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AFI 3610 / C3653FY Financial Accounting 2 (Year Module 2024) [FM ] [F]
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The essential difference between termination benefits and all other categories of employee benefits is that termination benefits do not relate to services provided by the employee.
(Indicate whether the above statement is true or false)
A provision is the same as an accrual.
(Indicate whether the above statement is true or false)
Which of the following does not create a constructive obligation under IAS 37?
(Choose one correct option only)
In terms of IFRS 16, Leases, a right-of-use asset is depreciated over the:
(Choose one correct option only)
Which of the following statements are correct?
1. A provision is a liability for which the amount is estimated.
2. A provision is not recognised on the statement of financial position.
(Choose one correct option only)
A lessor is required to classify each of its leases as either an operating lease or finance lease. An operating lease is one that does not transfer substantially all the risks and rewards of ownership of an underlying asset. A finance lease is one that does transfer substantially all the risks and rewards of ownership of an underlying asset.
(Indicate whether the above statement is true or false)
A company leased a motor vehicle on 1 July 2021 for a period of two years. The contract contains a lease. Instalments of N$14 160 are payable in arrears on 30 June 2022 and 30 June 2023.
The present value of the lease instalments on 1 July 2021 is N$23 930 and the implicit interest rate is 12%.
Working to the nearest whole number, the lease liability will be disclosed on the statement of financial position at 30 June 2022 as a:
(Select one correct option only)
On 1 January 2024, a company entered into a three-year lease for the use of office printers. The lease contract requires an advance payment of N$400 on 1 January 2024 and three annual instalments of N$600 in arrear on 31 December 2024, 2025 and 2026.
The lease qualifies for the low-value lease exemption.
For the year ended 31 December 2024, the financial statements of the lessee will report the following:
(Choose one correct option only)
Arnica Limited is constructing an amusement park on the beachfront. Construction of the park had to be suspended thrice, details of which are as follows: | ||
Reasons for periods during which construction was suspended: | ||
| Date suspended: | Date resumed: | |
| First period of suspension of construction – period A | ||
• Construction was delayed for almost 1 month because the cement work involved in the construction of the various foundations had to cure before construction could commence. | 02 February 2024 | 05 March 2024 |
| Second period of suspension of construction – period B | ||
• Construction was delayed for almost 2 months after a minor earthquake on 20 March 20X4 caused certain tectonic plates to tilt in a way that caused underground water to pool. This water had to be drained from the construction site before construction could continue. | 20 March 2024 | 15 June 2024 |
| Third period of suspension of construction – period C | ||
• Construction was delayed for almost 2 months due to the anticipated seasonal monsoons during most of September and October 2024. | 05 September 2024 | 27 October 2024 |
Max Limited was constructing a building during 2024. A spreadsheet of outstanding work as at 30 September 2024 was drafted by the project manager. The date on which each of these outstanding tasks was completed was then filled onto this spreadsheet. The completed spreadsheet was presented to you as follows:
Outstanding work as at 30 September 2024: Date completed:
• Construction of the roof on the east wing 05 November 2024
• Plumbing on all floors still to be installed 08 December 2024
• Final documentation to be submitted for filing with the municipality. 12 December 2024
• Painting of the interior and exterior of the building. 22 December 2024
The date on which the capitalisation of borrowing costs should cease (i.e. the cessation date) is:
(Choose one correct option only)