Accounting Answers

You are presented with a data stream that has the following elements and values: SaleDate: 04/07/X5, SaleID: 324581, CustID: A543, Terms: Net 30, ProductID: (002743, 000378, 000732, 000762), Sold Quantity: (1, 1, 4, 12). Which of the four database requirements listed in the text would be violated if this data stream were placed in a table? If you have insufficient information to assess whether the requirement has been violated, discuss the additional data that you would need.

discuss capital budgeting techniques

- Investment

- payback period

- Net present value

Suppose a firm faces a cost function of c= 8+4q+q².

a. What is the firm's fixed cost

b. Drive an expression for the firm's average variable fixed cost

. Assume that the demand and supply functions for a commodity is given as P = 80 - Q and P = 20 + 2Q , respectively. If the seller must pay a tax of $6 per unit. Calculate the new supply function, equilibrium price (with tax and without tax) and the equilibrium quantity.

The following adjustments need to be considered:

1 Shop rental was KM2, 000 per month and payment was made starting from July 20x7.

2 One of the customers was declared bankrupt and unable to settle the debts. The customer still owed

RM4,000.

3 Interest on a loan from Affin Bank for the year ended 30 June 20x8 was still outstanding. The agreement

was signed on 31 January 20x8.

4 Salary for Akim, the accounts clerk, amounting to RM3,000 was still unpaid.

5 Allowance for doubttul debts is to be provided at 5% on net accounts receivable.

6 An annual depreciation is to be provided as follows:

Cabinet

10% on cost

Furniture and fittings 10% on carrying value

7 A delivery van worth RM70,000 was purchased on July 20x7. The residual value was RM10,000. Its useful

life is for 5 years.

8 The owner, Datin Rossa, withdrew cash of RM200 and took a camera worth RM5,000 for her daughter's

birthday.

9 Stock as at 30 June 20x8 was RM32,000.

Required:

Other Comprehensive Income for the vear ended 30 Tune

adjustments

1 Shop rental was KM2, 000 per month and payment was made starting from July 20x7.

2 One of the customers was declared bankrupt and unable to settle the debts. The customer still owed

RM4,000.

3 Interest on a loan from Affin Bank for the year ended 30 June 20x8 was still outstanding. The agreement

was signed on 31 January 20x8.

4 Salary for Akim, the accounts clerk, amounting to RM3,000 was still unpaid.

5 Allowance for doubttul debts is to be provided at 5% on net accounts receivable.

6 An annual depreciation is to be provided as follows:

Cabinet

10% on cost

Furniture and fittings 10% on carrying value

7 A delivery van worth RM70,000 was purchased on July 20x7. The residual value was RM10,000. Its useful

life is for 5 years.

8 The owner, Datin Rossa, withdrew cash of RM200 and took a camera worth RM5,000 for her daughter's

birthday.

9 Stock as at 30 June 20x8 was RM32,000.

Required:

Premare the Statomant of Loss and Other Comprehensive Income for the vear ended 30 Tune

IFRS 11 - Classifying Joint Arrangement Practice Exercise 2

For each of the following scenario, identify which type of joint arrangement qualifies based on the given facts.

 1.        Entities A and B (the parties) set up a separate vehicle (entity X) together with a JOA4.2.

Shareholders' agreement and JOA establish rights and obligations and expressly specify that

- Each party has a 50% interest in entity X and appoints one director

- Unanimous consent is required for all resolutions to be passed

- The rights and obligations arising from the activities of entity X are to be allocated directly to parties A and B in specified proportions.

IFRS 11 - Classifying Joint Arrangement Practice Exercise 2

For each of the following scenario, identify which type of joint arrangement qualifies based on the given facts.

1.        Two parties enter into a joint arrangement which is structured through an incorporated entity in which each party has a 50% ownership interest. There are no other contractual arrangements in place between the parties.

2.       Two parties enter into a joint arrangement which is structured through an incorporated entity in which each party has a 50% ownership interest.

The parties have also modified the features of the corporation through a separate contractual arrangement so that each has an interest in the assets of the incorporated entity, and each is responsible for settling its liabilities in a specified proportion

IFRS 11 - Classifying Joint Arrangement Practice Exercise 2

For each of the following scenario, identify which type of joint arrangement qualifies based on the given facts.

  1.        Parties A and B are real estate companies and set up a separate vehicle (entity X) for the purpose of acquiring and operating a shopping centre.

According to entity X's legal form it has rights to its own assets, and obligations for its own liabilities, relating to the arrangement. Entity X also owns the shopping centre.

Parties A and Bare not liable in respect of the individual debts, liabilities or obligations of entity X. Parties A and Beach receive a share of the income from operating the shopping centre.

IFRS 11 - Classifying Joint Arrangement Practice Exercise 2

For each of the following scenario, identify which type of joint arrangement qualifies based on the given facts.

1.         Parties A and B provide many types of construction services, and jointly enter into a contractual arrangement to design/build a road. The parties set up a separate vehicle (entity Z) to facilitate this arrangement.

Entity Z enters into a contract with the government for the road and holds the assets and liabilities relating to the road contract, as well as invoicing the government for the construction services.

The main feature of entity Z's legal form is that the parties (not entity Z in its own right) have rights to the assets, and obligations for the liabilities, of entity Z.

Entities A and B appoint an operator, who will be an employee of one of the parties.