[单选题]
On 15 March 2016 Ramin authorised for issue its annual financial statements for the year ended 31 December 2015. On 10 March 2016 Ramin’s factory, equipment and inventory were damaged in an earthquake. The damage is uninsured and management has determined that Ramin is unable to continue trading.On what basis should Ramin’s financial statements for the year ended 31 December 2015 have been prepared?
A .On a going concern basis with a note disclosing the earthquake as a non-adjusting event
B .On a basis other than going concern with a statement of that fact and a note disclosing the earthquake as the reason
C .On a going concern basis with adjustments for the damage including write-downs of the assets
D .On a going concern basis with no reference to the earthquake as it is not an adjusting event
参考答案(由小熊题库网聘请的专业题库老师提供的解答)
请点击↑↑↑ 查看官方参考答案 按钮
习题解析
请点击 查看官方参考答案 按钮
您可能感兴趣的题目
1 .Inspire is the defendant in a patent infringement lawsuit. Inspire’s lawyers believe the there is a 30% chance that the court will dismiss the case and Inspire will not have to make any payout.However, if the court rules in favour of the claimant, they believe that there is a 20% chance that Inspire will be required to pay damages of USD200,000 (the amount sought by the claimant) and an 80% chance that damages will be USD100,000 (the amount that was recently awarded by the same judge in a similar case). The court is expected to rule sometime in 2016 and there is no indication that the claimant will settle out of court.What is the best estimate of the provision for the lawsuit that should be recognised in Inspire’s statement of financial position at 31 December 2015 in accordance with IAS 37?
A USDNil B USD100,000 C USD120,000 D USD200,000
题型:
单选题
提问时间:
2021-08-24
2 .At 31 December 2015 Oberon is pursuing a claim against an insurance company through legal processes. The court is expected to rule later in 2016. At the reporting date Oberon’s legal advisers believe there is a 70% chance that Oberon will win the case. Furthermore, they believe that there is a 20% chance that Oberon will be awarded USD200,000 (the amount it is seeking) and an 80% chance of an award of USD100,000 (the amount that was recently awarded by the same judge in a similar case).How should this event be treated in Oberon’s financial statements for the year ended 31 December 2015?
A As an asset measured at USD200,000 B As an asset measured at USD100,000 C As a contingent asset D It should not be included in the financial statements
题型:
单选题
提问时间:
2021-08-24
3 .Which of the following material events occurring after the end of the reporting period are adjusting events?(1) Sales of inventory for less than cost(2) Payment received from a customer whose debt had been written off(3) Sale of a subsidiary company(4) A flood in the warehouse destroying inventory
A 1 and 2 B 2 and 3 C 3 and 4 D 1 and 4
题型:
单选题
提问时间:
2021-08-24
4 .On 15 March 2016 Fumi authorised for issue its financial statements for the year ended 31 December 2015. On 10 March 2016 the entity’s factory and several items of equipment were damaged in an earthquake. The damage is estimated to cost USD700,000 of which USD450,000 is expected to be covered under insurance policies.How should this material event have been included in Fumi’s financial statements for the year ended 31 December 2015?
A As a provision of USD700,000 B As a provision of USD250,000 C As a contingent liability of USD700,000 and a contingent asset of USD250,000 D As a note disclosure of the event
题型:
单选题
提问时间:
2021-08-24
5 .Which of the following events between the reporting date and the date the financial statements are authorised for issue must be adjusted in the financial statements?
A Declaration of ordinary dividends B Decline in market value of investments C Discovery of a fraud revealing that inventory had been stolen D Announcement of a major restructuring
题型:
单选题
提问时间:
2021-08-24
7 .Which of the following items might appear in a company’s cash flow statement?(1) Disposal proceeds from the sale of a company car(2) The theft of items of inventory(3) Recovery of a debt previously written off(4) Dividends received
A 1, 2 and 3 only B 1, 2 and 4 only C 1, 3 and 4 only D 2, 3 and 4 only
题型:
单选题
提问时间:
2021-08-24
8 .An extract from a cash flow statement prepared by a trainee accountant is shown below. USDm Net profit before taxation 31 Adjustment for: Interest expense (6) ——— Operating profit before working capital changes 25 Decrease in inventories 4 Increase in receivables (5) Increase in payables (7) ——— Cash generated from operations 17 ——— Another trainee has criticised it on the following grounds:(1) Interest expense should have been added, not deducted(2) Decrease in inventories should have been deducted, not added.(3) Increase in receivables should have been added, not deducted.(4) Increase in payables should have been added, not deductedWhich of the criticisms are correct?
A 2 and 4 B 2 and 3 C 1 and 3 D 1 and 4
题型:
单选题
提问时间:
2021-08-24
9 .A draft cash flow statement contains the following calculation of net cash inflow from operating activities: USDm Operating profit 38 Depreciation 6 Decrease in inventories (9) Decrease in trade and other receivables 15 Decrease in trade payables 12 ——— Net cash inflow from operating activities 62 Assuming the narratives to be correct, what should be the net cash inflow from operating activities after correcting errors in the draft cash flow statement?
A USD20 m B USD26 m C USD50 m D USD56 m
题型:
单选题
提问时间:
2021-08-24
10 .Holder acquired 150,000 USD1 ordinary shares in Sub on 1 March 2015 at a cost of USD300,000. Sub’s retained earnings at 1 March 2015 were USD36,000 and its issued ordinary share capital was USD200,000. Non-controlling interest is valued at fair value on acquisition, which was USD100,000. Sub’s retained earnings today have increased to USD60,000.How much goodwill arises on consolidation?
A USD99,000 B USD123,000 C USD140,000 D USD164,000
题型:
单选题
提问时间:
2021-08-24
