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business
international financial management

Questions and Answers of International Financial Management

LO2 define assets, liabilities and equity, and determine whether certain items meet these definitions (8.1)
LO3 determine when an asset or liability is to be recognised (8.1)
LO4 understand the alternative methods for valuation of assets and liabilities (8.2)
LO5 describe the way in which capital markets operate and describe the role of financial accounting information in capital markets (8.3)
LO6 explain what is meant by an efficient capital market (8.3)
LO7 explain the implications for financial accounting for business contract arrangements (8.4) and for managers (8.5).
LO1 explain the terms ‘sustainability management’ and ‘sustainability reporting’ (9.1)
LO2 outline what information is generally reported in sustainability reports (9.2)
LO3 identify who are the organisation’s stakeholders and explain their information needs (9.3)
LO4 describe the key reasons for the existence of sustainability reporting (9.4)
LO5 explain the Global Reporting Initiative (GRI) guidelines and reporting criteria (9.5)
LO6 provide examples of performance indicators used in sustainability reporting (9.5)
LO7 explain how the United Nations Sustainable Development Goals (SDGs) inform sustainability reporting (9.6)
LO8 explain the reasons for the increase in assurance of sustainability reporting (9.7)
LO9 identify the objectives of integrated reporting (9.8)
LO10 describe current initiatives to enhance sustainability reporting consistency (9.9).
9A Select a company that you are familiar with, such as Woolworths, Transurban or any of the big four banks (ANZ, Commonwealth Bank, NAB, Westpac) and peruse its sustainability report.
9B Review the sustainability report of the company you selected previously. See which UN SDGs they refer to in their reporting.
8A XYZ Ltd signs a contract on 1 May 2022 for a new CEO at $50 000 per month for the next two years. The CEO starts work on 1 June 2022 but no cash is paid to the CEO until 5 July 2022. What is the
8B 1 If a particular capital market is described as being efficient, what does that imply about the role and usefulness of financial accounting information in that market?2 Why is timely disclosure
8C Green Limited has a set of management bonus contracts for its senior executives, specifying that their pay will be based partly on how well the company performs. Brown Limited, however, just pays
Indicate whether each of the events described below gives rise to an asset under the definition and characteristics within the Framework. If so, show the amount of the asset. What would the asset be
Indicate whether or not each of the following events immediately gives rise to the recognition of a liability. If a liability is recognised, state the account title and the amount.1 A firm signs a
5 Compare the concepts of value in use and value in exchange.
7 What is the role of information in a capital market?
8 What is meant by the efficient market hypothesis?
9 What is the major purpose of a stock exchange?
10 Explain the terms ‘agency theory’ and ‘stewardship’.
11 Briefly describe two important implications capital market theory has for the use of accounting information.
12 Briefly describe two important implications agency (contract) theory has for the use of accounting information.
3 Based on your accounting knowledge to date, do you think traditional financial reporting provides all the information that stakeholders require? Consider your answer based on the information needs
9 What are the three key disclosure categories used by the GRI in sustainability reports? Provide four examples of performance indicators for each category.
10 Select one of the three key disclosure categories used by the GRI in sustainability reports. For that category, which of the example disclosures listed in the chapter do you believe are most
13 What skills do accountants and non-accounting professionals provide in the assurance of sustainability reports?
15 Do you think it is important for organisations to present their sustainability reports in a form that is consistent with other organisations and over time? Explain your response.
16 Why should sustainability reports be aligned with the UN SDGs? Explain your response.
17 What is integrated reporting? How is integrated reporting different from other forms of reporting?
18 Identify the drivers of integrated reporting.
19 What are some of the challenges that integrated reporting must overcome?
20 Who will read integrated reports? Will all stakeholders have the same level of skills or competency to understand an integrated report?
