Question Tag: Assets
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- 1 Marks
AAA – Nov 2012 – L3 – AII – Q1 – Overview of Advanced Audit and Assurance.
Defines assets in the context of financial position.
Find Related Questions by Tags, levels, etc.
- Tags: Accounting, Assets, Economic Benefits, Financial Position, Financial Reporting
- Level: Level 3
- Topic: Overview of Advanced Audit and Assurance
- Series: NOV 2012
- 10 Marks
FR – Nov 2014 – L2 – Q4a – Presentation of Financial Statements
Explain the essential characteristics of assets and features of liabilities per IAS 1.
Question
The International Financial Reporting Standards (IFRS) through the International Accounting Standards Board (IASB) set out the definition and essential characteristics of assets and liabilities in the presentation of financial statements, which users of the statements are likely to rely on when making major economic decisions.
Required:
Identify the essential characteristics of assets and comment on the features of liabilities in accordance with provisions of IAS 1 on the presentation of financial statements. (10 Marks)
Find Related Questions by Tags, levels, etc.
- Tags: Assets, Financial Statements, IAS 1, IFRS, Liabilities
- Level: Level 2
- Topic: Presentation of Financial Statements (IAS 1)
- Series: NOV 2014
- 15 Marks
FR – Nov 2015 – L2 – Q4b – Impairment of Assets (IAS 36)
Assess whether plant and equipment is impaired and explain how impairment loss should be treated in the books.
Question
The following information relates to individual plant and equipment used by Phonex Nigeria Limited for its telecommunication operations as at December 31, 2014.
| Plant and Equipment | Carrying Amount (N’000) | Fair Value less cost to sell (N’000) | Value in use (N’000) |
|---|---|---|---|
| 1. Mast | 297,500 | 302,500 | 285,000 |
| 2. Generators | 592,500 | 517,500 | 512,500 |
| 3. Computer equipment | 287,500 | 292,500 | 307,500 |
| 4. Credit card machines | 207,500 | 187,500 | 197,500 |
| 5. Motor vehicles | 77,500 | 65,000 | – |
Additional information:
i. The Mast and the Generator are carried at revalued amounts, and the cumulative revaluation surplus in other comprehensive income for the equipment are N30,000,000 and N15,000,000, respectively.
ii. The motor vehicles are buses used for transporting employees in the morning and evening, and it is not possible to determine the value in use of the buses separately because the buses do not generate cash inflows from continuing use that are independent of the cash flows from other assets.
Required:
Draft a memo addressed to your boss indicating whether each of the plant and equipment is impaired or not and also explaining how the impairment loss should be treated in the books of Phonex Nigeria Limited as at December 31, 2014.
Find Related Questions by Tags, levels, etc.
- Tags: Assets, Financial Reporting, IAS 36, Impairment, Impairment Loss, Plant and Equipment
- Level: Level 2
- Topic: Impairment of Assets (IAS 36)
- Series: NOV 2015
- 5 Marks
FR – Nov 2015 – L2 – Q4a – Impairment of Assets (IAS 36)
List external and internal factors an entity should consider to assess asset impairment.
Question
The purpose of IAS 36: Impairment of Assets is to provide entities with guidance to determine whether an asset is impaired and how the impairment should be recognized.
Required:
a. In assessing whether there is an indication that an asset may be impaired, what factors should an entity consider?
Find Related Questions by Tags, levels, etc.
- Tags: Assets, IAS 36, Impairment, Indicators
- Level: Level 2
- Topic: Impairment of Assets (IAS 36)
- Series: NOV 2015
- 1 Marks
FA – Nov 2012 – L1 – SA – Q29 – Partnership Accounts
Identifying the necessary accounting entries when a partner takes over an asset upon dissolution.
Find Related Questions by Tags, levels, etc.
- Tags: Accounting Entries, Assets, Dissolution, Partnership
- Level: Level 1
- 1 Marks
FA – Nov 2012 – L1 – SA – Q10 – Financial Statements Preparation
Calculating the total asset value from opening balances.
Question
The following are opening balances in the ledger accounts of Doodle Limited:
Plant and equipment N80,000
Inventories N10,000
Trade receivables N18,000
Loan N20,000
Bank balance (credit) N15,000
What is the total asset value of the company?
A. N90,000
B. N108,000
C. N123,000
D. N128,000
E. N143,000
Find Related Questions by Tags, levels, etc.
- Tags: Assets, Financial Position, Total Value
- Level: Level 1
- Topic: Financial Statements Preparation
- Series: NOV 2012
- 1 Marks
FA – Nov 2012 – L1 – SA – Q3 – Financial Statements Preparation
Determining which item is not part of the statement of financial position.
Find Related Questions by Tags, levels, etc.
- Tags: Assets, Finance Charge, Financial Position, Liabilities
- Level: Level 1
- Topic: Financial Statements Preparation
- Series: NOV 2012
- 1 Marks
AAA – Nov 2012 – L3 – AII – Q1 – Overview of Advanced Audit and Assurance.
