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introduction to financial accounting

Questions and Answers of Introduction To Financial Accounting

The draft consolidated statement of profit or loss and other comprehensive income of Parker Limited and its subsidiary companies, together with the draft statement of profit or loss and other
Golf Limited is a trading company, which has recently sought to diversify its interests by purchasing shares in other companies. It has been its policy to insist on appointing a director to the board
The summarised statements of financial position of Gold Limited, Silver Limited and| Bronze Limited as on 30 November 2017 were as follows:Additional Information: 3 1. Shares acquired by Gold Limited
You are the accountant for Cocktail Group, which consists of three companies: Cocktail plc(“Cocktail”), Umbrella Limited (“Umbrella”), and Cherry Limited (“Cherry”). The individual
You are the accountant for Earth plc group, reporting directly to the Finance Director. Earth plc group consists of three companies: Earth plc, Wind Limited and Water Limited. The individual company
Opus Limited (“Opus”), a company which prepares its financial statements to 31 December each year, carries on business as a distributor of musical instruments. On 1 January 2017, Opus acquired
Dylan ple (“Dylan”) acquired 40,000,000 of the €1 ordinary share capital of Marley Limited(“Marley”) on 1 January 2017. On the same day, Dylan also purchased 3,000,000 of the €1 ordinary
Sumo plc (“Sumo”), an Irish company that prepares its financial statements to 31 December each year, is involved in the manufacture of kit cars. On 1 January 2017, Sumo purchased 800,000 of the
. How should one-time charges be treated in ratio analysis?
. Name the main categories of ratio analysis.
When is ratio analysis used?
discuss who are the primary users of ratio analysis
BCG Limited granted 5,000 share options to each of its four directors on | January 2017, subject to the directors still being employed by the company on 31 December 2019 and BCG Limited’s share
Christy Limited issued 1 million €1 ordinary shares on 1 June 2015 to pay for inventory.On this date the underlying ordinary shares had a market value of €4.5 million. The inventory was sold on
Red plc granted 300 share appreciation rights to each of its 500 employees on 1 August 2017.Management believe that, as at 31 July 2018, Red plc’s year-end, 80% of the awards will vest on 31 July
On 1 January 2015, Twentitle Limited granted 100 share options to each of its 250 employees, with each of the share options being conditional upon the employee working for Twentitle Limited until 31
A company grants 2,000 share options to each of its three directors on 1 January 2017 subject to the directors being employed on 31 December 2019. The options vest on 31 December 2019. The fair value
A company issues share options in order to pay for the purchase of inventory. The share options were issued on 1 June 2015. The inventory was eventually sold on 31 December 2017. The value of the
Using the information provided above for Review Question 32.1, Smith Limited.Requirement Prepare the consolidated statement of profit or loss and other comprehensive income for the year ended 30
The year-end of Stunt Limited (“Stunt”) is 31 December.(a) On 1 December 2017, Stunt purchased raw materials from Denver Limited, its US supplier, for $84,000 with payment due on 31 January 2018.
Manco Limited has entered into the following transactions involving foreign currencies during the year ended 31 March 2018.1. A 20-year loan of US$1,000,000 was obtained from an American bank on 1
The general rule for translating liabilities denominated in a foreign currency into the functional currency is to:(a) translate all liabilities using the current rate existing at the reporting
By applying the definition provided in IAS 21 The Effects of Changes in Foreign Exchange Rates the following items will be regarded as a monetary item:(a) Property, plant and equipment.(b) Land and
When translating the revenue and expenses in the statement of profit or loss and other comprehensive income, theoretically each item of revenue and expense should be translated using the spot
Indicators pointing towards the local overseas currency as the functional currency include:(i) Parent’s cash flows are directly affected on a current basis.(ii) Cash flows are primarily in the
According to IAS 21 The Effects of Changes in Foreign Exchange Rates the currency in which an entity primarily generates and expends cash is considered to be the:(a) economic currency.(b) domestic
According to IAS 21 The Effects of Changes in Foreign Exchange Rates, the following statement‘the currency that affects the economic wealth of the entity’ provides a definition of:(a) functional
IAS 21 The Effects of Changes in Foreign Exchange Rates, defines the functional currency as the currency:(a) in which the foreign operation measures and records its transactions.(b) of the primary
You are given the following information in relation to Quickbuck Limited:Ls Quickbuck Limited is a US subsidiary of an Irish company, Prosperous Limited.2. You are informed that the rates of exchange
explain the principal accounting and disclosure differences between IAS 21 The Effects of Changes in Foreign Exchange Rates and IAS 29 Financial Reporting in Hyperinflationary Economies and Section
