Company Accounting
Chapter Exam Questions
Course Introduction
Company Accounting is a comprehensive course designed to provide students with an in-depth understanding of the accounting practices and financial reporting requirements specific to corporate entities. The course covers essential topics such as the preparation of company financial statements, accounting for share capital, reserves, and debentures, as well as the treatment of dividends and taxation. Students will also explore the complexities involved in accounting for business combinations, consolidations, amalgamations, absorptions, and internal and external reconstruction. Emphasis is placed on regulatory frameworks, compliance with accounting standards, and ethical considerations in corporate reporting, equipping students with the necessary skills to analyze and interpret the financial performance and position of companies.
Recommended Textbook
Company Accounting Australia New Zealand 5th Edition by Peter Jubb
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Page 2
Chapter 1: Companies and Corporate Regulation
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Sample Questions
Q1) Complete the following sentence: The ______________ is responsible for prosecuting companies for breaches of AASB standards.
A)ASIC
B)AARF
C)AASB
D)ASX
Answer: A
Q2) The Urgent Issues Group was:
A)A sub committee of CPA Australia
B)A sub committee of the AASB
C)A joint committee of CPA Australia and the Institute of Chartered Accountants in Australia
D)A committee that reports directly to the Auditor-General of Australia
Answer: B
Q3) Domestic companies in the USA are required to use IFRS.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Objectives of Company Reporting, Conceptual
Elements and Terminology
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Sample Questions
Q1) Sumo Pty Ltd makes submarines for coastal holiday resorts.The small submarines hold around ten passengers and one driver and are used for diving up to ten metres to examine reefs and sea life.Sumo Pty Ltd exports the submarines around the world and last years total revenue was $45 million.This year, revenue is expected to be $80 million with about 70% export revenue.Sumo Pty Ltd is owned jointly by two brothers Harry and Barry Jones.They employ 85 full time staff from their single factory outside Noosa on the Sunshine Coast of Queensland.Sumo Pty Ltd is likely to be a:
A)non-reporting entity because there is little separation of ownership from management
B)reporting entity because of its financial and economic importance
C)non-reporting entity because of its lack of political importance
D)reporting entity because of its large percentage of export revenue to total revenue
Answer: B
Q2) 'Income' is a headline term, but is not distinguished clearly from revenue or gains. A)True
B)False
Answer: True
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Page 4
Chapter 3: Forming a Company and Issuing Shares
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Sample Questions
Q1) In a new regulated share issue (not a rights issue) company directors can issue shares to whichever applicants they like.
A)True
B)False
Answer: False
Q2) How much money would the company hold from this subscription on 30 June 20X1, assuming that applications can be credited to calls in advance and that all call money was received?
A)$27 000
B)$36 000
C)$24 000
D)$30 000
Answer: D
Q3) An undersubscribed share issue must always be abandoned and the application monies returned.
A)True
B)False
Answer: False
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Chapter 4: Profits, Reserve and Distributions to Owners
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Q1) Which of the following statements is true?
A)For public companies, dividend entitlements are the same for all shares within a class, unless the company's constitution or a special resolution provides otherwise.
B)For proprietary companies, there is a replaceable rule that, subject to the agreement under which the shares were issued, the directors may pay dividends as they see fit.
C)For no liability companies, all ordinary shares have the same dividend entitlement, but there is no right to a dividend if a call has been made that is still outstanding.
D)all of the above
Q2) A bonus share issue from a reserve:
A)increases assets and increases equity
B)decreases the debt-to-equity ratio
C)increases the number of shares on issue
D)increases the market price per share
Q3) Under AASB 101 fire damage expense must be recorded as a loss and not as an ordinary expense.
A)True
B)False
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Chapter 5: Reorganisation of Share Capital
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Q1) On 30 April 20X9 the directors of Slater Ltd decided to consolidate the company's shares.How many shares will Slater Ltd have on issue if those shares are fully paid to $10.00 after the consolidation?
