All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Hire a Tutor
AI Study Help New

Search
Sign In
Register

study help
business
financial reporting

Questions and Answers of Financial Reporting

Components of basic earnings per share  LO3 Which of the following is a component of earnings used in the calculation of basic earnings per share? Give reasons for your answer. (a) Profit before
Scope of AASB 133/IAS 33  LO2 If an entity presents both consolidated and separate financial statements, which statements are used for the calculation of basic earnings per share? Give reasons for
COMPARING EARNINGS PER SHARE Access the 2015 annual report of Wesfarmers Limited and compare the basic and diluted EPS results to those of Woolworths Limited for 2015 as provided throughout this
EARNINGS PER SHARE REPORTED IN NOTES Visit the websites of three Australian companies in the energy industry and access their latest annual reports. Compare the income statements and the notes to the
CASE STUDY CONTINGENTLY ISSUABLE ORDINARY SHARES The directors of Carter Limited are not sure how to, or if they should, include ordinary shares issuable under employee share‐based payment schemes
Where are the basic and diluted earnings per share ratios presented in a set of financial statements?
Why are retrospective adjustments made to earnings per share ratios?
When determining the amount of the proceeds from options and warrants, how is the average share price established?
Explain how the amount of dilution from options is determined.
Explain the effect of potential ordinary shares on the calculation of diluted earnings per share.
Distinguish between basic earnings per share and diluted earnings per share.
What is the treatment applied to treasury shares when calculating the weighted average number of shares used in the earnings per share calculation?
Why is a time‐weighting factor used to determine the number of shares that is used in the calculation of basic earnings per share?
Where are the earnings per share figures for a parent entity presented?
What are the components in the numerator and the denominator in the earnings per share calculation?
Accounting policies    LO1 At a meeting on 16 June 2019, the directors of Alpaca Ltd decided to change the company’s accounting policy in regard to research and development expenditure.
Accounting policies and changes in accounting estimates    LO1, 2 Mouse Ltd traditionally estimated its allowance for doubtful debts as a percentage of net credit sales for the year. An
Changes in accounting estimates   LO2 On 1 July 2013, Bird Ltd acquired a building for $2 500 000 with an estimated life of 25 years and a residual value of nil. Bird Ltd uses the straight-line
Accounting policies, accounting estimates and errors   LO1, 2, 4 In order to comply with AASB 108/IAS 8, determine whether the following changes should be accounted for prospectively or
Materiality, errors and events after the reporting period   LO5, 6 You are currently auditing the financial statements and records of Buffalo Ltd for the year ended 30 June 2021. In the course
Errors   LO3 The annual audit of the accounting records and draft financial statements of Koala Ltd as at 30 June 2020 revealed the following errors and omissions. (a) Credit notes totalling
Events after the reporting period   LO6 Sable Ltd has provided the following information concerning events occurring between the end of the reporting period and the date the accounts were
Materiality and events after the reporting period   LO5, 6 The following information has been made available to you to assist in the preparation of the financial statements of Ant Ltd for the
Accounting policies and accounting estimates  LO1 The following relate to Dog Ltd. (a) The useful life of depreciable plant is determined as being 5 years. (b) Dog Ltd depreciates non-current
Events after the reporting period  LO6 Cat Ltd operates a fleet of fishing trawlers. The following events took place after the end of the reporting period, 30 June 2019, but before the date the
Accounting estimates and errors  LO2, 3 Young Ltd estimates its future liability for repairs to products sold with a 12-month warranty as a percentage of its net credit sales. Warranty expense and
