Questions from Financial Accounting

Q: a. Explain the nature of acquisitions and discontinued operations.

a. Explain the nature of acquisitions and discontinued operations. b. Briefly describe the treatment of each of these items in published company financial statements.

Q: a. Explain with examples the nature of exceptional items.

a. Explain with examples the nature of exceptional items. b. Briefly describe the treatment of each of these items in published company financial statements.

Q: a. Explain with examples the nature of prior period adjustments.

a. Explain with examples the nature of prior period adjustments. b. Briefly describe the treatment of prior period adjustments in published company financial statements.

Q: a. Explain with examples the nature of events after the reporting

a. Explain with examples the nature of events after the reporting period. b. Describe the treatment of events after the reporting period in published company financial statements.

Q: a. Explain with examples the nature of contingent assets and contingent

a. Explain with examples the nature of contingent assets and contingent liabilities. b. Describe the treatment of contingent assets and liabilities in published company financial statements.

Q: B. Jones is in business as a builders’ merchant. The

B. Jones is in business as a builders’ merchant. The following credit transactions took place during April 20X9: 1 Apr Bought goods on credit from Brick Ltd for £725 2 Apr Sold goods on credit to Oak...

Q: The following is a list of balances in the general ledger of

The following is a list of balances in the general ledger of J. McKee at 30 June 20X9: Required a. Prepare a trial balance. b. The trial balance does not balance (on purpose). Which account is missi...

Q: a. Explain the purpose(s) of a statement of

a. Explain the purpose(s) of a statement of cash flows. b. Describe the typical sources and applications of cash funds in an entity.

Q: Describe the advantages and limitations of statements of cash flows.

Describe the advantages and limitations of statements of cash flows.

Q: Explain how statements of cash flows differ from: (a

Explain how statements of cash flows differ from: (a) statements of profit or loss; and (b) statements of financial position.