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PFR 4-1

Reporting financial performance
Earnings per share
Reporting financial performance

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1 / 8

131. Which of the following would be treated under IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors as a change of accounting policy?   

2 / 8

132. According to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, how should a material error in the previous financial reporting period be accounted for in the current period?

3 / 8

133. IAS 21 sets out how entities that carry out transactions in a foreign currency should measure the results of these transactions at the year end.

which of the following exchange rate should non-monetary items carried at historical cost be measured?

4 / 8

134. Which of the following statements regarding IFRS 13 Fair Value Measurement is not true?

5 / 8

135. For an asset to be classified as ‘held for sale’ under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations its sale must be ‘highly probable’. Which of the following is NOT a requirement if the sale is to be regarded as highly probable?

6 / 8

136. Complete the statement using the options provided

An asset classified as ‘held for sale’ should be measured at the lower of __1__ and __2__

7 / 8

137. Which of the following items is a change of accounting policy under IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors?

8 / 8

138. Cumberland Co buys goods priced at €50,000 from a Dutch company on 1 November 20X8. The invoice is due for settlement in two equal instalments on 1 December 20X8 and 1 January 20X9.

The exchange rate moved as follows:

1 November 20X8 – 1.63 to $1

1 December 20X8 – 1.61 to $1

31 December 20X8 – 1.64 to $1

What will be the net exchange gain or loss to be reported in the financial statements of Cumberland Co at 31 December 20X8?

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Earnings per share

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0 votes, 0 avg

  • Please read all instructions. When you are finished click ‘Next’ to move to the next screen.

Answering Questions

  • Read each question carefully.
  • When you answer a question, your answer will automatically be saved.
  • You can revisit questions and change your answers at any time during the exam.
  • The only permitted characters for numerical answers are:
    • Numbers
    • One full stop as a decimal point if required
    • One minus symbol at the front of the figure if the answer is negative.

              For example: -10234.35

No other characters, including commas, are accepted.

Navigating between questions

  • Click Next Button to move to the next question.
  • Click Previous Button to move back to the previous question.
  • Click on a question number from the Exam Progress Details panel (see next page) to move directly to that question.
  • A message will be displayed when you click to move away from a question which has been partially attempted. You can choose to stay on the question and review your answer(s) or continue.
  • When reviewing your answer(s) for partially attempted questions ensure you read any message displayed in red text below the question in Section A or below the question
    part(s) in Section B
    .
  • Note: Where a message is displayed, the answer(s) provided will not be marked.

1 / 5

139. ATC PLC had an issued share capital at 1 May, 2014 of $63 million 25 cent equity shares. On 15 August, 2014 ATC made a 1 for 3 bonus issue followed on 1 October, 2014 by a 1 for 7 rights issue at 36 cents per share. Mid-market price on 1 October was 52 cents and the rate of corporate income tax was 25%.

Profit after tax for the year was $70m

What is the earnings per share figure for the year ended 30 April, 2015?

2 / 5

140. Temora PLC had an issued share capital at 1 April, 2014 of $42 million 50 cent equity shares. On 15 August, 2014 Temora PLC made a 2 for 5 bonus issue followed on 1 November by an issue at full market price of 20 million shares at 75 cents each.

This was followed on 1 January, 2015 by a 1 for 4 rights issue at 60 cents per share exercise price. Mid-market price at the start of 2015 was 80 cents.

What is the weighted average number of shares in issue for Temora PLC in the year to 31 March, 2015?

3 / 5

141. Grey PLC had an issued share capital at 31 December, 2015 of $52 million equity shares of $1 each. On 1 March, 2015 Grey PLC had made a 2 for 5 bonus issue followed on 31 July by an issue at full market price of 10 million shares at $1.75 each.

What is the weighted average number of equity shares in issue for Grey PLC in the year to 31 December, 2015?

4 / 5

142. Many commentators believe that the trend of earnings per share (EPS) is a more reliable indicator of underlying performance than the trend of net profit for the year

Which of the following statements supports this view?

5 / 5

143.Aqua Co has correctly calculated its basic earnings per share (EPS) for the current year.

Which of the following items need to be additionally considered when calculating the diluted EPS of Aqua Co for the year?

1          A 1 for 5 rights issue of equity shares during the year at $1.20 when the market price of the equity shares was $2.00

2          The issue during the year of a convertible (to equity shares) loan note

3          The granting during the year of directors’ share options exercisable in three years’ time

4          Equity shares issued during the year as the purchase consideration for the acquisition of a new subsidiary company

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