For an asset to be classified as 'held for sale' under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations its sale must be 'highly probable'. Which one of the following is not a requirement if the sale is to be regarded as highly probable?
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1 .Toots Co has made healthy profits for the past year, although at times the company has been close to running out of cash. Because Toots Co is profitable, Adam, their accountant is unconcerned by the cash shortage. Jo, the financial controller at Toots Co, is concerned. Jo tells Adam, ‘profits are fine on paper, but in the real world cash is king’. Jo believes Toots Co needs to take a more proactive approach to cash flow management.Adam and Jo have two different views. Who is correct, and why?
A Adam is correct. A profitable business should not waste management time on cash flow issues. B Adam is correct. A profitable business will always survive and prosper. C Jo is correct. Proactive cash flow management is required under IAS 7 Statement of cash flows. D Jo is correct. A business that d...
2 .Which one of the following statements is correct?
A If a business makes a profit, it has positive cash flow. B If a business makes a loss, it has negative cash flow. C A business may make a profit but have negative cash flow. D A business that breaks even has cash inflows equal to cash used.
3 .A company sold warehouse premises at a loss during a financial period. How would this transaction be included in a statement of cash flows for the period that complies with IAS7 Statements of Cash Flows and that uses the indirect method to present cash flows from operating activities?
A Loss on disposal：Deduct as an adjustment in the calculation of cash flows from operating activitiesProceeds from sale：Include in cash flows from investing activities B Loss on disposal：Deduct as an adjustment in the calculation of cash flows from operating activitiesProceeds from sale：Incl...
4 .Which of the following items could appear in a company's statement of cash flows?1 Surplus on revaluation of non-current assets2 Proceeds of issue of shares3 Proposed dividend4 Irrecoverable debts written off5 Dividends received
A 1, 2 and 5 only B 2, 3, 4, 5 only C 2, 5 only D 3, 4only
5 .Part of the process of preparing a company's statement of cash flows is the calculation of cash inflow from operating activities.Which of the following statements about that calculation (using the indirect method) are correct?1 Loss on sale of operating non-current assets should be deducted from net profit before taxation.2 Increase in inventory should be deducted from operating profits.3 Increase in payables should be added to operating profits.4 Depreciation charges should be added to net profit before taxation.
A 1, 2 and 3 B 1, 2 and 4 C 1, 3 and 4 D 2, 3 and 4
7 .At what amount should an asset classified as 'held for sale' be measured?
A Lower of carrying amount and fair value less costs of disposal B Lower of carrying amount and value in use C Higher of value in use and fair value less costs of disposal D Higher of carrying amount and recoverable amount
8 .Which one of the following events taking place after the year end but before the financial statements were authorised for issue would require adjustment in accordance with IAS 10 Events after the Reporting Period?
A Three lines of inventory held at the year end were destroyed by flooding in the warehouse. B The directors announced a major restructuring. C Two lines of inventory held at the year end were discovered to have faults rendering them unsaleable. D The value of the company's investments fell sharply....
9 .Which of the following best describes the purpose of disclosure notes in the financial statements?
A To provide more detail for the users of accounts about the information in the main financial statements. B To allow companies to present their financial results in a more favourable way by only disclosing some things in the notes and not on the main financial statements. C To give all the detail o...
10 .For which class or classes of assets should a company disclose in the notes to the financial statements a reconciliation of the opening carrying amount to the closing carrying amount, showing the movements in the period?1 Cash2 Intangible assets3 Tangible non-current assets4 Trade receivables
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