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FR B Financial instruments and leasing

Written by Fahad Mirza (ACCA)

9 سوالات: اے سی سی اے مالیاتی رپورٹنگ، جوابات اور وضاحت کے ساتھ۔

جوابی کنجی کے ساتھ قابلِ پرنٹ ورک شیٹ

تمام سوالات جوابات کے ساتھ
  1. A redeemable preference share is normally classified as:

    • 1 A financial liability
    • 2 Revenue
    • 3 A contingent asset
    • 4 Equity
    جواب دیکھیں

    درست جواب: A financial liability

    The obligation to redeem makes it a liability, and its dividends are finance costs.

    غلطی کی اطلاع دیں

  2. Which measurement applies to a financial liability held for trading?

    • 1 Cost less impairment
    • 2 Fair value through other comprehensive income
    • 3 Amortised cost
    • 4 Fair value through profit or loss
    جواب دیکھیں

    درست جواب: Fair value through profit or loss

    Most other liabilities are at amortised cost.

    غلطی کی اطلاع دیں

  3. Debt is issued for net proceeds of $95,000 with an effective rate of 6 percent and a coupon of $4,000. What is the finance cost for year 1?

    • 1 $4,000
    • 2 $1,700
    • 3 $5,000
    • 4 $5,700
    جواب دیکھیں

    درست جواب: $5,700

    6% x 95,000 = 5,700.

    غلطی کی اطلاع دیں

  4. Debt is issued for net proceeds of $95,000 with an effective rate of 6 percent and a coupon of $4,000. What is the carrying amount at the end of year 1?

    • 1 $99,000
    • 2 $95,000
    • 3 $100,000
    • 4 $96,700
    جواب دیکھیں

    درست جواب: $96,700

    95,000 + 5,700 - 4,000 = 96,700.

    غلطی کی اطلاع دیں

  5. A lessee recognises at the start of a lease:

    • 1 A right-of-use asset and a lease liability
    • 2 Only an expense
    • 3 Nothing
    • 4 Only a liability
    جواب دیکھیں

    درست جواب: A right-of-use asset and a lease liability

    This applies to leases not covered by the exemptions.

    غلطی کی اطلاع دیں

  6. A 3-year lease has annual payments in arrears of $10,000 and a discount rate of 8 percent. What is the lease liability at the start, to the nearest dollar?

    • 1 $30,000
    • 2 $27,000
    • 3 $25,771
    • 4 $24,000
    جواب دیکھیں

    درست جواب: $25,771

    10,000 x annuity factor 2.5771 = 25,771.

    غلطی کی اطلاع دیں

  7. A 3-year lease has a liability at the start of $25,771 and a discount rate of 8 percent. What is the interest charge in year 1, to the nearest dollar?

    • 1 $2,577
    • 2 $800
    • 3 $2,000
    • 4 $2,062
    جواب دیکھیں

    درست جواب: $2,062

    8% x 25,771 = 2,062.

    غلطی کی اطلاع دیں

  8. Which leases can a lessee exempt from recognition on the statement of financial position?

    • 1 All leases of land
    • 2 Leases of motor vehicles
    • 3 All leases with a related party
    • 4 Leases of 12 months or less, and leases of low-value assets
    جواب دیکھیں

    درست جواب: Leases of 12 months or less, and leases of low-value assets

    The payments for these leases are expensed on a straight line basis.

    غلطی کی اطلاع دیں

  9. Receivables are factored with recourse, so the entity keeps the risk of non-payment. How are they treated?

    • 1 They are shown as revenue
    • 2 They are derecognised
    • 3 They remain on the statement of financial position with a liability for the advance
    • 4 They are written off
    جواب دیکھیں

    درست جواب: They remain on the statement of financial position with a liability for the advance

    Derecognition depends on the transfer of risks and rewards.

    غلطی کی اطلاع دیں

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