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EMILE WOOLF ACCA BOOKS PDF

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What effect will this have upon the current ratio? A B C D Decrease Increase No effect The ratio could either increase or decrease 2 marks Extracts from the income statement and statement of financial position of the Apricot Company are shown below: It decides to pay off its trade payables using surplus cash. Objective test questions The following information relates to Damson. Financial accounting The accounts of S Ltd.

This ratio will decrease if M Ltd A B C D receives cash in respect of a long-term loan receives cash in respect of a short-term loan pays an existing trade payable writes off an existing receivable against the provision for doubtful debts 1 marks H Ltd has positive working capital.

What effect will the payment of a proposed dividend using cash balances have upon the current ratio and working capital? What were the average receivables collection period and gross profit percentage for the year ended 31 December 20X7? Objective test questions W Ltd downloads and sells a single product. The following is an extract from its statement of financial position at 31 December 20X7. If the company now uses its positive cash balance to pay that final dividend.

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After correction of these errors the gross profit percentage will be A B C D 9. Financial accounting After proposing a final dividend. K Ltd has a current ratio of 2. What will be the effect of the new product upon the following ratios of V plc?

IFRIC is responsible for interpreting how a new standard should be applied to transactions and also deals with emerging issues. Small companies might be managed by their shareholder s.

This is not cash contributed by the shareholders. The equity capital of a company includes retained profits — profits made by the business sand reinvested. The statement of financial position of any type of business entity may include any non-current liabilities.

Sole traders are not required to make their financial statements available for public inspection: It issues Interpretations of accounting standards All companies are owned by their shareholders.

The customer will then use the document to physically check the goods received and ensure that they match to those ordered per the download order.

Section 2: Answers to objective test questions 17 D This is an application of the accruals concept. However the business entity would still have an obligation to pay its liabilities in full.

The customer sets the credit note against the invoice. If a liability is increased. Capital is reduced by a charge against profits 9i. Financial accounting 24 A A credit note is sent by the supplier. Transaction 4: The refund of electricity charges is a reduction in an expense. Answers to objective test questions 32 C The receivables ledger is a ledger supplementary to the main accounting ledger.

Transaction 1 would be the correct entry for credit sales. An introduction of capital is shown as a credit in the capital account. This may include: For the other transactions.

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Tutorial note: The non-current asset register is not a book of prime entry. The capital is in the form of a machine rather than cash. Entries are posted from the day books to the receivables ledger accounts.

The correct double entry for the total of this column is: Dr Discounts allowed Cr Sales ledger control account 43 C If output tax tax on sales exceeds input tax tax on downloads. Financial accounting Recording transactions: The correct entry for a sale is: The download is recorded net of the trade discount but before the settlement discount: If this discount is not taken.

The desk is being transferred out of goods for resale hence a credit to cost of sales and into non-current assets hence a debit. Therefore it does not qualify as drawings. Sales tax is always charged on the price net of all discounts. Opening inventory must be charged as an expense in the income statement.

The drawings account must be debited. Costs of carriage inwards are included in overhead costs if they cannot be attributed directly to specific materials. Closing inventory must be kept out of the cost of sales and included as an asset in the statement of financial position.

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Cost might be much lower than net realisable value. The matching credit entry should be to downloads. The costs of a factory manager are part of production overheads. Inventory is valued at the lower of cost and net realisable value. In some businesses.

Since the cost of sales was understated. Inventory drawings reduce the amount of inventory available for sale. The credit entry is therefore made to downloads to reduce the cost of goods sold. However the download was not recorded until the following year. The weighted average cost calculation should include the opening inventory. This average cost is applied to all issues of inventory from store in the period and also to units of closing inventory.

The accruals concept is relevant in the other cases as: Inventory should be valued at the lower of cost and net realisable value. Answers to objective test questions it may be acceptable for inventory to be valued at selling price minus the estimated profit margin. Sales tax is not included in the cost of the machine as this is recoverable from the tax authorities.

A non-current asset register is a detailed schedule of all noncurrent assets held by a business. Financial accounting 84 D Tutorial note: It includes details such as cost.

There is. Financial accounting 95 C The cost of the asset can include carriage inwards and installation costs. The change in the estimated life of the asset is made on 31 December Answers to objective test questions Accruals and prepayments.

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This could be shown in T account form as follows. At 30 November When the allowance for irrecoverable debts is re-calculated. Opening inventory remains as a debit balance on the inventory account until the year end. The other items are all accounting items recorded at the end of the financial year. Irrecoverable debts bad debts is an expense item. In this question. Changes in the allowance for recoverable debts are not recorded in the receivables account.

Cash refunds are debited to the receivables account and credited to cash. All conditions must be met. It is vital that you remember the three conditions required in order to make a provision. If the answer to all three questions is yes. In this case. Financial accounting Provisions and contingencies A The accounting treatment of contingencies can be summarised as follows: When considering whether a provision should be made. A legal obligation derives from a contract or statute law legislation.

