In accordance with IAS 2 Inventories net realisable value is defined as: (a) the actual or estimated selling price (b) the actual or estimated selling price less all further costs to completion and all costs to be incurred in marketing, selling and distribution (c) the actual or estimated selling price less all costs to be incurred in marketing selling and distribution (d) the actual or estimated selling price less all further costs to be completion Advanced Financial Accounting Sample Paper 2 of 27Ĥ QUESTION 2 (cont d) BACKGROUND INFORMATION TO PARTS & Brian and Jean are in partnership and their capital account balances are / 56,000 and / 84,000 respectively. Candidates should answer this question by ticking the appropriate boxes on the special green answer sheet which is supplied with the examination paper. Requirement Indicate the right answer to each of the following TEN parts. There is ONLY ONE right answer in each part. 12 marks Total 20 marks QUESTION 2 The following multiple choice question consists of TEN parts, each of which is followed by FOUR possible answers. 8 marks (ii) Describe the steps involved in the standard setting process and the measures taken to improve transparency within the process. What are accounting standards and describe the objective of such standards. s/s.s.a.p s in answering questions relating to non public companies Advanced Financial Accounting Sample Paper 2 of 27ģ SECTION A Answer ALL THREE Questions in this Section (The total marks for section A will be 60, made up of a theory question of 20 marks, a multiple choice question of 15 marks and a further question of 25 marks) QUESTION 1 (i) The ASB and the IASB are responsible for issuing new accounting standards. s or (ii) the Companies (Amendment) Act 1986 and F.R.S. Examinees would be at liberty to use the language of either (i) I.A.S. s) but that other companies and non corporate entities are not required to do so. NOTE: This sample paper and solution have been prepared in recognition that public companies are now required to prepare accounts implementing the language of International Accounting Standards (I.A.S. Answers should be illustrated with examples, where appropriate. All figures should be labelled, as appropriate, e.g. Candidates should allocate their time carefully. If more than TWO questions is answered in Section B, then only the first TWO questions, in the order filed, will be corrected. Answer ALL THREE questions in Section A and TWO of the THREE questions in Section B.
In this examination paper the / symbol may be understood and used by candidates in Northern Ireland to indicate the UK pound sterling by candidates in the Republic of Ireland to indicate the Euro.
1 Advanced Financial Accounting Sample Paper 2 Questions & Suggested Solutions of 27Ģ INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY Candidates must indicate clearly whether they are answering the paper in accordance with the law and practice of Northern Ireland or the Republic of Ireland.
0 kommentar(er)
