Pebworth Co acquired an item of plant under a lease on 1 Apr..

第1题

At what amount does IFRS 16 Leases require a lessee to measure a right-of-use asset acquired under a lease?

A、Lease liability + other direct costs + incentives received

B、Lease liability - other direct costs - prepayments

C、Lease liability + other direct costs + prepayments - incentives received

D、Lease liability - other direct costs - prepayments + incentives received

第2题

On 1 October 20X3, Fresco Co acquired an item of plant under a five-year lease agreement. The lease required an immediate deposit of $2 million. The present value of the future payments was $25 million. The agreement had an implicit finance cost of 10% per annum and annual rentals of $6 million paid on 30 September each year for five years. What will be the non-current liability in Fresco Co's statement of financial position as at 30 September 20X5?

A、$2,500,000

B、$2,300,000

C、$2,150,000

D、$3,850,000

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第3题

Tourmalet Co sold an item of plant for $50 million on 1 April 20X4.The plant had a carrying amount of $40 million at the date of sale,which was charged to cost of sales. On the same date, Tourmalet Co entered into an agreement to lease back the plant for the next five years (being the estimated remaining life of the plant) at a cost of $14 million per annum payable annually in arrears. An arrangement of this type is normally deemed to have a financing cost of 10% per annum. Tourmalet Co retained the rights to direct the use of and retain substantially all the remaining benefits from the plant. Using the drop down box, select what amount will be shown as income from this transaction in the statement of profit or loss for the year ended 30 September 20X4?

A、Nil

B、$10 million

C、$40 million

D、$50 million

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第4题

A sale and leaseback transaction involves the sale of an asset and the leasing back of the same asset. If the arrangement meets the IFRS 15 criteria to be recognised as a sale, how should any 'profit' on the sale be treated?

A、Recognise whole amount of profit immediately in profit or loss

B、Defer profit and amortise over the lease term

C、Recognise proportion relating to right-of-use retained

D、Recognise proportion relating to right-of-use transferred

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第5题

Which of the following events taking place after the year end but before the financial statements were authorised for issue would require adjustment in accordance with IAS 10 Events After the Reporting Period？

A、Three lines of inventory held at the year end were destroyed by flooding in the warehouse.

B、The directors announced a major restructuring.

C、Two lines of inventory held at the year end were discovered to have faults rendering them unsaleable.

D、The value of the company's investments fell sharply.

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第6题

Which TWO of the following events which occur after the reporting date of a company but before the financial statements are authorised for issue are classified as ADJUSTING events in accordance with IAS 10 Events After the Reporting Period？

A、A change in tax rate announced after the reporting date, but affecting the current tax liability

B、The discovery of a fraud which had occurred during the year

C、The determination of the sale proceeds of an item of plant sold after the year end

D、The destruction of a factory by fire

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第7题

Candel Co is being sued by a customer for $2 million for breach of contract over a cancelled order.Candel Co has obtained legal opinion that there is a 20% chance that Candel Co will lose the case.Accordingly Candel Co has provided $400,000 ($2 million x 20%) in respect of the claim. The unrecoverable legal costs of defending the action are estimated at $100,000. These have not been provided for as the case will not go to court until next year.What is the amount of the provision that should be made by Candel Co in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets?

A、$2,000,000

B、$2,100,000

C、$500,000

D、$100,000

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第8题

During the year Peterlee Co acquired an iron ore mine at a cost of $6 million. In addition, when all the ore has been extracted (estimated ten years' time) the company will face estimated costs for landscaping the area affected by the mining that have a present value of $2 million.These costs would still have to be incurred even if no further ore was extracted.How should this $2 million future cost be recognised in the financial statements?

A、Provision $2 million and $2 million capitalised as part of cost of mine

B、Provision $2 million and $2 million charged to operating costs

C、Accrual $200,000 per annum for next ten years

D、Should not be recognised as no cost has yet arisen

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第9题

Which of the following would NOT be valid grounds for a provision?

A、Aston Ltd has a policy has a policy of cleaning up any environmental contamination caused by its operations, but is not legally obliged to do so.

B、Brum Ltd is leasing an office building for which it has no further use. However, it is tied into the lease for another year.

C、Coleshill Co is closing down a division. The board has prepared detailed closure plans which have been communicated to customers and employees.

D、Dudley Co has acquired a machine which requires a major overhaul every three years. The cost of the first overhaul is reliably estimated at $120,000.

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Pebworth Co acquired an item of plant under a lease on 1 April 20X7. The present value of the lease payments was $15.6 million and the rentals are $6 million per annum paid in arrears for three years