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Calculations (FR) > SPL and SFP Steps > Flashcards

SPL and SFP Steps Flashcards

1
Q

How to calculate cost of sales?

A

Opening inventory + purchases - closing inventory

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2
Q

What standard used for inventory?

A

IAS 2

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3
Q

What can be immediately put in SFP?

A

Receivables
Payables
Cash
Equtiy shares
Debentures
Tax payable
Provisions

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4
Q

What can be immediately put in SPL?

A

Revenue

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5
Q

What do finance costs represent?

A

The cost of borrowing funds. Also known as interest costs

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6
Q

Example of finance cost?

A

Loan interest and other interest + amortisation

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7
Q

What is investment income?

A

Returns and gains earned from a company’s investments

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8
Q

Examples of investment income?

A

Interest and dividend income
Rental income
FVTPL

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9
Q

What is meant by depreciation expense for the year?

A

Depreciation calculation for one year

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10
Q

How to calculate tax in SPL

A

Tax in TB + tax payable

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11
Q

How to calculate retained earnings?

A

PFY + retained earnings in TB

Or c/f amount in SCE

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12
Q

How to calculate carrying value of non-current asset?

A

Original Cost − Accumulated Depreciation (or Amortization) − Accumulated Impairment Losses + Additions − Proceeds from Disposals

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13
Q

What is included in PPE in SFP?

A

Carrying value of PPE

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14
Q

How is prepayment treated in SPL and SFP?

A

SPL: Expense account - prepayment
SFP: Current asset

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15
Q

How is accrual treated in SPL and SFP?

A

SPL: Expense account + accrual
SFP: Current liability

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16
Q

How is impairment recorded in SPL?

A

As an administrative expense

17
Q

Where are irrecoverable receivables recorded?

A

Under administrative expenses in SPL

18
Q

Irrecoverable receivables calculation (SFP)?

A

(Receivables per trial balance - Irrecoverable receivables written off) * %

19
Q

Irrecoverable receivables calculation (SPL)?

A

(Receivables per trial balance - Irrecoverable receivables written off) * %

-

Allowance for receivables in TB

20
Q

Calculate interest payable in SFP?

A

Finance cost - interest paid

21
Q

What is included in OCI?

A

Gain on revaluation

22
Q

What inventory is included in SFP?

A

Closing inventory

23
Q

Depreciation expense in SPL?

A

One years worth

24
Q

Is land included in IAS 16?

A

No

25
Q

What happens with revaluation surplus

A

Calculated through revaluation amount - carrying value.

Put in SFP OCI and SCE under revaluation total comprehensive income

26
Q

How should fraud be treated?

A

Deducted from the relevant account (e.g. trade receivable). Also put in administrative expenses

27
Q

Calculate revaluation gain transferred to retained earnings?

A

Gain on revaluation / remaining life.

Add this to retained earnings

Calculations (FR) (41 decks)

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