Losses – Knowsia

FA – May 2012 – L1 – SA – Q23 – Accounting from Incomplete Records

Identifying the type of loss that occurs due to natural causes in branch accounting.

Question

In branch accounting, a loss that occurs due to natural causes or the perishable character of goods, and as such is inevitable, is called a:

Answer

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Tags: Branch Accounting, Losses
Level: Level 1

Topic: Accounting from Incomplete Records
Series: MAY 2012

FA – May 2014 – L1 – SA – Q12 – Accounting for Inventories (IAS 2)

Identifies the accounting treatment for losses or stolen goods on consignment.

Question

What are the accounting entries on consignment for stolen or lost goods?
A. Debit- Consignment Account; Credit- Profit or Loss or Insurance Account, if insured
B. Debit- Profit or Loss or Insurance Account, if insured; Credit- Consignment Account in the consignor’s ledger
C. Debit- Cash Account; Credit- Consignment Account
D. Debit- Goods in Transit Account; Credit- Consignment Account in consignee’s ledger
E. Debit- Consignment Accounts; Credit- Insurance Accounts

Answer

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Tags: Accounting Entries, Consignment, Financial Transactions, Losses
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: MAY 2014

FR – May 2019 – L2 – Q4b – Property, Plant, and Equipment (IAS 16)

Explanation of revaluation of non-current assets and accounting treatment of revaluation surplus/deficit and gains/losses on disposal.

Question

You are a senior accounting officer in Chidinma Ventures Plc. The chief accountant of the company has requested you to explain to some newly recruited trainee accountants, the requirements of IAS 16 as regards the revaluation of non-current assets and accounting treatment of surpluses and deficits on revaluation as well as gains and losses on disposal of assets.

Required:
Explain the transactions as required by the chief accountant.

Answer

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Tags: Deficit, Disposal, Gains, IAS 16, Losses, Revaluation, Surplus
Level: Level 2

Topic: Property, Plant, and Equipment (IAS 16)
Series: MAY 2019

TX – May 2019 – L3 – Q5c – Business Income – Corporate Income Tax

Evaluate the statement regarding offsetting losses from export of non-traditional products against profits from local sales.

Question

A company engages in exports of non-traditional products and makes local sales of its products. It has as recently, as of 2018, recorded huge losses on the exports but makes gains on the local sales and intends to offset the loss against the profit from the local sales as both represent its business activities.

Required: Evaluate the above statement critically in light of the tax provisions and its effect, if any, on revenue.
(4 marks)

Answer

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Tags: Business income, Export, Local sales, Losses, Non-Traditional Products, Revenue
Level: Level 3

Topic: Business income - Corporate income tax
Series: MAY 2019

FA – May 2012 – L1 – SA – Q23 – Accounting from Incomplete Records

Identifying the type of loss that occurs due to natural causes in branch accounting.

Question

In branch accounting, a loss that occurs due to natural causes or the perishable character of goods, and as such is inevitable, is called a:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Branch Accounting, Losses
Level: Level 1

Topic: Accounting from Incomplete Records
Series: MAY 2012

FA – May 2014 – L1 – SA – Q12 – Accounting for Inventories (IAS 2)

Identifies the accounting treatment for losses or stolen goods on consignment.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Entries, Consignment, Financial Transactions, Losses
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: MAY 2014

FR – May 2019 – L2 – Q4b – Property, Plant, and Equipment (IAS 16)

Explanation of revaluation of non-current assets and accounting treatment of revaluation surplus/deficit and gains/losses on disposal.

Question

Required:
Explain the transactions as required by the chief accountant.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Deficit, Disposal, Gains, IAS 16, Losses, Revaluation, Surplus
Level: Level 2

Topic: Property, Plant, and Equipment (IAS 16)
Series: MAY 2019

TX – May 2019 – L3 – Q5c – Business Income – Corporate Income Tax

Evaluate the statement regarding offsetting losses from export of non-traditional products against profits from local sales.

