DFS Revision Game
Comments
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change in estimate, change in policy would be from no depreciation to charging depreciation
this not in the quiz,!!! why isn't deferred tax just handled by way of accruals???0 -
change in estimate, change in policy would be from no depreciation to charging depreciation
this not in the quiz,!!! why isn't deferred tax just handled by way of accruals???
Hi reddwarf,
We haven't covered deferred tax in college, which is the reason I copied PGM's post. There is also a post from Steve which I believe is IAS 12??? It goes into much more detail. I couldn't tell you how much we're actually meant to know at this level though. If you do look into it and find an answer be sure to let me know :-)
The dep'n example is a good one btw.
Q What is included in the Profit from Financing Activities in the Cash Flow Statement?0 -
Hi reddwarf,
We haven't covered deferred tax in college, which is the reason I copied PGM's post. There is also a post from Steve which I believe is IAS 12??? It goes into much more detail. I couldn't tell you how much we're actually meant to know at this level though. If you do look into it and find an answer be sure to let me know :-)
The dep'n example is a good one btw.
Q What is included in the Profit from Financing Activities in the Cash Flow Statement?
Profit from issue of shares
repayments of long term borrowing
dividends paid
???????????? (lots of question marks as i may be answering a question i read differently to how it shoud be)0 -
Profit from issue of shares
repayments of long term borrowing
dividends paid
???????????? (lots of question marks as i may be answering a question i read differently to how it shoud be)
Yep. I've done a few examples and havent come across any with dividends paid in them though. I'm not doubting you, I know how intelligent you are! I just needed to check for my peace of mind.
You need to ask a question too... :-)0 -
Yep. I've done a few examples and havent come across any with dividends paid in them though. I'm not doubting you, I know how intelligent you are! I just needed to check for my peace of mind.
You need to ask a question too... :-)
doh im not intelligent. im not asking until iv had confirmation im correct0 -
doh im not intelligent. im not asking until iv had confirmation im correct
You're not gettin it off me!! I'll check with my tutor on Wednesday. Unless Steve reads the thread in the meantime and tells us. Maybe i should copy and paste this and mark it FAO Steve? What do you think? haha.
Q What is the definition of income and expenses?0 -
You're not gettin it off me!! I'll check with my tutor on Wednesday. Unless Steve reads the thread in the meantime and tells us. Maybe i should copy and paste this and mark it FAO Steve? What do you think? haha.
Q What is the definition of income and expenses?
i like the idea of an FAO Steve thread for a DFS question
Income is both revenue (from everyday activity)and gains (from assets)
expenses are incurred during day to day running of the business. also includes losses from assets
Q. what are the 6 accounting concepts under IAS 1?0 -
at is included in the Profit from Financing Activities in the Cash Flow Statement?
Profit from issue of shares
repayments of long term borrowing
dividends paid
???????????? (lots of question marks as i may be answering a question i read differently to how it shoud be)
Primble is correct dividends paid are included in the cash flow from financing activities
but...take care with wording...markers do not like the use of the word profit when you mean
'proceeds from issuing share capital'
its a cash flow after all!!
Q What are 'events after the reporting period'
Clare0 -
Clare Finch wrote: »at is included in the Profit from Financing Activities in the Cash Flow Statement?
Profit from issue of shares
repayments of long term borrowing
dividends paid
???????????? (lots of question marks as i may be answering a question i read differently to how it shoud be)
Primble is correct dividends paid are included in the cash flow from financing activities
but...take care with wording...markers do not like the use of the word profit when you mean
'proceeds from issuing share capital'
its a cash flow after all!!
Q What are 'events after the reporting period'
Clare
doh, pocket notes have misled me!
events after reporting period are changes that may require notes or adjustments that happen after SOFP date0 -
Clare Finch wrote: »at is included in the Profit from Financing Activities in the Cash Flow Statement?
Profit from issue of shares
repayments of long term borrowing
dividends paid
???????????? (lots of question marks as i may be answering a question i read differently to how it shoud be)
Primble is correct dividends paid are included in the cash flow from financing activities
but...take care with wording...markers do not like the use of the word profit when you mean
'proceeds from issuing share capital'
its a cash flow after all!!
Q What are 'events after the reporting period'
Clare
Thanks Clare,
I was actually PM'ing you to see if you could advise as I saw you were online!
