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business
international financial management

Questions and Answers of International Financial Management

Liabilities and contingent liabilities For each of the following situations, determine whether the company should (a) report a liability on the balance sheet, (b) disclose contingent liability or (c)
Current and noncurrent liability calculations Consider the following:a John Ltd’s mortgage of $842 500 requires payments of $11 200 each month. During the next year the interest component of the
Liabilities in financial statements Notes 13 and 14 for the financial statements of Emm Limited are shown.Note 13. Creditors and borrowings Consolidated 2022 2021$000 $000 Current Trade creditors and
Accrued product warranty During a recent year, Motorella Ltd had sales of $29 398 million. An analysis of Motorella’s product warranty payable account for the year was as follows:$m Product
Accrual product warranty Precision Audio Company warrants its products for one year. The estimated product warranty is 3 per cent of sales. Assume that sales were $600 000 for January. In February, a
Provisions The hoarding of annual leave by staff can lead to large liabilities on the balance sheet and ineffective staff.1 Explain how staff not taking annual leave can lead to liabilities on the
Provisions Should a provision be recognised in the following situations?1 A furnace has a lining that needs to be replaced every five years for technical reasons. At the reporting date, the lining
Analysis of leave provisions An extract from an annual report is provided here.Note 2. Schedule of leave entitlements Recreation leave Extended leave Total provisions 2022 2021 2022 2021 2022 2021$ $
Entries for discounting notes payable National Electric Lighting Ltd issues a 90-day note for $500 000 to Home Products Supply Ltd for merchandise inventory. Home Products discounts the note at 10
Entries for notes payable A business issued a 60-day, 9 per cent note for $20 000 for cash. Journalise the entries to record:1 the issuance of the note 2 the payment of the note at maturity,
Recognition of liabilities State whether the following would be recognised as a liability. If so, what account name would you use?1 The company has a legal obligation via contract to repair any
Impact on financial statements Toby Limited borrowed $75 000 000 cash on the last day of the financial year (31 December 2022) to be paid back in six years. The money was used on the same day to
Identifying current liabilities 2022 2021$m $m Current liabilities Payables* 1 738 1 750 Revenue received in advance* 3 067 3 167 Interest-bearing liabilities* 577 630 Other financial liabilities 397
Recording and reporting current liabilities Auburn Company completed the following transactions during 2021–22. The annual accounting period ends 30 June 2022.a Purchased inventory on credit at
Current liabilities The following data are extracted from the accounting records of DEF Limited at 30 June 2022.$Equipment 350 000 Accounts receivable 85 000 Accounts payable 35 000 Cash 12 000
14 What is the difference, if any, between liabilities and legally enforceable debts?
13 Why might companies use off balance sheet financing?
12 Provide an example of an instance where a lawsuit would be classified as (a) a liability or (b) a contingent liability.
!~~~~~Refer to the extracts of the annual report of Woolworths Limited in this book’s appendix. All questions relate to the consolidated accounts.1 Which of the notes under significant accounting
11 Explain why contingent liabilities do not appear on the balance sheet. Give two examples of a contingent liability.
10 Explain the difference between a liability and a contingent liability.
8 What are examples of provisions?
7 What is the difference between a payable and a provision?
2 List four categories of liabilities.
Provisions Balmer Ltd started the year with a long service leave (LSL) liability of $42 000 for its long-term employees.During the year, employees accrued LSL entitlements with a present value of
Events giving rise to liabilities The following events occurred during the year ended 30 June 2022 for Plumber Limited.1 Opening balance of accrued salaries was $10 000. Wages expense for the year
Accounting for GST Barbarino Ltd undertakes consulting services for large food-processing organisations. The company is registered for GST, and accounts for GST on the cash basis.At the end of March
Warranty accruals Balmer Ltd has a warranty plan. Estimated warranty liability was $50 000 at the beginning of the year. Based on the company’s sales for the year, warranty service costing $78 500
The following note relating to contingent liabilities is taken from the financial statements of Makebelieve Limited.Legal actions exist against a company relating to a claim for damages in respect of
The accounting records of Gizmo Pty Ltd showed that at 1 January 2022, provision for warranty claims was $7400, and for the year ended 31 December 2022, sales were $260 000. In the past, Gizmo’s
LO14 interpret the equity information in a company’s financial statements (15.12)
LO12 understand the contents of a statement of changes in equity (15.10)
LO11 interpret the disclosures of accounting policies on revenue and recognition provided in annual reports (15.9)
LO10 calculate the amount of income and revenue that should be recognised in a particular period and understand the contents of a statement of profit or loss and other comprehensive income (15.9)
LO9 explain the criteria used to decide whether expenses should be recognised (15.8)
LO8 calculate the impact on profit of different revenue recognition methods (15.7, 15.12)
LO7 explain the criteria used to decide whether revenue should be recognised (15.7)
LO6 distinguish between the terms ‘income’ and ‘revenue’ (15.6)