Accounting policies  LO1 Wombat Ltd has provided the following information to help with the preparation of the accounting policy note to the financial statements for the year ended 30 June 2021.
Annual reporting requirements, true and fair view  LO1, 5 The directors of an Australian company, Mango Ltd, have formed the view that compliance with a particular AASB standard will mean the
COMPLIANCE WITH ACCOUNTING POLICY DISCLOSURE REQUIREMENTS Accounting policy disclosures contained in Notes 1 and 10 from CSR Limited’s 2016 annual report were provided in figure 18.1. Required
EVENTS OCCURRING AFTER THE END OF THE REPORTING PERIOD The statement of financial position of Waterbuck Ltd as at 30 June 2020 includes an asset ‘Debenture money receivable $500 000’ and a
MATERIALITY Antelope Ltd is a catering company specialising in providing catering services to remote area mine sites. The company has operations in Australia but during the current year it acquired
ACCOUNTING POLICIES Refer to case study 18.1. Assume the change in the accounting policy for capitalising hedge gains or losses was due to the issue of a revised accounting standard, AASB 9/IAS 9
CASE STUDY ACCOUNTING ESTIMATES The board of directors of Good Company Ltd has resolved to change the company’s accounting policy for capitalising gains or losses on its cash flow hedges recognised
Explain the difference between adjusting and non-adjusting events occurring after the end of the reporting period. Describe the difference in the way such events impact on the preparation of
Outline the concept of materiality as it applies to financial reporting.
When is it impracticable to make a retrospective change in an accounting policy or a retrospective restatement to correct an error?
What is the difference between ‘retrospective application’ and ‘retrospective restatement’?
Why would an accounting estimate change and how is the change accounted for?
What disclosures are required by AASB 101/IAS 1 regarding accounting policies?
Analysis of differences between profit and cash flows from operations    LO1, 5 Obtain the financial statements of Bega Cheese Limited for 2015 or 2016, which includes 2015 comparative
Preparing a statement of cash flows with notes    LO2, 3, 5, 6 The statement of profit or loss and other comprehensive income and comparative statements of financial position of Blue Ltd
Preparation of statement of cash flows information   LO2, 3, 4, 5 The statement of profit or loss and other comprehensive income and comparative statements of financial position of Amber Ltd
Preparation of a statement of cash flows   LO3, 5 A comparative statement of financial position of Aqua Ltd is presented below. 30 June 2018 30 June 2019 Cash $120 000 $ 218 000 Trade
Preparation of a statement of cash flows   LO3, 4, 5 A summarised comparative statement of financial position of Bronze Ltd is presented below, together with a statement of profit or loss and
Preparation of a statement of cash flows   LO4, 5 A summarised comparative statement of financial position of Crimson Ltd is presented below. 30 June 2018 30 June 2019 Cash $ 96 000 $ 49 000
Presentation of a statement of cash flows   LO3, 5 A summarised comparative statement of financial position of Denim Ltd is presented below, together with the statement of profit or loss and
Preparation of a statement of cash flows   LO3, 4, 5 A summarised comparative statement of financial position of Fuchsia Ltd is presented below. 30 June 2018 30 June 2019 Cash $ 20 000 $ 91 000
Preparation of a statement of cash flows   LO3, 5 A summarised comparative statement of financial position of Green Ltd is presented below. 30 June 2018 30 June 2019 Cash $ 40 000 $ 55 000
Cash receipts from customers and cash paid to suppliers and employees   LO5 The accounting records of Indigo Ltd recorded the following information. 30 June 2018 30 June 2019 Accounts
Net financing cash flows   LO5 The following information has been extracted from the accounting records of Jade Ltd. 30 June 2018 30 June 2019 Borrowings $100 000 $200 000 Share capital 200 000
Net investing cash flows   LO5 The statement of financial position of Lilac Ltd at 30 June 2019 recorded the following items. 30 June 2018 30 June 2019 Land, at independent valuation $100 000
Financing cash flows  LO5 The following information has been compiled from the accounting records of Mustard Ltd for the year ended 30 June 2019. Dividends — paid $ 200 000 — dividend
