167759
Description
Flashcards by Mike Webster, updated more than 1 year ago
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Created by Mike Webster
almost 11 years ago
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| Question | Answer |
| IAS 2 - Inventory Inventory is defined as...? | Goods held for sale (finished goods) ...or raw materials to be used in production (raw materials) ...or goods in process of production (work in progress) |
| IAS 7 – Cash Flow Statements What are the three headings required in a statement of cash flow? | OPERATING ACTIVITIES INVESTING ACTIVITIES FINANCING ACTIVITIES |
| IAS 10 – Events after the reporting period What is an adjusting event? | Events that provide evidence of conditions that actually existed at the end of the reporting period, albeit they were not known at the time |
| IAS 10 – Events after the reporting period What is a non-adjusting event? | Events that are 'post balance sheet (financial statement ) events that are indicative of conditions that arose after the reporting period |
| IAS 10 – Events after the reporting period What is an 'event after the reporting period'? | Events, both favourable and unfavourable that occur between the balance sheet (statement of financial position) date and the date of the approval of the accounts. |
| IAS 16 – Property Plant and Equipment Define 'Property Plant and Equipment' | Property, plant and equipment held for use in the production or supply of goods and services for rental to others, or for administrative purposes; and are expected to be used during more than one period |
| IAS 16 – Property Plant and Equipment Define the term 'Depreciation' | Depreciation the systematic allocation of the depreciable amount (cost or valuation less residual value) of an asset over its useful economic life. |
| IAS 16 – Property Plant and Equipment Define the term 'Fair value' | Fair Value the amount for which an asset could be exchanged between knowledgeable willing parties in an arm’s length transaction. |
| IAS 16 – Property Plant and Equipment Owned assets - how are they accounted for? | Capitalised at cost (include any directly attributable costs incurred in bringing the asset into working condition) Other property, plant and equipment items – depreciate Cost - Residual Value divided by Expected useful life Land - no depreciation |
| IAS 17 Leases What are the two types of leases ? | Finance lease Operating lease |
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