ACCA F7考试真题.docx
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ACCA F7考试真题.docx
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ACCAF7考试真题
FundamentalsLevel–SkillsModule
FinancialReporting
Wednesday3December2014
Timeallowed
Readingandplanning:
15minutes
Writing:
3hours
Thispaperisdividedintotwosections:
SectionA–ALL20questionsarecompulsoryandMUSTbe
attempted
SectionB–ALLTHREEquestionsarecompulsoryandMUSTbe
attempted
DoNOTopenthispaperuntilinstructedbythesupervisor.
Duringreadingandplanningtimeonlythequestionpapermay
beannotated.YoumustNOTwriteinyouranswerbookletuntil
instructedbythesupervisor.
Thisquestionpapermustnotberemovedfromtheexaminationhall.
TheAssociationofCharteredCertifiedAccountants
SectionA–ALL20questionsarecompulsoryandMUSTbeattempted
PleaseusethespaceprovidedontheinsidecoveroftheCandidateAnswerBooklettoindicateyourchosenanswerto
eachmultiplechoicequestion.
Eachquestionisworth2marks.
1
WhichofthefollowingisachangeofaccountingpolicyunderIAS8AccountingPolicies,ChangesinAccounting
EstimatesandErrors?
A
Classifyingcommissionearnedasrevenueinthestatementofprofitorloss,havingpreviouslyclassifieditasother
operatingincome
B
C
Switchingtopurchasingplantusingfinanceleasesfromapreviouspolicyofpurchasingplantforcash
Changingthevalueofasubsidiary’sinventoryinlinewiththegrouppolicyforinventoryvaluationwhenpreparing
theconsolidatedfinancialstatements
D
Revisingtheremainingusefullifeofadepreciableasset
2
Aquahascorrectlycalculateditsbasicearningspershare(EPS)forthecurrentyear.
WhichofthefollowingitemsneedtobeadditionallyconsideredwhencalculatingAqua’sdilutedEPSfortheyear?
(i)
A1for5rightsissueofequitysharesduringtheyearat$1·20whenthemarketpriceoftheequityshareswas
$2·00
(ii)Theissueduringtheyearofaconvertible(toequityshares)loannote
(iii)Thegrantingduringtheyearofdirectors’shareoptionsexercisableinthreeyears’time
(iv)Equitysharesissuedduringtheyearasthepurchaseconsiderationfortheacquisitionofanewsubsidiary
company
A
B
C
D
Allfour
(i)and(ii)only
(ii)and(iii)only
(iii)and(iv)only
3
Althoughmostitemsinfinancialstatementsareshownattheirhistoricalcost,increasinglytheIASBisrequiringor
allowingcurrentcosttobeusedinmanyareasoffinancialreporting.
Drexleracquiredanitemofplanton1October2012atacostof$500,000.Ithasanexpectedlifeoffiveyears
(straight-linedepreciation)andanestimatedresidualvalueof10%ofitshistoricalcostorcurrentcostasappropriate.
Asat30September2014,themanufactureroftheplantstillmakesthesameitemofplantanditscurrentpriceis
$600,000.
WhatisthecorrectcarryingamounttobeshowninthestatementoffinancialpositionofDrexlerasat
30September2014underhistoricalcostandcurrentcost?
historicalcostcurrentcost
$
$
A
B
C
D
320,000
320,000
300,000
300,000
600,000
384,000
600,000
384,000
2
4
Repro,acompanywhichsellsphotocopyingequipment,hasprepareditsdraftfinancialstatementsfortheyearended
30September2014.Ithasincludedthefollowingtransactionsinrevenueatthestatedamountsbelow.
WhichofthesehasbeencorrectlyincludedinrevenueaccordingtoIAS18Revenue?
A
B
C
Agencysalesof$250,000onwhichReproisentitledtoacommission
Saleproceedsof$20,000formotorvehicleswhichwerenolongerrequiredbyRepro
Salesof$150,000on30September2014.Theamountinvoicedtoandreceivedfromthecustomerwas
$180,000,whichincludes$30,000forongoingservicingworktobedonebyReprooverthenexttwoyears
Salesof$200,000on1October2013toanestablishedcustomerwhich(withtheagreementofRepro)willbe
paidinfullon30September2015.Reprohasacostofcapitalof10%
D
5
Tynan’syearendis30September2014andthefollowingpotentialliabilitieshavebeenidentified:
(i)
Thesigningofanon-cancellablecontractinSeptember2014tosupplygoodsinthefollowingyearonwhich,
duetoapricingerror,alosswillbemade
(ii)ThecostofareorganisationwhichwasapprovedbytheboardinAugust2014buthasnotyetbeen
implemented,communicatedtointerestedpartiesorannouncedpublicly
(iii)Anamountofdeferredtaxrelatingtothegainontherevaluationofapropertyduringthecurrentyear.Tynanhas
nointentionofsellingthepropertyintheforeseeablefuture
(iv)Thebalanceonthewarrantyprovisionwhichrelatestoproductsforwhichtherearenooutstandingclaimsand
whosewarrantieshadexpiredby30September2014
WhichoftheaboveshouldTynanrecogniseasliabilitiesasat30September2014?
