题目内容
（请给出正确答案）
The owner's equity in a business comes from two sources: ______. (1) Investment by the owner (2) Notes receivable (3) Earnings from profitable operation of business (4) Accounts receivable
A．(2) and (4)
B．(1) and (3)
C．(1) and (2)
D．(3) and (4)
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更多“The owner's equity in a busine…”相关的问题
A、Decrease owner’s equity $200,000; decrease assets, $200,000
B、Decrease assets, $300.000 decrease owner’s equity, $300,000
C、Decrease owner’s equity, $300,000; decrease assets, $200,000; increase liabilities, $100,000.
D、Decrease assets, $300,000; increase liabilities, $100,000; decrease owner’s equity, $200,000.
A.Cash
B.Land
C.Accounts receivable
D.Owner's equity
The accounting equation shows the relationship among ______.
A．assets, liabilities and investor's yield
B．assets, liabilities and owner's equity
C．capital, liabilities and profits
D．capital, costs and profits
A．$32 000
B．$25 000
C．$7 000
D．$20 000
听力原文：M: Can you tell me something about a balance sheet？
W: Yes. It is divided into three sections: assets, liabilities, and owner's equity and it is used to summarize a company's financial position on a given date.
Q: Which of the following is not a section of a balance sheet？
(15)
A．Profit and Joss
B．Owner's equity.
C．Liabilities
D．Assets.
Germane has a number of relationships with other companies.
In which of the following relationships is Germane necessarily the parent company？
(i) Foll has 50,000 non-voting and 100,000 voting equity shares in issue with each share receiving the same dividend. Germane owns all of Foll’s non-voting shares and 40,000 of its voting shares
(ii) Kipp has 1 million equity shares in issue of which Germane owns 40%. Germane also owns $800,000 out of $1 million 8% convertible loan notes issued by Kipp. These loan notes may be converted on the basis of 40 equity shares for each $100 of loan note, or they may be redeemed in cash at the option of the holder
(iii) Germane owns 49% of the equity shares in Polly and 52% of its non-redeemable preference shares. As a result of these investments, Germane receives variable returns from Polly and has the ability to affect these returns through its power over Polly
A.(i) only
B.(i) and (ii) only
C.(ii) and (iii) only
D.All three
(b) You are an audit manager with specific responsibility for reviewing other information in documents containing
audited financial statements before your firm’s auditor’s report is signed. The financial statements of Hegas, a
privately-owned civil engineering company, show total assets of $120 million, revenue of $261 million, and profit
before tax of $9·2 million for the year ended 31 March 2005. Your review of the Annual Report has revealed
the following:
(i) The statement of changes in equity includes $4·5 million under a separate heading of ‘miscellaneous item’
which is described as ‘other difference not recognized in income’. There is no further reference to this
amount or ‘other difference’ elsewhere in the financial statements. However, the Management Report, which
is required by statute, is not audited. It discloses that ‘changes in shareholders’ equity not recognized in
income includes $4·5 million arising on the revaluation of investment properties’.
The notes to the financial statements state that the company has implemented IAS 40 ‘Investment Property’
for the first time in the year to 31 March 2005 and also that ‘the adoption of this standard did not have a
significant impact on Hegas’s financial position or its results of operations during 2005’.
(ii) The chairman’s statement asserts ‘Hegas has now achieved a position as one of the world’s largest
generators of hydro-electricity, with a dedicated commitment to accountable ethical professionalism’. Audit
working papers show that 14% of revenue was derived from hydro-electricity (2004: 12%). Publicly
available information shows that there are seven international suppliers of hydro-electricity in Africa alone,
which are all at least three times the size of Hegas in terms of both annual turnover and population supplied.