A)1 000 000
B)100 000
C)500 000
D)50 000
Q2) The directors of Boon Ltd decided to split Boon Ltd's shares.Boon Ltd currently has 1 000 000 shares fully paid to $0.50.Which combinations of share splits are possible for Slater Ltd?
I. \(\quad\) 200 000 shares paid to $2.50
II. \(\quad\) 2 000 000 shares paid to $1.00
III. \(\quad\)10 000 000 shares paid to $0.05
IV. \(\quad\)2 000 000 shares paid to $0.50
A)I only
B)I and IV only
C)III only
D)I, II and III only
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Chapter 6: Debt Securities
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Q1) Deb Ltd has 100 $1000 face amount 10 year debentures on issue.They were issued on 1 July 20X0 at par with an annual interest rate of 5%.The interest is paid in arrears on 30 June of each year.The terms of the debenture provide that the company can buy back the debentures provided that it pays a penalty of $50 per debenture.If on 30 June 20X3 the company bought back half of these debentures, what is the total expense relating to this debenture issue would be included in the income statement for that financial year?
A)$750
B)$2500
C)$5000
D)$7500
Q2) What is the term of the debentures?
A)1 year
B)4 years
C)5 years
D)6 years
Q3) Trust accounts must always be used in the issue of new debt.
A)True
B)False
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Chapter 7: Foreign Currency Transactions and an Introduction to Hedging
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Q1) The holder of an asset denominated in a foreign currency would experience _____ when the functional currency appreciates against that foreign currency:
A)an economic gain
B)an economic loss
C)no change in value for that asset
D)only an accounting loss
Q2) Under AASB 121 it is possible for an Australian company to have multiple functional currencies, therefore it is possible for the financial report to contain financial statements using different presentation currencies.
A)True
B)False
Q3) In Australia, the presentation currency adopted must be the Australian currency.
A)True
B)False
Q4) For Alpha Ltd the following currencies are foreign currency
A)A$, ¥, and US$ only
B)UK£ only
C)US$ only
D)UK£, ¥, and US$ only
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Chapter 8: Advanced Asset and Liability Issues
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Q1) Which of the following best describes the role played by the 'income approach' in determining an asset's fair value
A)it is the method required by AASB 116 to estimate fair value in the absence of an active, liquid market
B)it refers to the process of comparing an asset's fair value to the period profit or loss (sometimes called income or net income)
C)it is another term for net present value, and in some circumstances NPV is the best estimator of fair value
D)it has no formal role in the current AASB 116, although it was mentioned in the subsequently withdrawn Australian implementation guidance
Q2) It is stated in AASB 116 that under the revaluation model an asset's fair value is determined by its selling price in current condition; that is, it is an exit measure.
A)True
B)False
Q3) A contingent liability is never recognised in the financial statements.
A)True
B)False
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Chapter 9: Income Tax
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Q1) For the CRM650, the revaluation on 30/06/20X2 results in:
A)a deductible temporary difference of $1 025 000 and a DTL of $307 500
B)a deferred tax expense and DTL of $307 500, and asset revaluation reserve increment of $717 500
C)a DTA of $307 500 and asset revaluation reserve increment of $717 500
D)asset revaluation reserve increment of $1 025 000 and a deferred tax expense and DTL of $307 500.
Q2) When the balance sheet approach to tax effect accounting is adopted:
A)the income tax expense is measured by the aggregate change in the amounts of deferred tax assets and deferred tax liabilities over the reporting period
B)the income tax expense can be greater than, or less than, the income tax payable for the reporting period
C)the current tax expense is measured by the aggregate change in the amounts of deferred tax assets and deferred tax liabilities over the reporting period
D)there will always be recognised deferred tax assets and deferred tax liabilities
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Chapter 10: Reports and Disclosures I: Overview
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Q1) Under the Corporations Act the financial statements include:
A)\(\begin{array}{ccc}
\text { Directors' Report } & \text { Cash Flow Statement } & \text { Notes to the } \\
&&\text { financial statements} \\
\text { Yes } & \text { Yes } & \text { No } \end{array}\)
B)\(\begin{array}{ccc}
\text {No } & \text { Yes } & \text { No }\\ \end{array}\)
C)\(\begin{array}{ccc}
\text {Yes } & \text {No } & \text {Yes }\\ \end{array}\)
D)\(\begin{array}{ccc}
\text {No } & \text { Yes } & \text { Yes }\\ \end{array}\)
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12
Chapter 11: Reports and Disclosures Ii: the Financial Statements
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Q1) Which of the following best reflects the requirements of AASB 101 in respect of the provision of a separate profit or loss statement?