A
B
C
D
Allfour
(i)and(ii)only
(i)and(iii)only
(iii)and(iv)only
6
Ylingenteredintoaconstructioncontracton1January2014whichisexpectedtolast24months.Theagreedprice
forthecontractis$5million.At30September2014,thecostsincurredonthecontractwere$1·6millionandthe
estimatedremainingcoststocompletewere$2·4million.On20September2014,Ylingreceivedapaymentfrom
thecustomerof$1·8millionwhichwasequaltothefullamountoftheprogressbillings.Ylingcalculatesthestage
ofcompletionofitsconstructioncontractsonthebasisofprogressbillingstothecontractprice.
WhatamountwouldbereportedinYling’sstatementoffinancialpositionasat30September2014forthe
amountduefromthecustomerfortheabovecontract?
A
B
C
D
Nil
$160,000
$800,000
$200,000
3
[P.T.O.
7
Recognitionistheprocessofincludingwithinthefinancialstatementsitemswhichmeetthedefinitionofanelement
accordingtotheIASB’sConceptualFrameworkforFinancialReporting.
Whichofthefollowingitemsshouldberecognisedasanassetinthestatementoffinancialpositionofacompany?
A
Askilledandefficientworkforcewhichhasbeenveryexpensivetotrain.Someofthesestaffarestillinthe
employmentofthecompany
B
C
Ahighlylucrativecontractsignedduringtheyearwhichisduetocommenceshortlyaftertheyearend
Agovernmentgrantrelatingtothepurchaseofanitemofplantseveralyearsagowhichhasaremaininglifeof
fouryears
D
Areceivablefromacustomerwhichhasbeensold(factored)toafinancecompany.Thefinancecompanyhas
fullrecoursetothecompanyforanylosses
8
On30September2014,Razor’sclosinginventorywascountedandvaluedatitscostof$1million.Someitemsof
inventorywhichhadcost$210,000hadbeendamagedinaflood(on15September2014)andarenotexpectedto
achievetheirnormalsellingpricewhichiscalculatedtoachieveagrossprofitmarginof30%.Thesaleofthesegoods
willbehandledbyanagentwhosellsthemat80%ofthenormalsellingpriceandchargesRazoracommissionof
25%.
AtwhatvaluewilltheclosinginventoryofRazorbereportedinitsstatementoffinancialpositionasat
30September2014?
A
B
C
D
$1million
$790,000
$180,000
$970,000
9
Thefollowinginformationisavailablefortheproperty,plantandequipmentofFryasat30September:
2014
$’000
23,400
2013
$’000
14,400
Carryingamounts
Thefollowingitemswererecordedduringtheyearended30September2014:
(i)
Depreciationchargeof$2·5million
(ii)Anitemofplant,withacarryingamountof$3million,wassoldfor$1·8million
(iii)Apropertywasrevaluedupwardsby$2million
(iv)Environmentalprovisionsof$4millionrelatingtoproperty,plantandequipmentwerecapitalisedduringtheyear
WhatamountwouldbeshowninFry’sstatementofcashflowsforpurchaseofproperty,plantandequipmentfor
theyearended30September2014?
A
B
C
D
$8·5million
$12·5million
$7·3million
$10·5million
4
10Petreowns100%ofthesharecapitalofthefollowingcompanies.Thedirectorsareunsureofwhethertheinvestments
shouldbeconsolidated.
InwhichofthefollowingcircumstanceswouldtheinvestmentNOTbeconsolidated?
A
B
C
D
PetrehasdecidedtosellitsinvestmentinAlphaasitisloss-making;thedirectorsbelieveitsexclusionfrom
consolidationwouldassistusersinpredictingthegroup’sfutureprofits
Betaisabankanditsactivityissodifferentfromtheengineeringactivitiesoftherestofthegroupthatitwould
bemeaninglesstoconsolidateit
Deltaislocatedinacountrywherelocalaccountingstandardsarecompulsoryandthesearenotcompatiblewith
IFRSusedbytherestofthegroup
GammaislocatedinacountrywhereamilitarycouphastakenplaceandPetrehaslostcontroloftheinvestment
fortheforeseeablefuture
11On1October2013,Bertrandissued$10millionconvertibleloannoteswhichcarryanominalinterest(coupon)rate
of5%perannum.Theloannotesareredeemableon30September2016atparforcashorcanbeexchangedfor
equityshares.Asimilarloannote,withouttheconversionoption,wouldhaverequiredBertrandtopayaninterestrate
of8%.
Thepresentvalueof$1receivableattheendofeachyear,basedondiscountratesof5%and8%,canbetakenas:
5%
8%
Endofyear1
2
3
0·95
0·91
0·86
0·93
0·86
0·79
HowwouldtheconvertibleloanappearinBertrand’sstatementoffinancialpositiononinitialrecognition
(1October2013)?
Equity
$’000
810
nil
10,000
40
Non-currentliability
$’000
9,190
10,000
nil
A
B
C
D
9,960
12ThenetassetsofFyngle,acashgeneratingunit(CGU),are:
$
Property,plantandequipment
Allocatedgoodwill
Productpatent
200,000
50,000
20,000
Netcurrentassets(atnetrealisablevalue)
30,000
––––––––
300,000
––––––––
Asaresultofadversepublicity,Fynglehasarecoverableamountofonly$200,000.
Whatwouldbethe
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