LO5 prepare the accounting entries for bonus issues and other items affecting shareholders’ equity (15.5).
LO4 prepare the accounting entries for dividends and show the effect on retained profits (15.4)
LO3 explain the meaning of reserves (15.3)
LO2 prepare the accounting entries for changes in shareholders’ equity (15.2)
LO1 explain the components of the shareholders’ equity section of a balance sheet (15.1)
LO10 understand how to account for GST (14.11).?
LO9 explain off balance sheet financing (14.10)?
LO8 identify and explain the purpose of contingent liabilities (14.9)?
LO7 explain how a provision differs from other types of liabilities, and when it can be recognised (14.8)
LO6 explain the different types of tax liabilities (14.7)
LO5 understand the alternatives for company financing and how to account for them (14.5 and 14.6)
!~~~~~The Sydney Cricket Ground Trust released the following offer:Premium collectables Steve Waugh fine art limited edition print Now you can own this magnificent piece of official ACB memorabilia
LO4 provide accounting entries for current liabilities including accounts payable, notes payable, short-term accruals and employee deductions (14.4)
LO3 outline the financial statement presentation for liabilities (14.3)
LO2 explain the basic measurement principles for liabilities (14.2)
LO1 define a liability and outline the essential characteristics of liabilities (14.1)
LO1 explain the difference between perpetual and periodic inventory systems (12.1)
LO2 develop effective inventory controls (12.1)
LO3 analyse the effect of inventory transactions on the financial statements (12.2)
LO4 prepare journal entries for transactions under both the periodic and perpetual methods (12.2)
LO5 calculate the cost of inventory in accordance with accounting standards (12.3)
LO6 discuss the different types of inventory cost flow assumptions (12.3; 12.4)
LO7 calculate the impact of different cost flow assumptions on profit determination and inventory valuation (12.5; 12.7)
LO8 apply the lower of cost and net realisable value rule to the measurement of inventory (12.6)
LO9 interpret the inventory disclosure policies of Australian companies (12.8)
LO10 explain why inventory valuation is important to managers (12.9).
LO1 calculate the cost of an asset (13.1)
LO2 explain the concept of depreciation (13.2)
LO3 calculate depreciation expense using different depreciation methods (13.3)
LO4 explain how the different methods of depreciation have an impact on profit and the balance sheet (13.4)
LO5 prepare journal entries for the purchase, sale and depreciation of equipment and demonstrate the impact of these events on the financial statements (13.5)
LO6 prepare the accounting entries for asset revaluations (13.6)
LO7 explain what is mean by impairment (13.7)
LO8 identify the main types of intangible assets and the key accounting issues associated with intangible assets (13.8)
LO9 develop a basic understanding of the concept of goodwill (13.9)
LO10 understand the characteristics of a finance lease (13.10)
LO11 identify the key judgements made by managers regarding noncurrent assets (13.11).
RST Ltd uses a perpetual inventory system. It has opening inventory of 200 items, which cost $10 each. It purchased another 500 items at $12 each and 300 items at $13 each during the period. It has
Cricket Cards Ltd sells boxes of cricket cards. The following information relates to transactions concerning inventory for the year 1 January 2022 to 31 December 2022.Date Purchased Sold Balance
Periodic and perpetual inventory control calculations You are the senior accountant for a shoe wholesaler that uses the periodic inventory method. You have determined the following information from
LIFO, FIFO and AVGE inventory cost calculations The following purchases of inventory were made by Anvil Ltd in April:Date Number of units purchased Per unit amount Total cost $ $Apr. 2 100 5 500 Apr.
1 Explain the difference between the periodic inventory system and the perpetual inventory system.
5 Under what circumstances will the perpetual and periodic inventory systems give the same COGS figure?
How can this occur if one method treats purchases as an asset and the other method treats purchases as an expense?
8 What does the term ‘inventory cost flow assumption’ mean?
10 Explain the concept of lower of cost and net realisable value for inventory.
11 Why is the valuation of inventory important to managers?
12 Are inventories always current assets?
13 If management overstated the valuation of closing inventory, would it affect profit for the year?
1 What is included in the cost of an asset?
2 What is the aim of recording depreciation?
6 How do gains and losses on the disposal of assets affect the financial statements?
7 What is the purpose of performing an asset revaluation?
9 What is a recoverable amount?
10 List five different types of intangibles.
11 What is goodwill? How is it valued in the balance sheet?
12 Provide three examples of deferred expenditure. Where would they appear in the financial statements?
13 What determines whether research and development costs are capitalised or expensed?
14 Why record depreciation expense by debiting the expense and crediting an accumulated depreciation account? Why not just credit the asset so that the balance sheet shows just the remaining
15 What usage pattern of an asset by a company is a suitable match with the following depreciation methods pattern? Provide an example for each.a Straight-line (even periodic expenses over the
17 What is an advantage for a company of capitalising costs such as intangible assets compared to expensing?What, if any, are the disadvantages of capitalising?
19 If an asset is leased, it is not legally owned. How can accounting standards that require a leased asset be reported on a balance sheet be justified?

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