Question Tag: Assets

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PSAF – Nov 2024 – L2 – Q1b – Statement of Financial Position for Paja Teaching Hospital

Prepare a Statement of Financial Position for Paja Teaching Hospital as at 31 December 2023 in compliance with IPSAS and government regulations.

Question

Prepare a Statement of Financial Position of Paja Teaching Hospital as at 31 December 2023 in compliance with IPSAS, the PFM Act, and the Chart of Accounts of the Government of Ghana.

Answer

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Tags: Accrual Accounting, Assets, Equity, Financial Statements, IPSAS, Liabilities, Public Sector Accounting, Statement of Financial Position
Level: Level 2

Topic: Preparation and presentation of financial statements for central governmen
Series: Nov 2024

AAA – Nov 2012 – L3 – AII – Q1 – Overview of Advanced Audit and Assurance.

Defines assets in the context of financial position.

Question

In the financial position of a company, ……………….. are resources arising from past events and for which future economic benefits are derivable.

Answer

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Tags: Accounting, Assets, Economic Benefits, Financial Position, Financial Reporting
Level: Level 3

Topic: Overview of Advanced Audit and Assurance
Series: NOV 2012

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)

Answer

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Tags: Assets, Financial Statements, IAS 1, IFRS, Liabilities
Level: Level 2

Topic: Presentation of Financial Statements (IAS 1)
Series: NOV 2014

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.

Answer

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Tags: Assets, Financial Reporting, IAS 36, Impairment, Impairment Loss, Plant and Equipment
Level: Level 2

Topic: Impairment of Assets (IAS 36)
Series: NOV 2015

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?

Answer

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Tags: Assets, IAS 36, Impairment, Indicators
Level: Level 2

Topic: Impairment of Assets (IAS 36)
Series: NOV 2015

BL – Nov 2011 – L1 – SA – Q15 – Agency Law

Identifying the person responsible for getting in and distributing the assets of a bankrupt individual.

Question

Who is usually appointed for the purpose of getting in and distributing the assets of a bankrupt?

Answer

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Tags: Assets, Bankruptcy, Trustee
Level: Level 1

Topic: Agency Law
Series: NOV 2011

FA – Nov 2012 – L1 – SA – Q29 – Partnership Accounts

Identifying the necessary accounting entries when a partner takes over an asset upon dissolution.

Question

In partnership dissolution, what are the necessary accounting entries to record an asset taken over by a partner?

Answer

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Tags: Accounting Entries, Assets, Dissolution, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: NOV 2012

FA – Nov 2012 – L1 – SA – Q23 – Depreciation

Identifying the term for a fall in asset value due to changes in technology or fashion.

Question

The fall in the value of an asset which does not result from use or age, but from change in technology, taste, or fashion is called:

Answer

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Tags: Assets, Depreciation, Obsolescence
Level: Level 1

Topic: Depreciation
Series: NOV 2012

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

Answer

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Tags: Assets, Financial Position, Total Value
Level: Level 1

Topic: Financial Statements Preparation
Series: NOV 2012

FA – Nov 2012 – L1 – SA – Q3 – Financial Statements Preparation

Determining which item is not part of the statement of financial position.

Question

Which of the following will NOT be a content of the Statement of Financial Position of a company?

A. Non-current assets
B. Finance charge
C. Inventory
D. Payables
E. Loan notes

Answer

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Tags: Assets, Finance Charge, Financial Position, Liabilities
Level: Level 1

Topic: Financial Statements Preparation
Series: NOV 2012

PSAF – Nov 2024 – L2 – Q1b – Statement of Financial Position for Paja Teaching Hospital

Prepare a Statement of Financial Position for Paja Teaching Hospital as at 31 December 2023 in compliance with IPSAS and government regulations.

Question

Prepare a Statement of Financial Position of Paja Teaching Hospital as at 31 December 2023 in compliance with IPSAS, the PFM Act, and the Chart of Accounts of the Government of Ghana.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accrual Accounting, Assets, Equity, Financial Statements, IPSAS, Liabilities, Public Sector Accounting, Statement of Financial Position
Level: Level 2

Topic: Preparation and presentation of financial statements for central governmen
Series: Nov 2024

AAA – Nov 2012 – L3 – AII – Q1 – Overview of Advanced Audit and Assurance.

Defines assets in the context of financial position.

Question

In the financial position of a company, ……………….. are resources arising from past events and for which future economic benefits are derivable.

Answer

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

FR – Nov 2014 – L2 – Q4a – Presentation of Financial Statements

Explain the essential characteristics of assets and features of liabilities per IAS 1.

Question

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)

Answer

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Tags: Assets, Financial Statements, IAS 1, IFRS, Liabilities
Level: Level 2

Topic: Presentation of Financial Statements (IAS 1)
Series: NOV 2014

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.

Answer

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Tags: Assets, Financial Reporting, IAS 36, Impairment, Impairment Loss, Plant and Equipment
Level: Level 2

Topic: Impairment of Assets (IAS 36)
Series: NOV 2015

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?

Answer

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Tags: Assets, IAS 36, Impairment, Indicators
Level: Level 2

Topic: Impairment of Assets (IAS 36)
Series: NOV 2015

BL – Nov 2011 – L1 – SA – Q15 – Agency Law

Identifying the person responsible for getting in and distributing the assets of a bankrupt individual.

Question

Who is usually appointed for the purpose of getting in and distributing the assets of a bankrupt?

