Q1 Globalization demands a single set of high-quality international accounting standards. List the elements of High Quality Standards and explain the two major boards that sets standards. Answer: 3 Marks Q2. Q2. What do you understand by deferrals and accruals in adjusting entries? Give numerical examples on how such adjusting entries are made. (4 Marks) Answer: Q3. Fill in the blanks (1 Mark) Sales Revenue – Cost of goods sold = Gross Profit – Operating expenses =Net Profit 500,000 ? 175,000 ? 76,500 ? 305,800 ? 115,750 65,250 Answer: Sales Revenue – Cost of goods sold = Gross Profit – Operating expenses =Net Profit 500,000 175,00076,500 305,800115,750 65,250 Q4. a. What do you understand by allocation to non-controlling interest and discontinued operations? Explain how they are reported in the income statement. (2 Marks) Amswer: Q4b. Intraperiod Tax Allocation. XYZ Co. has income before income tax of SR 50,000. XYZ Co. has a gain of SR 10,000 from a discontinued operation. Assuming a 35 percent income tax rate, how would XYZ Co. present the information on the income statement, and if it had a loss of SR 10,000 from a discontinued operation. Assuming a 35 percent income tax rate, show the changes in Income on the income statement (2 Marks) Prepare: 1. Changes in Income on the income statement when Loss made from discontinued operations 2. Changes in Income on the income statement when Gain made on discontinued operations Answer: Q5 The following information in SAR. Prepare a Cash Flow Statement:- (3 Marks) Opening Cash Balance 15,000 Closing Cash Balance 23,000 Increase in current liabilities 13,000 Decrease in current assets 17,000 Fixed assets purchase 30,000 Redemption of 12% bonds 14,000 Profit for the year 18,000 Depreciation 4000 Answer: Share on Facebook Tweet Follow us This question has been answered. Get Answer
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