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financial accounting

Questions and Answers of Financial Accounting

Rahal and Watson, a small manufacturing company, entered into the following cash transactions during January 2017:1. Issued 800 shares of common stock for $30 each.2. Collected $3,900 on outstanding
On April 1, 2009 X Limited had 5,00,000 equity shares and it has profit after tax attributable to equity shareholders of ₹15,00,000. During the year 2010–11, on July 1, 2009, it issued 2,00,000
Profit after tax attributable to equity shares on March 31, 2010 is ₹18,00,000 and on March 31, 2011 is ₹60,00,000. Number of shares outstanding on March 31, 2010 was 30,00,000 on October 1,
A company has been following LIFO (last in first out) method of inventory valuation under periodic system. During the year, the company had the following transactions relating to inventory:During the
1. Analyse the case and prepare a financial statement for the year ending March 31, 2010.2. Narrate the important accounting concepts that Robin has followed or not followed while preparing his books
A company has 13,600 equity shares on April 1, 2010 on August 31, 2010 company issued 11,200 more shares and on February 1, 2011, it bought back 1,600 shares. Calculate weighted average number of
The following facts have been extracted from the 65th Annual Report of Tata Motors Limited for the year 2009–10. (Necessary simplification has been made wherever required.)By making necessary
Badam Gussain, Vice-President (Accounts) of Sach International Corporation, Singapore, was taken aback when he reviewed the financial performance of the company. He noticed that the sales for the
Mr. Singh, having completed diploma course in driving, started his career as business development executive with Lucky Car Hire Services. The company provided personal transport service to corporate
Taking the data of Problem 1, consider that BL purchased 40% equity of HL at a cost of ₹3,00,000 and there was no difference between the book value and fair value of the assets. Then show how
Listed below are several terms and phrases associated with current liabilities.Pair each item from List A (by letter) with the item from List B that is mostappropriately associated with it.
Listed below are several terms and phrases associated with current liabilities.Pair each item from List A (by letter) with the item from List B that is mostappropriately associated with it.
What are the differences among a patent, a copyright, and a trademark?
Horizon Corporation manufactures personal computers. The company beganoperations in 2006 and reported profits for the years 2006 through 2013. Due primarilyto increased competition and price slashing
Janice Dodds opens the mail for Ajax Plumbing Company. She lists all customerchecks on a spreadsheet that includes the name of the customer and the checkamount. The checks, along with the
Explain the basis of creating the segment. What are the provisions of accounting standard with respect to reporting segment information in an annual report?
On April 1, 2010 Jagan Limited (JL) has 280 crore shares outstanding of face value ₹10 fully paid up. On December 31, 2010 it issued 160 crore more shares of face value ₹10 and ₹6 paid
A further verification of books of accounts for the situation explained in the previous example reveals that the finance director had shown a proportionate amount of expenses equal to 65% of the
Although a frequent change in the accounting policies is not suggested, but it becomes inevitable in which of the following circumstances?(a) To comply with the regulatory requirements(b) To ensure
Explain the term pooling of interest method. What are the pre-conditions for adopting this method of accounting for amalgamation?
“Liquidity does not mean profitability and profitability does not mean liquidity.” Do you agree? Explain with the help of any hypothetical example.
Dividend is the function of(a) Paid up capital(b) Face value(c) Called up capital (d) None of these
Goods were sold to Ramesh at Rs. 1,690 but it was posted to his account as Rs. 1,960. Which type of error is this?(a) Error of omission(b) Error of commission(c) Error of principle(d) Error of
Prepare final accounts from following trial balance as on 31st March, 2011:Stock on 31st March, 2011 was for Rs. 89,000, salary for the month of March (Rs. 10,000) was yet to be paid. Provide
(a) X Ltd. forfeited 200 equity shares of Rs. 10/- each; Rs. 8/- called-up for non-payment of first call money Rs. 2/- each. Application money and allotment money was Rs. 2/- and Rs. 4/-
A Ltd. and B Ltd. are in the same industry. On 31st March, 2011 A Ltd. decided to amalgamate B Ltd. The balance sheet of both the companies is as followsThe scheme of amalgamation was:1. All the
Which out of the following is applicable when total external liabilities exceed total assets (in case of sole enterprise)?(a) Owner’s equity becomes nil in the final accounts(b) Owner’s equity
Final accounts are prepared by following which of these concepts:(a) Money measurement concept(b) Cost concept(c) Accrual concept(d) None of these
Discuss the provisions of Indian GAAP relating to classification of assets and liabilities. Give suitable examples.
