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CIMA

Anna Rae F1 CIMA Englisch 45 Karten

Karten in diesem Stapel (45)

  1. 1The objective of financial statements (as set out in the Framework) is?To provide information about the financial position, performance and changes in a financial position of an entity that is useful to a wide variety of users in making economic decisions
  2. 2What is the name of the IASB's conceptual framework?The framework
  3. 3The 2 FUNDAMENTAL qualitative characteristics in the framework are?Relevance
    Faithful representation
  4. 44 enhancing qualitative characteristics of the Framework are?Comparibility
    Verifability
    Timeliness
    Understandability
  5. 5What are the 5 elements of financial statements?Assets
    Liabilities
    Equity
    Income
    Expenses
  6. 6Framework definition of assetA resource controlled by the entity as a result of a past transaction from which economic benefits are expected to flow to the entity.
  7. 7Framework definition of a liabilityAn obligation of the entity arising from past events the settlement of which is expected to result in an outflow of economic benefits.
  8. 8The framework definition of equity isThe residual interest in the assets of an entity after deducting all its liabilities
  9. 9Framework definition of incomeIncreases in economic benefits in the period other than those relating to contributions from owners, that result in increases in equity.
  10. 10Framework definition of expensesDecreases in economic benefits, other than those relating to distributions to owners that result in decreases to equity
  11. 114 Primary financial statementsStatement of profit or loss and other comprehensive income
    Statement of financial position
    Statement of changes in equity
    Statement of cash flows
  12. 12What is the accounting equation and how is this rearranged for the SOFP?Assets- Liabilities = Equity
    Rearranged to:
    Assets= Equity + Liabilities
  13. 13What are the 4 components of equity that you are likely to encounter in F1?Share Capital
    Share Premium
    Reserves such as Revaluation Reserve
    Retained Earnings
  14. 14Why are dividends not presented in the statement of POLCI?Because they are not an expense. They are presented in the statement of changes in equity
  15. 15Are proposed dividends recognised in the statement of changes in equity?Only if they have been proposed and agreed by shareholders at the reporting date. If they are not recognised they will be disclosed in the notes to the accounts
  16. 16What does the word 'Current' signify in the SOFP?That the assets or liability will be expunged or change within the next financial reporting period.
  17. 17For recognition in the financial statements an item must be an 'element'. What are the other two criteria?Economic benefits associated with the item must flow to or from the entity
    The item has a cost or value that must be capable of reliable measurement
  18. 18What is the name of the body that appoints members of the International Accounting Standards Board? (IASB)IFRS Foundation (22 Trustees)
  19. 19What is the role of the IFRS Interpretations Committee?To review accounting standards subsequent to issue with a view to reaching an appropriate accounting treatment.
  20. 20Steps involved in the issue of a new accounting standardTopic on IASB timetable
    Technical staff create discussion paper
    Exposure draft issued
    New standard is issued after review of comments
  21. 21Is it preferable to have a modified audit report or unmodified?Unmodified
  22. 22To which group is the audit report addressed?Members (shareholders)
  23. 23If the audit report uses the phrase 'without qualifying our opinion' to what is it likely to be referring?'An emphasis of matter'
  24. 24What are the 2 major categories of a modified report?Financial statements are 'not free from misstatement'
    Auditor has been given insufficient appropriate evidence.
  25. 25Material but not pervasive leads to what sort of modified report?Qualified 'expect for'
  26. 26How would you define pervasive?Seriously misleading- or potentially so in the case of a lack of evidence
  27. 27In the case of something that is 'not free from misstatement and is also 'material and pervasive' the auditor would give...An adverse opinion
  28. 28In the case of insufficient appropriate evidence which could be material and pervasive the auditor would giveA disclaimer of opinion
  29. 29What are the 3 major categories of a statement of cash flow as per IAS 7?Net cash from operating activities
    Net cash used in investing activities
    Net cash used in financing activities
  30. 30A loss from disposal of assetAdd back to Profit before tax
  31. 31A decrease in inventoryAdded
  32. 32Decrease in trade receivablesAdd to cash flow
  33. 33Decrease in trade payablesSubtracted from cash flow
  34. 34Increase in accrualsAdded to cash flow
  35. 35Decrease in prepaymentsAdded to cash flow
  36. 36How should lease rentals be treated in the statement of cash flows?The interest element will be swept up as part of the 'interest paid'
    Repayment of debt in the 'net cash used in financing activities section
  37. 37IAS 18 Revenue Recognition1) Sale of Goods
    2) Rendering of services
    3) Use of entity's assets yielding interest, royalties and dividends
  38. 38Revenue re sale of goods can be recognised when...Risks and rewards are transferred to buyers
    No further managerial involvement from the seller
    Amount of revenue can be measured reliably
    Probable that economic benefits will accrue to the selling entity
    Costs involved can be measured reliably
  39. 39What are the 3 criteria for determining operating segments as per IFRS 8?Segments reviewed regularly by the entity's chief operating officer:
    1) Revenue 10%
  40. 40IAS 16 permits the capitalising of costs up to what point?To the point where the asset is capable of operating for its intended use
  41. 41What happens to the cumulative depreciation on the revaluation of an asset?It becomes nil
  42. 42What happens to a positive revaluation reserve when an asset is disposed of?The balance is transferred to retained earnings
  43. 43What are the accounting entries to remove excess depreciation?DR Reval Reserve
    CR Retained Earnings with the annual amount
  44. 44If, under IAS 16, an asset is revalued/impaired to a figure below its carrying value, what happens?The excess below the carrying value is charged to the income statement
  45. 45The costs of training cannot be capitalised as per IAS 16?True

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CIMA F1 Karteikarten am CIMA, erstellt von Anna Rae am 16/03/2014.
Erstellt von
Anna Rae
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