Crowdly
Add to Chrome
Questions Bank (1474557 total)
There were 2 events:
1. On 10 February 2022, Unilever announced a dividend of €1,137 million.
2. On 23 February 2022, Unilever issued £300 million 2.125% notes maturing in 2028.
Which of the following statements is CORRECT?
Quick acquired 80% of the 1m issued £1 ordinary shares of Spec on 1 January 20X1 when Spec’s retained earnings were £1,540,000.
The group measures non-controlling interest (NCI) at fair value at the acquisition date. The FV of the NCI of Spec as at 1 January 20X1 was £1,200,000.
An impairment review performed at 31 December 20X1 indicated that goodwill on the acquisition of Spec had impaired by £400,000.
The retained earnings of Spec at 31 December 20X1 were £2,620,000.
The NCI to be included in the consolidated statement of financial position at 31 December 20X1 will be:
Large plc purchased 80% of the equity shares in Little plc on 1 January 20X1. During the year ended 31 December 20X1, Large sold inventory to Little at a sales price of £500,000. All of the goods remained in Little’ inventory. Large applied a margin of 20%.
Extracts from the statement of profit or loss for the two entities are shown below:
|
Large
|
Little
|
|
£000
|
£000
|
Revenue
|
2,000
|
1,750
|
Cost of sales
|
(1,650)
|
(1,250)
|
What would be the revenue and cost of sales figures reported in the consolidated statement of profit or loss for the year ended 31 December 20X1?
Answer to the nearest £000
Statements of financial position at 31 December 20X0
| ||
Amounts in £
|
Gromit plc
|
Jamboree plc
|
Assets:
| ||
Cash
|
200,000
|
120,000
|
Inventories
|
500,000
|
230,000
|
Shares in Jamboree plc (at cost)
|
1,300,000
|
-
|
Properties
|
2,200,000
|
850,000
|
Total Assets
|
4,200,000
|
1,200,000
|
Liabilities:
| ||
Payables
|
250,000
|
300,000
|
Shareholders’ Equity:
| ||
Share Capital
|
50,000
|
100,000
|
Retained Earnings
|
3,900,000
|
800,000
|
Total Liabilities and Equity
|
4,200,000
|
1,200,000
|
At the date of acquisition, the fair value of Jamboree plc’s inventories was £270,000, the fair value of Jamboree plc’s properties was £840,000 and the fair value of the non-controlling interest was £115,000.
Using the share of acquiree’s net assets method to account for the non-controlling interest in Jamboree plc, calculate the reported on Gromit plc’s consolidated statement of financial position at 31 December 20X0.
The following information is available about the financial year ending 31 December 20X3:
Brendon
plc received a dividend of £5,000 from Randy plc on 30 March 20X3.
Randy
plc sold goods to Brendon plc for £3,000 on 30 September 20X3. The goods had
cost Randy plc £2,000. One-half of these goods were unsold by Brendon plc at 31
December 20X3.
Randy
plc’s retained earnings amounted to £75,000 at 31 December 20X3.
What is the associate asset reported in Brendon plc’s consolidated statement of financial position on 31 December 20X3?
ABC plc’s accountants have prepared the following IFRS income statement summary for the year ended 31 December 20X1:
Amounts in £ | |
Revenue | 100,000 |
Expenses (excluding tax) | (75,000) |
Profit before tax | 25,000 |
The following information is available about ABC’s profit before tax:
- Revenue includes a government grant of £10,000, which is not taxable.
- Expenses include fines of £4,000 paid by ABC plc during the period. The government does not allow tax-deductibility of fines.
The tax rate for the period is 20%.
What is the current tax expense reported on ABC plc’s P&L for the year ended 31 December 20X1?
Many judges are:
In what situation can judges be dismissed?
I am the current Chief Justice of the High Court. I was born in 1954 and appointed in September 2007. Who am I?
The timeline shown below best describes the cash flow of which of the following people?
Date (years) | 0 | 1 | 2 | 3 | 4 |
Cash Flows | $3 500 | -$1 000 | -$1 000 | -$1 000 | -$1 000 |