Capital structure and finance costs B The amount incorrectly credited to the share capital account must be reversed out by debiting and then credited to share premium. Success in the case is not probable and therefore a provision can not be booked.

The authorised share capital is the maximum which a company may issue. Equity dividends are not accounted for until officially approved by the shareholders. In some countries e. Proposed dividends are disclosed in a note to the financial statements.

In practice this rarely occurs before the year end and therefore it is very rare to find a liability for equity dividends in the statement of financial position.

A rights issue might increase the number of shareholders in a company. Where no share premium is available to fund a bonus issue of shares. Answers to objective test questions A A bonus issue does not change the total of share capital and reserves. Dr Motor vehicles account Cr Suspense 1. Financial accounting B The statement of changes in equity reconciles the opening balances of share capital. Dr Cash Cr Share capital Where shares are issued at a premium.

It does not. Where the balance on an account has been extracted incorrectly. It does include preference dividends relating to the year and ordinary dividends declared during the year. Trial balance. It does not include profit on the disposal of properties as an individual item.

For this purpose. A double debit has occurred. The initial journal includes an equal debit and credit and so the suspense account is not affected. As double entry has broken down. When adjusting profit for the effect of correction journals. Where a balance is omitted from the trial balance.

If a question does not mention one side of the initial entry — as is the case here for error 1. The correct journal to capitalise costs associated with the construction of the extension is to debit the buildings account and credit the wages and downloads accounts. As there is an equal debit and credit in the initial entry. Item A B Correction The cash balance should be debited into the trial balance and the credit entry sent to suspense.

The rent account should be credited with twice the amount. The entry must be made by debiting cash and crediting sales. The correction required involves crediting the amount out of the plant asset account and debiting it to the plant repairs account. No debit entry has been made. It should help you to work logically through what has gone wrong. Answers to objective test questions Tutorial note: Therefore the correction journal will involve eliminating this suspense account entry.

Both the entries to the cash and repairs account have been credited. The suspense account is also affected when a balance is omitted from the trial balance or incorrectly extracted from the ledger account. Balance omitted from the trial balance. Double entry has. The other errors do not affect the reported profit. Financial accounting C The suspense account arises and so needs correcting only when an initial entry does not include an equal debit and credit.

An extraction error arises where the balance on an account has been incorrectly transferred to the trial balance. The credit part of the initial entry has been posted to the wrong account. An error of commission occurs where an entry has been made to the wrong account but within the right category of account here non-current assets.

This differs from an error of principle which occurs where an entry has been made to the wrong category of account. Initial entry includes an equal debit and credit therefore no suspense account arises.

This will not affect the suspense account. This is the case in error A within this question: A double credit has arisen in the initial entry.

In this case an entry has been completely omitted. Discounts allowed: The error in recording discounts allowed involves making two credit entries. Where we are: Answers to objective test questions D Correction journals: Discounts received: The depreciation amount should have been credited to the provision for depreciation account.

The error in Item 2 is an error of omission: As control accounts are maintained. In Item 1 incorrect amounts are debited and credited. These do not account for the full difference between the cash book and the bank statement — some is explained by uncleared lodgements and unpresented cheques.

These include bank charges and the dishonoured cheque. Amendments are made to the cash book for unrecorded differences. He should have credited it by the same amount. Answers to objective test questions C Beta: Remember that. Answers to objective test questions D If Beta sends a credit note to Alpha but Alpha has not yet recorded it. The accounts are. Loan notes may be classified as current or non-current depending on the date of redemption.

Answers to objective test questions A An estimate of the future effect of the change in accounting policy is not necessary. Extraordinary items are not allowed either on the face of the income statement or in the notes to the accounts. Land and downloadd goodwill must not be depreciated.

Other non-current assets such as investments are not depreciated. Goodwill is not re-valued. Events that have a future impact. Financial accounting D If material.

IAS 37 does not allow provisions to be made for future operating losses. Exam tip: You should make up a list of adjusting and non-adjusting events and commit it to memory. A fall in the value of investments owned by an entity after the reporting period does not affect the position as at the end of the period. As the legal action relates to an event during the financial year.

Had the action related to an incident arising after the balance sheet date. These are therefore adjusting. The financial statements include the notes to the financial statements IAS1. A bonus issue of shares and a proposed dividend do not involve a cash transfer.

Despite the different methods. If so. Both depreciation and a loss on disposal are added back to profit when using the indirect method to calculate cash from operating activities.

You may be required to work with a carrying value T account rather than separate cost and accumulated depreciation accounts. However they are not cash flows and so are not included elsewhere in the statement of cash flows.

You must make sure that you are happy with the difference between margins and mark-ups. A useful way to approach this type of question is through trial and error. Consolidated financial statements B Cost Net assets acquired: Share capital Opening accumulated profits Profits to 31 July Financial accounting B Cost Net assets acquired: The same adjustment is needed irrespective of whether the goods remain within the group at the year end or not.

