Assets and liabilities – NBC Institute

CR – May 2018 – L3 – SC – Q5a – Regulatory Environment for Corporate Reporting

Distinguishes deferred tax perspectives in financial statements.

Question

Deferred tax can be determined by adopting two perspectives that may result in different numbers in the financial statements and tax computations. These are statement of comprehensive income and statement of financial position perspectives.

Required:

Distinguish between the TWO perspectives of identifying deferred tax balances in the financial statements.
(4 Marks)

Answer

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Tags: Assets and liabilities, Deferred Tax, Financial Statements, Income and Expenses
Level: Level 3

Topic: Regulatory Environment for Corporate Reporting
Series: MAY 2018

CR – May 2020 – Q4b – Statement of Financial Position for Sasasila Ltd

This question requires the preparation of a statement of financial position for Sasasila Ltd following its restructuring.

Question

Prepare the statement of financial position as at 31 December 2019 for Sasasila Ltd.

Answer

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Tags: Assets and liabilities, Corporate reorganization, Financial restructuring, Statement of Financial Position
Level: Level 3

Topic: Corporate reconstruction and reorganisation
Series: MAY 2020

FR – Mar 2023 – L2 – Q5d – Business combinations and consolidation

Explains fair value in IFRS 13 and its application to assets and liabilities in business combinations.

Question

d) IFRS 3: Business Combinations defines fair value consistently with IFRS 13: Fair Value Measurement. IFRS 3 requires the acquiree’s assets and liabilities to be incorporated into the consolidated financial statements at their fair values rather than at their carrying amounts.

Required:
i) Explain the meaning of fair value in accordance with IFRS 13. (2 marks)
ii) Explain the reasons why the acquiree’s assets and liabilities are measured and recognised at their fair value within the consolidated financial statements. (3 marks)

Answer

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Tags: Assets and liabilities, Business Combinations, Consolidation, Fair Value, Goodwill, IFRS 13, IFRS 3
Level: Level 2

Topic: Business combinations and consolidation
Series: MAR 2023

FA – May 2024 – L1 – SA – Q12 – Financial Statements Preparation

Calculates profit based on changes in assets, liabilities, and additional capital.

Question

Given the following information:

Total assets at December 31, Year 2: ₦150,400
Total assets at December 31, Year 1: ₦125,000
Total liabilities at December 31, Year 2: ₦43,200
Total liabilities at December 31, Year 1: ₦34,800
Additional capital input on December 31, Year 2: ₦10,000

What was the profit of the business for the year ended December 31, Year 2?

A. ₦7,000
B. ₦17,000
C. ₦27,000
D. ₦90,200
E. ₦107,200

Answer

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Tags: Assets and liabilities, Equity Calculation, Profit Calculation
Level: Level 1

Topic: Financial Statements Preparation
Series: MAY 2024

CR – May 2018 – L3 – SC – Q5a – Regulatory Environment for Corporate Reporting

Distinguishes deferred tax perspectives in financial statements.

Question

Required:

Distinguish between the TWO perspectives of identifying deferred tax balances in the financial statements.
(4 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assets and liabilities, Deferred Tax, Financial Statements, Income and Expenses
Level: Level 3

Topic: Regulatory Environment for Corporate Reporting
Series: MAY 2018

CR – May 2020 – Q4b – Statement of Financial Position for Sasasila Ltd

This question requires the preparation of a statement of financial position for Sasasila Ltd following its restructuring.

Question

Prepare the statement of financial position as at 31 December 2019 for Sasasila Ltd.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assets and liabilities, Corporate reorganization, Financial restructuring, Statement of Financial Position
Level: Level 3

Topic: Corporate reconstruction and reorganisation
Series: MAY 2020

FR – Mar 2023 – L2 – Q5d – Business combinations and consolidation

Explains fair value in IFRS 13 and its application to assets and liabilities in business combinations.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assets and liabilities, Business Combinations, Consolidation, Fair Value, Goodwill, IFRS 13, IFRS 3
Level: Level 2

Topic: Business combinations and consolidation
Series: MAR 2023

FA – May 2024 – L1 – SA – Q12 – Financial Statements Preparation

Calculates profit based on changes in assets, liabilities, and additional capital.

