Total 270 Questions |
Updated On: Nov 19, 2024
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Question 1
MS Group's total profit for period on their consolidated income statement is 31,000. This includes adjusting for their share of joint venture JV2. Calculate the share of joint venture MS Group received based on the following information.
MS operating profit 41,000
Dividend from JV2 5,000
Finance cost 3,000
Tax 11,000
Answer: A
Question 2
STacquired 70% of the equitysharesofDE for $87,500 on 30 September 20X5. Atthe date of acquisition the net assets of DE were $54,700 and the fair value of the non controlling interest wasmeasured at $19,700. There has been no impairment of goodwill.
On 30 September 20X9 ST disposedofits entire investmentinDE for $262,500 whenthe net assets of DEwere $96,250.
What is the gain or loss on disposal of DEthat will be included in ST'sconsolidated profit or lossfor the year ended30 September 20X9?
Answer: D
Question 3
Which of the following are limitations of financial statement figures for ratio analysis? Select the ALL that apply.
Answer: A,B,C,D
Question 4
On 30 November 20X9 OPQ acquires a financial asset that is classified as Available for Sale.
Which of the following describes the value of the financial asset on the date ofacquisition?
Answer: B
Question 5
WX acquired60% of theequitysharesof CD on 1 January 20X3. WX sold5% of the equityshares it heldfor $60,000on 31 December 20X5. At that datethe net assetsof CD were $120,000and thefair value of the non-controlling interestin CDwas measured at$21,000.No goodwill arose on the original acquisition of CD.
When preparing its consoldiated financial statements, WX will process which of the following adjustments to its group retained earnings?
Answer: B
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Total 270 Questions |
Updated On: Nov 19, 2024
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