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financial accounting information

Questions and Answers of Financial Accounting Information

What are the disclosures if an accounting policy is changed?
Keano Limited adopted an accounting policy of capitalizing development expenditure and amortizing it to the Statement of Comprehensive Income over 4 years. During 2004 the Directors decided that for
The following are the draft summarized statements of comprehensive income of Top Limited for the year ended 31 May 2005: During the audit of the financial statements for the year ended 31 May 2005,
Following the retirement of her father, the new Chief Executive of GOLD is proposing to change how certain items have been accounted for in GOLD’s draft financial statements for the year ended 31
In the context of IAS 24, what are the main parties to which a company may be related?
What are the disclosures required by IAS 24 with respect to related parties?
Groups of companies are considered to be related parties: *(a) Sometimes(b) Never.(c) Always.
Intragroup transactions and balances appear in:(a) Consolidated financial statements.(b) Financial statements of individual statements.(c) Neither.
A parent company can control or influence its subsidiary’s:(a) Financial policies.(b) Operating policies.(c) Both.4, If no transactions occur between the related parties, can the profits and
What is the likely response of users of financial statements to the knowledge of related parties, their transactions and balances?(a) Ignore them.(b) Adjust their assessments of the risks and
Which of the following are related parties?(a) Major shareholders.(b) Group companies.(c) Key managers.(d) Pension funds.(e) All suppliers.(f) All government departments.(g) Relatives of any member
A major shareholder can avajd the consequences of related party transactions by transacting other business through his wife, or her husband, when the undertaking in which he, or she, has invested is
If services are provided without charge between group companies, does this qualify as a related party transaction?(a) Yes.(b) No.
Close family members of a related party: does a brother of the related party qualify as a related party in his own right?(a) Never.(b) Always.(c) Only if he is expected to influence, or be influenced
Close family members are included as related parties to:(a) Avoid related parties disguising their activities.(b) Help related parties disguise their activities.
Classify each of the following transactions as either:(a) Short-term employment benefits.(b) Post-employment benefits.(c) Long-term employment benefits.(d) Equity compensation
Compensation relating to a director that is paid to the director’s firm, rather than to the director directly:(a) Can be ignored.(b) Should be reported without mentioning the director's firm.(c)
Significant influence in an undertaking is:(a) Control of an undertaking.(b) Power to participate in the financial and operating policy decisions.(c) Holding 10% of the shares, without board
In considering any related party relationship, attention should be directed primarily to the:(a) Legal form of the relationship.(b) Substance of the relationship.(c) Neither of these.
Two ventures who share a joint venture are:(a) Always related parties.(b) Never related parties.(c) Not necessarily related parties.
Related party relationships need not be disclosed, if no transactions have taken place.(a) True.(b) False.
A bank is financing a construction company with a loan that provides 90% of the construction company’s capital requirements. The construction company is owned by a friend of the Chief Executive
Company T trades with Company K. They are not in the same group of companies, but both of their parent companies have the same person as majority shareholder.Requirement Are Company T and Company K
What are the standard headings under which IAS 7 requires cash flows to be classified?
How does IAS 7 define cash and cash equivalents?
What does the direct method of reporting net cash flows from peptone activities show?
What are the advantages of a statement of cash flows?
The following information is available in relation to a company’s pension plan:e The fair value of the plan assets is €130 million;e The present value of the defined benefit obligation is €105
A company has a defined benefit pension plan. At 1 January 20X1 the following values relate to the plan:The fair value of the plan assets is €30 million;The present value of the defined benefit
A company closes down its subsidiary, and the employees of that subsidiary no longer earn further pension benefits. The company has a defined benefit obligation with a net present value of €60
APF plc prepares its financial statements to 31 December each year. The company has a defined benefit pension plan. On 31 December 2XX7, present value of the defined benefit obligation was
What is the general rule as to which profits are available for distribution?
With a public company how is this general rule amended?
Is there a strict legal definition of what is meant by ‘realised profits’?