Relationship to GAAP Do you think the kinds of accounting concepts and standards illustrated in Chapter 6 as being part of GAAP can or should apply to a company’s sustainability reports? Discuss
Criteria The KPMG Survey of Sustainability Reporting 2020 notes KPMG professionals can help your organisation:‘Benchmark the quality of your reporting against industry peers’ (KPMG Survey of
Assurance International surveys show that companies are increasingly having their sustainability reporting assured in some form.1 What are the benefits of having this information assured?2 Why would
Integrated reporting Refer to Exhibit 9.4 from the National Australia Bank (NAB) integrated report (2020 Annual Review). If you were an employee with NAB, which pieces of information in the ‘2020
Interpreting sustainability reports Go to the following websites to examine the sustainability reports of some Australian companies:a Telstra:
Obtain the Woolworths 2021 Sustainability Report (available at https://www.woolworthsgroup.com.au/icms_docs/195991_2021-sustainability-report.pdf).1 List three important points the CEO and Chairman
Can financial statements meet various needs?The chairperson of the board of directors of a large public company said in frustration: ‘The company’s written and unwritten contracts with its
Usefulness of accounting concepts and principles Jason is a hard-driving, impatient business executive. You work for him, and can feel the grey hair sprouting on your head from all the pressure. One
Recognition in accordance with standards and the Framework For each of items 1–5 listed below, state whether, in accordance with existing accounting standards and the Framework, it would be
Recognition of assets Consider whether the following items should be included in an entity’s balance sheet under assets. If yes, state the account name and dollar amount.a A property developer
Recognition of an asset The general manager of Telco Limited is considering spending $15 million on the development of a new mobile phone that can also be used as a television.What conditions would
Conceptual components of asset cost The new accountant for Mactaggart Industries is wondering how to calculate the cost of a new machine the company has just installed. Explain briefly whether or not
Determine asset costs from various possible components Determine the costs that would appear on the balance sheet of Smith Co. Ltd, in relation to land and a building, based on the following
Asset recognition State whether or not an asset should be recorded in the balance sheet of LMR Ltd as at 30 June 2022 in each of the following situations. Indicate the amount of the asset (if any)
Recognition of assets For each situation below, state whether an asset would be recognised in the balance sheet. If the answer is no, state which of the essential characteristics relating to assets
Identify items as assets, liabilities or owners’ equity State whether or not, and why, each of the following items is likely to be an asset, a liability or an owners’equity account (perhaps both
Recognition of liability BRK Limited is being sued for $3.5 million by a client for defamation resulting from statements made in newspapers by one of its executives. In each of the following
Recognition of liabilities in the balance sheet State whether or not each of the following events would result in a liability being recognised in the accounts at 30 June. If so, what will the
Recognition of liabilities Samantha is the accountant for Prior Ltd. How would you advise her to account for the following items in the financial statements, as at 30 June 2022?1 A production manager
Liability recognition Indicate whether each of the events described below results in a liability under the definitions and characteristics within the Framework. If so, show the amount of the
Effects of an asset accounting change to market from cost Beauport Ltd owns several parcels of land in the Sydney area. The area has been subject to wide swings in real estate values, and the general
Capital markets, auditors and contracts 1 On 31 October 2021, analysts predicted that the earnings per share of Oakes Ltd would equal $4.80 for the year ended 31 December 2021. Actual results were
Capital markets and contracts for a corporation Choose any large, well-known corporation you are interested in, and answer the following questions, based on your choice.1 What kinds of capital
Refer to the full financial statements of Woolworths Limited in this book’s appendix. All questions relate to the consolidated accounts.1 Find each of the following and indicate the page:a summary
Read the following facts:The merger between Northcorp and Carnation resulted in large losses for Northcorp resulting in a $642.5 million write-down of goodwill and a $240 million write-down of the
CASE 8C Executive compensation plans Find some newspaper or magazine articles about executive compensation. With capital market and agency(contract) theory as a background, discuss the compensation
LO1 describe the importance of good record-keeping (10.1, 10.4, 10.5)
LO2 explain the various steps in the accounting cycle (10.2, 10.3)
LO3 describe what source documents exist and how they provide data for the accounting system (10.2, 10.3)
LO4 prepare journal entries (10.2, 10.3)
LO5 post to ledger accounts and calculate the closing balances (10.2, 10.3)
LO6 prepare a trial balance (10.2, 10.3)
LO7 prepare closing entries and explain the need for these closing entries (10.2, 10.3)
LO8 prepare financial statements from the trial balance (10.2, 10.3)
LO9 prepare multi-column worksheets (10.4)
LO10 complete the accounting process (10.5)
LO11 explain why bookkeeping and control are important for managers (10.6, 10.7).