3. What are the principal accounting and disclosure differences between IFRS 11 and FRS 102, Section 15
2. Distinguish between joint operations and joint ventures.
1. Explain the term ‘joint arrangement’.
3. An arrangement is established whereby G and H each have 35% of the voting rights in the arrangement, with the remaining 30% being widely dispersed. Decisions about the relevant activities require
2. Three parties (D, E and F) establish an arrangement whereby: D has 50% of the voting rights in the arrangement; and E and F each have 25%. The contractual arrangement between D, E and F specifies
1. Three parties (A, B and C) establish an arrangement whereby: A has 50% of the voting rights in the arrangement; B has 30%; and C has 20%. The contractual arrangement between A, B and C specifies
explain the principal accounting and disclosure differences between IFRS 11 and Section 15 /nvestments in Joint Ventures of FRS 102 The Financial Reporting Standard applicable in the UK and Republic
2. distinguish between a joint operation and a joint venture
explain the terms ‘joint control’ and ‘joint arrangement;
Investor Limited has a 40%-owned associate (Artichoke Limited), both of which have a reporting date of 31 December 2017. During December 2017, Artichoke Limited sold goods to Investor Limited at
Investor Limited has a 40%-owned associate (Aubergine Limited), both of which have a reporting date of 31 December 2017. During December 2017, Investor Limited sold goods to Aubergine Limited at
Parent Limited purchased 30% of Apricot Limited for €500,000 on 1 January 2017. Before |paying a dividend of €50,000 to its shareholders, Apricot Limited’s profit after tax for the year ended
explain the principal accounting and disclosure differences between IAS 28 Investments in Associates and Joint Ventures and Section 14 Investments in Associates of FRS 102 The Financial Reporting
explain the equity method of accounting and how it differs from the consolidation approach used for subsidiaries
explain the terms ‘associate’ and ‘significant influence
2. Explain how the following issues should be dealt with when preparing a consolidated statement of profit or loss and other comprehensive income:(a) Revaluation of assets;(b) Acquisition of a
1. List and explain six of the most common adjustments typically encountered in the preparation of a consolidated statement of profit or loss and other comprehensive income.
Company A acquired 80% of the ordinary shares of Company B on 1 January 2016 when the retained earnings of Company B were €100,000 credit. At 1 January 2017, the retained earnings of the companies
In October 2017, Parent Limited sold goods to Subsidiary Limited with an invoice value of 400,000, on which Parent Limited made a mark-up of 25%. One half of these goods remained in Subsidiary
5. Discuss briefly the main reasons for the preparation of consolidated financial statements
4, Explain how a gain on a bargain purchase (i.e. negative goodwill) may arise and its accounting treatment.
3. Explain how inter-company balances should be treated in the consolidated statement of financial position.
2. Explain the difference between pre-acquisition and post-acquisition profits of a subsidiary.
1. Explain how the investment in a subsidiary is reported in the parent’s own financial statements.
Assume that P Limited acquired 80% of the ordinary share capital of S Limited two years ago(31 December 2015). The tangible non-current assets of § Limited (book value €160,000)were revalued at
S Limited has €15,000 of 5% debentures, of which P Limited holds €10,000 and outsiders hold €5,000. The payables of S Limited amount to €25,000, of which €900 represents debenture interest
On a September 2017 Christy Limited purchased 75% of the ordinary share capital of Voyage Limited for €1,635,000 when the issued ordinary share capital of Voyage Limited was €750,000 and the
P Limited purchased 60,000 shares in S Limited for €20,000. The ordinary share capital of S Limited is 100,000 shares at €1 each.Requirement How should S Limited be treated by P Limited?
.5. Explain the principal accounting and disclosure differences between IFRS 3 and FRS 102.
. Describe the two ways in which non-controlling interests may be calculated under IPRS 3:
. Explain how goodwill should be calculated in accordance with IFRS 3.
. Summarise the main features of IFRS 3.
. Summarise the main features of IFRS 10.
explain the principal accounting and disclosure differences between IFRS 3 Business Combinations and IFRS 10 Consolidated Financial Statements and Section 19 Business Combinations and Goodwill and
You are a trainee chartered accountant with Stand & Deliver. The financial accountant of Hood Limited (“Hood”), an audit client of your firm, has requested your advice on a number of issues prior
On 1 January 2017, Berol Limited (“Berol”) raised 500,000 €1 non-equity shares at a premium of €0.10 per share, incurring issue costs of € 10,000. The shares have a fixed cumulative
On 1 January 2017, after discussions with your firm, Mirror Limited (“Mirror”) issued 9,000,000 6% debentures of €1 each at an issue price of 95 cent for every €1 debenture.The direct costs
6. Explain the principal accounting and disclosure differences between IASs/IERSs and FRS 102.
5. Explain the terms ‘credit risk’, ‘liquidity risk’ and ‘market risk’ in the context of IFRS 7, and outline the main disclosure required in relation to each of these risks.