Answer

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Tags: Assets, Bankruptcy, Trustee
Level: Level 1

Topic: Agency Law
Series: NOV 2011

FA – Nov 2012 – L1 – SA – Q29 – Partnership Accounts

Identifying the necessary accounting entries when a partner takes over an asset upon dissolution.

Question

In partnership dissolution, what are the necessary accounting entries to record an asset taken over by a partner?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Entries, Assets, Dissolution, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: NOV 2012

FA – Nov 2012 – L1 – SA – Q23 – Depreciation

Identifying the term for a fall in asset value due to changes in technology or fashion.

Question

The fall in the value of an asset which does not result from use or age, but from change in technology, taste, or fashion is called:

Answer

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Tags: Assets, Depreciation, Obsolescence
Level: Level 1

Topic: Depreciation
Series: NOV 2012

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

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assets, Financial Position, Total Value
Level: Level 1

Topic: Financial Statements Preparation
Series: NOV 2012

FA – Nov 2012 – L1 – SA – Q3 – Financial Statements Preparation

Determining which item is not part of the statement of financial position.

Question

Which of the following will NOT be a content of the Statement of Financial Position of a company?

A. Non-current assets
B. Finance charge
C. Inventory
D. Payables
E. Loan notes

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assets, Finance Charge, Financial Position, Liabilities
Level: Level 1

Topic: Financial Statements Preparation
Series: NOV 2012

Question Tag: Assets

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PSAF – Nov 2024 – L2 – Q1b – Statement of Financial Position for Paja Teaching Hospital

Prepare a Statement of Financial Position for Paja Teaching Hospital as at 31 December 2023 in compliance with IPSAS and government regulations.

You're reporting an error for "PSAF – Nov 2024 – L2 – Q1b – Statement of Financial Position for Paja Teaching Hospital"

AAA – Nov 2012 – L3 – AII – Q1 – Overview of Advanced Audit and Assurance.

Defines assets in the context of financial position.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q1 – Overview of Advanced Audit and Assurance."

FR – Nov 2014 – L2 – Q4a – Presentation of Financial Statements

Explain the essential characteristics of assets and features of liabilities per IAS 1.

You're reporting an error for "FR – Nov 2014 – L2 – Q4a – Presentation of Financial Statements"

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.

You're reporting an error for "FR – Nov 2015 – L2 – Q4b – Impairment of Assets (IAS 36)"

FR – Nov 2015 – L2 – Q4a – Impairment of Assets (IAS 36)

List external and internal factors an entity should consider to assess asset impairment.

You're reporting an error for "FR – Nov 2015 – L2 – Q4a – Impairment of Assets (IAS 36)"

BL – Nov 2011 – L1 – SA – Q15 – Agency Law

Identifying the person responsible for getting in and distributing the assets of a bankrupt individual.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q15 – Agency Law"

FA – Nov 2012 – L1 – SA – Q29 – Partnership Accounts

Identifying the necessary accounting entries when a partner takes over an asset upon dissolution.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q29 – Partnership Accounts"

FA – Nov 2012 – L1 – SA – Q23 – Depreciation

Identifying the term for a fall in asset value due to changes in technology or fashion.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q23 – Depreciation"

FA – Nov 2012 – L1 – SA – Q10 – Financial Statements Preparation

Calculating the total asset value from opening balances.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q10 – Financial Statements Preparation"

FA – Nov 2012 – L1 – SA – Q3 – Financial Statements Preparation

Determining which item is not part of the statement of financial position.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q3 – Financial Statements Preparation"

PSAF – Nov 2024 – L2 – Q1b – Statement of Financial Position for Paja Teaching Hospital

Prepare a Statement of Financial Position for Paja Teaching Hospital as at 31 December 2023 in compliance with IPSAS and government regulations.

You're reporting an error for "PSAF – Nov 2024 – L2 – Q1b – Statement of Financial Position for Paja Teaching Hospital"

AAA – Nov 2012 – L3 – AII – Q1 – Overview of Advanced Audit and Assurance.

Defines assets in the context of financial position.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q1 – Overview of Advanced Audit and Assurance."

FR – Nov 2014 – L2 – Q4a – Presentation of Financial Statements

Explain the essential characteristics of assets and features of liabilities per IAS 1.

You're reporting an error for "FR – Nov 2014 – L2 – Q4a – Presentation of Financial Statements"

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.

You're reporting an error for "FR – Nov 2015 – L2 – Q4b – Impairment of Assets (IAS 36)"

FR – Nov 2015 – L2 – Q4a – Impairment of Assets (IAS 36)

List external and internal factors an entity should consider to assess asset impairment.

You're reporting an error for "FR – Nov 2015 – L2 – Q4a – Impairment of Assets (IAS 36)"

BL – Nov 2011 – L1 – SA – Q15 – Agency Law

Identifying the person responsible for getting in and distributing the assets of a bankrupt individual.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q15 – Agency Law"

FA – Nov 2012 – L1 – SA – Q29 – Partnership Accounts

Identifying the necessary accounting entries when a partner takes over an asset upon dissolution.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q29 – Partnership Accounts"

FA – Nov 2012 – L1 – SA – Q23 – Depreciation

Identifying the term for a fall in asset value due to changes in technology or fashion.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q23 – Depreciation"

FA – Nov 2012 – L1 – SA – Q10 – Financial Statements Preparation

Calculating the total asset value from opening balances.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q10 – Financial Statements Preparation"

FA – Nov 2012 – L1 – SA – Q3 – Financial Statements Preparation

Determining which item is not part of the statement of financial position.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q3 – Financial Statements Preparation"

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