Copyright reserved
Faculty of Economic and Management Sciences Department of Accounting Financial Accounting FRK 211 Exam session: Date: Duration: Total marks: Date of perusal: Internal examiners: 1st semester June 2012 8 June 2012 2 hours 80 marks 21 June 2012 Prof J E Myburgh Ms J S Goodey Ms N Pududu
External examiners: Ms HC Verster Mr JJ Bezuidenhout Ms M Pollock Instructions: 1. You should answer all the questions. 2. The paper consists of eight (8) pages. 3. You may keep the question paper.
Question 1. 2. 3. 4. 5. Total: Topic Revenue and Events after reporting period Income taxes and Leases Property, plant and equipment, Impairments and Investment Property Intangible assets Changes in accounting estimates and errors Marks 19
…show more content…
(1.5) Classify with reasons, item 5 above as an adjusting or a non-adjusting event for the year ended 30 June 20X2, in accordance with International Financial Reporting Standards (IFRS). (1.5)
d)
e)
211 Exam 2012 Q.doc
3 QUESTION 2 (20 marks, 30 minutes)
The following information relates to BRICKBRAC LIMITED for the year ended 31 December 20X8. Brickbrac Limited entered into a finance lease agreement with Tower Limited on 1 July 20X7 to lease a forklift for their building operations. The following information relates to the agreement: Cost of forklift Term of lease Instalments payable half-yearly in arrears Interest rate implicit in the lease agreement R300 000 3 years R70 913 22% per annum
The following amortisation table is applicable to the above-mentioned finance lease agreement: Date 1 July 20X7 31 Dec. 20X7 30 June 20X8 31 Dec. 20X8 30 June 20X9 31 Dec. 20X9 30 June 20X10 Additional information: 1. 2. 3. 4. 5. The forklift was available for use as intended by management on 1 July 20X7. Depreciation on forklifts is provided at 20% per annum on the diminishing balance method. All risks and rewards attached to the forklift were transferred by Tower Limited to Brickbrac Limited and there were no restrictions in the lease agreement. Brickbrac Limited made a profit before tax of R1 900 600 for the year ended 31 December 20X8 after taking into account the above lease agreement. The following items amongst others, have been taken into account
1) Since the injured plaintiff was not wearing a seatbelt, why is Ford being sued for failing to test the seatbelt sleeve?
Which of the following statements concerning the severance of parties charged with a criminal offense is incorrect?
The law allows individuals or companies the use of trade secrets if they have been
This civil court case takes place in a West Virginia school system located in Taylor County, when a general education high school history teacher failed to follow an IEP for Douglas Devart. During the case Devart and his parents Robert and Virginia ended up using aliases by the names of John Doe, Jane Doe and son D.D. Doe as a deterrent from the public so the family would not endure any additional embarrassment, slander, and/or liable regarding the son’s handicap. The defendants of this case were
Mental Illness - The prisoner’s moral culpability for his offending is reduced by reason of his mental illness and the objective
What is hydraulic fracturing or fracking, and is it safe for our environment? What types of environmental issues are there with fracking? Are the laws in place for fracking good enough or should they be stronger? How much energy does the United States need for the future and is hydraulic fracturing the answer? These are all good questions
PHL 612 Philosophy of Law [Calendar Description]: What is law? What makes something a legal norm? Should
Commercial Capital Corporation is the leasing subsidiary of a major regional bank and offers a lease at 12.75 million per year for 4 years. The first payment is due upon delivery and installation. The rest of the payments are due each subsequent year at the beginning of the year. This cost includes the same service contract as what would have been obtained with purchase.
(b) Recorded an adjusting entry to record use of $20 of the above supplies. Cash 0/ Net Income -20
Datar, S., Rajan, M., (2013). Financial and Managerial accounting, custom edition, Pearson Learning Solutions, Ch. 9
Assignment - AFF2491 Company Reporting Semester 1 2013 This assessment task is designed to test a student’s achievement of objectives 1, 2, 3 and 4 (refer to AFF2491 Unit Guide). It is an individual assessment task. This assignment must be handed in for successful completion of this unit. It will contribute 15% towards the final mark in this unit. The assignment consists of: Part B (7 Marks) Accounting for income tax Part C (8 Marks) Consolidation This assignment is due on Friday 10 May 2013 by 5:00pm (Week 9). Students are required to submit a hard copy in the assignment box located at Level 3, Building H, Caulfield Campus.
Harrison, W. T. (2013). Financial Accounting, VitalSource for DeVry University, (9th ed.). Pearson Learning Solutions.
9. Assuming that Santa Corporation was required to capitalize its operating lease how would the company’s
This year during legal studies, I was able to help out with jacket racket organization, many others and I were able to bag donated jackets together. I learned as a group at the time that we all work fairly well together if we really put our minds to it. I also helped a little bit with the food hamper, Andrea and I were able to unbag the food donations and organize them into boxes as we collected the bags. Near the beginning of the year, the whole legal studies class was able to create a dance routine to warm-up for the Terry Fox run. Personally, I did not create the dance, but I was able to help out for the preparation of the run. In my group, we were able to organize music and many other things like the announcement. For the musical chairs event, I was able to help pull away chairs. At this time, we learned how to think quickly and act based on our given situations. I was also able to count money for the Terry Fox run, this took quite some time. Lastly, I was able to work a few games at the family dance even though I caught a fever.
Apart from references of other people’s work which were fully acknowledged, I hereby certify that this research work was wholly done by me under the guidance of my supervisor, Mallam Sani Gurowa of Department of Accounting, University of Abuja, Abuja, Nigeria.