Accounting Equation Preparation And Presentation Of Financial Statement Homework Help
- December 1, 2017
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- Category: Accounting
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1. You are the partner in charge of the audit of G, a major quoted company. You are making a final review of the financial statements before finalizing the audit report. The following matters have been marked for your attention:
(i) The draft financial statements indicate a turnover of $500m and a profit of $50m.
(ii) The directors have made no provision for the costs that are likely to be incurred as a result of a damages claim for $2.4m, which is being pursued by one of the company’s customers. G’s legal department and its lawyers are quite sure that this claim will have to be met in full.
(iii) The directors have not provided for a sum of $2.3m which ought to be written off in respect of debts that are almost certainly irrecoverable.
(a) Explain the implications for your audit report of the matters described in (ii) and (iii) above.
Your answer should make a clear statement of the type of report which you consider appropriate, although a full audit report is not required.
(b) It has been suggested that the quality of audit reporting could be improved enormously if accounting standards were clearer and auditors had more explicit guidance on issues such as materiality. Discuss this suggestion, making it clear how improved guidance on financial reporting might support the auditor.
2.The production report for Matthews, Inc included the following information for May:
Number of Units Completion
Beginning units in process 7800 20%
Units transferred to finished goods 45300
Ending units in process 5600 40%
How many units were started were started during the period?
3. The IASB’s Framework for the Preparation and Presentation of Financial Statements (Framework) lists the qualitative characteristics of financial statements.
Which THREE of the above are NOT included in the principal qualitative characteristics listed by the Framework?
(A) (i), (iii) and (vii)
(B) (i), (ii) and (v)
(C) (iii), (vi) and (vii)
(D) (iii), (iv) and (vi)
Relevance and reliability are two of the four main qualitative characteristics of financial information, as set out in the Framework.
(a) Briefly discuss what is meant by these terms.
(b) Give an example of when these two attributes could come into conflict and what the outcome is likely to be. The Framework includes the following definition: ‘an asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.’ Explain this definition, using the example of a trade receivable.
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4.S purchases an item of plant and machinery costing $400,000 in 20X0 which qualifies for 50% capital allowances in the first two years. S’s policy in respect of plant and machinery is to charge depreciation on a straight line basis over 4 years. Assuming there are no other capital transactions in the period and a tax rate of 30% over the 4 years, calculate the income statement and balance sheet impact of deferred tax from 20X0 to 20X3. HW buys an asset in 20X1 costing $80,000 that qualifies for an immediate 100% tax relief on cost. HW plans to depreciate the asset on a straight line basis over 4 years. HW has accrued $30,000 for tax due for the year ended 31 December 20X1. In 20X2 HW makes $120,000 profit that is subject to tax at 30%. During the year $28,600 is paid in respect of tax on profits of 20X1. There were no additions to non-current assets in the year. Calculate the tax charge for 20X2 and any movement in deferred tax for the year. Draft the extracts from the income statement and balance sheet in respect of income tax and deferred tax.
5. List the three elements included in the heading ‘Income tax expenses’ in the income statement.
In no more than 30 words define the meaning of ‘permanent difference’. WS prepares its financial statements to 30 June. The following profits were recorded from 20X1 to 20X3:
The entity provides for tax at a rate of 30% and incorporates this figure in the year end accounts. The actual amounts of tax paid in respect of 20X1 and 20X2 were $28,900 and $37,200.
(a) Calculate the tax charge for each of the three years and prepare the accounting entries to record the tax charge and the subsequent payments of tax.
(b) Prepare extracts from the income statement and balance sheet of WS for each of the 3 years, showing the tax charge and tax liability.
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