Which THREE of the following statements are NOT true of the IFRS Foundation trustees?
A, B, C
While conducting their audit, auditor 0 did not encounter issues which significantly limited the scope
of their audit, however they did run into problems in that they disagreed with the management on
facts in the statements.
These disagreements were somewhat material, but they did not affect the auditor's overall opinion
of the business. Which of the following statements should auditor 0 issue?
A
Extreme nepotism within Company E shows a failure to correctly observe which of the following
principles of corporate governance?
A
It costs PWR £7.50 to produce product H, per product. Product H is typically sold for £89.99. It costs
£5.00 to package product H and £15 to deliver product H to customers.
PWR is currently selling faulty versions of product H from a defunct batch, (let's call this version
product I), for 25% of the original price.
Which of the below options represent the correct inventory price for product I?
A
Company RET's financing activities are exactly 35% of their operating activities expenses each month.
Below is a list of Company RET's total expenses for this month:
Inventory supplies purchased: £145,000
Employee wages: £65,000
Purchase of a shop: £105,000
Dividend payments: ??
Cash repayments on loan: £61,000
What is company RET's total dividends payment for this month?
A
Which THREE of the following are conditions that must be met to allow an asset to be categorised as
held for sale?
A, B, C
The subsidiary company of Group XY has purchased £150,00 worth of goods its parent company.
However the goods purchased have yet to arrive at the subsidiary at the end of the financial year
20X4, meaning there is a disagreement in the current account balances between the parent and
subsidiary.
With Group XY looking to produce its CSOFP for the end of the financial year, which of the following
statements are true in relation to accounting for this disagreement? Select ALL that apply.
A, B
The IV Group is formed of I Ltd and its subsidiary company V Ltd. I Ltd purchased 67% of V Ltd's
ordinary share capital on 31 March 20X3.
The purchase cost I Ltd £129,000. At the date of purchase V Ltd's net assets were £155,000 while its
share capital was £37,000. NCI fair value on the date of acquisition was £31,000.
What was the amount of goodwill I Ltd paid as part of the acquisition. Calculate this figure using both
the proportion of net assets method and the full good will method for valuing the non-controlling
interest.
A, B
Company R use a defined benefit plan pension scheme. Employee UW has been working for
Company R for 25 years. The defined benefit plan is 1.5% of the employee's annual salary during
their
time
at
the
company,
for every year of employment.
Employee UW started on a £18,000 per annum salary. After 10 years of employment. Employee UW
received a promotion and began earning £22,000. After another 3 years of employment. Employee
UW got promoted to a wage of £35,000, and is still on this salary now. How much pension has
Employee UW accumulated since working at Company R?
A
Which TWO of the following statements about accounting for associates are true?
A, B
Which THREE of the following statements about government grants are INCORRECT?
A, B, C
Which of the following does the phrase 'events after the reporting period' refer to?
A
Which of the following is the most appropriate definition of the term 'factoring'?
A
Company Y is using some of the money from a share issue to purchase a new office building. The
company is also using some of the money to purchase inventories. Which method of financing is
this?
A
Which of the following are techniques that can be used by a company to ensure they receive timely
payment of receivables? Select ALL that apply:
A, B, C