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Entity A entered into a 3 year operating lease on 1 April 20X3. The rentals are £5,000 a year payable in advance with an additional payment of $1,800 payable on 1 April 20X3.

The rental expense to be included in the statement of profit or loss for the year ended 31 December 20X3 will be:

Options:

$4,200

$5,000

$6,800

$5,600

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Question 2

Which of the following would limit the effectiveness of analysis performed on the operating profit margins of two separate entities with the same total revenue over a12 month period?

Options:

Different accounting estimates in respect of depreciation of property, plant and equipment.

Different approaches to allocating expenses to cost of sales, administration expenses and distribution costs.

Different interest rates on loan finance available to the entities.

Different pattern of monthly revenues caused by seasonality.

Question 3

Which of the following is a related party according to the definition of a related party in IAS24 Related Party Disclosures?

Options:

Major customer

Provider of finance

Managing Director

Major supplier

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