Which of the following events between the end of the reporting period and the date the financial statements are authorised for issue must be adjusted in the financial statements?(1) Declaration of equity dividends.(2) Decline in market value of investments.(3) The announcement of changes in tax rates.(4) The announcement of a major restructuring.
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1 .Which of the following events occurring after the year end is classified as a non-adjusting event in accordance with IAS 10 Events after the Reporting Period?
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2 .The financial statements of an entity for the year ended 31 March 20X4 were approved by the directors on 31 August 20X4.Which of the following would be classified as an adjusting event in accordance with IAS 10 Events after the Reporting Period.
A A reorganisation of the entity proposed by a director on 31 January 20X4 was agreed by the Board on 10 July 20X4 B A strike by the workforce which started on 1 May 20X4 stopped all production for 10 weeks before working terms and conditions were settled C An insurance claim for damage caused by a ...
3 .The draft financial statements of a limited liability company are under consideration. The accounting treatment of the following material events after the reporting period needs to be determined:(1) The bankruptcy of a major customer, with a substantial debt outstanding at the end of the reporting period.(2) A fire destroying some of the company’s inventory (the company’s going concern status is not affected).(3) An issue of shares to finance expansion.(4) Sale for less than cost of some inventory held at the end of the reporting period.According to IAS 10 “Events After the Reporting Period”, which of the above events require an adjustment to the figures in the draft financial statements?
A 1 and 4 only B 1, 2 and 3 only C 2 and 3 only D 2 and 4 only
4 .In finalising the financial statements of a company for the year ended 30 June 2016, which of the following material matters should be adjusted for?(1) A customer who owed USD180,000 at the 30 June 2016 went bankrupt in July 2016.(2) The sale in August 2016 for USD400,000 of some inventory items carried in the statement of financial position at USD500,000.(3) A factory with a value of USD3,000,000 was seriously damaged by a fire in July 2016. The factory was back in production by August 2016 but its value was reduced to USD2,000,000.(4) The company issued 1,000,000 ordinary shares in August 2016.
A 1 and 2 only B 1 and 4 only C 2 and 3 only D 3 and 4 only
5 .Which of the following events occurring after the reporting period are classified as adjusting, if material?(1) The sale of inventories valued at cost at the end of the reporting period for a figure in excess of cost.(2) A valuation of land and buildings providing evidence of an impairment in value at the year end.(3) The issue of shares and loan notes.(4) The insolvency of a customer with a balance outstanding at the year end.
A 1 and 3 B 1 and 4 C 2 and 3 D 2 and 4
7 .Which TWO of the following events after the reporting period would normally qualify as adjusting events according to IAS 10 “Events After the Reporting Period Date”?(1) The bankruptcy of a credit customer with a balance outstanding at the end of the reporting period.(2) A decline in the market value of investments.(3) The declaration of an ordinary dividend.(4) The determination of the cost of assets purchased before the end of the reporting period.
A 1 and 2 B 1 and 4 C 2 and 3 D 3 and 4
8 .On 7 November 2015 there was a fire in the warehouse of Yorkfab, in which inventory valued at USD120,000 was destroyed. This represented 30% of the company’s inventory. Under the terms of the insurance contract, the insurance company has stated that it will only pay out the first USD30,000 of the claim.How should this be reported in the financial statements for the year to 31 October 2015?
A Statement of profit or loss: USDnil; Disclosure in the notes: None B Statement of profit or loss: USDnil; Disclosure in the notes: A loss of USD90,000 C Statement of profit or loss: USD120,000; Disclosure in the notes: A receivable of USD30,000 D Statement of profit or loss: USD90,000 loss; Discl...
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A USD245,000 loss should be disclosed in a note B USD275,000 loss should be disclosed in a note C USD245,000 should be expensed to profit or loss D USD275,000 should be expensed to profit or loss
