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financial accounting for managers

Questions and Answers of Financial Accounting For Managers

Hero Moto Corp Ltd. (Formerly Hero Honda Motors Ltd.) is the world’s largest manufacturer of two-wheelers, based in India. In 2001, the company had achieved the coveted position of being the
Sona Software Limited acquired Mona Hardware Limited for a cash consideration of ₹ 300 million. The fair value of assets and liabilities taken over are as follows: 1. Ascertain the value of
Italian Ceramics Limited acquired Sonia Tiles Limited for a purchase consideration of ₹ 20 million. The fair value of assets and liabilities taken over are as follows: 1. Ascertain the value of
Briefly explain the accounting for revaluation of an item of PPE.
How is impairment different from depreciation?
‘Depreciation is a noncash expense’. Explain.
How are selfgenerated intangible assets—brand and goodwill—accounted for?
Clarity Printers Limited bought a printing press on 1st April 2008 at a cost of ₹ 3 million. The management estimated the useful life of the press to be 10 years with a residual value of ₹
What is the treatment of expenditure incurred on property, plant and equipment subsequent to its initial capitalization?
Please refer to the Problem 2 above. After depreciating the machine for three years using SLM, in the fourth year Satluj Cements decided to change the method of depreciation to WDV at 20% per annum.
PQR Limited invested ₹10 million in government bonds with coupon rate of 8% and maturity of 10 years. After one year, the fair value of the bonds has increased to ₹10.5 million. How would you
Super Invest Limited invested ₹15 million in government bonds with coupon rate of 8% and maturity of five years. After one year, the fair value of the bonds has declined to ₹1 million. How would
Briefly explain the classification of investments as per Ind AS, 109.
ABC Limited invested ₹2 million in the equity shares of another company. The current market price of the investment is ₹1.7 million due to a fall in market. What are the options available to ABC
Starfin Limited invested ₹1 million in the equity shares in the stock market. The management wants this investment to be measured at amortized cost as this is intended to be held for longterm.
What is the impact of subsequent measurement of investments on the financial statements of a company.
Finvest Limited investments in corporate bonds amounting to ₹12 million. These investments were classified as FVTOCI in line with the business model of the company. With the change in the business
From the following Balance Sheets and Profit and Loss Statement prepare the Cash Flow Statement for the year 2016–17 Balance Sheet as at 31st March (Amount in *) A. Assets Non-current
Mr. Know-It-All is the chairman and managing director (CMD) for New Age Limited that completed its first year of operations on 31st March 2018. Mr. Kuber is the chief financial officer (CFO) of
XXX Investment Limited invested ₹10 million in corporate bonds. These investments were classified as FVTPL in line with the business model of the company. With the change in the business model, the
On the basis of information given fill the missing entries:Comment upon the cash flows of the respective companies. Particulars Increase or decrease in cash Cash & cash equivalent At the end of the
Is it possible to reclassify an investment from one class to another? What would be the impact of such reclassification on carrying amount and profit or loss.
On the basis of the following information, prepare the cash flow statement for Seven Wonders Limited for the year 2016–17. Additional Information: 1. Shortterm investments represent investment
Calculate the cash flow from operating activities on the basis of the following information using indirect method: Profit and loss account for the year ended 31st December 2017
Container Corporation of India Ltd. (CONCOR) commenced operation from November 1989. It is now an undisputed market leader having the largest network of 68 inland containers depots (ICDs). In
The profit and loss statement for the year ended 31st March 2017 and the balance sheets as on 31st March 2016 and 2017 are given below. You are required to prepare the cash flow statement for the
Suzlon Energy Limited, founded in the year 1995, is a leading wind power company. It has presence in 21 countries in the continents of America, Asia, Australia and Europe. It has emerged as the third
What is the purpose of preparing cash flow statement?
YYY Investment Limited invested ₹6 million in corporate bonds. These investments were initially classified as ‘measured at the amortized cost’ in line with the business model of the company.
Pee Cee Limited sold some of its investments for a consideration of ₹40,00,000. These investments were purchased at ₹32,00,000 and initially were classified as FVTOCI. The carrying amount of this
From the following balance sheets of XYZ Limited, prepare the cash flow statement for the year ended 31st March 2018 and explain the reasons for the decline in the cash and cash equivalents:
Glaxo has a wholly owned subsidiary—Biddie Sawyer Limited (Biddie). Both the companies follow financial year as their accounting year. The summary of separate balance sheets of both the companies
‘The expression ‘‘cash’’ is used in a wider sense to include ‘‘cash equivalents’’ as well while preparing the cash flow statement’. What kinds of items are included in ‘cash
Avon Limited made a provision of ₹ 103 million towards income tax for the year 2016–17. The provision for income tax in the current year balance sheet is ₹ 108 million compared to ₹ 97
Explain the three broad headings under which cash inflows and cash outflows are reported while preparing cash flow statement?
Identify the main reasons for difference between cash flow from operating activities and reported profit for the year.
Differentiate between direct and indirect method of calculating cash flow from operating activities.
How do we treat the income tax paid in the cash flow statement?
What are noncash transactions? Give three examples.
‘Intragroup transactions and intragroup transactions need be eliminated while consolidating’. Explain the statement with suitable examples.
