or boss atribastable to all holders of ordinary shares issued by the or Joss att

Question

or boss atribastable to all holders of ordinary shares issued by the or Joss attributable to all holders of ordinary shares issued by the by the parent entity the parent entity and its The Profit or e) d) Profit or loss None of the hove u) Debit produet Debit warranty payable, credit cash r produer Debit expense; credit product warranty payabl The intention ot en entiny The mesurement datele interest in Entity B. Entity B ow idated financial statements? ihitc -Entity should a) Consolidate Entity C Account for investment in Entity C using the equity met for Entity C in its books A owns a 60 per cent voting Entity A account for its investment in metholas adopted to account for asss b)Consolidate nt for its investment in Entity C in its consolidated financial stent An entity mest mesur ) At the amount of cash b) At the amount of cas ) At the fair value of d) None of the above using the policy it has adopted to account unr for its investment in Entity C d) 00,000. Two Do not account of the concerts were sold season tickets for series of six concerts e amount of revenue that should be reported as earned in the current current year. The amoun a) S 100,000 b) $ 200,000 a) Adjust fair value b) Ignore transacti c) The decision i d) None of the al c) S400,000 d) $600,000 Lease rentals for years 1-5 0 and 80 The concept -10-year non-cancellable operating operating lease over a building. 6-10. In Y1 the lessee must recognize exp a) True b) False b) s 2,000 c) $2,500 d) $ 5,000 81 What acc restrictions- a) IAS 35 b) The e c) The a d) Prop 74 The classification of a lease is normally a) carried out: At the end of the lease term At the inception of the lease When the entity deems it to be necessary b) After"cooling of" period of one year c) 82 Wh Which a) b) d) 75 -A business purchased a cash cash register had a useful life od register on January 1, 2010 for S4,500. This on salvage value of S 300. What should the second year's 201 twice the straight-line rate? a) $900 b) $ 840 1 depreciation expense be, using the declinind c) c) S 720 d) S 672 5- A profit sharing plan requires A pay a specified portion of its cumulative profit for a 5,-year period to e obligation is:

Explanation / Answer

Question - 70 ........... (d)  

Debit Product warranty expenses

Credit Product warranty payable

Question - 72 ......... (b)

= 600,000 * 2/6 = 200,000

Question - 73 .......... (c)

According to matching period concept of GAAP, total expenditure on a facility should match with the period of receiving benefit. We are paying .. ...... 5000 * 5 = 25000

Annual expenses = 25000 / 10 = 2500

Question - 74 .............. (c)

At the inception of the lease based on the portion of life of the asset being covered or portion of lease payments in the cost of asset.

Question - 75 ................. (c)

Rate of depreciation = 1 / life * 200 = 1/10 * 200 = 20 %

Depreciation for second year = 4500 * 0.80 * 0.20 = 720

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