Required:
Identify and comment on the implications of the above matters for the auditor’s report on the financial
statements of Hegas for the year ended 31 March 2005. (10 marks)
The following trial balance relates to Fresco at 31 March 2012:
The following notes are relevant:
(i) The suspense account represents the corresponding credit for cash received for a fully subscribed rights issue of equity shares made on 1 January 2012. The terms of the share issue were one new share for every five held at a price of 75 cents each. The price of the company’s equity shares immediately before the issue was $1·20 each.
(ii) Non-current assets:
To reflect a marked increase in property prices, Fresco decided to revalue its leased property on 1 April 2011. The Directors accepted the report of an independent surveyor who valued the leased property at $36 million on that date. Fresco has not yet recorded the revaluation. The remaining life of the leased property is eight years at the date of the revaluation. Fresco makes an annual transfer to retained profits to reflect the realisation of the revaluation reserve. In Fresco’s tax jurisdiction the revaluation does not give rise to a deferred tax liability.
On 1 April 2011, Fresco acquired an item of plant under a finance lease agreement that had an implicit finance cost of 10% per annum. The lease payments in the trial balance represent an initial deposit of $2 million paid on 1 April 2011 and the first annual rental of $6 million paid on 31 March 2012. The lease agreement requires further annual payments of $6 million on 31 March each year for the next four years. Had the plant not been leased it would have cost $25 million to purchase for cash.
Plant and equipment (other than the leased plant) is depreciated at 20% per annum using the reducing balance method.
No depreciation/amortisation has yet been charged on any non-current asset for the year ended 31 March 2012. Depreciation and amortisation are charged to cost of sales.
(iii) In March 2012, Fresco’s internal audit department discovered a fraud committed by the company’s credit controller who did not return from a foreign business trip. The outcome of the fraud is that $4 million of the company’s trade receivables have been stolen by the credit controller and are not recoverable. Of this amount, $1 million relates to the year ended 31 March 2011 and the remainder to the current year. Fresco is not insured against this fraud.
(iv) Fresco’s income tax calculation for the year ended 31 March 2012 shows a tax refund of $2·4 million. The balance on current tax in the trial balance represents the under/over provision of the tax liability for the year ended 31 March 2011. At 31 March 2012, Fresco had taxable temporary differences of $12 million (requiring a deferred tax liability). The income tax rate of Fresco is 25%.
Required:
(a) (i) Prepare the statement of comprehensive income for Fresco for the year ended 31 March 2012.
(ii) Prepare the statement of changes in equity for Fresco for the year ended 31 March 2012.
(iii) Prepare the statement of financial position of Fresco as at 31 March 2012.
The following mark allocation is provided as guidance for this requirement:
(i) 9 marks
(ii) 5 marks
(iii) 8 marks (22 marks)
(b) Calculate the basic earnings per share for Fresco for the year ended 31 March 2012. (3 marks)
Notes to the financial statements are not required.
The equity amount of a balance sheet is the creditor's claims on the firm.
A．Right
B．Wrong
C．Doesn't say
Kyanite Pizzas Co (Kyanite) operates a large chain of fast food restaurants. You are an audit supervisor of Jasper & Co and are currently preparing the audit programmes for the audit of Kyanite’s financial statements for the year ended 31 March 2016. You are reviewing the notes of last week’s meeting between the audit manager and finance director where two material issues were discussed.
(i) Property, plant and equipment
In the past Kyanite has received negative press reports over the condition of its fast food restaurants, with comments suggesting they are old fashioned and tired looking. Therefore during the year the company undertook a full review of all its assets and carried out extensive refurbishments to the majority of its restaurants. This review resulted in a significant amount of ageing fixtures and fittings being disposed of and a significant amount of capital expenditure was invested in all remaining restaurants. (6 marks)
(ii) Equity The refurbishment was financed via a share issue in April 2015 at a premium of $1·6 million. (4 marks)
Required:
Describe substantive procedures you should perform. to obtain sufficient and appropriate audit evidence in relation to the above two matters.
Note: The mark allocation is shown against each of the two matters above.
