Which of the following statements about financial accounting for a limited liability company is true?
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1 .Which of the following items may appear in a company’s statement of changes in equity, according to IAS 1 “Presentation of Financial Statements”?(1) Revaluation surplus.(2) Dividends proposed.(3) Proceeds of equity share issue.(4) Total comprehensive income for the period.
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 .Which of the following should NOT appear in a company’s statement of profit or loss and other comprehensive income?
A A loss after taxation for the financial year B Dividends received from investments C Gain on revaluation of a non-current asset D Dividends paid to shareholders during the year
3 .When reporting profit for a period, companies are required to ensure that income and expenses are correctly classified.Which one of the following items will NOT be included in profit or loss for the period?
A Interest payable B Dividend paid to ordinary shareholders C Depreciation charge for the year D Income tax expense
4 .DT’s final dividend for the year ended 31 October 2015 of USD150,000 was declared on 1 February 2016 and paid on 1 April 2016. The financial statements were approved on 31 March 2016.Which TWO of the following statements describe the correct treatment of the dividend in DT’s financial statements?(1) The payment settles an accrued liability in the statement of financial position as at 31 October 2015(2) The dividend is shown as a deduction in the statement of profit or loss for the year ended 31 October 2016(3) The dividend is shown as an accrued liability in the statement of financial position as at 31 October 2016(4) The dividend is disclosed in the notes to the financial statements at 31 October 2015(5) The dividend is presented in the statement of changes in equity for the year ended 31 October 2016
A 1 and 2 B 1 and 4 C 3 and 5 D 4 and 5
5 .Which of these statements about limited liability companies is/are correct?(1) A company might make a bonus (capitalisation) issue to raise funds for expansion.(2) Both realised and unrealised gains and losses are included in the statement of comprehensive income required by IAS 1 Presentation of Financial Statements.
A 1 only B 2 only C Both 1 and 2 D Neither 1 nor 2
7 .A company has issued 50,000 ordinary shares of 25c each at a premium of 50c per share. The cash received was correctly recorded but the full amount was credited to the ordinary share capital account.Which of the following journal entries is needed to correct this error?
A Debit Share premium account USD25,000; Credit Share capital account USD25,000 B Debit Share capital account USD25,000; Credit Share premium account USD25,000 C Debit Share capital account USD12,500; Debit Share premium USD25,000Credit Cash USD37,500 D Debit Share capital account USD37,500; Credit ...
8 .Which of the following journal entries could correctly record a bonus (capitalisation) issue of shares?
A Debit Cash USD100,000; Credit Ordinary share capital USD100,000 B Debit Ordinary share capital USD100,000; Credit Share premium USD100,000 C Debit Share premium USD100,000; Credit Ordinary share capital USD100,000 D Debit Retained earnings USD100,000; Credit Ordinary share capital USD60,000; Credi...
9 .Evon issued 1,000,000 ordinary shares of 25c each at a price of USD1?10 per share, all received in cash.What should be the accounting entries to record this issue?
A Debit: Cash USD1,100,000Credit: Share capital USD250,000; Credit: Share premium USD850,000 B Debit: Share capital USD250,000; Debit: Share premium USD850,000Credit: Cash USD1,100,000 C Debit: Cash USD1,100,000Credit: Share capital USD1,100,000 D Debit: Cash USD1,100,000Credit: Share capital USD250...
10 .At 1 July 2015 a limited liability company’s capital structure was as follows: USD Share capital 1,000,000 shares of 50c each 500,000 Share premium account 400,000 In the year ended 30 June 2016 the company made the following share issues:1 January 2016: A bonus issue of one share for every four in issue at that date, using the share premium account.1 April 2016: A rights issue of one share for every ten in issue at that date, at USD1.50 per share.What will be the balances on the company’s share capital and share premium accounts at 30 June 2016 as a result of these issues?
A Share capital USD687,500; Share premium USD650,000 B Share capital USD675,000; Share premium USD375,000 C Share capital USD687,500; Share premium USD400,000 D Share capital USD687,500; Share premium USD150,000
