ACC419
1. A company (Z) shall be deemed to be the subsidiary of another company (Y) if
Y is a member of it and controls the composition of its board of directors
Y holds more than half the nominal value of its equity share capital
Z is a subsidiary of any company which is a subsidiary of company Y
All of the above
2. IFRS 10 talks about
Consolidated Financial Statements
Management’s report
Directors’ Statement
None of the above
3. …… set out the conceptual framework for financial Reporting in private business enterprises and public sector business enterprises.
IFRS
CBN
NSE
CIBN
4. …….. is the sum of share capital and reserves.
Revenue
Liability
Assets
Equity
5. IFRS 3 now allows only …….method of preparing consolidated statements
Purchase
Pulling of interest
Overtaking method
Acquiring method
6. The elements of financial statements as stipulated in the conceptual framework consist of the following, except _______
Assets
Cashflow
Liabilities
Revenue
7. …….is the power to participate in the financial and operating policy decisions of the investee but not control or joint control over those policies.
Significant influence
Strong control
Heavy oversight
Full influence
8. The following method is recognise by IAS7
Direct and Indirect Method
Cash and accrual
Real and historical
None of the above
9. The nomenclecture given to IAS28 is
Investment in Associates
Interests in Joint Ventures
Joint Arrangements
Business Combinations
10. Control over a company is presumed to exist where the following holds except where
Parent company has power over more than half the voting right by virtue of agreement with other investors
Parent company has power to govern the financial and operating policies of the enterprise under a statute or agreement.
Parent company bears the same name as subsidiary
Parent company has power to appoint or remove the majority of the members of the board of directors
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