Is the profit attributable to construction contracts a realized or unrealized profit?
John Sykes is an ordinary shareholder in Prosperous plc and has recently received the consolidated accounts of the Prosperous Group for the year ended 31 December 20X0.He has been discussing the
Below are extracts from the statements of financial position of three companies as at 31 December Year 6:Bee’s tangible non-current assets were revalued on 1 January Year 6 from a cost price of
(a) What is the general rule for determining distributable profits?(b) State whether each of the following are realized or unrealized profits or losses. Briefly explain the reason for your answer.(i)
The following information is available for Halogen Limited:Draft Statement of comprehensive income (Extract) for the Year Ended 31 December 19964. Just before the year end, the company sold some land
Demo Limited is a private company with a 31 December year-end. The following is the summarized statement of financial position for Demo Limited as at 31 December 1994:Summarized Draft Statement of
(a) Outline what profits are available for distribution by each of the following: (i) A private limited company; and (ii) A public limited company.(b) You are given the following extracts from the
The following events which are considered to be material occurred after the date of the statement of financial position of Bellamy Limited but before the completion of its financial statements.(a)
Fabricators Limited, an engineering company, makes up its financial statements to 31 March in each year. The financial statements for the year ended 31 March 20X1 showed a turnover of €3,000,000
Blade Limited is a furniture manufacturing company. The company was informed on 1 February 19X7 that one of its major customers, Greenwood Limited, had gone into liquidation. The liquidator indicated
Sword Limited had inventory amounting to €120,000 in its statement of financial position at 31 December 19X6. On 3 January 19X7, a fire in the company’s warehouse severely damaged this inventory.
Highgrove plc is a manufacturing and distribution company. You are acting as auditor to Highgrove plc and you have been asked by the Board of Directors of the company to explain how the following
TOFFEE plc (“TOFFEE’) is a manufacturer and distributor of confectionery goods.The company’s year end is 31 December. The directors of TOFFEE are due to sign the company’s financial
TOBACCO Limited ((TOBACCO’) manufactures cigars. The following information is available for the company for the year ended 31 December 1998. The financial statements are due to be signed by the
How should grants related to income be accounted for?What are the two allowable methods of accounting for grants related to assets?
What are the disclosure requirements listed in LAS 20?
When and how should potential liabilities to repay grants be accounted for?
Electronic Manufacturers Limited is installing a new production plant at a cost of €1 million, in respect of which government grants have been approved as follows:Capital costs- 40%Training costs-
An item of plant and equipment was purchased for €25,000 on 1 May 20X0. It is expected that its useful life will be 4 years and that its residual value will be €1,000 at the end of it life. A
Blade Limited is a furniture manufacturing company. You are acting as auditor to the company and have been asked by the Board of Directors to indicate how the following item should be dealt with in
ABC NEWSPAPER Limited has received a grant for €120,000 over 4 years in respect of providing employment in a deprived area.Requirement Explain briefly the treatment of this grant in the company’s
CAMCON Limited (CAMCON)) operates a successful light engineering business with workshops in Belfast, Dublin and Galway. CAMCON is to prepare accounts for the year ended 31 December 2001, and these
List, and briefly explain, the four main categories of employee benefits identified by IAS 19.
Define the following key terms:(a) Defined contribution pension plan;(b) Defined benefit pension plan;(c) Current service cost;(d) Past service cost;(e) Interest cost; and(f) Expected return on plan
Pelican Limited advised its solicitors to commence an action against its major supplier claiming damages of €500,000 in respect of losses sustained as a result of the supply of faulty goods.
Highgrove plc is a manufacturing and distribution company. You are acting as auditor to Highgrove plc and you have been asked by the Board of Directors of the company to explain how the following
(a) In accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets, define a provision and explain briefly when a provision should be recognized in financial statements.(b) JEANS
BLUES Limited (BLUES) prepares its financial statements to 31 December each year. The company manufactures paint, and its operations are divided into two income-generating units, domestic and
What is an event after the end of the reporting period?
