In the year to 31 May 2013 Ordov Co recognised an increase of USD 125,000 in the value of landand buildings. In the year to 31 May 2014, a further increase of USD 12,000 was recognised.During the year to 31 May 2015, the land and buildings suffered an impairment of USD 30,000.Based on the above information, what are the changes in amounts of retained profitsand shareholders’ funds over the three years?Retained profits Shareholders’ fundsRetained profits Shareholders’ funds

1 .On 28 September 2015, GY received an order from a new customer, ZZ, for products with a sales value of USD 750,000. ZZ enclosed a deposit with the order of USD 75,000.On 30 September 2015, GY had not completed the credit referencing of ZZ and had not despatched any goods.Which ONE of the following will correctly record this transaction in GY’s financial statements for the year ended 30 September 2015 according to IFRS 15 Revenue from Contracts with Customers?

A Debit Cash USD 75,000; Credit Revenue USD 75,000 B Debit Cash USD 75,000; Debit Trade receivables USD 675,000; Credit Revenue USD 750,000 C Debit Cash USD 75,000; Credit Contract liability USD 75,000 D Debit Trade receivables USD 750,000; Credit Revenue USD 750,000

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2 .Consider the following statements regarding historical cost accounting:(1) Holding gains on assets are never recognised(2) Inflation can be ignored when comparing financial performance between different time periods(3) Market values are reported for non-current assetsWhich of the above statements are correct?

A 1 only B 2 only C 3 only D None of the statements

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3 .A company has USD500,000 of USD0.50 ordinary shares in issue. The following events occurred inthe financial year ended 31 December 2015:On 31 March, paid a final dividend of 10 cents a share which had been proposed on 31December 2014.On 31 July, paid an interim dividend of 5 cents a share.On 31 December, proposed a final dividend of 12 cents a share.What amount for dividends should be included in the statement of changes in equity forthe year ended 31 December 2015?

A 75,000 B 150,000 C 220,000 D 270,000

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4 .According to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors,which ONE of the following would require a prior period adjustment in JE’s financialstatements for the year ended 31 October 2015?

A Inventory at 31 October 2013 had been materially over-valued due to an error in theyear-end inventory count that caused inventory in one warehouse to be countedtwice B The straight line method of depreciation used to depreciate vehicles up to 31October 2014 was changed by JE to reducing balance me...

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5 .Brown manufactures and sells toys. At the company’s year end the following were ininventory: Product Quantity Production Distribution Selling cost cost price per unit per unit per unit USD USD USD Ray-gun 100 1.50 0.20 1.60 Blast-gun 100 3.00 0.10 3.40 Cap-gun 100 4.50 0.50 4.00 What amount would be inventory in Brown’s statement of financial position?

A USD790 B USD820 C USD850 D USD900

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7 .7 Which TWO of the following statements are correct in accordance with InternationalFinancial Reporting Standards?(1) All non-current assets must be depreciated or amortised(2) If a tangible non-current asset is revalued, all tangible assets of the same classshould be revalued(3) In a company’s published statement of financial position, tangible assets andintangible assets must be shown separately(4) An intangible asset should be recognised even if its cost cannot be measuredreliably

A 1 and 2 only B 1 and 3 only C 2 and 3 only D 2 and 4 only

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8 .8 DH has the following two legal claims outstanding: A legal action against DH claiming compensation of USD 700,000, filed in February2015. DH has been advised that it is probable that the liability will materialise.A legal action taken by DH against another entity, claiming damages of USD 300,000,started in March 2015. DH has been advised that it is probable that it will win thecase.How should DH report these legal actions in its financial statements for the year ended30 April 2015?How should DH report these legal actions in its financial statements for the year ended30 April 2015?Legal action against DH Legal action taken by DH

A Disclose as a note No disclosure B Make a provision No disclosure C Make a provision Disclose as a note D Make a provision Accrue the income

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9 .Which two of the following events after the reporting period would normally qualify asadjusting events according to IAS 10 Events after the Reporting Period?(1) The bankruptcy of a credit customer with a balance outstanding at the end of thereporting period(2) A decline in the market value of investments(3) The declaration of an ordinary dividend(4) The determination of the cost of assets purchased before the end of the reportingperiod

A 1 and 2 B 1 and 4 C 2 and 3 D 3 and 4

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10 .10 At 31 October 2015 the non-current assets of Nium had a carrying amount of USD 754,860 and atax base of USD 543,875. At 31 October 2014, the company’s provision for deferred tax wasUSD 39,853. The tax rate is 20%.What amount should be reported in the statement of profit or loss for the year to 31October 2015 for deferred tax?

A Credit of USD 2,344 B Charge of USD 2,344 C Credit of USD 42,197 D Charge of USD 42,197

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