1. Zenter hf. has an agreement to sell customers 250 units of product A for ISK. 150,000. After 200 units have been delivered, the agreements are changed so that Zenter hf. promises to deliver an additional 50 units for ISK. 800 additional (independent sale price upon amendment of the contract). What is the income of Zenter ehf. after the change in contracts?

Choose one of the following items:

• ISK 77,500
• kr. 40,000
• kr. 81,000
• kr. 37,500

2.The following does not apply to convertible bonds.

Select one of the following items: The component

• debits valued at the effective interest rate and the equityat fair value.
• They are divided into debt and equity shares.
• They are divided according to the fair value of each part.
• They enable companies to raise money at lower interest rates.

3.When announcing that a company will receive public funding in accordance with IAS 20?

Select one of the following items:

• Record a claim and recognize it on an accrual basis.
• Revenue the grant immediately.
• Record a claim for the grant and enter it as income as it is paid.
• Recognize the grant when it is paid.

4.On 1 January 2020, Gli ehf. office space for 8 years. The annual rent is 100,000. The lease payments are due on 31 December each year, the first payment on 31 December 2020. The present value of the lease payment was determined at 533,493 based on an effective interest rate of 10%. Glfar ehf. treats the lease as a finance lease. What amount should Glfar ehf. to have charged in 2020 due to the agreement?

Select one of the following items:

• 120,036
• 53,349
• 100,000
• 74,964

5. Income tax in the income statement is based on:

Select one of the following items:

• Profit before taxes adjusted for items that form a permanent tax difference.
• Profit from continuing operations.
• Income tax base.
• Profit before tax that is adjusted for items that form a temporary tax difference.