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职上网在线题库 > ACCA英国注册会计师试题 > F3 > Chaphter9-14 > An ex-dire...
题目

An ex-director of X company has commenced an action against the company claiming substantial

damages for wrongful dismissal. The company's solicitors have advised that the ex-director is unlikely to succeed with his

claim, although the chance of X paying any monies to the ex-director is not remote. The solicitors' estimates of the company's potential liabilities are:

                                                                                                         $

Legal costs (to be incurred whether the claim is successful or not) 50,000

Settlement of claim if successful 500,000

550,000

According to IAS 37 Provisions, contingent HabHities an statements?

A

Provision of $550,000

B

Disclose a contingent liability of $550,000

C

Disclose a provision of $50,000 and a contingent liability of $500,000

D

Provision for $500,000 and a contingent liability of $50,000

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Chapter11Provisionsandcontingencies
解析

As the claim is unlikely to succeed, the potential settlement of $500,000 should be disclosed asa contingent liability note.

However, given that the legal costs of $50,000 must be paid whether the claim is successful or not, this amount should be

provided for in the company's financial statements.

多做几道

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

 The accruals concept

C

The going concern concept

D

 The business entity concept

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Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

The accruals concept

C

 The going concern concept

D

The business entity concept

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According to the IASB's Conceptual Framework for Financial Reporting, which TWO of the following are part of faithful

representation?1 It is neutral2 It is relevant3 It is presented fairly4 It is free from material error

A

1 and 2

B

2 and 3

C

 1 and 4

D

3 and4

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Which of the following accounting concepts means that similar items should receive a similar accounting treatment?

A

Going concern

B

Accruals

C

Matching

D

Consistency

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Listed below are some characteristics of financial information.1 Relevance2 Consistency3 Faithful representation4 Accuracy

Which of these are qualitative characteristics of financial information according to the IASB's Conceptual Framework for

Financial Reporting?

A

1 and 2 only

B

2 and 4 only

C

3 and 4 only

D

1 and 3 only

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