Answers to objective test questions Transaction costs incurred in making an acquisition must be written off as an expense and not added to the cost of the acquisition IFRS3 revised.

The transaction must be entered in the books of the parent before the consolidation takes place. Park Sand In addition the inter-company trading must be cancelled as the sale has been double counted by the group. Participation in. Acquisition accounting is used to consolidate a subsidiary.

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Financial accounting on the remaining inventory. Company B. Equity accounting is the only acceptable method of accounting for an associate in the group accounts. Associates are equity accounted for. Harry does not seem to satisfy will be classified as held for sale.

In profit or loss. EV Company is unlikely to be able to demonstrate significant influence over Dick because of the other shareholder having control. Answers to objective test questions B Hill Therefore Tom is the only investment that will be accounted for as an associate by the equity accounting method.

The value of the investment in the associate cost plus share of retained profits minus any impairment in the investment is disclosed as a single line item in the statement of financial position.

Therefore receiving cash in respect of a short-term loan must be the correct choice. Payment on an existing creditor improves the ratio. Writing off a receivable against a provision has no effect on current assets.

Financial accounting Thus. The quick ratio will decrease to 0. The current ratio will increase to 2.

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The loan interest and rental would not affect gross profit and declining turnover would not directly affect the gross profit percentage. Russia and the UK. The only publishing company focused purely on the ACCA examinations. Flag for inappropriate content. Related titles. Jump to Page. Search inside document. Objective test questions What should the closing balance at 31st January be after correcting the errors in the account? Financial accounting Provisions and contingencies Which of the following statements about contingent assets and contingent liabilities are correct?

All three should be disclosed by note A provision should be created for the best estimate of the liability in 1, and items 2 and 3 should be disclosed by note A provision should be created for the best estimate of the liability in 1, item 2 should be disclosed by note and item 3 not disclosed at all A provision should be created for the best estimate of the liabilities in 1 and 2 and item 3 should be disclosed by note 2 marks 2 3 How should these items be reflected in the financial statements, if at all?

A B C D Greensleeves, a company has announced that it will be shutting down its operations in Transylvania in the coming year. Objective test questions Which of the following is not a requirement for a provision to be made according to IAS 37?

Financial accounting C D Both statements are correct. Neither statement is correct. Kiran Batool. Salman Salim Khan. Muhammad Shakeeb. Lai Andrew.

Muhammad Idrees. Don Salamanca. Murtaza Lanewala. Gagi Rukhadze. Rajeshwar Nagaisar. Divya Juggoo. Ikram Khokhar. Nadir Muhammad. More From Tinh Linh. Tinh Linh. Khuram Shehzad Jafri. Unit 2 Professional Development for Strategic Managers Fenil Desai. Popular in Loans. Ranch House of Orange-Brevard, Inc. Scribd Government Docs. Nardz Andanan. Dawn Sedigo. Indian Weekender. Each person has their own preference…. Just bear in mind though that BPP and Kaplan are the two approved publishers not certain if they have added more since.

An approved publisher is one whom the examiners have reviewed the contents of the book and agree that it is in line with the syllabus. Im currently mainly using Kaplan and Opentuition. I have today just heard of Emile Woolf.

My question was more related to anyone who has actually used these notes and what their opinions were. Any advice from people who have used Emile Woolf greatly appreciated. A B C D 13 1 only 2 only 3 only None of them 2 marks Listed below are some characteristics of financial information: 1 2 3 4 neutrality prudence completeness timeliness. A B C D 14 1, 2 and 3 only 1, 2 and 4 only 1, 3 and 4 only 2, 3 and 4 only 1 mark Which of the following four statements about accounting concepts or principles are correct?

In order to achieve comparability it may sometimes be necessary to override the prudence concept. To facilitate comparisons between different entities it is helpful if accounting policies and changes in them are disclosed. To comply with the law, the legal form of a transaction must always be reflected in financial statements.

The substance over form convention means that the economic substance of a transaction should be reflected in the financial statements, not necessarily its legal form. The realisation concept means that profits or gains cannot normally be recognised in the income statement until realised.

Emile Woolf Publishing Limited Section 1: Objective test questions 4 A B C D 16 The application of the prudence concept means that assets must be understated and liabilities must be overstated in preparing financial statements. A B C D Items must be excluded from the financial statements if they are immaterial. It is a legal requirement that the legal form of a transaction must always be shown in the financial statements of a company. In times of rising prices, the use of historical cost accounting will tend to overstate profits and understate assets.

Unless financial information is provided in a timely manner, it might lose its relevance. Figures for rent received in advance and rent in arrears at the beginning and end of the year were as follows. Financial statements presented on the going concern basis show assets at their realisable value A B True False 1 mark 19 Is the following statement true or false?