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introduction to financial accounting

Questions and Answers of Introduction To Financial Accounting

IFRS 8 requires the following information:(i) factors used to identify the undertaking’s operating segments, including the basis of organisation (for example, whether management organises the
IFRS 8 requires an undertaking to give descriptive information about:(1) the way the operating segments were determined;(ii) the products and services provided by the segments;(iii) differences
IFRS 8 requires an undertaking to report information about:(i) the revenues derived from its products or services (or groups of similar products and services);(ii) about the countries in which it
An operating segment is a component of an undertaking:(i) that engages in business activities from which it may earn revenues and incur expenses(including revenues and expenses relating to
Segments based on the structure of an undertaking’s internal organisation have other significant advantages:(i) An ability to see an undertaking ‘through the eyes of management’ enhances a
Operating segment information should:(i) increase the number of reported segments and provide more information;(ii) enable users to see an undertaking through the eyes of management;(iii) enable an
3. Outline the main disclosure requirements of IFRS 8.
2. Identify an organisation’s reportable and Operating segments in accordance with IFRS 8.
The FRRP has encouraged organisations to test their initial conclusions about their segmental reporting by considering the following nine questions.What are the key operating decisions made in
explain the objectives of segment reporting and why the users of financial statements may find segment reporting useful
Accounting regulators believe that undue emphasis is placed on earnings per share (EPS) and that this leads to simplistic interpretation of financial performance. Many chief executives believe that
Classical ple (“Classical”) had one million ordinary €1 shares in issue on 1 January 2017.On 1 July 2017, Classical made a rights issue of one ordinary share for every two previously held, at a
4. Summarise the disclosure requirements of IAS 33.
3. Following a rights issue, by what fraction should the EPS for the corresponding previous period be multiplied?
2. Define basic and diluted EPS. .
1. To what companies does IAS 33 Earnings per Share apply?
Net profit €500 Ordinary shares in issue 1,000 Basic EPS 50 cent Convertible 15% bonds 200 Each block of five bonds is convertible to eight ordinary shares. The tax rate (including any deferred
A company had 500,000 ordinary shares in issue at 1 January 2015. A recent business acquisition has given rise to the following contingently issuable shares:* 10,000 ordinary shares for every new
A company runs a share option scheme based on the employee's period of service with the company. As at 31 December 2017 the provisions of the scheme were:Date of grant 1 January 2017 Market price at
Net profit for 2017 €1,000,000 Weighted average number of ordinary shares for 2017 10 million Average fair value of one ordinary share €2.40 Weighted average number/of shares under option during
At 31 December 2016, Ben plc had 4 million ordinary 25 cent shares in issue and 500,000 10% preference shares of €1 each. On 1 October 2017, the company made a one for four bonus issue out of
The background information is as per Example 23.5 (RP plc). On 30 September ULF, 28 bonus issue of 100,000 ordinary shares was made by RP plc. (Remember, preference dividends are not charged in
RP plc prepares its financial statements to 31 December each year and has a capital structure consisting of:* 100,000 10% preference shares of €1 each; and* 100,000 €1 ordinary shares.In 2016 and
At 31 December 2016 the issued ordinary share capital of Top plc was 4 million shares of 50 cent each. On 1 October 2017 the company issued 1 million shares at market value €1.50.Earnings were:¢
define basic and diluted earnings per share (EPS);
define what is meant by the term ‘earnings quality
Calculate the distributable profits of both Companies A and B, assuming that each is a:(a) private company; and(b) public company A B 000 000 000 000 Share capital Unrealised profits Unrealised
X Limited has the following statement of financial position:Two of the company’s assets were revalued for the first time during the year, one giving rise to a surplus of €100,000, the other a
Below are extracts from the statements of financial position of three companies as at 31 December 2017:Bee’s tangible non-current assets were revalued on 1 January 2017 from a cost price of
The following information is available for Halogen Limited:Draft Statement of Profit or Loss and Other Comprehensive Income (Extract) for the Year Ended 31 December 2017Draft Statement of Changes in
Demo Limited is a private company with a 31 December year-end. The following is the summarised statement of financial position for Demo Limited as at 31 December 2017:Summarised Draft Statement of
(a) Outline what profits are available for distribution by each of the following:(i) A private limited company; and(it) A public limited company.(b) You are given the following extracts from the
(a) What is the general rule for determining distributable profits?(b) State whether each of the following is an realised or an unrealised profit or loss and briefly explain the reason for your
The following financial information relates to ABC Limited for the year ended 31 December 2017:STATEMENT OF PROFIT OR Loss AND OTHER COMPREHENSIVE INCOME for the Year Ended 31 December 2017The
The draft financial statements of CCE Limited for the year ended 31 December 2017 are as follows:Cash and cash equivalents at 31 December are made up as follows:Notes to draft financial statements:1.
