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Guys, lets discuss mcqs:
1) comparability – disclosure of policies and comparative information
2) ratios – only second option
3) defered tax should not be discounted
4) regarding inventory, cost was less than nrv, 51600 or smth so choose it
5) associate revenue disregarded
6) 45% of ordinary shares but all others less than 1% is also correct control
7) going concern as adjusting
8) regarding grant, the answer was 3750000 or smth
9) lease. Overstated by 2000Only NFP was for non financial performance, that question was option A for me.
Exlusion was when parent prepares, no securities for trading and not in the process of issuing securities for tradingThere was a question where only purchased patent or smth was recognized; in another only warranty claims were recognized
Held for sale was when its probable and readily available for sale, only two options
Mcq, I put lease understated by 13k. operating they were paying 19k and I calcd interest cost of 6k if they treated as finance lease. So 13k more profit?
Q1:
Got -1200 for subsidiary then multiply by 0.6 for parent and 0.4 for NCI. In the parent RE, substract unwinding discount 108 and PUP and add gain of 600 on equity investments. There was a loss of 200 in equity investments for subsidiary.
In goodwill calculation, 2000 decrease in fair value substracted from net assests, include share capital, pre acquistion of 8600-3000*6/12=7100.
Tax asset is also accounted in net assets for goodwill
@kevikraze said:
Mcq, I put lease understated by 13k. operating they were paying 19k and I calcd interest cost of 6k if they treated as finance lease. So 13k more profit?Hm, you missed depreciation expense brah. 60000/4
In lease question, you have -19000 for operating, -21000 for financing, so 2000 overstatement
@gavin23 said:
But did it not say PnL so only the 6k int would have hit PnL for financing?Depreciation is not in pl?
@gavin23 said:
Very good .. You have me worried about MCQ’s now!Actually, in my first answer i missed depreciation as well. Thrn thought: they gave residual value? Really? So there is smth
If £19k was charged to the P&L for the operating lease charge. Would this not mean it was understated by £2k as opposed to over stating as mentioned above?
The question asked for operating lease case. Think, you should have had 25000. With operating, you will have 25000-19000=6000. With financinh, 25000-21000=4000. So overstatemnt pf 2. Whats the problem?
@sweeney01236 said:
If £19k was charged to the P&L for the operating lease charge. Would this not mean it was understated by £2k as opposed to over stating as mentioned above?As far as i remember, it did not ask for comparing the charge; rather, it asked for the effect on income statement
@kevikraze said:
Anyone remember the rest of mcq? My memory is drawing blanksLol, read through my posts
I think the exam was just fair, I started with qn 3 AND it got balanced but am not sure if it was correct although I forgot to do part d of that qn.
mcqs were also fair.
qn2 was little bit tricky
q1 was ok@emo777 said:
Lol, read through my postsYeah thanks man, saw those was meaning for the other 10
@kevikraze said:
Yeah thanks man, saw those was meaning for the other 10I also wrote some additional mcqs in another posts
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