Investing cash flows  LO5 The following information has been compiled from the accounting records of Royal Ltd for the year ended 30 June 2019. Purchase of land, with the vendor financing $100 000
Cash received from customers  LO5 At 30 June 2018, Orange Ltd had accounts receivable of $200 000. At 30 June 2019, accounts receivable were $240 000 and sales for the year amounted to $2 100 000.
Cash payments to suppliers  LO5 Purple Ltd had the following balances. 30 June 2018 30 June 2019 Inventories $170 000 $210 000 Accounts payable for inventories purchases 51 000 65 000 Cost of
Cash received from customers  LO5 At 30 June 2018, Ruby Ltd had net accounts receivable of $180 000. At 30 June 2019, accounts receivable were $220 000 and sales for the year amounted to $1 800
CASH FLOWS OF TOP AUSTRALIAN COMPANIES Select three ASX-listed companies from different industries (e.g. metals and mining, telecommunication services, consumer staples). Go to www.asx.com.au and
CLASSIFICATION OF CASH FLOWS The accountant for Delta Ltd prepared the following statement of cash flows. DELTA LTD Statement of cash flows for the year ended 30 June 2019 $’000 Cash flows from
CASE STUDY INCREASING CASH FLOW, DECREASING PROFIT Lana Ferdinand, the owner-manager of a small proprietary company, had carefully monitored the cash position over the past financial year, and was
The statement of cash flows is said to be of assistance in evaluating the financial strength of an entity, yet the statement can exclude significant non-cash transactions that can materially affect
Explain the required classifications of cash flows under AASB 107/IAS 7.
Current and deferred tax with prior year losses    LO4, 5 The accounting profit before tax of Collingwood Ltd for the year ended 30 June 2020 was $175 900. It included the following revenue
Current and deferred tax    LO4, 5 The accounting profit before tax for the year ended 30 June 2019 for Quamby Ltd amounted to $18 500 and included: Depreciation expense — motor vehicle
Recognition of deferred tax assets    LO5 Paddington Ltd incurred an accounting loss of $7560 for the year ended 30 June 2020. The current tax calculation determined that the company had
Current and deferred tax with tax rate change    LO4, 5, 6 You have been asked by the accountant of Oakey Ltd to prepare the tax‐effect accounting adjustments for the year ended 30 June
Calculation of current and deferred tax, and prior year amendment    LO3, 4, 5 The accounting profit before tax of Nebo Ltd for the year ended 30 June 2020 was $22 240. It included the
Calculation of current tax liability and adjusting journal entry   LO4 The profit before tax, as reported in the statement of profit or loss and other comprehensive income of Mackay Ltd for the
Calculation of movements in deferred tax accounts   LO5 The statement of financial position of Labrador Ltd at 30 June 2021 showed the following assets and liabilities. 2021 2020 Assets Cash $
Current and deferred tax   LO4, 5 Kilcoy Ltd has determined its accounting profit before tax for the year ended 30 June 2020 to be $256 700. Included in this profit are the items of revenue and
Calculation of current and deferred tax, and adjustment entry   LO4, 5 The profit before tax, as reported in the statement of profit and loss for Adeline Ltd for the year ended 30 June 2021,
Calculation of current and deferred tax, and adjustment entry   LO4, 5 Bear Ltd’s accounting profit before tax for the year ended 30 June 2021 was $150 000. At 30 June 2020 and 30 June 2021,
Calculation of current and deferred tax, and adjustment entry   LO4, 5 Victory Ltd commences operations on 1 July 2020. One year later, on 30 June 2021, the entity prepares its first statement
Calculation of deferred tax, and adjustment entry   LO5 The following information was extracted from the records of Jackson Ltd as at 30 June 2020. Carrying amount Tax base Asset (liability)
Creation and reversal of a temporary difference   LO5 Imbil Ltd purchased equipment on 1 July 2017 at a cost of $25 000. The equipment had an expected useful life of 5 years and was to be
Creation and reversal of temporary differences   LO5 The following are all independent situations. Prepare the journal entries for deferred tax on the creation or reversal of any temporary