Ben Limited .STATEMENT OF PROFIT OR Loss AND OTHER COMPREHENSIVE INCOME for the Year Ended 31 December 2017Additional Information:(a) The proceeds of the sale of non-current asset investments
The statement of profit or loss and other comprehensive income of Hansol plc for the year ended 31 December 2017 and the statement of financial position as at that date are shown below.During the
The following information is provided for Sapient Limited in respect of the year ended 31 December 2017:Sapient Limited STATEMENT OF PROFIT OR Loss AND OTHER COMPREHENSIVE INCOME for the Year Ended
The statement of profit or loss and other comprehensive income for the year ended 31 December 2017 of Clinic Limited (“Clinic”) and a statement of financial position as at that date, together
Marathon Limited (“Marathon”) has three divisions: a chocolate manufacturing division, a packaging division and a sweets manufacturing division. On 1 April 2017, the directors of Marathon decided
APF Limited is a divisionalised Irish company that trades from a number of retail outlets throughout Ireland. The company, which commenced trading approximately five years ago, prepares its financial
IT Global Limited (“Global”), a divisional company that prepares its financial statements to 31 December each year, is involved in the assembly of bespoke PC systems for home use(Assembly
Raven Limited has traditionally valued its inventory using the weighted average method of valuation (see Chapter 11, Section 11.2). During the year ended 31 December 2017, the directors of Raven
Apple Limited reviews its depreciation policies annually. At the most recent review for the year ended 31 December 2017, the directors decided that the remaining useful economic life of machinery at
Keano Limited adopted an accounting policy of capitalising exploration and evaluation expenditure and amortising it to the statement of profit or loss and other comprehensive income over four years.
The following are the draft summarised statements of profit or loss and other comprehensive income of ‘Top Limited for the year ended 31 May 2018:During the audit of the financial statements for
Company M bought a franchise to run a Mexican food restaurant in Dublin. , Requirement Is Company M a related party to the company that sold it the franchise?(Note: see also Chapter 13, Challenging
In considering any related-party relationship, attention should be directed primarily to:(a) The legal form of the relationship.(b) The substance of the relationship.(c) Neither of these.
major shareholder can avoid the consequences of related-party transactions by transacting other business through his wife, or her husband, when the undertaking in which he, or she, has invested is
If no transactions occur between the related parties, can the profits and financial position of either party be affected by the other?(a) Yes.(b) No.
A parent company can control or influence its subsidiary’s:(a) Financial policies.(b) Operating policies.(c) Both.
Mr Grant is a director and major shareholder of Mortar. His son, Fergus, is an independent tax consultant and he advised Mortar on certain issues associated with the acquisition of both Pestle and
explain the principal accounting and disclosure differences between LAS 24 and Section 33 Related Party Disclosures of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of
describe the disclosures required in accordance with IAS 24 Related Party Disclosures when a related party relationship exists
explain the term ‘related party
Following the retirement of her father, the new Chief Executive of Gold is proposing to change how certain items have been accounted for in Gold’s draft financial statements for the year ended 31
. What are the disclosures under IAS 8 if an accounting policy is changed?
