FR 무료 덤프문제 온라인 액세스

Which of the following items would appear in the reconciliation of profit before tax to cash generated from operations in a statement of cash flows prepared in accordance withIAS 7 Statement of Cash Flows?
(i)Increase in provision for warranty costs
(ii)Decrease in income tax payable
(iii) Depreciation charge
(iv)
Dividends paid

• A.(i) and (iii)
• B.(ii) and (iii)
• C.(i) and (ii)
• D.(ii) and (iv)

Jerry Co has a defined benefit plan. At the financial year end, the plan has the following values:
$m Fair value of plan assets65 Present value of pension obligation52.5 Cumulative unrecognizedactuarial losses2 Present value of refunds from the plan and reductions in future contributions11.5
What is the value of the pension in the statement of financial position?

• A.$(10.5)m
• B.$(12.5)m
• C.$10.5m
• D.$(14.5)m

The financial statements of Louise Ltd for the year ended 31 December 2012 were approved for publication on 20 May, 2013. The following events occurred after the reporting period:
(i)The directors declared a dividend of 50c per ordinary share on 17 February 2013. Louise Ltd has 200,000 $1 ordinary shares in issue.
(ii)An insurance claim for storm damage to property, caused by unusually high winds, was under negotiation at the end of the reporting period. The claim was settled with the insurers in March 2013 leaving uninsured damage amounting to $75,000.
What liabilities should berecognizedin the financial statements of Louise Ltd for the year ended 31 December 2012 in accordance with IAS 10 Events after the Reporting Period?

• A.Dividend = $Nil; Storm damage = $Nil
• B.Dividend = $100,000; Storm damage = $75,000
• C.Dividend = $Nil; Storm damage = $75,000
• D.Dividend = $100,000; Storm damage = $Nil

Roadrunner is a large motor-race track construction company. The finance director is working on the published accounts for the year ended 31 March 2013. The following cases have to be resolved before the accounts can befinalized.
(i)One of Roadrunner's customers using the tracks was injured during a race. The customer claims that the accident was Roadrunner's fault due to there being a cleft on track. Roadrunner's lawyers have advised that the customer has a very strong case, but will be unable to estimate the financial outcome until further medical evidence becomes available.
(ii)Roadrunner has recently expanded its overseas market building motor racing tracks in areas with no such activity. It is expected that the tracks will be abandoned in five years' time. At that point the tracks will need to be dismantled and the area restored to its original condition in accordance with current legislation. The estimated cost of restoration is expected to be $4 million. The cost of capital of the company is 10%.
Which of the following options is correct in relation to the above two facts in respect of Roadrunner?

• A.(i) A liability for the future costs should berecognizedimmediately;
  (ii)
  Should be treated as a contingent liability and disclosed in note to the financial statements
• B.(i) Should be treated as a contingent liability and disclosed in a note to the financial statements;
  (ii)
  A liability for the future costs should berecognizedimmediately
• C.(i) A liability for the future costs should berecognizedimmediately;
  (ii)
  Should be treated as contingent liability
• D.(i) A provision should be made;
  (ii)
  Should be treated as contingent liability

MacDougal Cereal sold 100 barrels of Cereal No 1 to the Scots Bank, on 30 June 2013 for $100 per barrel. When Cereal No 1 is mature in two years, it will be worth $500 per barrel. MacDougal retains custody of the barrels. The sale contract contains a clause requiring MacDougal to repurchase the barrels on 30 June 2015 for $150 per barrel.
How should this transaction berecognized?

• A.Record $100 per barrel cash received from the bank as loan andrecognizebarrels as inventory. $50 per barrel should be accounted for as loan interest over the two year period.
• B.$100 per barrelrecognizedas sales revenue in 2013 and $500 as the value of inventory in 2015.
• C.Only record $50 per barrel as the value of inventory in 2015.
• D.$100 per barrelrecognizedas sales revenue in 2013 and $150 as the value of inventory in 2015.