I think we need your continued contribution to this thread :-)
Thankyou!i like the idea of an FAO Steve thread for a DFS question
Income is both revenue (from everyday activity)and gains (from assets)
expenses are incurred during day to day running of the business. also includes losses from assets
Q. what are the 6 accounting concepts under IAS 1?
Can you give one as a starting point? :-)0 -
you need to be a bit more precise on this one
'events that occur between the reporting date and the date of approval of the accounts'
Q What are the two types of event?0 -
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I can't answer the IAS 1 one????Thanks Clare,
I was actually PM'ing you to see if you could advise as I saw you were online!
I think we need your continued contribution to this thread :-)
Thankyou!
Can you give one as a starting point? :-)
Sorry
Clare
( 2 bedrock concepts/assumptions in the framework?)0 -
Clare Finch wrote: »you need to be a bit more precise on this one
'events that occur between the reporting date and the date of approval of the accounts'
Q What are the two types of event?
adjusting- affect the amounts on financial statements
non adjusting do not affect the balance sheet values0 -
financial statements are done on the basis ofClare Finch wrote: »I can't answer the IAS 1 one????
Sorry
Clare
( 2 bedrock concepts/assumptions in the framework?)
1. going concern
...
Ah i see...can I reword slightly
IAS 1 contains 'overall considerations in the presentation of accounts'
1. going concern
....0 -
Clare Finch wrote: »financial statements are done on the basis of
1. going concern
...
Ah i see...can I reword slightly
IAS 1 contains 'overall considerations in the presentation of accounts'
1. going concern
....
yeah i don't word things very well0 -
but you do seem to know the answers which really is what counts...xx0
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yeah i don't word things very well
I have the same problem Primble, but we've managed 5 or so pages so far so we aren't doing too bad! And we're all in the same boat after all. Obviously Clare's the exeption to that lol.
I cant answer your IAS question. I know financial accounts need to be prepared on a going concern basis as it would be misleading otherwise and would not be a true reflection.
Maybe number 2 might jog my memory?0 -
Q. What criteria have to met if development costs are to be capitalised (IAS 38)?0
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I have the same problem Primble, but we've managed 5 or so pages so far so we aren't doing too bad! And we're all in the same boat after all. Obviously Clare's the exeption to that lol.
I cant answer your IAS question. I know financial accounts need to be prepared on a going concern basis as it would be misleading otherwise and would not be a true reflection.
Maybe number 2 might jog my memory?
accruals basis0 -
Clare Finch wrote: »Q. What criteria have to met if development costs are to be capitalised (IAS 38)?
Is it technically feasable?
Does the entity have the ability to sell?
Can the entity prove future income from the item?
Are relevant resources available?
Is the cost measured reliably?
These are not the exact words used, I cannot possibly remember the big fancy words but hopefully they make sense.
(Thankyou Steve for learning me these on your revision day, I hadn't a clue before then!)0 -
Clare Finch wrote: »but you do seem to know the answers which really is what counts...xx
hopefully on the day i write my answers in a way the exampiner understands so i pass this time0 -
Is it technically feasable?
Does the entity have the ability to sell?
Can the entity prove future income from the item?
Are relevant resources available?
Is the cost measured reliably?
These are not the exact words used, I cannot possibly remember the big fancy words but hopefully they make sense.
(Thankyou Steve for learning me these on your revision day, I hadn't a clue before then!)
Good stuff Rachel!! There's one more - entity must demonstrate intention to complete the asset.0 -
Now you've answered your own question I think you should ask a question....... hahaha!
(thankyou by the way)
lol im getting all questioned out. it's bed time. but i shall ask one more and check it tomorow but maybe not at lunch as might be going out.
what is a contingent asset/liability?0 -
lol im getting all questioned out. it's bed time. but i shall ask one more and check it tomorow but maybe not at lunch as might be going out.
what is a contingent asset/liability?
An occurance that is possible to happen in the future and is out of the entitys control. A note should be made in the accounts but no entry made in the financial statements.
?????
Q As per IAS 16 (PPE) other than the initial purchase price of the asset, what other expenditure can be included within the cost of the asset?0 -
An occurance that is possible to happen in the future and is out of the entitys control. A note should be made in the accounts but no entry made in the financial statements.
?????
Q As per IAS 16 (PPE) other than the initial purchase price of the asset, what other expenditure can be included within the cost of the asset?
all costs that directly bring te asset to its working condidtion as well as any that enhance the benefits of the asset (to make it last longer)
(can't remember if costs to get it to its location are included tho- maybe that can be my question)0 -
all costs that directly bring te asset to its working condidtion as well as any that enhance the benefits of the asset (to make it last longer)
(can't remember if costs to get it to its location are included tho- maybe that can be my question)
Import duties :-)
I knew you'd have one last go before bed....... lol.
I'm going now too. You bet your life i'll be questioned up tomorrow!! I'm obsessed.0
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