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Free F2 Exam Braindumps (page: 11)

Page 10 of 68
PDF with 268 Questions

When producing the consolidated statement of profit or loss and other comprehensive income,

which TWO of the following will be disclosed as attributable to the equity holders of the parent company and the non-controlling interests?

  1. Profit before tax
  2. Profit after tax
  3. Other comprehensive income
  4. Total comprehensive income
  5. Operating profit

Answer(s): B,D



AB's financial information shows that the non current assets' carrying value is greater than the tax base at the year end.
What is the journal entry to record the movement in the provision for deferred tax resulting from this difference?

  1. Dr Deferred tax provisionCr Tax expense
  2. Dr Deferred tax provisionCr Other comprehensive income
  3. Dr Tax expenseCr Deferred tax provision
  4. Dr Other comprehensive incomeCr Deferred tax provision

Answer(s): C



CORRECT TEXT
YZ issued $100,000 6% convertible bonds at par on 1 January 20X5. The bondholders have the option to convert into equity shares in 3 years' time or redeem at par for cash on the same date. Interest is paid annually in arrears and bonds issued by similar entities without conversion rights pay interest at 8%.
What is the value of equity to be recognised in YZ's statement of financial position as at 31 December 20X5?
Give your answer to the nearest whole $.

  1. 5138

Answer(s): A



Which of the following would cause a deferred tax balance to be included in the statement of financial position for an entity?

  1. Expenses in the statement of profit or loss which are not allowable for tax creating a permanent difference.
  2. The acquisition of land for which there is no tax depreciation.
  3. The acquisition of plant and equipment a year ago where the tax depreciation rate is different to the accounting depreciation rate.
  4. Impairment of goodwill that arose on the acquisition of a subsidiary entity.

Answer(s): C






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