Question

Required: Evaluate the above statement critically in light of the tax provisions and its effect, if any, on revenue.
(4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business income, Export, Local sales, Losses, Non-Traditional Products, Revenue
Level: Level 3

Topic: Business income - Corporate income tax
Series: MAY 2019

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FA – May 2012 – L1 – SA – Q23 – Accounting from Incomplete Records

Identifying the type of loss that occurs due to natural causes in branch accounting.

FA – May 2014 – L1 – SA – Q12 – Accounting for Inventories (IAS 2)

Identifies the accounting treatment for losses or stolen goods on consignment.

FR – May 2019 – L2 – Q4b – Property, Plant, and Equipment (IAS 16)

Explanation of revaluation of non-current assets and accounting treatment of revaluation surplus/deficit and gains/losses on disposal.

TX – May 2019 – L3 – Q5c – Business Income – Corporate Income Tax

Evaluate the statement regarding offsetting losses from export of non-traditional products against profits from local sales.

FA – May 2012 – L1 – SA – Q23 – Accounting from Incomplete Records

Identifying the type of loss that occurs due to natural causes in branch accounting.

FA – May 2014 – L1 – SA – Q12 – Accounting for Inventories (IAS 2)

Identifies the accounting treatment for losses or stolen goods on consignment.

FR – May 2019 – L2 – Q4b – Property, Plant, and Equipment (IAS 16)

Explanation of revaluation of non-current assets and accounting treatment of revaluation surplus/deficit and gains/losses on disposal.

TX – May 2019 – L3 – Q5c – Business Income – Corporate Income Tax

Evaluate the statement regarding offsetting losses from export of non-traditional products against profits from local sales.

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FA – May 2012 – L1 – SA – Q23 – Accounting from Incomplete Records

Identifying the type of loss that occurs due to natural causes in branch accounting.

You're reporting an error for "FA – May 2012 – L1 – SA – Q23 – Accounting from Incomplete Records"

FA – May 2014 – L1 – SA – Q12 – Accounting for Inventories (IAS 2)

Identifies the accounting treatment for losses or stolen goods on consignment.

You're reporting an error for "FA – May 2014 – L1 – SA – Q12 – Accounting for Inventories (IAS 2)"

FR – May 2019 – L2 – Q4b – Property, Plant, and Equipment (IAS 16)

Explanation of revaluation of non-current assets and accounting treatment of revaluation surplus/deficit and gains/losses on disposal.

You're reporting an error for "FR – May 2019 – L2 – Q4b – Property, Plant, and Equipment (IAS 16)"

TX – May 2019 – L3 – Q5c – Business Income – Corporate Income Tax

Evaluate the statement regarding offsetting losses from export of non-traditional products against profits from local sales.

You're reporting an error for "TX – May 2019 – L3 – Q5c – Business Income – Corporate Income Tax"

FA – May 2012 – L1 – SA – Q23 – Accounting from Incomplete Records

Identifying the type of loss that occurs due to natural causes in branch accounting.

You're reporting an error for "FA – May 2012 – L1 – SA – Q23 – Accounting from Incomplete Records"

FA – May 2014 – L1 – SA – Q12 – Accounting for Inventories (IAS 2)

Identifies the accounting treatment for losses or stolen goods on consignment.

You're reporting an error for "FA – May 2014 – L1 – SA – Q12 – Accounting for Inventories (IAS 2)"

FR – May 2019 – L2 – Q4b – Property, Plant, and Equipment (IAS 16)

Explanation of revaluation of non-current assets and accounting treatment of revaluation surplus/deficit and gains/losses on disposal.

You're reporting an error for "FR – May 2019 – L2 – Q4b – Property, Plant, and Equipment (IAS 16)"

TX – May 2019 – L3 – Q5c – Business Income – Corporate Income Tax

Evaluate the statement regarding offsetting losses from export of non-traditional products against profits from local sales.

You're reporting an error for "TX – May 2019 – L3 – Q5c – Business Income – Corporate Income Tax"

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