Questions from Financial Accounting


Q: The following Statements of Profit or Loss and other Comprehensive Income relate

The following Statements of Profit or Loss and other Comprehensive Income relate to Allen plc (Allen) and its investee companies, Corrib plc (Corrib) and Neagh plc (Neagh). Neagh is based in Northern...

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Q: On 1 January 2017 Picus acquired 8 million $1 equity shares

On 1 January 2017 Picus acquired 8 million $1 equity shares in Sol for $20 million cash. The consideration paid was considerably lower than the market price because the vendor required a quick sale du...

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Q: Gamma plc had an issued share capital at 1 April 20X0 of

Gamma plc had an issued share capital at 1 April 20X0 of: ● £200,000 made up of 20p shares; and ● 50,000 £1 convertible preference shares classified as equity receiving a dividend of £2.50 per share....

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Q: The following information is available for X Ltd for the year ended

The following information is available for X Ltd for the year ended 31 May 20X1: Notes: 1 Share options have been granted to directors giving them the right to subscribe for ordinary shares between 20...

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Q: (a) The issued share capital of Manfred, a quoted

(a) The issued share capital of Manfred, a quoted company, on 1 November 2004 consisted of 36,000,000 ordinary shares of 75 cents each. On 1 May 2005 the company made a rights issue of 1 for 6 at $1.4...

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Q: The following trial balance relates to Amethyst as at 31 March 2015

The following trial balance relates to Amethyst as at 31 March 2015: The following information is relevant: 1 After the year end stock take it was discovered that goods worth $4 million, which wer...

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Q: Plymbridge Ltd is a company which manufactures and sells modular pre-

Plymbridge Ltd is a company which manufactures and sells modular pre-cast buildings to retail customers. The directors have adopted a policy of steady expansion following the Brexit decision in 2016 i...

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Q: Psilon is a listed entity. You are the financial controller of

Psilon is a listed entity. You are the financial controller of the entity and its consolidated financial statements for the year ended 31 March 20X9 are being prepared. The board of directors is respo...

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Q: Explain the nature of XBRL (eXtensible Business Reporting Language) and

Explain the nature of XBRL (eXtensible Business Reporting Language) and describe how it helps businesses to operate more efficient accounting systems. We have seen that IFRSs are intended to standardi...

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Q: (a) The draft income statement of the Verti Group as

(a) The draft income statement of the Verti Group as at 30 April 2016 shows profit attributable to ordinary shareholders of the parent entity of $12 million and a loss from discontinued operations att...

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