Journalize, post to ledger accounts, and prepare trial balance:Ram brought capital of Rs. 15,00,000Purchase of machinery for Rs. 3,00,000Cash purchases — Rs. 2,50,000Paid salaries — Rs 40,000Rent
When proposed dividend percentage is above 20%, then minimum transfer to general out of the profits for the year should be:(a) 5%(b) 7.5%(c) 10%(d) It is situation specific
Explain the term amortization. How non-current assets get expensed? Give suitable example.
Discuss the relevance of having accounting standards. Aren’t these hurdles in preparing books of accounts? Explain.
Explain the term: funds flow statement. Describe the steps involved in the preparation of funds flow statement.
Discuss different constituents of an annual report.
Which of the following is true about internally generated goodwill?(a) Recorded at fair value through profit and loss(b) Recorded at the initially value measured by an expert(c) Both (a) and
“Ratio analysis is a powerful tool for financial performance analysis but one needs to take certain precautions before using ratios.” Explain.
From the following comparative balance sheets and additional information, prepare the cash flow statement:Additional Information (1) During the year depreciation charged to Profit and Loss Account
Write short notes on the following:(a) Going concern concept(b) Capital maintenance(c) Public issue through book building(d) Authorized share capital(e) Cash generating units
Which out of the following is true about accounting standards?(a) Recognition of events and transactions in the monetary transactions(b) Measurement of monetary transactions(c) Recording and
Attempt both the following questions:(A) On 1st April, 2010 X Limited has 10,000, Rs. 100/- each, 12% debentures. The terms of issue provide that every year 1/4 of debentures are to be redeemed by
Explain the term divisible profits. When can a business firm distribute dividend out of profits? Discuss the provisions about distributing profits out of reserves.
Convention of full disclosure means(a) Publishing all the information in the news paper(b) Publishing final accounts in the news paper(c) Giving all the necessary and price sensitive information
Mention any three areas in which different accounting policies may be followed by different business enterprises operating in different conditions. Support your answer with suitable examples.
Explain the provisions of AS-14 about the purchase method of accounting for amalgamation. Also explain with the help of a suitable example, the concept of purchase consideration.
Write a note on double entry accounting system.
A company manufactured 20,000 units of product XYZ during the year 2010. Which accounting concept is missing in this transaction?(a) Matching concept(b) Money measurement concept(c) Going concern
The sales revenue of the company till March 16, 2011 for the year 2010–11 was ₹80,000 crore, whereas sales of the last financial year was ₹84,000 crore. In the last AGM of the company, the
Sigma Limited has profit after tax of ₹10,00,000 on April 1, 2009 with the number of shares outstanding being 5,00,000 of face value ₹10, each fully paid. On this date, there were 10,000 12%
The management of the company would like to calculate the ratios and carry out decomposing analysis.Discussion Question 1. Using above data, calculate ratios relevant for the evaluation by
How unrealized profit is recognized in the consolidated financial statements?
Abstracts from Accounting Policies:(i) During the year sales of goods of ₹ 100 crore (cost ₹ 80 crore on approval has been included in sales revenue).(ii) Advance from a customer ₹ 30 crore
12% ₹200 debentures is available in the market at a price of ₹196 per debenture, the expenses (brokerage and securities transaction tax) at the time of purchase of shares is Re. 1 per debenture.
Refer to P3-4B.Required:Complete the following steps:1. Enter the unadjusted balances from the trial balance into T-accounts.2. Post the adjusting entries prepared in P3-4B to the accounts.3. Prepare
Refer to P3-4A.Required:Complete the following steps:1. Enter the unadjusted balances from the trial balance into T-accounts.2. Post the adjusting entries prepared in P3-4A to the accounts.3. Prepare
What is meant by GAAP? Why should companies follow GAAP in reporting to external users?
What is the basic difference between financial accounting and managerial accounting?
Profit after before but tax of the company reported was ₹3,250 crore. The depreciation by WDV method on different asset was ₹750 crore, whereas had the company followed the usual method of
For calculating diluted EPS which out of the following is used as numerator?(a) Equity earning as at the beginning of the year(b) Equity earning with reference to the date for which diluted EPS is
For calculating adjusted EPS which out of the following is used as numerator?(a) Equity earning as at the beginning of the year(b) Equity earning as at the end of the year(c) Equity earning with
For calculating diluted EPS which out of the following is used as denominator?(a) Existing weighted average number of ordinary shares(b) Only prospective weighted average number of ordinary
When is a business operation considered as discontinuing operation and how it should be disclosed in the annual report?