A)one must be provided if doing so is necessary for an understanding of the entity's financial performance
B)their inclusion is solely at the discretion of management
C)must be presented when the entity has no items of other comprehensive profit
D)one must always be presented
Q2) Under AASB 101, separate disclosure is not required in the changes in equity statement of the amount of total comprehensive profit attributable to both the owners of the parent and to non-controlling shareholders.
A)True
B)False
Q3) Only the following must be included in a changes in equity statement:
A)all of IV to VIII
B)I, II and III
C)all of I to VIII and the amount of earnings per share
D)all of I to VIII
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Page 13
Chapter 12: Receivership and Voluntary Administration
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Q1) The director's powers cease and are not returned to the directors under a:
A)Voluntary administration
B)Receivership
C)Liquidation
D)External administration
Q2) The appointment of a receiver invariably results in the dissolution of the company.
A)True
B)False
Q3) The terms 'controller' and 'receiver and manager' are both used in the Corporations Act:
A)but only receiver and manger is relevant to external administration
B)controllership is narrower concept than receiver and manger
C)controllership is wider concept than receiver and manger
D)they have the same meaning
Q4) Which of the following cannot instigate a voluntary administration:
A)a liquidator
B)a person who can appoint a receiver for more than 30% of the company's assets
C)a person who can appoint a receiver for all or most of the company's assets
D)the companys' directors
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Chapter 13: Liquidations
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Q1) When determining the amount to be returned to shareholders, we must consider the amount for which the shares were initially issued.
A)True
B)False
Q2) Crown debts in all cases have priority over other debts.
A)True
B)False
Q3) A liquidator has been appointed to Young Ltd.The liquidator decides to call a meeting of creditors in order to better understand the company's circumstances and to form an elected group of people to oversee the liquidation process.This group is called a/an:
A)liquidation group
B)committee of inspection
C)inspection group
D)liquidation committee
Q4) A liquidator has priority for amounts that relate to:
A)costs incurred in the liquidation and for the liquidators fees
B)costs incurred in the liquidation only
C)the liquidators fees
D)costs incurred in the liquidation and for the liquidators fees.
15
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Chapter 14: External Administration Reports and Accounts
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Sample Questions
Q1) A voluntary administrator will prepare the following reports:
A)each of I, II, III, IV and V
B)I and II only
C)I only
D)none of I, II, III, IV and V
Q2) A report as to affairs is required for the Court appointment of a liquidator but not for the appointment of a controller or other administrator.
A)True
B)False
Q3) In an external administration, the net realisable value of the assets is the same as the net fair value used in determining recoverable amount under AASB 136.
A)True
B)False
Q4) When a company is liquidated, in closing the company's ledgers there is always a debit to the retained profits account.
A)True
B)False
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Chapter 15: Investments in New Assets; Introduction to
Business Combinations and Associates
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Q1) Billy Ltd owns 19% of Guyatts Ltd and has significant influence over the operations of Guyatts Ltd.For the year ended 31 December 20X1, Guyatts Ltd reported a profit of $900 000 and paid a total cash dividend of $100 000.What is the difference between the total revenue reported by Billy Ltd under the equity method in AASB 128 versus that revenue which would be reported under the cost method? The AASB 128 net revenue would be higher by:
A)$33 000
B)$133 000
C)$152 000
D)$190 000
Q2) For all asset acquisitions, acquired goodwill is recognised when the cost of acquisition is:
A)greater than the fair value of the net assets acquired
B)less than the fair value of the net assets acquired
C)greater than the fair value of the net assets acquired and the acquisition is of a business
D)less than the fair value of the net assets acquired and the acquisition is of a business
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Page 17
Chapter 16: The Corporate Group
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Q1) The obligation to prepare and publish consolidated financial statements falls on the parent of a group, whether or not it is itself is a wholly owned subsidiary.
