3. CPA Financial Accounting & Reporting Module 3
Authored by Rachel Collins
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20 questions
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1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following are examples of current assets? I. Prepayments, II. Cash equivalents, III. Manufacturing licences, IV. Income received in advance, V. Property, plant and equipment
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following must be disclosed in the statement of profit or loss and other comprehensive income? I. Tax expense II. Analysis of expenses, III. Net profit or loss for the period
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following must be disclosed separately on the face of the statement of financial position??
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
In the current financial year, Natamo has raised a loan for $3 million. The loan is repayable in 10 equal half yearly instalments. The first instalment is due six months after the loan was raised. The loan will be reported in Natamo's next financial statements:
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
When reporting profit for a period, companies are required to ensure that income and expenses are correctly classified. Which of the following expenses will not be included in the calculation of profit before tax?
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
The draft statement of profit or loss and other comprehensive income of Thermin for the year ended 30 November 20X4 shows a profit before tax of $325 800. This includes: 1. A restructuring charge of $85 000; and 2. An adjustment of $42 000 to reduce the value of opening inventory. An error at the previous year end had led to the inventory being over-valued. What is the correct profit before tax for the year ended 30 November 20X4?
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
In the last financial year Cuchabee issued an invoice for $28 900 for the sale of inventory which had cost $27 600. What was the effect of this transaction on the company's assets, liabilities and capital and reserves?
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