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76.Explain, with examples, how changes in tax rates affect pre-existing deferred tax asset and deferred tax liability balances.  77.Evaluate deferred tax assets and deferred tax liabilities in terms of the AASB Conceptual Framework and the notion that they fail to meet the criteria outlined in the Framework.  .
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71.Discuss the accounting treatment required in AASB 110 for dividends declared and proposed after reporting date. How does this differ from pre-AIFRS treatment? 74.Provide an example of an adjusting event and explain why this event satisfies the criteria of AASB 110 Events After the Reporting Period. .
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51.For a defined contribution plan to satisfy the reporting requirements of AAS 25 it must provide:   A. a statement of financial position, an operating statement and accompanying notes. B. a statement of financial position, an operating statement and a statement of cash flows. C. a statement of net assets, a statement of changes in net assets.
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21.The period covered by AASB 110 Events After the Reporting Period is from:   A. date of the report to date of release to shareholders. B. reporting date to date financial report is authorised for issue. C. balance date to reporting date. D. balance date to date financial reports are presented to the board of directors. 22.The 'authorisation date' of.
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41.The treatment for breach of going concern assumption as suggested by AASB 110 was not acceptable in the old AASB 1002 for reasons that include:   A. The event is so significant in its effect on the economic decision making of general purpose financial statement users that it is vital that the financial.
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11.There are potentially five alternative methods to account for pre-production costs for extractive industries.  12.The costs-written-off-and-reinstated method permits the reversal of exploration and evaluation expenses recorded in an earlier period in order to record an asset, and it is consistent with the AASB Framework.  13.The full-cost method is permitted in.
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11.The reason provided for discounting liabilities for future claims is that the liability represents the amount which, if set aside as at the reporting date, would accumulate to the amount of the claims as they are expected to fall due.  12.The present value of claim liabilities will increase as the.
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1.General insurance contracts and life insurance contracts are not within the scope AASB 4 Insurance Contracts.  2.In AASB 1023 General Insurance Contracts, premium that has not been recognised in the statement of comprehensive income is premium that is unearned and recognised in the statement of financial position as an unearned.
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31.The argument in support of AAS 25's selected method of measuring assets for superannuation plans is that:   A. Reliability is important to members of a plan because they are relying on the plan for income in their retirement. B. It is more relevant to the users. C. Using a market measure introduces subjectivity into the financial.
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41.Segment expenses do not include:   A. joint venturer's expenses relating to the operation of joint venture operations. B. losses on sales of investments or extinguishment of debt unless the segment's operations are primarily financial in nature. C. income tax expense. D. losses on sales of investments or extinguishment of debt unless the segment's operations are primarily financial in.
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31.AASB 110 specifies that adjusting events should be considered against two criteria to determine their treatment. The two criteria are:    A. (a) provides an indication that conditions may have existed at reporting date; or (b) reveals additional solid evidence of a condition that existed at reporting date. B. (a) provides additional evidence.
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20.At present there are three AASB standards related to insurance contracts:    A. Phase I of the IASB Insurance Project will see these replaced by one standard. B. Three standards are required to deal with complex issues such as the HIH collapse. C. These standards cover life insurance, general insurance and motor vehicle insurance..
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61.Which of the following measurement rules is not in accordance with AAS 25 Financial Reporting by Superannuation Plans?   A. Assets of a defined contribution plan and a defined benefit plan are measured at net market values as at the reporting date. B. Accrued benefits of a defined contribution plan shall be shown as an.
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21.Key issues in accounting for entities in the extractive industries include:    A. determining the size of the deposits of natural substances in the area of interest. B. determining whether an asset has been acquired through the expenditures associated with exploration, evaluation and development. C. allocating revenues to the periods in which they are.
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70.Discuss the rationale for providing two presentation formats in preparing a financial report for defined benefit plans. 71.              What is the accounting treatment for sale of non-current assets in a superannuation plan?  72.What are the implications of not having the force of law in adopting the requirements of AAS 25 on financial.
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11.If a business consistently has positive cash flows from financing and negative cash flows from investing and operating activities, this is a positive sign for the business. 12.AASB 107 requires disclosures about non-cash financing and investing activities. 13.AASB 107 requires ledger accounts to be reconstructed in order to calculate cash.
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21.The statement of cash flows may assist in determining the ability of an entity to:    A. generate cash flows. B. obtain internal finance. C. meet its financial commitments to customers. D. generate cash flows and meet its financial commitments to customers. 22.Survey research by Jones and Ratnatunga (1997) undertaken in Australia found that respondents.
