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28688560-Quiz-Bee-pa1-amp-Toa-average - 2 ND RFJPIA-R12...

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RFJPIA-R12 2 ND Annual Regional Convention 2008 QUIZ BEE – PA1 & TOA AVERAGE ROUND 1. According to IAS29 Financial reporting in hyperinflationary economies , which TWO of the following are monetary items? a. Trade payables b. Inventories c. Administration costs paid in cash d. Loan repayable at par value Question 4 - A & D Monetary items are to be received (or settled) in fixed monetary terms (per IAS29 para 12). This includes trade payables and loans to be repaid at par value. 2. The Hopkins Company is a manufacturing company. The cost per unit of an item of inventory is shown on its card as follows: PHP Materials 30 Production labor costs 33 Production overheads 12 General administration costs 10 Marketing costs 5 According to IAS2 Inventories , what is the value of one completed item of inventory in Hopkins's statement of financial position? a. PHP63 b. PHP85 c. PHP75 d. PHP90 Question 11 - C PHP75 is the correct answer. IAS2 paras 10-12 define the cost of inventory. In this example the cost includes materials, production labor and production overheads, but not general administration or marketing costs. 3. On 1 January 20X8 The Ebro Company commenced trading to provide key skills education facilities in a region identified for technology development. Also on 1 January 20X8, the company received two grants from its government for setting up its operations in this location: Grant (a) – was paid to give financial assistance for start-up costs already incurred. Grant (b) – was paid to subsidize the costs of purchasing computer software over the five-year period. The company is almost certain to keep the facilities operational for the next five years.
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The company's accounting year end is 31 December. Are the following statements concerning recognition of the income from the two government grants true or false, according to IAS20 Government grants and government assistance ? (1) Income from Grant (a) should be recognized in full on receipt in 20X8.
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28688560-Quiz-Bee-pa1-amp-Toa-average - 2 ND RFJPIA-R12...

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