题目内容
Quartile Co is in the jewellery retail business which can be assumed to be highly seasonal. For the year ended 30 September 20X5, Quartile Co assessed its operating performance by comparing selected accounting ratios with those of its business sector average as provided by an agency. Assume that the business sector used by the agency is a meaningful representation of Quartile Co’s business.
Which of the following circumstances may invalidate the comparison of Quartile Co’s ratios with those of the sector average？
(1)In the current year, Quartile Co has experienced significant rising costs for its purchases
(2)The sector average figures are compiled from companies whose year ends are between 1 July 20X5 and 30 September 20X5
(3)Quartile Co does not revalue its properties, but is aware that other entities in this sector do
(4)During the year, Quartile Co discovered an error relating to the inventory count at 30 September 20X4. This error was correctly accounted for in the financial statements for the current year ended 30 September 20X5
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On 1 October 20X4, Kalatra Co commenced drilling for oil from an undersea oilfield. Kalatra Co is required to dismantle the drilling equipment at the end of its five-year licence. This has an estimated cost of $30m on 30 September 20X9. Kalatra Co’s cost of capital is 8% per annum and $1 in five years’ time has a present value of 68 cents.
What is the provision which Kalatra Co would report in its statement of financial position as at 30 September 20X5 in respect of its oil operations？
(1)Cost of transporting the plant to the factory
(2)Cost of installing a new power supply required to operate the plant
(3)Cost of a three-year plant maintenance agreement
(4)Cost of a three-week training course for staff to operate the plant
Which of the following are requirements of preparing consolidated financial statements？
(1)All subsidiaries must adopt the accounting policies of the parent in their individual financial statements
(2)Subsidiaries with activities which are substantially different to the activities of other members of the group should not be consolidated
(3)All entity financial statements within a group should normally be prepared to the same accounting year end prior to consolidation
(4)Unrealised profits within the group must be eliminated from the consolidated financial statements
On 1 October 20X4, Hoy Co had $2·5 million of equity share capital (shares of 50 cents each)in issue. No new shares were issued during the year ended 30 September 20X5, but on that date there were outstanding share options which had a dilutive effect equivalent to issuing 1·2 million shares for no consideration. Hoy’s profit after tax for the year ended 30 September 20X5 was $1,550,000.
In accordance with IAS 33 Earnings Per Share, what is Hoy’s diluted earnings per share for the year ended 30 September 20X5？
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