advanced financial accounting - accounting … financial accounting ... describe the steps involved...

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Advanced Financial Accounting Sample Paper 2 Questions & Suggested Solutions

AdvancedFinancialAccountingSamplePaper2 Page2of26

NOTES TO USERS ABOUT SAMPLE PAPERS

Sample papers are published by Accounting Technicians Ireland. They are intended to provide guidance to students and their teachers regarding the style and type of question, and their suggested solutions, in our examinations. They are not intended to provide an exhaustive list of all possible questions that may be asked and both students and teachers alike are reminded to consult our published syllabus (see www.AccountingTechniciansIreland.ie) for a comprehensive list of examinable topics. There are often many possible approaches to the solution of questions in professional examinations. It should not be assumed that the approach adopted in these solutions is the only correct approach, particularly with discursive answers. Alternative answers will be marked on their own merits. This publication is copyright 2015 and may not be reproduced without permission of Accounting Technicians Ireland. © Accounting Technicians Ireland, 2015.


INSTRUCTIONSTOCANDIDATES

PLEASEREADCAREFULLY

Candidates must indicate clearly whether they are answering the paper in accordance with the law and practice of Northern Ireland or the Republic of Ireland. In this examination paper the €/£ symbol may be understood and used by candidates in Northern Ireland to indicate the UK pound sterling by candidates in the Republic of Ireland to indicate the Euro. AnswerALLTHREEquestionsinSectionAandTWOoftheTHREEquestionsinSectionB.IfmorethanTWOquestionsisansweredinSectionB,thenonlythefirstTWOquestions,intheorderfiled,willbecorrected.Candidatesshouldallocatetheirtimecarefully.Allworkingsshouldbeshown.Allfiguresshouldbelabelled,asappropriate,e.g.€’s,£’s,unitsetc.Answersshouldbeillustratedwithexamples,whereappropriate.Question1beginsonPage2overleaf.

NOTE: ThissamplepaperandsolutionhavebeenpreparedtoreflecttheprovisionsofFRS102.


SECTIONA

AnswerALLTHREEQuestionsinthisSection(ThetotalmarksforsectionAwillbe60,madeupofatheoryquestionof20marks,amultiplechoicequestionof15marksandafurtherquestionof25marks)

QUESTION1(i) The FRC is responsible for the framework of codes and standards for the accounting profession.

What are ‘accounting standards’ and describe the objective of such standards. 8 marks

(ii)Describe the steps involved in the standard setting process and the measures taken to improve

transparency within the process.12marks

Total 20 marks

QUESTION 2 The following multiple choice question consists of TEN parts, each of which is followed by FOUR possible answers. There is ONLY ONE right answer in each part. Each part carries 1½ marks. Requirement Indicate the right answer to each of the following TEN parts.

Total 15 Marks N.B. Candidates should answer this question by ticking the appropriate boxes on the special green

answer sheet which is supplied with the examination paper. [1] In accordance with FRS 102 net realisable value is defined as: (a) the actual or estimated selling price (b) the actual or estimated selling price less all further costs to completion and all costs to be

incurred in marketing, selling and distribution (c) the actual or estimated selling price less all costs to be incurred in marketing selling and

distribution (d) the actual or estimated selling price less all further costs to be completion


QUESTION 2 (cont’d)

BACKGROUND INFORMATION TO PARTS [2] & [3]

Brian and Jean are in partnership and their capital account balances are £/€ 56,000 and £/€ 84,000 respectively. The partnership agreement details appropriation of partnership profits as follows:

Brian Jean

Annual salary £/€19,500 £/€28,000 Interest on capital 10 % 10 % Share of residual profit 40 % 60 %

[2] If the profit for the year, before appropriation, was £/€112,000 what would Brian’s entitlement be

in total:

[a] £/€ 25,100 [b] £/€ 30,300 [c] £/€ 45,300 [d] £/€ 20,200

[3] If the profit for the year, before appropriation, was £/€112,000 what would Jean’s entitlement be

in total:

(a) £/€ 45,300 (b) £/€ 30,300 (c) £/€ 25,100 (d) £/€ 66,700

[4] In accordance with FRS 102 the clarification after the end of the accounting period of proceeds

from assets sold before the end of the accounting period, is an example of: (a) an adjusting event (b) a non-adjusting event (c) a material event

(d) an immaterial event [5] The formula for price earnings ratio is: (a) dividend per share / market value per share (b) earnings per share / market value per share (c) market value per share / earnings per share (d) market value per share / dividend per share


QUESTION 2 (cont’d) [6] Company A has inventory days of 23 and receivable days of 38. Ideally payable days should be: (a) greater than 38 but less than 61 (b) greater than 61 (c) less than 61 (d) greater than 23 but less than 61

[7] If a capital grant is recognised as deferred income in the Statement of Financial Position what are the entries to be made each year over the useful life of the associated asset: (a) debit deferred income, credit other operating income (b) credit deferred income, debit other operating income (c) debit deferred income, credit bank (d) credit deferred income, debit bank

BACKGROUND INFORMATION TO PARTS [8] & [9]

The business premises of ABC Limited went on fire on 30 November 2010 and financial records were destroyed. However the following information is available:

£/€ Receivables : opening 45,000 Closing 56,000 Inventory : opening 60,000 Closing 44,000 Sales (credit) 270,000 Irrecoverable Receivables 14,000 Gross margin 20%

[8] Using the information available what is the value of purchases: (a) £/€ 112,000 (b) £/€ 209,000 (c) £/€ 121,000 (d) £/€ 200,000 [9] Using the information available what is the value of sales receipts: (a) £/€ 295,000 (b) £/€ 245,000 (c) £/€ 273,000 (d) £/€ 259,000


QUESTION 2 (cont’d) [10] In preparing a cash flow statement in accordance with FRS 102 a profit on disposal of a non -

current asset should be:

(a) deducted from operating profit in computing the net cash flow from operating activities (b) added back to operating profit in computing the net cash flow from operating activities (c) deducted from payments to acquire tangible fixed assets to compute capital expenditure (d) added to payments to acquire tangible fixed assets to compute capital expenditure


QUESTION3WIRE Ltd., a retailing company, has an authorised share capital of €/£2,500,000, comprised of 4,000,000 ordinary shares of 50 cent/pence each and €/£500,000 of 5% preference shares of €/£1 each. The following trial balance was extracted as at 31st December 2014

€/£’000 €/£’000

Ordinary share capital .................................................................... 1,500 5% preference share capital ........................................................... 300 Share premium account ................................................................. 150 General reserve .............................................................................. 230 Retained profits at 1 January 2014 ................................................ 41 6% debenture stock (redeemable in 2018) ..................................... 200 Freehold premises at cost at 1st January 2014 ................................ 2,500 Freehold premises accumulated depreciation at 1st January 2014 . 400 Plant & machinery at cost at 1st January 2014 ............................... 420 Plant & machinery accumulated depreciation at 1st January 2014 . 240 Motor vehicles at cost at 1st January 2014 ..................................... 120 Motor vehicles accumulated depreciation at 1st January 2014 ....... 70 Computer equip at cost ................................................................. 120 Computer equip accumulated depreciation at 1st January 2014 ..... 45 Additions to non-current assets at cost: Plant & machinery .................................................................... 70 Motor vehicles .......................................................................... 25 Computer equipment ................................................................ 30 Disposal of motor vehicles (sale proceeds).................................... 24 Inventory at 31 December 2014 ..................................................... 50 Receivables & payables ................................................................. 156 85 Bank ............................................................................................... 66 VAT ............................................................................................... 32 Corporation tax .............................................................................. 98 Prepayments & accruals ................................................................ 12 18 Long term investments .................................................................. 60 Short term investments .................................................................. 40 Retained profit for the year (after providing for dividends and .... debenture interest but before adjusting for items 1 to 3 below) ..... 146 Deferred government grants at 1st January 2014............................ 90 ................................................................................................. ________ _______ 3,669 3,669

ADDITIONAL INFORMATION

(1) Depreciation is to be provided on non-current assets as follows: Freehold premises ............................. 2% on cost Plant & machinery ............................. 10% on cost Motor vehicles .................................. 20% on cost Computer equipment ......................... 33 1/3 % on cost A full year’s depreciation is provided in the year of purchase and none in the year of disposal.


QUESTION 3 (Cont’d)

(2) During the year motor vehicles which cost £/€ 45,000 in 2011 were disposed of for £/€ 24,000.

The only entries made (before extracting the above trial balance) were to debit the bank account and credit the disposal of motor vehicles account.

(3) The deferred government grants balance included in the above trial balance arises in respect of a grant of £/€ 100,000 received in 2013 to help finance the cost of plant and machinery purchased during that year.

In addition a grant of £/€ 18,000 was received on 29th December 2014 towards the cost of new

computers purchased during the year. This grant has not yet been recorded in the company’s books.

(4) Prepaid expenses valued at €/£24,000 were incorrectly included in operating costs.

Requirement (a) Prepare, in the form required by FRS 102, the Statement of Financial Position for WIRE Ltd., for

the year ended 31st December 2014 in as far as the information provided permits. N. B. You are NOT required to prepare a Statement of Comprehensive Income or notes to the accounts.

You are required to submit workings to show the make-up of the figures in the statement of financial position.

17 Marks

(b) Prepare the following notes to the accounts for the year ended 31 December 2014: (i) Non-current assets (ii) Deferred government grants

6 Marks

Presentation 2 marks Total 25 Marks


SECTIONBAnswerTWOoftheTHREEquestionsinthisSection

QUESTION4CARTER Limited is installing a new production plant at a cost of £/€ 1 million, in respect of which government grants have been approved as follows: Capital cost - 40% Training costs - 100% The company depreciates its plant and equipment on the basis of 20% on original cost. The directors are aware that the accounting treatment for grants is dealt with in FRS 102, and they have asked you to advise them on the accounting options available to them and the effect which they would have on the company’s financial statements. Requirement You are required to draft a report to the directors which:

(a) outlines the accounting treatment of the foregoing grants under FRS 102; (b) recommends (with reasons) the treatment which you believe would be most suitable in the case

of CARTER Limited; and (c) indicate the form of accounting policy or other notes which should be included in the annual

financial statements of the company. 18 Marks

Presentation 2 marks

Total 20 Marks

QUESTION 5 The following errors were identified by the financial accountant of CUSACK Limited (a VAT registered company) when reviewing the year end draft financial statements: [i] A cheque was written for £/€20,000 to MAC GARAGE Limited and was entered into the motor

expense account. No other entries were made in the financial records. The cheque was in respect of the balancing payment for the purchase of a new car. A car which has originally cost £/€13,000 and which had a net book value of £/€6,500 at 1st January 2014 was traded in as part exchange. Assume no loss or gain was made on the trade-in.

[ii] Depreciation on motor vehicles is charged at 25% per annum with a full year’s depreciation charged

in the year of acquisition and none in the year of disposal. No account was taken of the transactions in note (i) above when calculating the depreciation for the year to December 2014.

[iii] During the year a new machine was purchased for £/€484,000 (which is inclusive of VAT of 21%).

CUSACK Limited received a government grant of £/€60,000 towards the cost of the new machine. Plant and machinery is depreciated at a rate of 10% per annum including a full year’s depreciation in the year of acquisition. No entries were made to record this transaction.


QUESTION 5 (cont’d) Requirement (a) Prepare the journal entries to show how each of the above items should be dealt with in the final accounts for the year ended 31st December 2014. Narratives for the journals are required.

15 marks

(b) Compute the adjusted net profit before taxation for the year ended 31st December 2014 taking into account the adjustments made at (a) above. The net profit before taxation as per the draft accounts was £/€ 350,000.

3marks

Presentation 2 marks Total 20 Marks

QUESTION6The Statement of Financial Position, Statement of Changes in Equity and other relevant information of CLINIC Limited, for the year ended 31 December 2014, are as follows:

Statement of Changes in Equity as at 31 December 2014

Ord share

capital Share

premium

Retained profits

Total equity

£/€'000 £/€'000 £/€'000 £/€'000 As at 1 January 2014 270 - 180 450 Net profit for year end 31 December 2014 90 90 Share issue 30 30 60 Ordinary dividends ( 60) (60)

300 30 210 540


QUESTION 6 (cont’d)

Statement of Financial Position as at 31 December 2014 £/€'000 £/€'000 £/€'000 £/€'000 ASSETS Non-current assets 1,440 1,320 Current assets Inventory 1,890 1,530 Receivables 2,850 2,130 Cash & cash equivalents 30 30 4,770 3,690 Total assets 6,210 5,010 EQUITY and LIABILITIES Capital and reserves £/€1 ordinary shares 300 270 Preference shares 300 300 Share premium account 30 - Retained earnings 210 180 840 750 Non-current liabilities Bank loans 2,190 1,800 10% debentures 1,140 900 3,330 2,700 Current liabilities Bank overdraft 30 - Current installments due on loans 540 540 10% debentures 300 - Trade payables 1,140 930 Taxation 30 90 2,040 1,560 Total equity and liabilities 6,210 5,010


QUESTION 6(Cont’d) Additional information:

(1) On 1 July 2014 CLINIC issued £/€ 1 ordinary shares at £/€ 2 per share. (2) During the year CLINIC sold non-current assets with a net book value of £/€90,000 for cash.

