year end 31 December 2012. Details of two of these are given below:Both contracts were started in the current year.The company uses the stage
On 1 February 2010, Arena Construction Ltd obtained a contract to build a sports complex. The complex was to be built at a total cost of \(£ 4,500,000\) and was scheduled for completion by 1
Buildwell Ltd commenced business on 1 April 2012 as building contractors. The following details relate to three contracts in progress at the company's year end of 31 March 2013:The company uses the
The following data relate to a profitable contract - contract F360M:\section*{Required}Prepare journal entries to record the relevant information for the statement of comprehensive income and
Alternative Power Solutions Ltd ('APS') is a firm of building contractors specializing in the construction of offshore wind farms. At 31 December 2012 the company had three contracts in progress:
What are the advantages and disadvantages to a potential investor of investing in the following types of security:(a) ordinary shares(b) preference shares?
Explain the doctrine of capital maintenance.
Under what circumstances is a company permitted to reduce its capital?
Distinguish between profits available for distribution in private companies from those in public companies.
Outline the steps that should be followed in the event of a share purchase or share redemption by a public company.
What are the advantages to a private company of being permitted to buy back its own shares?
To what uses can a share premium account be put?
Explain what is meant by share splits and explain how they affect a company's share price.
Distinguish between the different types of share-based payment, namely equity-settled, cash-settled and equity with a cash alternative.
Describe the accounting entries required to record an equity-settled share-based payment transaction.
Describe the accounting entries required to record a cash-settled share-based payment transaction.
Rollside plc was incorporated on 15 March 2012 and issued \(5,000,000\) ordinary shares of 50 p at par to raise capital to commence trading on 1 April 2012.During the year to 31 March 2013 the
Denside Ltd has the following summarized statement of financial position:The company is considering three possible changes to its capital structure:(i) issue for cash 50,000 additional ordinary
Kenmac Ltd has decided to purchase shares with a nominal value of \(£ 110,000\) (originally issued for \(£ 120,000\) ) for \(£ 140,000\). The purchase is to be funded out of distributable
Timor Ltd makes a fresh issue of ordinary shares to finance the purchase of its \(£ 1\) ordinary shares, as follows:The statement of financial position of Timor Ltd immediately before these
A company granted share options to its 400 employees on 1 January 2010. Each employee will receive 600 share options if they remain in employment until 31 December 2012. At the grant date the share
A company operates an incentive scheme for employees. The scheme was introduced on 1 April 2010 when the company's 1,200 staff were offered \(80 \%\) of the share price increase on an average 10,000
The shareholders of Ustraco Ltd, a private company, wish to buy back 250,000 shares with a nominal value of \(£ 250,090\) from a retiring director at a premium of \(£ 100,000\). The company makes a
Novaton plc purchased 5 million of its \(£ 1\) ordinary shares for \(£ 6.40\) each on 29 March 2012. The shares were held as treasury shares.On 10 September 2012, Novaton sold 1.4 million of these
The abbreviated statement of financial position of Netherfin plc, a listed company, at 31 March 2012, was as follows:The retained profit for the year to 31 March 2013 was \(£ 240,000\). During the
Cairnhall Ltd had the following balances at 31 March 2012.The following information is available.(i) The profit after tax of Cairnhall Ltd for the year to 31 March 2013 was \(£ 1,100,000\). "(ii)
What is the definition of a liability according to the IASB Framework?
When should a liability be recognized in the statement of financial position?
According to IAS 37, what is the definition of a contingent asset?
Explain how the amount of a provision should be measured.
What are the accounting entries required to:(a) create a provision?(b) utilize a provision?
Explain the term 'big bath' accounting.
Explain, according to IAS 10, what is meant by an event after the reporting period.
Define the term financial instrument.
At what point should a company recognize a financial asset or liability in its statement of financial position?
What is meant by the term amortized cost?
Explain what is meant by the terms:(a) credit risk(b) liquidity risk(c) market risk.
Define the term intangible asset and explain the main features of this definition.
How should an intangible asset be measured at initial recognition if it is acquired in a separate transaction?
In connection with IAS 38 Intangible Assets: (a) distinguish between research expenditure and development expenditure (b) explain the accounting treatment required by IAS 38 in relation to each of
Give some examples of intangible asset that are unlikely to be included in financial statements, and the reason for their exclusion.
Explain the effects of using the cost model and the revaluation model for the measurement of intan- gible assets subsequent to their initial recognition.
What is goodwill, and how does it arise?
Explain the requirements of IFRS 3 in relation to goodwill.
List the main indications which would suggest that an asset might be impaired.
Which assets must always be tested for impairment even though there are no indications that impair- ment has occurred?
What is the recoverable amount of an asset?
