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ACCTN202-25A (HAM) - Intermediate Financial Accounting
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An entity is considered to be reporting entity where there are:
35. Which of the following statements in relation Generally Accepted Accounting Practice (GAAP) are true?
I. GAAP is the basis on which general purpose financial statements are prepared
II. GAAP includes specific rules, practices and procedures relating to particular circumstances
III. GAAP includes broad concepts and principles of general application
IV. Accounting standards are primary indicators of GAAP
Disclosures for identification of Financial Statements consist of:
I.
II. Whether Financial Statements cover entity or group
III.
IV.
V.
Which of the following are requirements of the Financial Reporting Act 2013?
I. The financial statements of a company must comply, or be prepared in accordance with, generally accepted accounting practice.
II. Financial statements comply with generally accepted accounting practice only if the statements comply with applicable financial reporting standards or authoritative notice.
III. XRB must take reasonable steps to consult the persons or representatives of persons who, in the opinion of the Board, would be substantially affected by the issue of the standard, notice, amendment, or revocation.
IV. A specified entity must ensure that an auditor of the specified entity has access at all times to the accounting records and other documents of the specified entity
NZ IAS1 definition of General Purpose Financial Statements consists of :
I.
II.
III.
IV.
V. Notes comprising a summary of significant accounting policies and other explanatory notes
A Cash-flow statement shows:
I.
II. profit or loss that has been generated for a period of time using accrual accounting
III. the movements in cash and cash equivalents for a given period
IV. Indicates sources of cash in terms of cash flows from operations, investing and from financing
V. reconciliation of opening and closing total of cash and cash equivalent balances appearing in the balance sheet.
Equity like preference shares
I.
II.
III. participate in the profits of an entity
IV.
When the coupon rate of a debenture is lower than the market interest rate:
On 1 April 2021, Giant Finance Limited issued $2,000,000 six year debentures that pay interest every six months at a coupon rate of 8 per cent. At the same time of issuing the debentures, the market required a rate of return of 6 per cent. Any discount or premium on issue is amortised using the effective interest method. The total issue price of the debentures is:
On 1 July 2021, Nelson Airport Limited issued $5,000,000 eight year debentures that pay interest every six months at a coupon rate of 10 per cent. At the same time of issuing the debentures, the market required a rate of return of 12 per cent. Any discount or premium on issue is amortised using the effective interest method. The journal entries to record the issue of the debentures as at 1 July 2021. The journal entries to record payment of interest and the changes in the debenture liability at 30 June 2022 are: