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
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1 .A company has incurred the following costs in operating a pilot plant for the manufacture of a new product:(1) amortisation of a licence granted to manufacture the product(2) expenditure on material consumed in the operation of the plant(3) costs incurred in training staff to operate equipment in the plant;(4) depreciation of equipment in the pilot plant.Which of these examples are development activities?
A 1, 2 and 3 only B 1, 2 and 4 only C 1, 3 and 4 only D 2, 3 and 4 only
2 .Agar commenced a research and development project in 2012. USD20,000 was expensed in 2012 and a further USD30,000 in 2013. In December 2014 the project was completed after incurring further expenditure of USD40,000. The intangible asset created is a formula for a medical cure which was patented on 31 December 2014 for 10 years at an additional cost of USD10,000. Management is of the opinion that the useful life of the formula is five years and that the patent could be sold now for an amount in excess of USD100,000.What is the maximum amount at which the intangible asset can be carried in Agar’s statement of financial position for the year ended 31 December 2015?
A USD40,000 B USD45,000 C USD80,000 D USD100,000
3 .An entity is required to measure a provision at the best estimate of the amount required to settle the obligation at the reporting date.Which one of the following estimates will give a best estimate when a provision involves a large population of items?
A One which weights all possible outcomes according to their probabilities B The mid-point of a discrete range of possible values C The individual most likely outcome D An amount higher or lower than the individual most likely outcome if other possible outcomes are mostly higher or lower
4 .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
5 .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
7 .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
8 .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
9 .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 ass...
10 .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