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31.An area of interest is defined in AASB 6 as:   A. a specific type of exploration activity as defined by either the production process, type of mineral or gas extracted, or expected future pattern of cash inflows. B. a cost centre as defined for the purposes of tracking expenses and revenues and which is.
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51.Which of the following statements is correct?   A. AASB 6 requires disclosure of accounting policies for exploration and evaluation expenditures. B. AASB 137 Provisions, Contingent Liabilities and Contingent Assets provides guidance on obligations of an entity for restoration costs. C. Exploration and evaluation assets are required in AASB 6 to be classified as intangible assets. D. AASB 6.
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75.Discuss the treatment of interest and dividends in accordance with AASB 107 Statement of Cash Flows.  76.Explain how the form and content of the statement of cash flow could change as a result of a joint project by the IASB and the US Financial Accounting Standards Board (FASB) investigating the presentation.
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31.AASB 107 requires that a note to the accounts shall disclose a reconciliation of cash flows from operating activities to operating profit or loss after income tax as reported in the statement of comprehensive income. The correct adjustments to the operating profit/loss after tax include:   A. add; depreciation expense, gain on sale.
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50.Which of the following statements is true?    A. In accordance with AASB 1023 premium revenue shall be recognised from attachment date as soon as there is a basis on which it can be reliably estimated. B. Premium revenue shall be recognised in the statement of comprehensive income from attachment date over the.
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40.Property, plant and equipment that is within the scope of AASB 116 and backs general insurance liabilities, should be measured at:    A. depreciated historical cost. B. net replacement cost. C. recoverable amount. D. None of the given answers are correct. 41.AASB 1023's disclosure requirements relating to the statement of comprehensive income include:    A. deferred acquisition.
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41.The discount rate that AAS 25 recommends for use is:   A. a current, market-determined, risk-adjusted discount rate appropriate to the plan. B. the inflation-adjusted, current, risk-free government bond rate. C. the rate of return earned by high quality corporate bonds. D. the rate of interest charged by banks on loans with matching maturities to the accrued benefits. 42.What is.
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51.Which of the following material after reporting date events is considered an adjusting event?   A. settlement after reporting date of a court case that confirms that the entity has a present obligation on reporting date B. an announcement of a plan to discontinue a business operation C. decline in market value of investments between reporting date.
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21.An important argument for providing segmental information in the financial reports is:    A. It is simpler and easier for users to follow. B. Consolidated information is so aggregated that it may disguise poor performance and very good performance among segments of the entity. C. The shareholders of the individual companies in the group.
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11.The Directors' Declaration must be signed before the reporting date.  12.Events after reporting date should not be disclosed because the statement of financial position is 'as at' a particular date. 13.In general a subsequent event is one that occurs, or the occurrence of which becomes known, after the reporting date..
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1.AAS 25 Financial Reporting by Superannuation Plans deals with accounting in an employer's financial reports for employee entitlements, including retirement benefits. 2.Wear and tear of assets is not considered when determining market values of assets. 3.In a defined contribution plan, accrued benefits are the difference between the carrying amount of.
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31.The guidelines to determine that a segment is reportable in accordance with AASB 8 Operating Segments includes:   A. The segment's reported revenue, including external customers and intersegment sales or transfers, is 10 per cent or more of the combined revenue, internal and external, of all operating segments. B. The segment's reported profit or loss.
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21.A contributory superannuation plan is one in which:    A. the employer contributes periodic payments to the trust fund. B. the employees contribute periodic payments to the trust fund. C. the government contributes a percentage of the employees' contribution. D. the benefits accumulate at a compound rate. 22.The types of reports that a superannuation plan.
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1.Australian companies who voluntarily adopt the Australian Minerals Code for Environmental Management are required to report their performance against specifically nominated environmental performance indicators, such as greenhouse gas emissions.  2.Positive accounting theory predicts that large sized entities will choose not to capitalise their exploration and evaluation expenditures to reduce likelihood.
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1.A decline in market value of investments between the reporting date and the date the financial report is authorised for issue is typically an adjusting event. 2.An entity may adjust the amounts in the financial statements for items classified as non-adjusting events, for as long as there is reasonable assurance.
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30.Government charges should be included as part of the premium revenue if:    A. they are levied on the insurer and incorporated into the insurance premium. B. they are imposed on the insured party by the government. C. the insurer is acting simply as a collector of levies and charges imposed by the government..
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