The following are material events that occurred for Virgil Plc between the reporting date and the date when the financial report is authorised for issue. \[\begin{array} { | l | l | } \hline \text { II } & \text { Bankruptcy of a customer that occurs after the reporting date } \\ \hline \text { III } & \begin{array} { l } \text { Determination after the reporting date of the costs assets purchased before the } \\ \text { reporting date } \end{array} \\ \hline \text { IV } & \begin{array} { l } \text { Decline in market value of investments after the reporting date of investments } \\ \text { purchased before the reporting date } \end{array} \\ \hline \mathrm { V } & \text { Dividends declared after the reporting date } \\ \hline \mathrm { VI } & \text { A lawsuit filed by a customer after the reporting date } \\ \hline \end{array}\] Which of the following options identify all the non-adjusting events for Virgil Plc,in accordance with IAS 10 Events After the Reporting Period?

A) I, II and III B) II, III and IV C) I, II and VI D) III, IV and V A) I, II and III B) II, III and IV C) I, II and VI D) III, IV and V D

The following are material events that occurred for Yorba Linda Plc between the reporting date and the date when the financial report is authorised for issue. \[\begin{array} { | l | l | } \hline \text { II } & \text { Bankruptcy of a customer that occurs after the reporting date } \\ \hline \text { III } & \begin{array} { l } \text { Determination after the reporting date of the costs assets purchased before the } \\ \text { reporting date } \end{array} \\ \hline \text { IV } & \begin{array} { l } \text { Decline in market value of investments after the reporting date of investments } \\ \text { purchased before the reporting date } \end{array} \\ \hline \mathrm { V } & \text { Dividends declared after the reporting date } \\ \hline \mathrm { VI } & \text { A lawsuit filed by a customer after the reporting date } \\ \hline \end{array}\] Which of the following options identify all the adjusting events for Yorba Linda Plc,in accordance with IAS 10 Events After the Reporting Period?

A) I, II and III B) II, III and IV C) I, II and VI D) III, IV and V A) I, II and III B) II, III and IV C) I, II and VI D) III, IV and V C

The following are material events that occurred for Kooga Plc between the reporting date and the date when the financial report is authorised for issue. \[\begin{array} { | l | l | } \hline \text { II } & \text { Acquisition of a major business competitor } \\ \hline \text { III } & \text { Discovery of inventory items damaged by floods after the reporting date } \\ \hline \text { IV } & \begin{array} { l } \text { Receipt of information after the reporting date indicating that an asset was } \\ \text { impaired at reporting date } \end{array} \\ \hline \mathrm { V } & \begin{array} { l } \text { Settlement of a court case outstanding for many years that confirms that the } \\ \text { entity had a present obligation at the reporting date } \end{array} \\ \hline \mathrm { VI } & \text { Major litigation arising solely out of events that occurred after the reporting date } \\ \hline \end{array}\] Which of the following options identify all the non-adjusting events for Kooga Plc,in accordance with IAS 10 Events After the Reporting Period?

A) I, II, III and VI B) I, II and V C) II, III and V D) III, IV and VI A) I, II, III and VI B) I, II and V C) II, III and V D) III, IV and VI

Exam 17: Events Occurring After the Reporting Date

The following are material events that occurred for Virgil Plc between the reporting date and the date when the financial report is authorised for issue. II Bankruptcy of a customer that occurs after the reporting date III Determination after the reporting date of the costs assets purchased before the reporting date IV Decline in market value of investments after the reporting date of investments purchased before the reporting date Dividends declared after the reporting date A lawsuit filed by a customer after the reporting date Which of the following options identify all the non-adjusting events for Virgil Plc,in accordance with IAS 10 Events After the Reporting Period?

Free

(Multiple Choice)

5.0/5

(34)

Question 1

Correct Answer:

Verified

A non-adjusting event is one that occurs:

Free

(Multiple Choice)

4.9/5

(40)

Question 2

Correct Answer:

Verified

The following are material events that occurred for Yorba Linda Plc between the reporting date and the date when the financial report is authorised for issue. II Bankruptcy of a customer that occurs after the reporting date III Determination after the reporting date of the costs assets purchased before the reporting date IV Decline in market value of investments after the reporting date of investments purchased before the reporting date Dividends declared after the reporting date A lawsuit filed by a customer after the reporting date Which of the following options identify all the adjusting events for Yorba Linda Plc,in accordance with IAS 10 Events After the Reporting Period?

Free

(Multiple Choice)

4.8/5

(47)

Question 3

Correct Answer:

Verified

Disclosures required by IAS 10 relating to subsequent events that affect on the going concern status of the entity include:

(Multiple Choice)

4.9/5

(36)

Question 4

The IAS 10 disclosure requirements for material non-adjusting events does not include:

(Multiple Choice)

4.9/5

(39)

Question 5

Dividends declared after the reporting date but before the authorisation for issue of the financial report are typically recognised as a liability.

(True/False)

4.7/5

(34)

Question 6

A non-adjusting event is one that:

(Multiple Choice)

5.0/5

(46)

Question 7

Discuss the accounting treatment required in IAS 10 for dividends declared and proposed after reporting date.

