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How should the final dividend be accounted for in financial

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Reference no: EM132712294

Problem 1.) Your firm has been sued for anti-competitive behavior. This has been denied by your firm, and there was only a contingent liability for P10 million your financial statements on 31st December 2019. On January 1st, 2020, the court awards P10 million damages against your firm. You need to:

A. Adjust the FS

B. Ignore it

C. Leave the financial statements, but note the details

D. Right and left

Problem 2.) 1A firm purchase commitment is an agreement, binding on both parties, that: 1. Specifies all significant terms, including the price and timing of the transactions 2. Includes a disincentive for non-performance, which is sufficiently large to make performance highly probable 3. Is with an unrelated party

A. 1, 2 and 3 all

B. 2 and 3 only

C. 1 and 2 only

D. 1 and 3 only

Problem 3.) Which one from below is required to be disclosed in financial statements regarding compensation to key management personnel

A. Short-term employee benefits

B. Post-employment benefits

C. Other long-term benefits

D. Termination benefits

E. Share-based payments.

F. All above are required to be disclosed.

Problem 4.) ABC is in the process of issuing its financial statements for the year ended 30 June 2019. In a meeting of Board of Directors held on 31 August 2019, the directors authorized the issue of financial statements to shareholders. Consider the impact (if any) of the following events after the reporting period on the financial statements of ABC for the year ended 30 June 2019 assuming they have not already been accounted for: In a meeting held on 10 July, the Board of Directors announced a final dividend of P0.5 per share for the year ended 30 June 2019. How should the final dividend be accounted for in the financial statements for the year ended 30 June 2019?

A. Adjust

B. Disclose

C. Ignore

D. Hindi ko alam

Problem 5.) The revised PAS 10 states that if an entity declares dividends after the reporting period, the entity __________ those dividends as a liability at the end of the reporting period.

A. shall recognize

B. shall not recognize

C. is encouraged to recognize

D. is encouraged not to recognize

Reference no: EM132712294

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