In a normal CGU impairment - what gets impaired first?

Which of the following would NOT be classified as an associate? An entity where you...

Your company owns 40% of another company - You have an arrangement with another investor who owns 20% that he will vote in line with you - is that company your subsidiary?

What type of goodwill is shown in the SFP as an asset?

P acquires S for the following amounts: 1) Cash 400; 2) Future payment of 1,000 in 2 years time (discount rate 10%); 3) A possible future payment of 1,000 if S’s profits increase by 10% each year (FV of this is 400). How much is the investment in S (the consideration figure in the goodwill calculation)?

An underprovision of tax in the previous year is shown in this years trial balance as

Contract assets and receivables shall be accounted for in accordance with ______

Daily sales and purchases, employee costs and general overheads comprise:

The maximum maturity of a cash equivalent is:

Is the following statement about the valuation of inventory is TRUE or FALSE? “A company's financial statements must disclose the accounting policies used in measuring inventories.”

Information becomes more useful if it can be compared with similar information about other entities and with similar information about the entity for another period or another date.

Recording assets at their acquisition cost (entry value), rather than at their net selling price (exit value), is in line with the principle of

When a constructing office is almost complete; the only remaining work is to install furniture, should the entity continue capitalising the borrowing costs?

Which of the following is not a condition to commence capitalisation of borrowing costs?

AAC Ltd. has a piece of equipment with a book value of $200 million on December 31, 20X1. The remaining useful life of the equipment is 5 years and the estimated residual value is $10 million. The estimated net cash flow from the use of the equipment over the next five years is $182 million. The market price of this equipment as of December 31, 20X1 is $205 million with costs of disposal of $25 million. In accordance with IAS 36 – Impairment of Assets, what is the impairment loss related to this equipment?

Interest expense accrued but included in taxable profit on a cash basis should be classified under deductible permanent differences.

Which of the following should be a provision under IAS 37 Provisions, contingent liabilities and contingent assets?

Which of the following is NOT within the scope of IAS 37 Provisions, contingent liabilities and contingent assets?

The financial statements of the Farren Company for the year ended 31 December 20X8 included a provision for restructuring of CU7 million. At 31 December 20X9, CU2 million of the restructuring provision was no longer required. An additional provision of CU2 million was needed for legal claims against the company. “CU2 million of the restructuring provision no longer required is to be re-allocated to cover the legal claims.” Is the proposed treatment of the provision shown above correct or incorrect according to IAS 37 Provisions, contingent liabilities and contingent assets?

Where do you put a gain or loss on a full disposal? Income statement

If goodwill is calculated using FV method where is the impairment shown in your workings?

Is a footballer's contract an intangible asset?

Do you provide for next years losses under a contract?

When does an impairment occur?

Which of the following statements about research and development expenditure are correct according to IAS38 Intangible Assets? (Two options)

An underprovision of tax in the previous year is shown in this years trial balance as

Contract assets and receivables shall be accounted for in accordance with ______

A 30% Associate - carrying value in the SFP = 1,000. The recoverable amount of the associate is 2,000. Has there been an impairment?

If the agreed date of payment by a customer is later than the date on which goods or services are transferred to that customer, part of the consideration should always be treated as finance income (not revenue). True or False?

Whether the following statement is TRUE or FALSE in accordance with IAS 40 Investment Property? “An investment property is initially measured at cost, including transaction costs.”

According to IAS 1 Presentation of financial statements, the notes within the financial statements contain information in addition to that presented in which two of the following?

According to IAS 28 Investments in Associates and Joint Ventures, which one of the following statements best describes the term ‘significant influence’?

In December, 2022, $595 return of goods to a supplier, had been incorrectly recorded in the sale returns journal as $295. How did this error affect the profit of the entity?

Under IAS 36, reversal of impairment loss is allowed if

Interest expense accrued but included in taxable profit on a cash basis should be classified under taxable permanent differences.

Expense accrued and had been included in taxable profit resulted in deffered tax asset.

According to IAS 37 Provisions, contingent liabilities and contingent assets, which of the following is the source of a constructive obligation?

Which of the following should be a provision under IAS 37 Provisions, contingent liabilities and contingent assets?

The financial statements of the Farren Company for the year ended 31 December 20X8 included an environmental provision of CU3 million. At 31 December 20X9, the environmental provision was no longer required. Is the proposed treatment of the provision shown below correct or incorrect according to IAS 37 Provisions, contingent liabilities and contingent assets? “The environmental provision is to be written back to profit or loss.”

A company bought an asset for 2,000 (10 year useful life) After 5 years it is impaired to 800. What is the double entry?

Let’s say you need 100,000 to build a house in 8 months but you’re going to use general current borrowings to fund yourself rather than getting a specific loan. Your current borrowings are: 1 million of 10% loan finance and 2 million of 6% loan finance. What borrowing costs should be capitalised?

A sub has 100 net assets book value and a contingent liability with no book value but a 10 fair value At acquisition what is the value of the sub for the goodwill calculation?

How much is Goodwill?

A company has a legal obligation to remove an asset after it has finished with it in 8 years time. How is this dealt with in the accounts?

What should be capitalised as the cost of this intangible asset?

Contract assets and receivables shall be accounted for in accordance with ______

A delivery Van of ABC plc has damaged badly due to an accident in highway. The cost of repair will be $700. What type of expenditure is it?

If the agreed date of payment by a customer is later than the date on which goods or services are transferred to that customer, part of the consideration should always be treated as finance income (not revenue). True or False?

A cash flow statement provides information that enables users to evaluate the changes in:

Whether the following statement is TRUE or FALSE in accordance with IAS 40 Investment Property ? “Transfer from investment property to an IAS 16, property must be made at the FV of the investment property at the date of the transfer.”

Is the following statement about the valuation of inventory is TRUE OR FALSE? Inventory should be valued at the lowest of cost, net realisable value and replacement cost.