The equity share capital of Black Pearl Limited as on 31st December 2017 stood at ₹ 250 million. The company has been in losses for the last few years and the accumulated losses in the balance
Big Bull Limited acquired 70% of equity shares of Small Cow Limited for a total consideration of ₹ 435.45 million. At the time of acquisition the equity share capital of Small Cow Limited stood at
What is the purpose behind preparation of consolidated financial statements?
HR Limited holds 100% equity of SR Limited. At the year end, in addition to presenting their separate financial statements, HR Limited presents consolidated financial statements as well. During the
How do we define the expression ‘group’ for the purpose of consolidation?
Satya Limited acquired 80% of equity capital of Sundra Limited on 1st April 2016 for ₹ 575 million in an allcash deal. The balance sheets of the two companies immediately before the transaction
S Limited, a 100% subsidiary company of H Limited, sold goods costing ₹ 120 million to H Limited for ₹ 160 million during the year. Out of these, 40% of the goods are still unsold and are
From the following balance sheets of H Limited and S Limited and additional information prepare the consolidated balance sheet of H Limited. Additional Information1. The face value of shares of both
After one year of acquisition both the companies presented their respective balance sheets as on 31st March 2017 as follows: Additional Information 1. During the year Sundra Limited sold goods
Hero Limited acquired the entire equity share capital of Zero Limited on 1st January 2017 for a consideration of ₹ 600 million. At the time of acquisition the share capital of Zero Limited
How is the cost of investment in the subsidiary company treated?
Define the expression ‘minority interest’. How is minority interest disclosed in the consolidated financial statements?
On the basis of the following information and assumption, determine which of the two companies have a higher economic value added: The applicable tax rate is 30%. Particulars Earnings before
What are the different sources of disclosures in the annual reports of companies?
Engineers India Limited was set up in 1965 to provide engineering and related technical services for petroleum refineries and other industrial projects. Its range of services includes project
What are the different types of audit reports?
How is ‘segment reporting’ helpful in understanding the financial performance of a company?
How is Economic Value Added different from the reported profit?
Value added statement has a stakeholders’ focus rather than stock holders’ focus’. Do you agree?
Human resources are the most valuable assets for a knowledge based business, still they are not treated as assets in the balance sheet. Why?
ACC Limited has prepared its financial statements using the calendar year as its accounting period. The last financial statements were prepared for the year ended 31st December 2013. The Companies
What is the need for accounting standards?
Free Flow Oil Limited, an Indian company set up an office in Sri Lanka for executing a specific contract. Due to some reasons, the Sri Lankan government put a ban on the company to operate in the
P T Jewelers bought 1 kg of gold during the year at the rate of ₹ 18,000 per ten grams. At the end of the year, half of the gold is still unsold. The current market price of the gold is ₹ 21,000
Describe the process followed by the Accounting Standard Board for laying down new accounting standards.
Straight Bank of India invests in debt securities issues by the Government of India. Some of these investments are long term in nature and are expected to be ‘held till maturity’ whereas some
Briefly discuss the requirements of Ind AS 8 relating to accounting policies.
Pee Tee Limited so far has been following the LastinFirstOut (LIFO) method for valuation of inventory. The management would like to change the method of valuation of inventory and adopt
What is the rationale of convergence of Indian accounting standards with IFRS?
Describe various stages in accounting process.
Analyze the following transactions and pass necessary journal entries: 1. 1st October 2016: Goods sold on credit to SM & Sons for ₹ 1,250,000. 2. 1st December 2016: Payment received from SM &
Identify different categories of accounts and the rules for debits and credits.
Classify the following accounts as real, personal or nominal: 1. Bank Account 2. Furniture Account 3. Salary Account 4. Cash Account 5. Rent Outstanding 6. Bank Overdraft 7. Capital
Analyze the following transactions and pass necessary journal entries: 1. Goods sold to RS & Company for ₹ 450,000 on credit on 10th April 2017. 50% of goods returned by them on 18th April 2017
Kong Fuser Ltd prepares its financial statements on financial year basis. How would the following transactions during the year 2017–18 affect the Profit and Loss Account and Balance Sheet of the
What is the purpose of preparing Trial Balance? Explain its structure.
The followings balances were extracted from the books of Snow White & Co on 31st December 2017. You are required to arrange them in a Trial Balance. Particulars Purchases Capital Inventories
Dare Devil & Co is a small scale manufacturing unit. It procures semifinished goods and sells them after further processing. The trial balance and additional information as on 31st March 2017
Nominal accounts are closed out at the end of the accounting period whereas personal accounts and real accounts are carried forward to the next accounting period. Why?
Roney, a fresh management graduate has recently joined Seven Wonders & Company. He was asked by the Chief Accountant of the firm to prepare the Trial Balance for the year ended 31st March 2017.
Sun Pharmaceutical Limited is a leading pharmaceutical company of India engaged in research and manufacturing of drugs. It has over over 40 stateoftheart manufacturing sites spanning 6
What is EVA? Traditional approaches to measuring ‘Shareholder’s Value Creation’ have used parameters such as earnings capitalization, market capitalization and present value of estimated future

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