The following items have been extracted from the statement of cash flowsof Gresham for the year ended 31 December 20X1:USDDepreciation30,000Profit on sale of non-current assets5,000Proceeds from sale of non-current assets20,000Purchase of non-current assets25,000If the carrying amount of non-current assets was USD110,000 on 31 December 20X0, what was it on 31 December 20X1?
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1 .An extract from a statement of cash flows prepared by a trainee accountantis shown below:USDmProfit before taxation28Adjustments for:Depreciation(9)Operating profit before working capital changes––19Decrease in inventories3Increase in receivables(4)Increase in payables(8)Cash generated from operations––10––––Which of the following criticisms of this extract are correct?(1) Depreciation charges 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 deducted
A 1 and 3 only B 1 and 4 only C 2 and 3 only D 2 and 4 only
2 .At 1 January 20X0 Casey had property, plant and equipment with a carrying amount ofUSD250,000. In the year ended 31 December 20X0 the company disposed of assets with acarrying amount of USD45,000 for USD50,000. The company revalued a building from USD75,000 toUSD100,000 and charged depreciation for the year of USD20,000. At the end of the year thecarrying amount of property, plant and equipment was USD270,000.How much will be reported in the statement of cash flows for the year ended 31December 20X0under the heading “cash flows from investing activities”?
A USD10,000 outflow B USD10,000 inflow C USD35,000 outflow D USD50,000 inflow
3 .A company sold a building at a profit.How should this transaction be treated in the company’s statement of cash flows?
A Proceeds of sale:Cash inflow under Financing activities /Profit on sale: Added to profit in calculating cash flowfrom operating activities B Proceeds of sale:Cash inflow under Investing activities /Profit on sale: Deducted from profit in calculating cash flow from operating activities C Proceeds o...
4 .On comparing the components of net assets of Deep on 31 December 20X2 and 31 December 20X1 the following movements were noted:(1) A decrease in the warranty provision of USD12,000 due to a change in estimate(2) An increase in tangible non-current assets of USD98,000 due to a revaluation in the yearWhich of the above items should be included in the notes to the cash flow statement of Deep as part of the reconciliation of operating profit to net cash flow from operating activities?
A Neither 1 nor 2 B 1 only C 2 only D Both 1 and 2
5 .The non-current assets of Ealing were as follows:Start of yearEnd of yearUSDUSDCost180,000240,000Aggregate depreciation(120,000)(140,000)Carrying amount–––––––60,000––––––––––––––100,000–––––––During the year non-current assets which had cost USD80,000 and which had a carrying amount of USD30,000 were sold for USD20,000.Profit before tax for the year was USD300,000.By how much did Ealing’s cash balances increase during the year as a result of the above transactions?
A USD210,000 B USD240,000 C USD260,000 D USD290,000
7 .Waterloo acquired a building by issuing USD400,000 8% loan notes at par. The market rate of interest at the time of the issue was also 8%.How should the acquisition be presented in the statement of cash flows for the period?
A Investing activitiesUSD: (400,000)/ Financing activities:USD400,000 B Investing activitiesUSD: (400,000)/ Financing activities:Nil C Investing activities: Nil/ Financing activities:USD400,000 D Investing activities: Nil/ Financing activities:Nil
8 .At 1 October 20X0, BK had an accrued interest payable balance of USD12,000 in its statement of financial position. During the year ended 30 September 20X1, BK charged interest payable of USD41,000 to its statement of profit or loss. Accrued interest payable at 30 September 20X1 was USD15,000.Included in the interest charged to profit or loss for the year was an unwinding of the discounton a decommissioning provision of USD5,000 and finance lease interest of USD3,000. The finance lease is paid in cash annually in arrears.What is the cash flow in respect of interest paid that will appear in BK’s statement ofcash flows for the year ended 30 September 20X1?
A USD30,000 B USD33,000 C USD36,000 D USD38,000
9 .A business compiling its financial statements for the year to 31 July each year pays rent quarterly in advance on 1 January, 1 April, 1 July and 1 October each year. The annual rent was increased from USD60,000 per year to USD72,000 per year as from 1 October 2015.What figure should appear for rent expense in the business’s profit or loss for the year ended 31 July 2016?
A USD62,000 B USD63,000 C USD69,000 D USD70,000
10 .At 1 July 2014 a company had prepaid insurance of USD8,200. On 1 January 2015 the company paid USD38,000 for insurance for the year to 30 September 2015.What figures should appear for insurance in the company’s financial statements for the year ended 30 June 2015?
A Profit or loss: USD27,200; Statement of financial position: Prepayment USD19,000 B Profit or loss: USD39,300; Statement of financial position: Prepayment USD9,500 C Profit or loss: USD36,700; Statement of financial position: Prepayment USD9,500 D Profit or loss: USD55,700; Statement of financial p...