A)True
B)False
Q2) What is the percentage of M Ltd's NCI interest in Z Ltd?
A)54%
B)10%
C)6%
D)0
Q3) For a liability, if group CA > CA, there is a deferred tax asset (DTA).
A)True
B)False
Q4) An investor who holds joint control over an entity has the option of consolidation accounting under AASB 127 or one of the accounting techniques allowed under the joint ventures accounting standard.
A)True
B)False
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Chapter 17: Acquisition Method Introduction and Substitution
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Q1) Goodwill does not result in recognition of DTA or DTL.
A)True
B)False
Q2) With regard to inventory, which is the correct consolidation adjustment entry at control date?
A)Dr inventory expense $10 000; credit inventory
B)Dr inventory expense $10 000; credit fair value reserve
C)Dr fair value reserve $10 000; credit inventory
D)No entry required
Q3) With regard to accounts receivable, which is the correct consolidation adjustment entry at control date?
A)Dr bad debts expense $10 000; credit accounts receivable
B)Dr fair value reserve $10 000; credit allowance for doubtful debts
C)Dr bad debts expense $10 000; credit allowance for doubtful debts
D)No entry required
Q4) The purpose of the substitution elimination is to remove the parent's investment in the company against the subsidiary's equity amounts.
A)True
B)False
19
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Chapter 18: Acquisition Method Application After Control
Date
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Q1) Assets of Argus Ltd include a plot of land purchased for $40 000.On 1 January 20X0 Argus became a subsidiary of Cyclops Ltd.The land was sold on 30 March 20X9 for $350 000.The land's fair value at the following dates was:
1 January 20X0\(\quad\)\(\quad\)\(\quad\) $100 000
31 December 20X3 \(\quad\)\(\quad\)$270 000
31 December 20X6 \(\quad\)\(\quad\)$240 000
31 December 20X8 \(\quad\)\(\quad\)$360 000
The group applies the cost model.The carrying amount of the land immediately before control date is $40 000.
What is the profit on sale of land attributable to the group in 20X9?
A)$60 000
B)$310 000
C)$250 000
D)None of the above
Q2) The elimination of intra-group debts does not have any tax effects.
A)True
B)False
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Page 20
Chapter 19: Intra-Group Transactions
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Q1) Subsidiary buys inventory from parent at a transfer price of $150 000.The profit margin included in this was $50 000. The group will need to reduce its cost of sales by $100 000 in total.
A)True
B)False
Q2) Intra-group transactions on inventory always give rise to a deferred tax asset because CA>group CA.
A)True
B)False
Q3) The acceptor of a bill of exchange is conceptually the same as a borrower.
A)True
B)False
Q4) When eliminating an intra-group sale of a non-current asset only the sale price and any profit on sale need be eliminated.
A)True
B)False
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Chapter 20: Direct Non-Controlling Interest
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Q1) Black Ltd acquired 75 % of White Ltd on 1 January 20X1 by paying $5 000 000 cash.At that date, the equity section of White Ltd's balance sheet was as follows: \(\begin{array}{llcc} &\$\\
\text {Share capital } &1000000 \\
\text { Retained profits} &3000000\\
\text { Asset revaluation reserve } &500000\\
\end{array}\)
All assets and liabilities were recorded at their fair values.During May 20X1 White Ltd paid a total dividend of $1 000 000 out of profits earned before 1 January 20X1. How much goodwill was acquired by Black Ltd under the partial method?
A)$500 000
B)$1 125 000
C)$1 625 000
D)$2 000 000
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Chapter 21: Changes to Parent Investment in Subsidiaries
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Q1) On 31 December 20X4 it was determined that goodwill (measured using the partial method) was impaired by an amount of $400 000.What is the carrying amount of goodwill in the consolidated balance sheet at the 31 December 20X4 reporting date?
