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In recent years EBITDA has been adopted by large entities as a key measure of performance. The following figures have been extracted from the financial statements of UV for the year ended 30 November 20X9:

What is EBITDA for UV for the year ended 30 November 20X9?

Give your answer to the nearest $'000.

Options:

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Question 2

RST sells computer equipment and prepares its financial statements to 31 December.

On 30 September 20X5 RST sold computer software along with a two year maintenance package to a customer. The customer is given the right to return the goods within six months and claim a full refund if they are not satisfied with the computer software. The risk of return is considered to be insignificant for RST.

How should the revenue from this transaction and the right of return be recognised in the financial statements for the year ended 31 December 20X5?

Options:

Recognise 100% of the revenue from both the sale of goods and the maintenance contract and create a provision for the anticipated level of returns.

Do not recognise any revenue from the sale of goods or the maintenance contract and do not create a provision for the anticipated level of returns.

Recognise 12.5% of the revenue from both the sale of goods and the maintenance contract and do not create a provision for the anticipated level of returns.

Recognise 100% of the revenue from the sale of goods,12.5% of the revenue from the maintenance contract and create a provision for the anticipated level of returns.

Question 3

Which TWO of the following are true for an entity raising equity finance using a rights issue rather than a placing of equity shares to new investors?

Options:

The administration is more complex and therefore likely to be more costly.

The shares will sell at a higher price and therefore generate more funds.

The voting rights of existing shareholders will be unaffected if the shareholders take up their rights.

The cost of underwriting will be lower because the risk of the issue is lower.

The issue will widen the base of shareholders if all shareholders take up their rights.

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F2 Advanced Financial Reporting Questions and Answers

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