Questions from Financial Accounting


Q: Oberon prepares financial statements to 31 March each year. Oberon makes

Oberon prepares financial statements to 31 March each year. Oberon makes contributions to a defined benefit post-employment benefit plan for its employees. Relevant data is as follows: (a) At 1 April...

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Q: The statements of financial position of Radar plc at 30 September were

The statements of financial position of Radar plc at 30 September were as follows: The following information is available: (i) An impairment review of the investments disclosed that there had been a...

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Q: Shown below are the summarized final accounts of Martel plc for the

Shown below are the summarized final accounts of Martel plc for the last two financial years: Summarized statement of comprehensive income for the year ending 31 December Additional information: 1...

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Q: The following information has been taken from the financial statements for Payne

The following information has been taken from the financial statements for Payne plc (Payne) for the year ended 31 March 2013. * In June 2011, the IASB issued amendments to IAS 1 Presentation of F...

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Q: The financial statements of Saturn plc have been prepared as follows:

The financial statements of Saturn plc have been prepared as follows: Further information: (a) Extract from statement of income (b) Operating expenses written off in the year include the following...

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Q: Consider the interest of the tax authorities in financial reporting regulations.

Consider the interest of the tax authorities in financial reporting regulations. Explain why national tax authorities might be concerned about the transition from domestic accounting standards to IFRS...

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Q: (i) Critically discuss the rationale for allowing businesses in the

(i) Critically discuss the rationale for allowing businesses in the UK a choice as to which accounting standards to apply, such as IFRS for the Group accounts and FRS 102 for UK subsidiaries. (ii) Cri...

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Q: You have recently qualified and set up in public practice under the

You have recently qualified and set up in public practice under the name Patris Zadan. You have been approached to provide accounting services for Joe Hardiman. Joe explains that he has had a lawyer s...

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Q: Joe Withers is the chief financial officer for Withco plc responsible for

Joe Withers is the chief financial officer for Withco plc responsible for negotiating bank loans. It has been the practice to obtain loans from a number of merchant banks. He has recently met Ben Bill...

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Q: Kim Lee is a branch accountant in a multinational company Green Cocoa

Kim Lee is a branch accountant in a multinational company Green Cocoa plc responsible for purchasing supplies from a developing country. Kim Lee is authorized to enter into contracts up to $100,000 fo...

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