Included in the Statement of Comprehensive Income is a profit on disposal of £/€ 60,000. (3) Included in trade payables at 31 December 2014 is an amount of £/€ 450,000 in respect of non-

current assets purchased during the year.

(4) The Statement of Comprehensive Income includes the following charges for the year: ........................................................... 31 Dec 2014 31 Dec 2013 (i) Depreciation ...................... £/€ 600,000 £/€ 550,000 (ii) Interest ..................................... £/€ 540,000 £/€ 270,000 (iii) Tax .......................................... £/€ 30,000 £/€ 60,000

Requirement (a) Prepare a statement of cash flows for CLINIC Limited for the year ended 31 December 2014 in accordance with FRS 102. . N. B. You are NOT required to prepare notes to the statement of cash flows.

18 Marks Presentation 2 marks

Total 20 Marks


AdvancedFinancialAccounting

SamplePaper2–SuggestedSolutions

NOTE: ThissamplepaperandsolutionhavebeenpreparedtoreflecttheprovisionsofFRS100‐

FRS102.


Solutiontoquestion1(a) WhatareAccountingStandardsanddescribetheobjectivesofthesestandards.

Accountingstandardsareasetofrulesthatdescribehowaniteminfinancialaccountingistreatedandcalculatedandhowaccountsshouldbepreparedandpresented.Theobjectiveofaccountingstandardsistoregulatetheaccountingprofessionandtoprovideguidancetoboth accounting practitioners and users of financial information about how contentiousanddifficultareasshouldbetreated.Accounting standards are issued by a national or international body of the accountingprofessionandareintendedtoapplytoallfinancialaccountswhichareintendedtogiveatrue and fair view of the financial position and profit/loss of an entity. Standards aredetailed working regulations within the framework of government legislation and theycover areas in which the law is silent. A sub‐committee of the FRC‐ the Codes andStandardsCommitteeareresponsibleforIrishandUKGAAP.

(b)StandardsettingprocessThe standard setting process involves eight steps and incorporates an extensiveconsultationprocessfromstakeholders.Theeightstepsareasfollows;

1. Initialscopingoftheissuebeingconsidered.2. Adiscussionpaperprovidingadetailedoverviewoftheissue,whyastandardisnecessary,

differentpotentialapproachestodealingwiththeissue,preliminaryviewsoftheFRCandaninvitationtocommentontheissue.

3. Publicconsultation.4. Outreacheventstoencourageinputtothestandardsettingprocessincludinglabactivities,

casestudiesandinvestigations.5. ExposureDraft6. Thefinalcodeorstandard7. Postimplementationreview8. Regularreviews.Transparencywithintheprocess

Ascanbeseenfromtheabovediscussiontheprocessthroughwhichthestandardisdevelopedinvolvesasignificantamountofpublicconsultation.Thisimprovestransparencyinthestandardsettingprocess.Itisnotpossibleforanaccountingstandardtobeissuedwithouttakingonboardcommentsfrominterestedparties.Thisavoidsthesituationwherebytheprocessbecomesapureacademicexerciseandensuresthatthepracticalapplicationisconsidered,understoodandprovidedfor.


Solutiontoquestion2(1) B (2) C (seeworking)(3) D (seeworking)(4) A (5) C (6) B(7) A(8) D (seeworking)(9) B (seeworking)(10)AWorkings:(2)112,000–(19,500+28,000)‐10%(56,000+84,000)=50,500x40%=20,200 20,200+19,500+5,600=45,300(3)50,500x60%=30,300+28,000+8,400=66,700(8)Sales270,000Grossmargin20%=54,000Costofsales=270,000–54,000=216,000216,000+closinginventory44,000–openinginventory60,000=purchases200,000(9)Openingreceivables45,000+sales270,000=315,000315,000–irrecoverablereceivables14,000–closingreceivables56,000=salesreceipts

245,000


Solutiontoquestion3(a)

WIRELtd.

StatementofFinancialPositionasat31December2014

£/€’000£/€’000

Non‐currentassetsProperty,plant&equipment(Note1)2,343Otherfinancialassets602,403CurrentassetsInventories50Tradereceivables156Prepayments(W1)36Cashandcashequivalents(W2)124366Totalassets2,769EquityandliabilitiesCapital(W4)1,800Reserves380Accumulatedprofits(W3)642,244Non‐currentliabilitiesInterest‐bearingborrowings200200CurrentliabilitiesTradeandotherpayables(W7)233233Deferredgovernmentgrants(Note2)922,769


Solutiontoquestion3(cont’d)(b)

WIRELIMITED

NotestotheAccountsfortheyearended31December2014(1)Property,plantandequipment

Freehold premises

Plant & machinery

Motor vehicles

Computer equip Total

£/€’000 £/€’000 £/€’000 £/€’000 £/€’000

Cost at 1st January 2014 2,500 420 120 120 3,160 additions 70 25 30 125 disposals (45) (45)

at 31st December 2014 2,500 490 100 150 3,240

Accumulated depreciation at 1st January 2014 400 240 70 45 755 charge for year 50 49 20 50 169 450 289 90 95 924 disposals 0 0 (27) 0 (27)

at 31st December 2014 450 289 63 95 897

Net book value at 1st January 2014 2,100 180 50 75 2,405

at 31st December 2014 2,050 201 37 55 2,343

(2)DeferredGovernmentGrantsAt1stJanuary2014 90Receivedduringtheyear 18 108ReleasedtoIncomeduringtheyear (16)At31stDecember2014 92


Solutiontoquestion3(cont’d)Workings(1)Prepayments£/€’000Prepaymentspertrialbalance12Addprepaymentsomittedinerror2436(2)Cashandcashequivalents£/€’000Bankbalance66Shortterminvestment40106Governmentgrantreceived18124(3)Accumulatedprofits

£/€’000

Retainedprofitforyearpertrialbalance146Profitondisposalofmotorvehicle6Depreciation(Note1)(169)Prepayments24Governmentgrantsreleased16

23RetainedProfitbroughtforward1Jan201441Accumulatedprofits64(4)Issuedcapital£/€’000Ordinarysharecapital1,5008%preferencecapital3001,800


Solutiontoquestion3(cont’d)(5)Reserves£/€’000Sharepremium150Generalreserves230380(7)Tradeandotherpayables£/€’000TradepayablesperTrialBalance85Corporationtax98VAT32Accruedexpenses18233(8)Disposalofmotorvehicle£/€’000Costin201145Depreciationcharge:

201120122013

NBV18Proceeds24Profitondisposal6


Solutiontoquestion4To : TheDirectorsFrom : A.AccountantDate : XX/MM/YYSubject : AccountingtreatmentofgovernmentgrantsA.AccountingtreatmentThe grants which have been approved for the new production facility fall into two distinctcategories:1. Revenuebasedgrant–thegrantfortrainingcosts2. Capitalbasedgrant–thegrantforplantTheabovetwograntsaretreateddifferentlyforaccountingpurposes.FRS102providesthat:Revenuebasedgrantsaretobecreditedtorevenueas“other income” intheperiod inwhichtherelatedrevenueexpenditurehasbeenincurred.Capitalbasedgrantsshouldbecreditedtorevenueoverthelifeoftherelatednon‐currentasset.Theamountofthegrantshouldbecreditedtoadeferredgrantaccount,aportionofwhichistransferredtorevenueannuallyonthesamebasisastherelatedassetisdepreciatedB.RecommendationsIrecommendthatCarterLimitedadoptthefollowingaccountingtreatment;Traininggrants–thesegrantsbecreditedtorevenueas“otherincome”.Capital Grants – these grants should be credited to a deferred grant account and disclosedseparately in the Statement of Financial Position under the heading ‘Government Grants’. Thegrantsshouldbereleased to theStatementofComprehensive Incomeover the lifeof therelatedassetsusingthesameratesofdepreciationasappliedtothoseassets..C.AccountingpoliciesThenotestotheaccountsofCARTERLimitedshouldincludethefollowing:(i) AccountingPolicy–GovernmentGrantsGrantsreceivableonadditionstonon‐currentassetsarecreditedtotheDeferredGovernmentGrantAccountandareallocatedtotheStatementofComprehensiveIncomeovertheestimatedusefullivesoftheassetsconcerned.RevenuebasedgrantsarecrediteddirectlytotheStatementofComprehensiveIncomeintheyearinwhichtheybecomedue.


