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- Choose the correct answer: Equity security acquired for non-trading and the shares are not enough to warrant significant influence should be measured at the end of the period a. cost, being the purchase price b. cost, being the purchase price plus transaction costs c. fair value, with change in FV taken through profit or loss. d. fair value, with change in FV taken through other comprehensive incomeWhich of the following is False in regards to Share premium account? a. It will be shown under the shareholders equity b. It will be collected when the issue price is more than the par value of shares c. It will be collected when the par value of share is more than the issue price d. It will not be shown under current assets in the balance sheetingAccounting: type question:, Which of the following items is not taken in profit and loss appropriation account? A. Transfer to dividend equalisation reserve B. Transfer to general reserve C. Provision for taxation D. Proposed dividend
- When the market value of a company’s portfolio of available-for-sale securities is lower than its cost，the difference should be: a. accounted for as a valuation allowance deducted from the asset to which it relates b. accounted for as an addition in the shareholders’ equity section of the balance sheet c. accounted for as a liability d. disclosed and described in a note to the financial statements but not accounted for.CHOOSE THE LETTER OF CORRECT ANSWER Which one of the following must be adjusted for taxes? *A. Cost of retained earningsB. Cost of common stockC. Cost of preferred stockD. Cost of debt Refers to the cost of holding inventory *A. Carrying costB. Ordering costC. Transaction costD. SpoilageE. Stock-out costAccounting type Question: Bonus shares cannot be issued out of: A. Profit and Loss a/c B. Capital Redemption reserve C. General reserve D. Dividend equalisation fund
- 1. On reporting date, they are measured at market value.2. Initially measured at purchase price, which is the fair value at purchase date.3. Initially recognized at purchase price plus transaction costs.4. Generally, dividends received or receivable are recorded as dividend revenue.5. Change in fair value is not recognized unless there is permanent impairment in value.6. Dividends received are reported as a decrease in the carrying amount of the investment.7. Impairment loss and reversal of impairment are not separately accounted for.8. Bonus issue is not separately recognized in a formal accounting entry.9. Any difference between the cost of investment and the share i the fair value of the net identifiable assets is amortized and is considered an adjustment to the recognized income from this investment.10. At the date of the disposal of the securities, the equity account accumulated in other comprehensive income may be transferred to another equity account.11. The income recognized in…6. What is the effect on the financial statement elements if an SME receives goods or services in an equity-settled share-based payment transaction? a. Increase in assets and increase in income b. Increase in assets and increase in liability c. Increase in assets and increase in equity d. No effect on any of the financial statement elementsWhen preference share is cumulative, preferred dividends not declared in a period are a. never paid b.considered a liability c. called dividends in arrears d. Distribution of earnings
- A gain or loss from one of the following transactions should not be included in determining income: a. receipt of interest from bank depositsb. sale of treasury sharesc. sale of plant and equipmentd. sale of product T Corporation’s retirement of its treasury shares resulted in the par value exceeding the cost. The difference should be: a. debited to APIC to the extent of the credit when the stock was issuedb. debited to retained earningsc. credited to APIC from previous treasury stock transactionsd. credited to APIC relating to the same issue Which of the following should be reported for capital stock? a. the shares authorizedb. the shares issuedc. the shares outstandingd. all of theseThe Share Premium-Ordinary account represents the amount of legal capital. is reported as part of equity on the statement of financial position. is credited when a no-par share does not have a stated value. normally has a debit balance. OOOWhich of the following shows how a payment made to settle an accrued expense, such as salaries payable, will affect a company's financial statements? a. b. C. d. Balance Sheet Assets = Liabilities + Equity Revenue n/a n/a n/a n/a n/a n/a Multiple Choice Option B Option C Option A Option D n/a Income Statement n/a Expense = n/a n/a n/a n/a Net income n/a n/a n/a n/a Statement of Cash Flows -Financing Activity n/a -Operating Activity -Investing Activity