The following information relates to Entrepreneurial Enterprises plc. (i) Purchased a brand in 1995 for 2 million. The directors believe the brand is now worth 7 million. (ii) Acquired a patent in
During the course of a year Venture Forth Ltd incurred expenditure on many research and development activities. Details of two of them are given below.Project 3 To develop a new compound in view of
Wyse Associates Limited has recently embarked on several projects designed to expand its business in the future. During the year to 30 June 2013, the following information is available regarding two
Montezemolo Engineering produces highly sensitive thermostatic switchgear for use in aeronautic and satellite production. As chief accountant at Montezemolo, you have been given the following
Main Enterprises Ltd (‘Main’) is a farm management company operating in central Scotland. An innovative management approach by the directors has seen the diversification of the business into a
Bartpart plc has 800 hectares of agricultural land among its non-current assets at cost of £4,400,000 as at 30 June 2013.Owing to the general downturn in the agricultural sector, the directors have
Ernon plc has identified an indication of impairment and is conducting an impairment review. Its summarized statement of financial position at 31 March 2013 is as follows:The whole of the company is
Shankers Ltd has carried out an impairment review of its telecommunications division. The assets allocated to the division were as follows:The net selling price has been estimated at £14m and value
JAJ Industries plc operates a number of businesses. Evidence suggests that one of these may have impaired assets. The following information has been obtained:In addition to the carrying amount of the
CMG Exporting Ltd revalued a tangible non-current asset from net book value 1m (cost 2m, deprecia- tion 1m) to 2.5m on 31 December 2009. The asset's remaining useful life is ten years from the date
Elimax plc has recently been acquired by a new owner, who has installed a new management team. Elimax has faced difficult trading activities in the past few years and the new finance director has
Explain why a company might choose to lease an asset.
Explain the difference between a finance lease and an operating lease.
What are the advantages of capitalizing leases in financial statements?
What ratios are particularly affected by the categorization of a lease as an operating lease as opposed to a finance lease.
Explain the accounting treatment of a finance lease in the books of a lessee under IAS 17.
Explain the accounting treatment of an operating lease in the books of a lessee under IAS 17.
At the inception of a lease, at what value should lessees recognize finance leases as assets in their statements of financial position?
Explain how an asset held under a finance lease should be depreciated.
Explain the accounting treatment of a finance lease in the books of a lessor under IAS 17.
Explain whether the legal form of all leases should take precedence over their substance.
What is the definition of a non-current (fixed) asset?(Appendix)
Define the term ‘property, plant and equipment’.(Appendix)
When should an item of property, plant and equipment be recognized in the financial statements?(Appendix)
Define cost in relation to property, plant and equipment. »(Appendix)
Depreciation is a process of allocation not of valuation.’ Say whether you agree with this statement, and explain why, or why not.(Appendix)
What factors need to be taken into account in determining the useful life of an asset?(Appendix)
How should grants received towards the cost of buying property, plant and equipment be treated?(Appendix)
Outline general guidelines for determining whether expenditure on repairs should be treated as capital rather than revenue expenditure.(Appendix)
Define the term ‘borrowing costs’ and explain the required accounting treatment of the revised standard IAS 23.(Appendix)
Define an investment property and explain the required accounting treatment of IAS 40.(Appendix)
What different types of business structure exist, and how are the preparation and presentation of their financial statements affected by that structure?(Appendix)
Explain the term 'generally accepted accounting practice' (GAAP).(Appendix)
(a) State the objectives of financial statements. (b) Identify the main users of financial statements and explain why each user group might be inter- ested in the information provided in these
IAS 1 lists seven 'general features' relating to the presentation of financial statements. List these 'gen- eral features' and explain their main requirements.(Appendix)
Explain why two companies carrying out identical transactions could produce different gross profit figures.(Appendix)
What are the functions of: (a) the IFRS Foundation (b) the International Accounting Standards Board (c) the IFRS Advisory Council (d) the IFRS Interpretations Committee?(Appendix)
Outline the roles of the directors, accountants and auditors in the financial reporting process and clarify the responsibilities of each.(Appendix)
Explain what is meant by corporate governance and list the OECD’s principles of good corporate governance.(Appendix)
In relation to corporate governance, explain the differences between the ‘liberal’ model and the ‘coordinated’model and why these differences exist.(Appendix)
Explain what is meant by a ‘conceptual framework’.(Appendix)
The IASB Conceptual Framework for Financial Reporting refers to qualitative characteristics of useful financial information. Identify and explain the qualitative characteristics of useful financial
Explain what is meant by the term recognition and explain what criteria must be satisfied before an element can be recognized in the financial statements.(Appendix)
Explain the measurement bases identified in the Conceptual Framework.(Appendix)
Explain the capital maintenance concepts identified in the Conceptual Framework.(Appendix)
What criticisms can be levelled at the Conceptual Framework?(Appendix)
What are the arguments for and against fair value accounting?(Appendix)
With reference to IAS 8, distinguish between accounting policies and accounting estimates.(Appendix)
What should an entity do in relation to an item if there is no applicable international standard or interpretation?(Appendix)
The Unilever 2002 annual review stated:Total Shareholder Return (TSR) is a concept used to compare the performance of different companies’ stocks and shares over time. It combines share price
‘Management will become accountable only when shareholders receive information on corporate strategy, future-based plans and budgets, and actual results with explanations of variances.’ Discuss.
(a) The Companies Act 1985 (Disclosure of Remuneration for Non-audit Work) Regulations SI No 1991/2181 requires companies to disclose all payments made to their auditors. Discuss the additional

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