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Which TWO of the following are appropriate OUTPUT methods of measuring progress? (1)Total costs to date of the contract as a percentage of total contract revenue (2)Physical milestones reached as a percentage of physical completion (3)Surveys of performance completed to date as a percentage of total contract revenue (4)Labour hours expended as a percentage of total expected labour hours

A. (2) and (3)
B. (1) and (3)
C. (2) and (4)
D. (1) and (4)

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Which of the following would be classified as a liability?

A. Dexter's business manufactures a product under licence. In 12 months' time the licence expires and Dexter will have to pay $50,000 for it to be renewed.
B. Reckless purchased an investment 9 months ago for $120,000. The market for these investments has now fallen and Reckless's investment is valued at $90,000.
Carter has estimated the tax charge on its profits for the year just ended as $165,000.
D. Expansion is planning to invest in new machinery and has been quoted a price of $570,000.

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Recognition is the process of including within the financial statements items which meet the definition of an element according to the lASB's Conceptual Framework for Financial Reporting. Which of the following items should be recognised as an asset in the statement of financial position of a company?

A skilled and efficient workforce which has been very expensive to train. Some of these staff are still in the employment of the company.
B. A highly lucrative contract signed during the year which is due to commence shortly after the year end.
C. A government grant relating to the purchase of an item of plant several years ago, which has a remaining life of four years.
D. A receivable from a customer which has been sold (factored) to a finance company. The finance company has full recourse to the company for any losses.

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Witch Co acquired 70% of the 200,000 equity shares of Wizard, its only subsidiary, on 1 April 20X8 when the retained earnings of Wizard Co were $450,000. The carrying amounts of Wizard Co's net assets at the date of acquisition were equal to their fair values apart from a building which had a carrying amount of $600,000 and a fair value of $850,000. The remaining useful life of the building at the acquisition date was 40 years.Witch Co measures non-controlling interest at fair value, based on share price. The market value of Wizard Co shares at the date of acquisition was $1.75.At 31 March 20X9 the retained earnings of Wizard Co were $750,000. At what amount should the non-controlling interest appear in the consolidated statement of financial position of Witch Co at 31 March 20X9?

A. $193,125
B. $195,000
C. $196,875
D. $191,500

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Cloud Co obtained a 60% holding in the 100,000 $1 shares of Mist Co on 1 January 20X8, when the retained earnings of Mist Co were $850,000. Consideration comprised $250,000 cash, $400,000 payable on 1 January 20X9 and one share in Cloud Co for each two shares acquired. Cloud Co has a cost of capital of 8% and the market value of its shares on 1 January 20X8 was $2.30.Cloud Co measures non-controlling interest at fair value. The fair value of the non-controlling interest at 1 January 20X8 was estimated to be $400,000.What was the goodwill arising on acquisition?

A. $139,370
B. $169,000
C. $119,370
D. $130,370

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A. (2) and (3) B. (1) and (3) C. (2) and (4) D. (1) and (4)

Which of the following would be classified as a liability?

A. (2) and (3)
B. (1) and (3)
C. (2) and (4)
D. (1) and (4)