Question

Given the following information:

Total assets at December 31, Year 2: ₦150,400
Total assets at December 31, Year 1: ₦125,000
Total liabilities at December 31, Year 2: ₦43,200
Total liabilities at December 31, Year 1: ₦34,800
Additional capital input on December 31, Year 2: ₦10,000

What was the profit of the business for the year ended December 31, Year 2?

A. ₦7,000
B. ₦17,000
C. ₦27,000
D. ₦90,200
E. ₦107,200

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assets and liabilities, Equity Calculation, Profit Calculation
Level: Level 1

Topic: Financial Statements Preparation
Series: MAY 2024

Question Tag: Assets and liabilities

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CR – May 2018 – L3 – SC – Q5a – Regulatory Environment for Corporate Reporting

Distinguishes deferred tax perspectives in financial statements.

CR – May 2020 – Q4b – Statement of Financial Position for Sasasila Ltd

This question requires the preparation of a statement of financial position for Sasasila Ltd following its restructuring.

FR – Mar 2023 – L2 – Q5d – Business combinations and consolidation

Explains fair value in IFRS 13 and its application to assets and liabilities in business combinations.

FA – May 2024 – L1 – SA – Q12 – Financial Statements Preparation

Calculates profit based on changes in assets, liabilities, and additional capital.

CR – May 2018 – L3 – SC – Q5a – Regulatory Environment for Corporate Reporting

Distinguishes deferred tax perspectives in financial statements.

CR – May 2020 – Q4b – Statement of Financial Position for Sasasila Ltd

This question requires the preparation of a statement of financial position for Sasasila Ltd following its restructuring.

FR – Mar 2023 – L2 – Q5d – Business combinations and consolidation

Explains fair value in IFRS 13 and its application to assets and liabilities in business combinations.

FA – May 2024 – L1 – SA – Q12 – Financial Statements Preparation

Calculates profit based on changes in assets, liabilities, and additional capital.

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CR – May 2018 – L3 – SC – Q5a – Regulatory Environment for Corporate Reporting

Distinguishes deferred tax perspectives in financial statements.

You're reporting an error for "CR – May 2018 – L3 – SC – Q5a – Regulatory Environment for Corporate Reporting"

CR – May 2020 – Q4b – Statement of Financial Position for Sasasila Ltd

This question requires the preparation of a statement of financial position for Sasasila Ltd following its restructuring.

You're reporting an error for "CR – May 2020 – Q4b – Statement of Financial Position for Sasasila Ltd"

FR – Mar 2023 – L2 – Q5d – Business combinations and consolidation

Explains fair value in IFRS 13 and its application to assets and liabilities in business combinations.

You're reporting an error for "FR – Mar 2023 – L2 – Q5d – Business combinations and consolidation"

FA – May 2024 – L1 – SA – Q12 – Financial Statements Preparation

Calculates profit based on changes in assets, liabilities, and additional capital.

You're reporting an error for "FA – May 2024 – L1 – SA – Q12 – Financial Statements Preparation"

CR – May 2018 – L3 – SC – Q5a – Regulatory Environment for Corporate Reporting

Distinguishes deferred tax perspectives in financial statements.

You're reporting an error for "CR – May 2018 – L3 – SC – Q5a – Regulatory Environment for Corporate Reporting"

CR – May 2020 – Q4b – Statement of Financial Position for Sasasila Ltd

This question requires the preparation of a statement of financial position for Sasasila Ltd following its restructuring.

You're reporting an error for "CR – May 2020 – Q4b – Statement of Financial Position for Sasasila Ltd"

FR – Mar 2023 – L2 – Q5d – Business combinations and consolidation

Explains fair value in IFRS 13 and its application to assets and liabilities in business combinations.

You're reporting an error for "FR – Mar 2023 – L2 – Q5d – Business combinations and consolidation"

FA – May 2024 – L1 – SA – Q12 – Financial Statements Preparation

Calculates profit based on changes in assets, liabilities, and additional capital.

You're reporting an error for "FA – May 2024 – L1 – SA – Q12 – Financial Statements Preparation"

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