For calculating basic EPS which out of the following is used as denominator?(a) Existing weighted average number of ordinary shares(b) Prospective weighted average number of ordinary
An operating division of Godrej India Limited that caters to the needs of women segment of rural India is to be identified as(a) Geographical segment(b) Business segment(c) Primary
What do you understand by corporate governance? Discuss why it is necessary.
An operating division of Godrej India Limited that caters to the needs of customers located in south-east Asia is to be identified as(a) Geographical segment(b) Business segment(c) Primary
Differentiate between IFRS and Indian GAAP.
Write short notes on the following:(a) Sale and leaseback(b) Big ticket lease(c) International lease
In a sale and leaseback transaction who becomes the lessee?(a) Erstwhile owner(b) Present owner(c) Depends upon the agreement(d) None of these
Explain the term ‘corporate financial reporting’ and discuss the contents of annual report.
Qualified audit report implies(a) Clean report by auditor(b) Report indicating deficiencies in accounts(c) Suggestive report(d) None of these
What are exotic lease agreements and how these are different from plain vanilla lease agreements?
Explain the concept of finance lease and how it is different from operating lease.
In a wet operating lease, who among the following is responsible to bear repairs, maintenance and insurance costs?(a) Lessor(b) Lessee(c) Both of these in equal proportion(d) None of these
Jagat Limited (JL) acquired a machinery from Simran Enterprises (SE) for a lease term of eight years that covers almost complete economic life of the asset. The lease commences on April 1, 2009 and
Explain the provisions about lease accounting in the books of a manufacturer or dealer–lessor.
Sigma Limited (SL) has a mining equipment with carrying amount ₹4,20,000 and useful life of the equipment is 5 years. On April 1, 2007, SL enters into a package deal with a Sampat Finance Limited
Till the year 2001, how many international accounting standards has been issued?(a) 41(b) 32(c) 29(d) None of these
Using the data of Problem 1, allocate the receivable from finance lease as to finance income and reduction in principal amount of the receivables to be recognized by the lessor over the lease term of
Under sale and lease bank transaction involving finance lease, the recognition of profit or loss from the transaction should be(a) As deferred income or loss over the lease term(b) As an expense in
Accounting standards world over have similar provisions; still there exist certain differences from countryto country. In view of this, discuss the differences between Indian accounting standards and
In a dry operating lease, who among the following is responsible to bear repairs, maintenance and insurance costs?(a) Lessor(b) Lessee(c) Both of these in equal proportion(d) None of these
Silver Queen Limited (SQL) is having a majority of its operations in export processing zone (EPZ). The provisions of government provide that a company established in EPZ is not required to pay tax on
Jeevan Limited (JL) a lease finance company leased a transport vehicle to Zubin Transport Company (ZTC). The initial cost of the vehicle on April 1, 2008 is ₹16,00,000. The lessee– ZTC has agreed
Explain the term ‘lease’. Explain how different lease transactions are classified under the provisions of accounting standards applicable in India.
A lease agreement which does not has the provision for title transfer but entails substantial transfer of risk and reward related to lease in favour of the lessee should be classified as(a) Finance
First reporting date for IFRS in India is(a) April 2010(b) March 2012(c) April 2011(d) None of these
First transition date for IFRS in India is(a) April 2010(b) March 2012(c) April 2011(d) None of these
Discuss the provisions of IFRS and Indian GAAP dealing with lease accounting.
From the year 2001 to 2010, how many IFRS have been issued?(a) 41(b) 8(c) 32(d) None of these
Discuss the prominent differences between Indian accounting standard on business combination and IFRS on business combination
Till date, how many Indian accounting standards has been issued by ICAI?(a) 41(b) 32(c) 29(d) None on these
Till April 1, 2009, Honk Limited and Ferry Limited were associate companies, Honk holding only 5% shares in Ferry. On March 31, 2010, Honk’s stake in Ferry increased to 25% and the following was
Discuss how accounting standards are set by ICAI in India.
How many members are there in the committee of IASB for standard setting?(a) 10(b) 12(c) 14 with a provision to increase to 16(d) None of these
Write short notes on the following:(a) Minority shareholders’ interest(b) Joint venture
Explain the provisions of Indian accounting standards regarding intra-group transactions.
In the year 2010, Link Limited (LL) acquired substantial stake in Monk Limited (ML). However, financial accountant could not understand the difference between substantial stake and earlier investment
Differentiate between the provisions of IFRS-03 and AS-14.
Explain the following:(a) Significant influence(b) Control(c) Group companies

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