Recognition of deferred tax assets   LO5 Goldon Ltd manufactures its products in Australia and is subsidised by the Australian government, which is keen to retain a strong manufacturing sector
Change in tax rates   LO6 At 30 June 2020, Blue Ltd recognised a deferred tax asset of $9000 and a deferred tax liability of $12 000. This has resulted by applying a tax rate of 30%. The
Current and future tax consequences  LO3 Explain which of the following have current or future tax consequences. 1. Estimated warranty costs covering a 3‐year warranty period are expensed for
Calculation of deferred tax  LO5 The following information was extracted from the records of Gin Gin Ltd for the year ended 30 June 2021. GIN GIN LTD Statement of financial position (extract) as
Calculation of current tax  LO3, 4 Haden Ltd recorded an accounting profit before tax of $100 000 for the year ended 30 June 2022. Included in the accounting profit were the following items of
Calculation of current tax  LO3, 4 Flaxton Ltd made an accounting profit before tax of $40 000 for the year ended 30 June 2021. Included in the accounting profit were the following items of
Applying tax‐effect accounting  LO1, 2, 3, 5 Orca Ltd applies the principles of tax‐effect accounting as per AASB 112/IAS 12 in accounting for company income tax. Orca Ltd calculates
Tax effects of a temporary difference  LO4, 5 The following information was extracted from the records of Emerald Ltd for the year ended 30 June 2019 in relation to equipment that had cost $240
INCOME TAX DISCLOSURES OF TOP AUSTRALIAN COMPANIES Select three companies listed on the ASX from different industries (e.g. Telstra, Woolworths and Fortescue Metals Group). Go to www.asx.com.au and
RECOGNITION OF DEFERRED TAX ASSETS Shady Sheds Ltd manufactures prefabricated sheds, ranging from industrial sheds and garden sheds down to small items such as dog kennels. In recent years, Shady
DEFERRED TAX BALANCES AND DISCOUNTING A fellow student said, ‘Deferred tax liabilities and assets should be measured using a discounted cash flow model. The deferred tax is paid or refunded in the
DEFERRED TAX ASSET OF A LOSS MAKING COMPANY Isa Ltd is a gold exploration company. Isa Ltd has recognised a deferred tax asset balance for tax losses in its statement of financial position for each
RECOGNITION OF TAX LOSSES Whale Ltd is engaged primarily in agricultural pursuits as well as in forestry products, including the management of its own forest reserves. Unfortunately, in the current
CASE STUDY TAX‐EFFECT ACCOUNTING Every year companies in Australia generally expect to have to pay some of their earnings to the Australian government in the form of income tax. However, the amount
‘Despite the fact that deferred tax liabilities and assets are recognised in respect of certain assets and liabilities, the income tax expense (or benefit) of such items is always recognised in the
In AASB 112/IAS 12, criteria are established for the recognition of a deferred tax asset and a deferred tax liability. Identify these criteria, and discuss any differences between the criteria for
In tax‐effect accounting, the temporary differences between the carrying amount and the tax base for assets and liabilities leads to the establishment of deferred tax assets and liabilities in the
Are all temporary differences that exist at the end of the reporting period recognised as deferred tax assets or deferred tax liabilities?
What is a tax base and how are the tax bases for assets and liabilities calculated?
What are the steps involved in the calculation of deferred tax?
How is the taxable profit and the related current tax calculated?
How are the current and future tax consequences of transactions accounted for?
What is the main principle of tax‐effect accounting as outlined in AASB 112/IAS 12?
Valuation of liabilities and non‐performance risk   LO4 Wallaby Ltd and Dingo Ltd enter into a contractual obligation to pay cash of $500 to Bandicoot Ltd in 5 years’ time. Wallaby Ltd has
Present value technique: decommissioning liability   LO4 On 1 July 2019, Emu Ltd assumed a decommissioning liability in a business combination. The entity is legally required to dismantle and

Showing 600 - 700 of 1778

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Last

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved