CIMA Exam CIMAPRA19-F01-1 Topic 6 Question 46 Discussion

Actual exam question for CIMA's CIMAPRA19-F01-1 exam

Question #: 46
Topic #: 6

The financial statements of JK for the year ended 31 August 20X4 were approved on 10 November 20X4.

Within these financial statements which of the following would have been treated as a non-adjusting event in accordance with IAS 10 Events After the Reporting Period?

AInventory which was originally valued at its cost of $45,000 being sold for $37,000 in September 20X4.

BA fire in JK's main warehouse on 3 September 20X4 destroying 60% of the inventory that had been held at the year end.

CNotification received on 31 August that one of JK's major customers had gone into liquidation and was unlikely to pay any outstanding invoices.

DThe completion of a court case on 5 November 20X4 in which JK was ordered to pay damages of $150,000.

Show Suggested Answer

Suggested Answer: B

by Elouise at May 03, 2022, 10:45 PM

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