(Essay)

4.8/5

(34)

Question 8

The disclosures IAS 10 requires for material non-adjusting events include:

(Multiple Choice)

4.9/5

(33)

Question 9

Subsequent to the reporting date but before the authorisation date of the financial reports,the dividend to be paid by Hannibal Plc has been determined.How should this decision be recorded in the financial statements according to IAS 10?

(Multiple Choice)

4.7/5

(45)

Question 10

If new events or conditions indicate that the entity will not be able to continue as a going concern,the entity must:

(Multiple Choice)

4.8/5

(36)

Question 11

If it becomes known after reporting date that a debtor is now not able to pay a material amount that is owed to the reporting entity,the appropriate action according to IAS 10 is to:

(Multiple Choice)

4.8/5

(26)

Question 12

Bonus payments that are part of an existing agreement with employees determined after the reporting date is an example of an adjusting event.

(True/False)

4.9/5

(45)

Question 13

The following are material events that occurred for Kooga Plc between the reporting date and the date when the financial report is authorised for issue. II Acquisition of a major business competitor III Discovery of inventory items damaged by floods after the reporting date IV Receipt of information after the reporting date indicating that an asset was impaired at reporting date Settlement of a court case outstanding for many years that confirms that the entity had a present obligation at the reporting date Major litigation arising solely out of events that occurred after the reporting date Which of the following options identify all the non-adjusting events for Kooga Plc,in accordance with IAS 10 Events After the Reporting Period?

(Multiple Choice)

4.9/5

(31)

Question 14

Karingai Co Plc has been experiencing cash flow difficulties and sought a long-term loan from a merchant bank to enable it to restructure its financing from short-term to long-term debt.The loan has been approved by the bank after reporting date and the funds are expected to be received before the time of completion of the accounts.How should this event be reported according to IAS 10?

(Multiple Choice)

4.9/5

(36)

Question 15

Cavalier Co Plc is being sued for negligence in manufacturing a piece of equipment that has allegedly resulted in injury to an employee of the claimant business.The accident occurred after reporting date,but Cavalier has settled quickly so the outcome is now known before the authorisation date of the financial statements.The settlement is for a material amount.How should this transaction be recorded in the financial statements according to IAS 10?

(Multiple Choice)

4.7/5

(31)

Question 16

The 'authorisation date' of the financial reports of companies is:

(Multiple Choice)

4.9/5

(35)

Question 17

Which of the following statements is incorrect with respect to IAS 10 Events After the Reporting Period?

(Multiple Choice)

4.9/5

(44)

Question 18

In IAS 10 Events After the Reporting Period,a contingent liability is an example of an adjusting event.

(True/False)

4.9/5

(39)

Question 19

Dividends declared and proposed after reporting date may be recognised as a liability and this is consistent with IAS 10.

(True/False)

4.9/5

(38)

Question 20

Showing 1 - 20 of 66

A non-adjusting event is one that occurs:

Disclosures required by IAS 10 relating to subsequent events that affect on the going concern status of the entity include:

The IAS 10 disclosure requirements for material non-adjusting events does not include:

Dividends declared after the reporting date but before the authorisation for issue of the financial report are typically recognised as a liability.

A non-adjusting event is one that:

Discuss the accounting treatment required in IAS 10 for dividends declared and proposed after reporting date.

The disclosures IAS 10 requires for material non-adjusting events include:

Subsequent to the reporting date but before the authorisation date of the financial reports,the dividend to be paid by Hannibal Plc has been determined.How should this decision be recorded in the financial statements according to IAS 10?

If new events or conditions indicate that the entity will not be able to continue as a going concern,the entity must:

If it becomes known after reporting date that a debtor is now not able to pay a material amount that is owed to the reporting entity,the appropriate action according to IAS 10 is to:

Bonus payments that are part of an existing agreement with employees determined after the reporting date is an example of an adjusting event.

The 'authorisation date' of the financial reports of companies is:

Which of the following statements is incorrect with respect to IAS 10 Events After the Reporting Period?

In IAS 10 Events After the Reporting Period,a contingent liability is an example of an adjusting event.

Dividends declared and proposed after reporting date may be recognised as a liability and this is consistent with IAS 10.

An Overview of the International External Reporting Environment

The Conceptual Framework of Accounting and Its Relevance to Financial Reporting

Theories of Financial Accounting

An Overview of Accounting for Assets

Depreciation of Property, Plant and Equipment

Revaluations and Impairment Testing of Non-Current Assets

Inventory

Accounting for Intangibles

An Overview of Accounting for Liabilities

Accounting for Leases

Share Capital, Reserves and Share Options Employee Bonus Schemes

Accounting for Financial Instruments

Revenue Recognition Issues

The Statement of Comprehensive Income and Statement of Changes in Equity

Accounting for Income Taxes

The Statement of Cash Flows

Related-Party Disclosures

Earnings Per Share

Further Consolidation Issues I: Accounting for Intragroup Transactions

Further Consolidation Issues II: Accounting for Non-Controlling Interests

Further Consolidation Issues III: Accounting for Indirect Ownership Interest

Accounting for Foreign Currency Transactions

Translating the Financial Statements of Foreign Operations

Accounting for Corporate Social Responsibility

Filters