mmon Accounting Terminologies financial statements accornding to IAS 1 following
ID: 2330442 • Letter: M
Question
mmon Accounting Terminologies financial statements accornding to IAS 1 following eepoerts is not a component 0- Which ofthe fo Financial Statements) a) Balance Sheet b) Statement of changes in equity d) Notes to the financial statentients 7-AAA has Under the pes diluted EPS calculation is they o a) 5 16,0 b) 536,0 t) $ 40g d) $760 I ordinary naury shares by a subsidary should be ineluded in the diluted EPS have an impact on the net profit for the period and the number of shares tobein al True b) False tinancing activities of an 2 The financial statement which summarizes operating, investing, and is the a) Retained eamings statement c) A e d) Ac b) Income statement c) Statement of cash flews 49-W d) Statement of financial position TRUE? a) A b) T 43 . On Janu ry 2, 2010, XYZ Inc issu ed at par Sjoune of9% convertiblebonds,Eachs $1,000 bond is cor 30 shares. No bonds were converned during 2010. XYZ Inc. had 50,000 shares of common XYZ 2010 net income was s i 60000 nd the income tax rate was 30% XYZ's diluted earnin per share for 231 c) per share for 201 (rounded to nearest penny) a) $2.71 30-V b) $3,03 a) b) 4) c) $3.20 d) $3.58 44-In a statement of cash flows, proceeds from issuing equity instruments should be classified as cash infiows 2) Lending activities b) Operating activities c) Investing activities d Financing activities 45-On Jan 1,1998, ABC Inc, purchased equipment at a cost of S 80.000. The equipment was estimated to have st value ir $ 8,000 and it is being depreciation over eight years under the sum-of-the-years-digits method. What sheait he te charge for depreciation of this equipment for the year ended December 31, 2005? a) 2,000 b) $2,222 c) $4,000 d) $9,000 46- Which of the following accounting methods that is not acceptable under LAS? a) b) c) d) Percentage of completion method for construction contracts Completed contract method for construction contracts First in, first out (FIFO) under IAS 2 (inventories) Weighted average cost method under LAS 2Explanation / Answer
40. c director report
41. a The statement is true.
42. c Statement of cash flows
43. a 2.71 as income is $160000 and potential shares convertable are = $300000/1000 = $300*30 = 9000 shares + 50000 outstanding shares.. =160000/59000
44.d Financing Activity
45. a $2000 = 72000(80000-scrap value of 8000) × 1 (last year ) / total year as per digit method = 36 i.e (8+7+6+5+4+3+2+1)
46. b completed contract method for construction contract is not acceptable
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