(ii)NotetotheFinancialStatements £/€Balanceatstartofyear XXXXReceivedduringtheyearXXXXReleasedtotheprofitandlossaccountduringtheyearXXXXBalanceatendofyearXXXXXSolutiontoquestion5(a) DRCR

(i)DR Motorvehicles(SOFP) 20000CR MotorExpenses(SOCI) 20,000DRMotorVehicles6,500CRDisposala/c6,500DRDisposala/c13,000CRMotorVehicles13,000DRDisposala/c6,500CRAccumulatedDepreciation6,500[BeingchequetopurchasemotorvehicledebitedtomotorexpenseinerrorTradeinofoldmotorvehiclenotrecorded.]

(ii)DR Depreciation(SOCI) 3,375CR Accumulateddepreciation(SOFP) 3,375[Beingcalculationofdepreciationchargeonadditions(6,625–3,250)]

(iii)DR Plant&machinery 400,000DRVATrecoverable84,000CR Bank 484,000[Beingpurchaseofnewmachine]DR Depreciation(SOCI) 40,000CR Accumulateddepreciation(SOFP) 40,000[Beingcalculationofdepreciationonnewmachine]DR Bank 60,000Cr Deferredincome(SOFP) 60,000


[Beingreceiptofgovernmentgrant]DR Deferredincome(SOFP) 6,000CR Grantreleased(SOCI) 6,000[BeingreleaseofproportionofgranttoStatementofComprehensiveIncome]

Solutiontoquestion5(cont’d)(b) £/€ Netprofitbeforetax 350,000 (i) Motorvehicleexpense 20,000 (ii) Motorvehicledepreciation (3,375) (iii) Plantandmachinery (40,000) (iii) Grantreleased 6,000Revisednetprofit332,625


Solutiontoquestion6[a]

CLINICLimited

StatementofCashFlowsfortheyearended31December2010

£/€ '000 £/€ '000 Cash flows from operating activities Net profit before interest (W1) 660 Adjustments for: Depreciation 600 Profit on disposal (W3) (60) Changes in working capital Increase in inventory (W2) (360) Increase in receivables (W2) (720) Decrease in payables (W2) (240) (780) Cash generated from operations (120) Interest paid (540) Tax paid (W4) (90) (630) Net cash from operating activities (750) Cash flows from investing activities Payment to acquire non-current assets (W5) (360) Receipt from sale of non-current assets (W3) 150 (210) Cash flows from financing Proceeds from share issue (incl share prem) 60 New bank loans (W6) 390 Issue of new debentures (W7) 540 Dividends paid (60)

930 Decrease in cash and cash equivalents (30) Cash and cash equivalents at start of year 30 Cash and cash equivalents at end of year 0


Workings(1)Netprofitbeforeinterest £/€’000 Netprofitforyear 90 Add:tax 30 Add:interest 540 660

(2)Changesinworkingcapital £/€’000 Inventory(1,890–1,530) 360increase Receivables(2,850–2,130) 720increase Tradepayables(1,140–450–930) 240decrease (3)Non‐currentassetdisposal £/€’000

NBV 90Profitonsale 60Saleproceeds150

(4)Taxation £/€’000 Openingbalance 90 Chargeforyear30 Closingbalance (30) Amountpaid 90(5)Non‐currentassetacquisition £/€’000 Openingbalance 1,320 Less:disposal(90) Depreciationcharge (600)630 Closingbalance (1,440) Purchases 810Amountowingincludedintradepayables450Amountpaid360


(6) Bankloans

£/€’000Openingbalance(1,800+540) 2,340Closingbalance(2,190+540) 2,730Newloans 390

(7) Debentures £/€’000 Openingbalance 900 Closingbalance(1,140+300) (1,440) Newdebenturesissued 540

advanced financial accounting - accounting … financial accounting ... describe the steps involved...

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