Q1 Globalization demands a single set of high-quality international accounting standards. List the elements of High Quality Standards and explain the two major boards that sets standards.
Answer: 3 Marks
Q2. Q2. What do you understand by deferrals and accruals in adjusting entries? Give numerical examples on how such adjusting entries are made.
(4 Marks)
Answer:
Q3. Fill in the blanks (1 Mark)
Sales Revenue – Cost of goods sold = Gross Profit – Operating expenses =Net Profit
500,000 ? 175,000 ? 76,500
? 305,800 ? 115,750 65,250
Answer:
Sales Revenue – Cost of goods sold = Gross Profit – Operating expenses =Net Profit
500,000 175,00076,500
305,800115,750 65,250
Q4. a. What do you understand by allocation to non-controlling interest and discontinued operations? Explain how they are reported in the income statement. (2 Marks)
Amswer:
Q4b. Intraperiod Tax Allocation.
XYZ Co. has income before income tax of SR 50,000. XYZ Co. has a gain of SR 10,000 from a discontinued operation. Assuming a 35 percent income tax rate, how would XYZ Co. present the information on the income statement, and if it had a loss of SR 10,000 from a discontinued operation. Assuming a 35 percent income tax rate, show the changes in Income on the income statement
(2 Marks)
Prepare:
1. Changes in Income on the income statement when Loss made from discontinued operations
2. Changes in Income on the income statement when Gain made on discontinued operations
Answer:
Q5
The following information in SAR. Prepare a Cash Flow Statement:- (3 Marks)
Opening Cash Balance 15,000
Closing Cash Balance 23,000
Increase in current liabilities 13,000
Decrease in current assets 17,000
Fixed assets purchase 30,000
Redemption of 12% bonds 14,000
Profit for the year 18,000
Depreciation 4000
Answer:
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