What is an adjusting event?
Give three examples of an adjusting event.
Give three examples of a non-adjusting event.
In what circumstances will a non-adjusting event require changes in the amounts to be disclosed in the financial statements?
During 20X9, Bad Limited gives a guarantee of certain borrowings of Girls Limited whose financial condition at that time is sound. During 20Y0, the financial condition of Girls Limited deteriorates
King Limited gives warranties at the time of sale to purchasers of its products. Under the terms of the warranty the manufacturer undertakes to make good, by repair or replacement, manufacturing
After a wedding in the year 200W ten people died, possibly as a result of food poisoning from products sold by Crippen Limited. Legal proceedings are initiated seeking damages from Crippen but it
RUA Limited (RUA), a company which prepares its financial statements to 31 December each year, is involved in mining and exploration. Before the financial statements for the year ended 31 December
Nov Laboratories Limited has been involved in pharmaceuticals research projects for 15 years. The Managing Director has expressed concern that the variability in the level of research and development
Grotto Limited makes up its accounts to 31 December each year. Its research and development expenditure for the years ending 31 December is as follows:The accounting policy for research and
Define the term ‘impairment loss’.
Define the term ‘cash generating unit’.
List the factors which suggest that an asset may have been impaired.
Explain how the recoverable amount of an asset is determined.
Keanu Limited has identified an impairment loss of €60 million in one of its cash generating units (CGUs). The CGU showed a carrying amount of €160 million and a recoverable amount of €100
BLUES Limited (BLUES) prepares its financial statements to 31 December each year.The company manufactures paint, and its operations are divided into two income-generating units, domestic and
You are the financial controller of VERTIGO Limited (VERTIGO), an Irish company that prepares its financial statements to 31 December each year. The following issue needs to be resolved before the
How should inventory be measured in accordance with IAS 22
What does the cost of inventory comprise?
Name and describe two methods identified in IAS 2 for the measurement of cost.
You are the accounting consultant to a public holding company which has four trading subsidiaries: Screws Limited, Brackets Limited, Frames Limited and Concrete Blocks Limited. All the subsidiaries
Techniques for the measurement of the cost of inventories such as the ‘retail method’ may be used for convenience if the results approximate cost. The cost of the inventory is determined by
Details of inventories of five separate products are as follows:Requirement Assuming that none of the above items have been sold at the year end, value the inventory on the basis of IAS 2
Micro Limited processes and sells a single product. Purchases of raw materials during the year were made at a regular rate of 1,000 tonnes at the beginning of each week. The price was €200 per
How would you define a construction contract?
When may profits and losses on construction contracts first be recognized?
How does the recognition of a profit on a construction contract differ from the recognition of a loss?
During the course of examining the draft accounts of BRIGADE plc for the year ended 31 December 200X, you have noted the following matter:At 31 December 200X, the company was engaged in a long-term
Builders Limited, a medium-sized firm of building contractors, was engaged in the construction of a shopping center in Bray. Details of the contract which extended over three accounting periods are:
Bull Limited is currently engaged in three long-term contracts, details of which are set out below:Requirement Show the information which would appear in the statement of comprehensive income and
You are the Financial Controller of DRY Limited a firm of building contractors. The following details relate to three incomplete contracts in-the company’s books at 30 June 20X2:Additional
Expert Builders Limited is involved in three different construction contracts at 31 December 200W:This company determines stage of completion by reference to value of work certified as a proportion
Explain the difference between current tax and deferred tax.
Explain the difference between permanent differences and temporary differences
Explain the concept of the tax base of an asset or liability, and how this concept helps to identify situations in which deferred tax adjustments are required.
Explain how temporary differences between accounting profits and taxable profits would affect the tax expense unless deferred tax was taken into account.
GATEWAY Limited (GATEWAY), a company that prepares its financial statements to 31 December each year, has been trading at a loss for the last 3-4 years. However, the directors expect the company to

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