4, Identify and explain the three classifications of financial asset outlined in IFRS 9.
3. Explain how preference shares should be accounted for.
2. Explain the difference between financial liabilities and equity.
1. Define the terms ‘financial instrument’, ‘financial asset’, ‘financial liability’, “equity instrument’and ‘derivative’.
Clur Limited, a company that prepares its financial statements to 31 December each year, issued€750,000 of 3% loan stock on 1 January 2017 at a discount of 5%. Issue costs amounted to€13,175, and
Using the information from Example 25.10 where the carrying value of the financial asset at 31 December 2017 was €5 million. If, in early 2018, it was identified that the bond issuer was beginning
Aquaria Limited purchased a five-year bond on 1 January 2017 at a cost of €5m with annual interest of 5%, which is also the effective rate, payable on 31 December annually. At the reporting date of
Simple Minds made an investment in a €840,000 debt instrument, which was issued at par, on | January 2017. The debt instrument has a term of five years and a coupon rate of interest of 6.5%.
Tilt plc issued the following compound financial instrument at par on 31 December 2017:two million 50 cent 3% convertible bonds 2020. The value of two million 50 cent 3%convertible bonds 2023,
Explain whether or not each of the following meet the definition of a financial instrument:(a) issue of ordinary share capital;(b) issue of debt;(c) sale of goods on credit; and(d) purchase of goods
explain the principal accounting and disclosure differences between IASs/IFRSs and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Treland in relation to financial
explain the requirements for hedge accounting in accordance with IFRS 9
explain how a financial liability should be recognised and measured in an entity's financial statements in accordance with IFRS 9
explain how a financial asset should be recognised and measured in an entity's financial statements in accordance with IFRS 9 Financial Instruments
define the terms ‘financial instrument’, ‘financial asset’, ‘financial liability’, “equity instrument’ and ‘derivative’, and classify a financial instrument as either a financial
An undertaking shall report the following geographical information:(i) Revenues from external clients attributed to the undertaking’s country of domicile and attributed to all foreign countries in
Information about the segments should include:(i) revenues from external clients;(ii) revenues from transactions with other operating segments of the same undertaking;(iii) interest revenue;(iv)
IFRS 8 requires reconciliations of segment totals to total undertaking amounts:(i) of segment revenues;(ii) reported segment profit or loss;(ili) segment assets;(iv) segment liabilities;(v) other
If an operating segment is identified as a reportable segment in the current period, segment data for a prior period:(a) is not required;(b) is optional;(c) is required unless the necessary
Operating segments that do not meet any of the quantitative thresholds:(a) may be considered reportable, and separately disclosed;(b) must be combined and disclosed in ‘all other segments’;(c)
The total amount of revenue that should be covered by reportable segments is at least:(a) 50%;(b) 60%;(c) 70%;(d) 75%;(e) 80%;(f) 100%.
As a percentage of sales, profits or assets, a segment should be at least:(a) 5%;(b) 7.5%;(c) 10%;(d) 15%;(e) 20%.
Two or more operating segments may be aggregated into a single operating segment if aggregation is consistent with the core principle of IFRS 8, the segments have similar economic characteristics and
An undertaking’s pension plans:(a) will be operating segments;(b) may be operating segments;(c) will not be operating segments
Head-office expenses:(a) can be allocated to segments on a reasonable basis;(b) must not be allocated to segments;(c) must be allocated to segments based on their turnover.
An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations:(a) will be operating segments before earning revenues;(b) may be
If a financial report contains both the consolidated financial statements of a parent, as well as the parent's separate financial statements, segment information is required:(a) only in the
If information is not presented to the directors in sectors:(a) look to the next lower level of internal segmentation that reports information along product and service lines or geographical lines(b)
IFRS 8 shall apply to:(i) listed companies;(ii) any company reporting under IFRS that wishes to provide the information;(iii) all other companies reporting under IFRS.(a) (i) and (ii).(b) (i) to
With respect to ‘interest’:(a) net interest revenue must be shown;(b) neither interest revenue nor interest expense is required to be shown;(c) both interest revenue and interest expense are
A component of an undertaking that sells primarily or exclusively to other operating segments of the undertaking:(a) must be classed as an operating segment;(b) must be excluded from being an

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