QUESTION: 117

AB has taxable temporary differences arising from the revaluation of non current assets.
What is the journal entry to record the movement in the provision for deferred tax resulting from this difference?

Option
Option
Option

Answer(s): A

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QUESTION: 118

On 30 November 20X9 OPQ acquires a financial asset that is classified as Available for Sale.
Which of the following describes the value of the financial asset on the date of acquisition?

Fair value excluding transaction costs.
Fair value including transaction costs.
Present value including transaction costs.
Present value excluding transaction costs.

Answer(s): B

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QUESTION: 119

GH is a listed entity which holds equity shares in one subsidiary and one associate. Information extracted from the most recent financial statements is as follows:
What is the interest cover for the year?

9.6 times
10.7 times
11.7 times
8.5 times

Answer(s): A

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QUESTION: 120

DE acquired 10% of the equity shares of KL on 31 December 20X2. A further 50% of the equity shares of KL were acquired by DE on 1 January 20X4.
Which THREE of the following would be part of the process for recording the second purchase of shares?

The goodwill calculated at 31 December 20X2 being revalued at 1 January 20X4.
The 10% investment being revalued to fair value at 1 January 20X4.
Assets, liabilities, income and expenses being fully consolidated from 1 January 20X4.
Goodwill being calculated at 1 January 20X4 for the first time.
Net assets at 1 January 20X4 being compared to the purchase consideration and a transfer to equity made.
A 50% non controlling interest will be shown in the consolidated financial statements.

Answer(s): B,C,D

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QUESTION: 117

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QUESTION: 120

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