A)$215 000
B)$350 000
C)$400 000
D)$150 000
Q2) If the partial method of measuring goodwill is adopted, how much goodwill was acquired by Mobile Ltd with respect to the 20X0 acquisition?
A)$405 000
B)$385 000
C)$200 000
D)$235 000
Q3) How many bonus shares did Cool Ltd receive?
A)1.125 million
B)1.25 million
C)1.5 million
D)27 million
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23
Chapter 22: Indirect Interest
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Q1) What is the direct NCI in Roeburn Ltd?
A)64%
B)60%
C)40%
D)0
Q2) Under AASB 127 all consolidation differences and related costs must be assigned to the ultimate parent in the partial method.
A)True
B)False
Q3) The NCI of a middle-tier subsidiary are NCI as regards the principal group but parent shareholders as regards the nested group.
A)True
B)False
Q4) A parent company can have direct and indirect interests simultaneously in a subsidiary but NCI can not have both direct and indirect interests.
A)True
B)False
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Chapter 23: Translation of Foreign Currency Statements
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Q1) Under AASB 121, the process of translation of the financial statements of a foreign operations involves:
A)converting from the functional currency of the foreign operation into the parent entity's functional currency
B)converting from the parent entity's functional currency into the functional currency of the foreign operation
C)converting from the functional currency of the foreign operation into the presentation currency used in the parent entity's consolidated financial statements
D)converting from the domestic currency of the foreign operation into the parent entity's functional currency
Q2) The method used to translate the financial statements relating to a foreign operation depends on the nature of the relationship between the parent entity and the foreign operation.
A)True
B)False
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25
Chapter 24: Consolidated Cash Flow Statements
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Q1) The effect of a pro-rata share issue for cash by a subsidiary on the consolidated cash flow statement:
A)is always totally eliminated
B)is always included
C)is only included to the extent the shares are taken up by shareholders who are not members of the group (they are non-controlling interest shareholders)
D)is only included to the extent the shares are taken up by the parent
Q2) When there is an acquisition of a subsidiary, which of the following items is not expressly required to be disclosed under AASB 107?
A)the total purchase consideration
B)the amount of cash and cash equivalents of the subsidiary acquired
C)the functional currency of the subsidiary
D)the proportion of the purchase consideration discharged by means of cash and cash equivalents
Q3) The distinction between parent entity interest and non-controlling interest (NCI) is irrelevant to the preparation of a consolidated cash flow statement.
A)True
B)False
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Chapter 25: Equity Accounting Expanded and Joint Ventures
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Q1) Note Ltd and Score Ltd are associates of Sound Ltd.Sound Ltd owns 20% of Note Ltd's issued capital and 30% of Score Ltd's capital.During the current financial year, Note Ltd sold inventory to Score Ltd at a profit to Note Ltd of $100 000.All inventory is on hand at the end of the current year.Note Ltd reported a profit of $250 000 for the current year.What is Sound Ltd's share of Note Ltd's current period profit?
A)$44 000
B)$30 000
C)$70 000
D)$270 000
Q2) When the equity method is discontinued due to there no longer being significant influence, the investment carrying amount becomes the initial 'cost' recognition for whatever method takes its place.
A)True
B)False
Q3) A Jointly Controlled Entity could be structured as a partnership.
A)True
B)False
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Page 27
Chapter 26: Segment Reporting
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Q1) Under AASB 8 the following factors are relevant to deciding if a segment is a reportable segment:
I.\(\quad\)the majority of segment revenues arise from external transactions
II.\(\quad\)Isegment sales revenue to external customers and other segments is 10% or more of total segment revenue for all segments
III.\(\quad\)absolute amount of segment profit is more than 10% of the greater of (a) the aggregate segment profit for all segments with a negative segment profit (segment loss) and (b) the aggregate segment profit for all segments with a positive segment profit
IV.\(\quad\)the segment's assets are more than 10% of total assets for all segments
A segment is a reportable segment if the following tests are satisfied: A)II and III only
B)I and at least one of II, III and IV
C)any one of II, III and IV
D)one only of I, II, III and IV
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