Murray Limited records plant and equipment at depreciated historical cost and has traditionally charged depreciation on plant and equipment at a rate of 20% per annum using the reducing balance
explain the principal accounting and disclosure differences between IAS 8 and Section 10 Accounting Policies, Estimates and Errors of FRS 102 The Financial Reporting Standard applicable in the UK and
explain the criteria for selecting and changing accounting policies
IPRS 5 Non-current Assets Held for Sale and Discontinued Operations requires organisations to provide disclosures to help users understand the performance of the organisation in order to improve the
3. What are the principal accounting and disclosure differences between IFRS 5 and FRS 102, Section 5?
2. What information must be disclosed in the financial statements for discontinued operations in accordance with IFRS 5?
1. What is a discontinued operation?
explain the principal accounting and disclosure differences between IFRS 5 and Section 5 Statement of Comprehensive Income and Income Statement of FRS 102 The Financial Reporting Standard applicable
define a discontinued operation
explain the concept of a disposal group;
4, What are the advantages of a statement of cash flows?
3. What does the direct method of reporting net cash flows from operating activities show?
2. How does IAS 7 define cash and cash equivalents?
explain the principal accounting and disclosure differences between IAS 7 and Section 7 Statement of Cash Flows of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of
discuss the advantages of cash flow reporting
define cash and cash equivalents in accordance with IAS 7
John Sykes is an ordinary shareholder in Prosperous plc and has recently received the consolidated accounts of the Prosperous Group for the year ended 31 December 2017. He has been discussing the
4. Is the profit attributable to construction contracts a realised or an unrealised profit?
2. With a public company, how is this general rule amended?
Camcon Limited (“Camcon’) operates a successful light engineering business with workshops in Belfast, Dublin and Galway. Camcon is to prepare accounts for the year ended 31 December 2017, and
The following information is provided with respect to the defined benefit pension plan of Rush Limited for the year ended 31 December 2017.The market yield on high-quality corporate bonds at 31
The following information is provided with respect to the defined benefit pension plan of Christy Limited for the year ended 31 December 2017.The market yield on high-quality corporate bonds at 31
Rodent Limited (“Rodent”), a small Irish company that prepares its financial statements to 31 December each year, is engaged in medical research.Additional Information 1. The directors of Rodent
APF ple prepares its financial statements to 31 December each year. The company has a defined benefit pension plan. On 31 December 2016 the present value of the defined benefit obligation was
Floyd Limited prepares its financial statements to 31 December each year. The company has 250 employees, each of whom is entitled to 30 days paid annual leave. The company’s holiday year commences
Define the following key terms:(a) defined contribution pension plan;(b) defined benefit pension plan;(c) current service cost;(d) past service cost;(e) net interest expense / income; and(f)
At 31 December 2016 the present value of the defined benefit obligation and the fair value of the pension plan’s assets were each €800,000. The following information relates to the company’s
Bryson Limited operates a defined contribution pension plan for its employees. The companys contribution rate to the pension fund is 5% of gross salaries. During the year ended 31 December 2017,
Derry Limited, a company that prepares its financial statements to 31 December each year, agreed a profit-sharing plan with its employees on | January 2017, Under the terms of the plan, the company
Belfast Limited has 1,000 employees and each employee is entitled to 30 days’ paid annual leave each year. The holiday year commences on | July each year and, at the company’s financial year-end
explain the principal accounting and disclosure differences between IAS 19 and Section 28 Employee Benefits of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
distinguish between a defined contribution pension plan and a defined benefit pension plan
define each of the main categories of employee benefits-identified in IAS 19 Employee Benefits;
Kennedy Limited prepares its financial statements to 31 December each year and the following has to be resolved before the financial statements for the year ended 31 December 2017 can be
ABC Newspaper Limited has received a grant for €120,000 over four years in respect of providing employment in a deprived area.Requirement Explain briefly the treatment of this grant in the
Blade Limited is a furniture manufacturing company. You are acting as auditor to the company and have been asked by the board of directors to indicate how the following item should be dealt with in
An item of plant and equipment was purchased for €25,000 on 1 May 2017. It is expected that its useful life will be four years and that its residual value will be €1,000 at the end of its life. A
. Explain the principal accounting and disclosure differences between IAS 20 and FRS 102, Section 24 Government Grants.
. When and how should potential liabilities to repay grants be accounted for under [AS 20?
. What are the disclosure requirements listed in IAS 20?
2. What are the two allowable methods under IAS 20 of accounting for grants related to assets?
1. How should grants related to income be accounted for in accordance with IAS 20?
Cuisine Limited acquired certain items of equipment at a cost of €100,000 during the year ended 31 December 2017 for which the company received a government grant of 20%. The new accountant has

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