1 What is the purpose of a journal entry?
4 What is the purpose of the trial balance?
5 What is the purpose of closing entries?CHAPTER 10: Record-Keeping 371
6 Recently you heard a small-business entrepreneur say, ‘All that financial accounting information you students learn about is not relevant to me. I just started up my business. I only have five
8 What types of errors may be detected by perusing the items in a trial balance? What procedure should be used to locate the source of the discrepancy?
9 If accountants miss an accrued revenue or accrued expense at the end of an accounting period, how is the problem rectified in the next period?
10A What is the journal entry for:(i) a credit sale of goods for $80 000 that cost $50 000?(ii) a cash sale of goods for $40 000 that cost $25 000?
10B Provide an example of a transaction which will increase and decrease the balance in the following accounts:(i) Accounts receivable(ii) Inventory.
10C Create T-accounts for cash (opening balance $4000), inventory (opening balance $2000), sales revenue and COGS and then post the following from the general journal to the ledger accounts.$ $10 Feb
10D Which of the following accounts normally have a CR balance?(i) Inventory(ii) Sales(iii) COGS(iv) Wages expense(v) Wages payable(vi) Share capital(vii) Accounts receivable(viii) Accounts payable.
10E Which of the following errors would be identified by a trial balance?(i) A journal entry was incorrectly recorded as DR to cash rather than as DR to accounts receivable.(ii) A journal entry was
10F Prepare closing entries based on the following trial balance.GENERAL LEDGER TRIAL BALANCE 30 SEPTEMBER 2022 DR CR$ $Cash (bank) 5 522 Equipment 660 Accumulated depreciation 132 Accounts payable
10G Your bookkeeper rushes into your office to apologise that posting of cash sales to the general ledger was forgotten for that month. The journal showed that cash received from cash sales during
Ledgers and preparation of financial statements Go to the 11 transactions given in Newcombe Limited (Practice problem C in Chapter 3) and complete the following tasks.1 Prepare a set of ledgers. Use
The following accounts have these balances at 30 June before closing entries.Income statement accounts $ Balance sheet accounts $Revenues Cash 25 000 Sales revenue 270 000 Accounts receivable 33 000
Journal entries for simple transactions The events listed all took place on 21 June 2022. Provide the journal entry necessary to record each event in the accounts of JKL Ltd for the year ended 30
Identify transactions and write journal entries for them Southward Stores Ltd is a general merchandise retailer operating in the suburbs. During a recent month, the events in the following list
Chart of accounts and source documents The Great Outdoors Ltd has been established to retail bushwalking and mountaineering equipment. It proposes to open a shop in a suburban shopping centre that is
Accounting cycle with a very small number of transactions RST Ltd starts the year with only two account balances: cash $10 000 and share capital $10 000.The following transactions occurred during the
Complete the accounting cycle from journal entries to financial statements Take the transactions for Hoad Ltd (Problem 3.13 in Chapter 3) and:1 prepare journal entries 2 post to the ledger accounts 3
Complete the accounting cycle from journal entries to financial statements Cleaner Pools Ltd is a small pool shop situated in Oatley in the southern suburbs of Sydney. The business sells and repairs
Journal entries, post to the ledger and extract trial balance Take the transactions for Roche Ltd (Problem 3.15 in Chapter 3) and complete the following tasks.1 Prepare journal entries.2 Post to the
Accounting cycle and chart of accounts Carlson Ltd is a business selling freezers to the public. This is its first year of operations. The chart of accounts is as follows.Chart of accounts 1–9

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