Which of the following correctly defines ‘equity’ according to the IASB's Conceptual Framework?
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1 .Waffle had share capital of USD7.5 million in 50c equity shares at 1 October 20X6. On 1 January 20X7 it made an issue of 4 million shares at full market price immediately followed by a 1 for 3 bonus issue.The financial statements at 30 September 20X7 showed profit for the year of USD12 million.What was EPS for the year?
A 53c B 73c C 48c D 50c
2 .Plumstead had 4 million equity shares in issue throughout the year ended 31 March 20X7. On 30 September 20X7 it made a 1 for 4 bonus issue. Profit after tax for the year ended 31 March 20X8 was $3.6 million, out of which an equity dividend of 20c per share was paid. The financial statements for the year ended 31 March 20X7 showed EPS of 70c.What is the EPS for the year ended 31 March 20X8 and the restated EPS for the year ended 31 March 20X7?
A 20X8: 72c; 20X7: 87.5c B 20X8: 52c; 20X7: 56c C 20X8: 80c; 20X7: 87.5c D 20X8: 72c; 20X7: 56c
3 .At 30 September 20X2 the trial balance of Cavern includes the following balances:Equity shares of 20c each 50,000Share premium 15,000Cavern has accounted for a fully-subscribed rights issue of equity shares made on 1 April 20X2 of one new share for every four in issue at 42 cents each. This was the only share issue made during the year.What were the balances on the share capital and share premium accounts at 30 September 20X1?
A Share capital 37,500; Share premium 11,250 B Share capital 40,000; Share premium 4,000 C Share capital 37,500; Share premium 4,000 D Share capital 40,000; Share premium 11,250
4 .The IASB’s Conceptual Framework for Financial Reporting identifies characteristics which make financial information faithfully represent what it purports to represent.Which of the following are examples of those characteristics?1 Completeness2 Accruals3 Going concern4 Neutrality
A 1 and 2 B 2 and 4 C 2 and 3 D 1 and 4
6 .Which of the following statements is/are TURE?1 IFRS Interpretations Committee is a forum for the IASB to consult with the outside world.2 One of the objectives of the IFRS Foundation is to bring about convergence of national accounting standards and IFRSs.3.IFRS Foundation produces IFRSs. IFRS Foundation is overseen by the IASB.
A 1 and 3 only B 2 only C 2 and 3 only D 3 only
7 .Who issues IFRS - International Financial Reporting Standards?
A The stock exchange B The IFRS Advisory Committee C The government D The International Accounting Standards Board
8 .What is the role of the IASB?
A Formulate international financial reporting standards B Oversee the standard setting and regulatory process C Control the accountancy profession D Review defective accounts
9 .Which body is responsible for issuing International Financial Reporting Standards?
A IFRS Advisory Council B IFRS Interpretations Committee C The United Nations D International Accounting Standards Board
10 .Which ONE of the following statements correctly describes how International Financial Reporting Standards (IFRSs) should be used?
A To ensure high ethical standards are maintained by financial reporting professionals internationally B To provide examples of best financial reporting practice for national bodies who develop their own requirements C To prevent national bodies from developing their own financial reporting standard...