Defines assets in the context of financial position.
Find Related Questions by Tags, levels, etc.
- Tags: Accounting, Assets, Economic Benefits, Financial Position, Financial Reporting
- Level: Level 3
- Topic: Overview of Advanced Audit and Assurance
- Series: NOV 2012
- 10 Marks
FR – Nov 2014 – L2 – Q4a – Presentation of Financial Statements
Explain the essential characteristics of assets and features of liabilities per IAS 1.
Question
The International Financial Reporting Standards (IFRS) through the International Accounting Standards Board (IASB) set out the definition and essential characteristics of assets and liabilities in the presentation of financial statements, which users of the statements are likely to rely on when making major economic decisions.
Required:
Identify the essential characteristics of assets and comment on the features of liabilities in accordance with provisions of IAS 1 on the presentation of financial statements. (10 Marks)
Find Related Questions by Tags, levels, etc.
- Tags: Assets, Financial Statements, IAS 1, IFRS, Liabilities
- Level: Level 2
- Topic: Presentation of Financial Statements (IAS 1)
- Series: NOV 2014
- 15 Marks
FR – Nov 2015 – L2 – Q4b – Impairment of Assets (IAS 36)
Assess whether plant and equipment is impaired and explain how impairment loss should be treated in the books.
Question
The following information relates to individual plant and equipment used by Phonex Nigeria Limited for its telecommunication operations as at December 31, 2014.
| Plant and Equipment | Carrying Amount (N’000) | Fair Value less cost to sell (N’000) | Value in use (N’000) |
|---|---|---|---|
| 1. Mast | 297,500 | 302,500 | 285,000 |
| 2. Generators | 592,500 | 517,500 | 512,500 |
| 3. Computer equipment | 287,500 | 292,500 | 307,500 |
| 4. Credit card machines | 207,500 | 187,500 | 197,500 |
| 5. Motor vehicles | 77,500 | 65,000 | – |
Additional information:
i. The Mast and the Generator are carried at revalued amounts, and the cumulative revaluation surplus in other comprehensive income for the equipment are N30,000,000 and N15,000,000, respectively.
ii. The motor vehicles are buses used for transporting employees in the morning and evening, and it is not possible to determine the value in use of the buses separately because the buses do not generate cash inflows from continuing use that are independent of the cash flows from other assets.
Required:
Draft a memo addressed to your boss indicating whether each of the plant and equipment is impaired or not and also explaining how the impairment loss should be treated in the books of Phonex Nigeria Limited as at December 31, 2014.
Find Related Questions by Tags, levels, etc.
- Tags: Assets, Financial Reporting, IAS 36, Impairment, Impairment Loss, Plant and Equipment
- Level: Level 2
- Topic: Impairment of Assets (IAS 36)
- Series: NOV 2015
- 5 Marks
FR – Nov 2015 – L2 – Q4a – Impairment of Assets (IAS 36)
List external and internal factors an entity should consider to assess asset impairment.
Question
The purpose of IAS 36: Impairment of Assets is to provide entities with guidance to determine whether an asset is impaired and how the impairment should be recognized.
Required:
a. In assessing whether there is an indication that an asset may be impaired, what factors should an entity consider?
Find Related Questions by Tags, levels, etc.
- Tags: Assets, IAS 36, Impairment, Indicators
- Level: Level 2
- Topic: Impairment of Assets (IAS 36)
- Series: NOV 2015
- 1 Marks
FA – Nov 2012 – L1 – SA – Q29 – Partnership Accounts
Identifying the necessary accounting entries when a partner takes over an asset upon dissolution.
Find Related Questions by Tags, levels, etc.
- Tags: Accounting Entries, Assets, Dissolution, Partnership
- Level: Level 1
- 1 Marks
FA – Nov 2012 – L1 – SA – Q10 – Financial Statements Preparation
Calculating the total asset value from opening balances.
Question
The following are opening balances in the ledger accounts of Doodle Limited:
Plant and equipment N80,000
Inventories N10,000
Trade receivables N18,000
Loan N20,000
Bank balance (credit) N15,000
What is the total asset value of the company?
A. N90,000
B. N108,000
C. N123,000
D. N128,000
E. N143,000
Find Related Questions by Tags, levels, etc.
- Tags: Assets, Financial Position, Total Value
- Level: Level 1
- Topic: Financial Statements Preparation
- Series: NOV 2012
- 1 Marks
FA – Nov 2012 – L1 – SA – Q3 – Financial Statements Preparation
Determining which item is not part of the statement of financial position.
Find Related Questions by Tags, levels, etc.
- Tags: Assets, Finance Charge, Financial Position, Liabilities
- Level: Level 1
- Topic: Financial Statements Preparation
- Series: NOV 2012