Which of the Following Defences May Be Used Against a Holder

question 49

Multiple Choice

Which of the following defences may be used against a holder of a bill of exchange?

• A) ultra vires
• B) set- off
• C) failure of consideration
• D) contributory negligence
• E) duress

Understand the disclosure requirements related to NCI.

Understand and apply the concept of unrealised gains and losses in intragroup transactions and the need for their elimination in consolidated financial statements.

Identify and calculate the tax effects related to the elimination of unrealised profits or losses from intergroup transactions.

Understand the process for identifying and making appropriate consolidation adjustment entries involving sales revenue, cost of sales, and inventory.

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Definitions:

Equity-settled

Transactions in which an entity receives goods or services as consideration for its own equity instruments, such as shares or share options.

AASB 2

An accounting standard that deals with the recognition, measurement, and disclosure of share-based payments.

Fair Value

The income derived from selling an asset or the cost incurred in moving a liability in a peaceful transaction with counterparts in the market at the date of analysis.