重要提示: 请勿将账号共享给其他人使用,违者账号将被封禁!
查看《购买须知》>>>
找答案首页 > 全部分类 > 财会类考试
搜题
网友您好, 请在下方输入框内输入要搜索的题目:
搜题
题目内容 (请给出正确答案)
[主观题]

In a review of its provisions for the year ended 31 March 2015, Cumla’s assistant accounta

nt has suggested the following accounting treatments:

(i) Making a provision for a constructive obligation of $400,000; this being the sales value of goods expected to be returned by retail customers after the year end under the company’s advertised 30-day returns policy

(ii) Based on past experience, a $200,000 provision for unforeseen liabilities arising after the year end

(iii) The partial reversal (as a credit to the statement of profit or loss) of the accumulated depreciation provision on an item of plant because the estimate of its remaining useful life has been increased by three years

(iv) Providing $1 million for deferred tax at 25% relating to a $4 million revaluation of property during March 2015 even though Cumla has no intention of selling the property in the near future

Which of the above suggested treatments of provisions is/are permitted by IFRS?

A.(i) only

B.(i) and (ii)

C.(ii) and (iii)

D.(iv)

查看答案
更多“In a review of its provisions for the year ended 31 March 2015, Cumla’s assistant accounta”相关的问题

第1题

IFRS requires extensive use of fair values when recording the acquisition of a subsidiary.

Which of the following comments, regarding the use of fair values on the acquisition of a subsidiary, is correct?

A.The use of fair value to record a subsidiary’s acquired assets does not comply with the historical cost principle

B.The use of fair values to record the acquisition of plant always increases consolidated post-acquisition depreciation charges compared to the corresponding charge in the subsidiary’s own financial statements

C.Cash consideration payable one year after the date of acquisition needs to be discounted to reflect its fair value

D.Patents must be included as part of goodwill because it is impossible to determine the fair value of an acquired patent, as, by definition, patents are unique

点击查看答案

第2题

To which of the following items does IAS 41 Agriculture apply?(i) A change in the fair val

To which of the following items does IAS 41 Agriculture apply?

(i) A change in the fair value of a herd of farm animals relating to the unit price of the animals

(ii) Logs held in a wood yard

(iii) Farm land which is used for growing vegetables

(iv) The cost of developing a new type of crop seed which is resistant to tropical diseases

A.All four

B.(i) only

C.(i) and (ii) only

D.(ii) and (iii) only

点击查看答案

第3题

Which of the following statements about IAS 20 Accounting for Government Grants and Disclo

sure of Government Assistance are true?

(i) A government grant related to the purchase of an asset must be deducted from the carrying amount of the asset in the statement of financial position

(ii) A government grant related to the purchase of an asset should be recognised in profit or loss over the life of the asset

(iii) Free marketing advice provided by a government department is excluded from the definition of government grants

(iv) Any required repayment of a government grant received in an earlier reporting period is treated as prior period adjustment

A.(i) and (ii)

B.(ii) and (iii)

C.(ii) and (iv)

D.(iii) and (iv)

点击查看答案

第4题

The IASB’s Conceptual framework for financial reporting defines recognition as the process

of incorporating in the financial statements an item which meets the definition of an element and satisfies certain criteria.

Which of the following elements should be recognised in the financial statements of an entity in the manner described?

A.As a non-current liability: a provision for possible hurricane damage to property for a company located in an area which experiences a high incidence of hurricanes

B.In equity: irredeemable preference shares

C.As a trade receivable: an amount of $10,000 due from a customer which has been sold (factored) to a finance company with no recourse to the seller

D.In revenue: the whole of the proceeds from the sale of an item of manufactured plant which has to be maintained by the seller for three years as part of the sale agreement

点击查看答案

第5题

(a) The objective of IAS 10 Events after the Reporting Period is to prescribe the treatmen

t of events that occur after an entity’s reporting period has ended.

Required:

Define the period to which IAS 10 relates and distinguish between adjusting and non-adjusting events.

(5 marks)

(b) Waxwork’s current year end is 31 March 2009. Its financial statements were authorised for issue by its directors on 6 May 2009 and the AGM (annual general meeting) will be held on 3 June 2009. The following matters have been brought to your attention:

(i) On 12 April 2009 a fire completely destroyed the company’s largest warehouse and the inventory it

contained. The carrying amounts of the warehouse and the inventory were $10 million and $6 million

respectively. It appears that the company has not updated the value of its insurance cover and only expects

to be able to recover a maximum of $9 million from its insurers. Waxwork’s trading operations have been

severely disrupted since the fire and it expects large trading losses for some time to come. (4 marks)

(ii) A single class of inventory held at another warehouse was valued at its cost of $460,000 at 31 March

2009. In April 2009 70% of this inventory was sold for $280,000 on which Waxworks’ sales staff earned

a commission of 15% of the selling price. (3 marks)

(iii) On 18 May 2009 the government announced tax changes which have the effect of increasing Waxwork’s

deferred tax liability by $650,000 as at 31 March 2009. (3 marks)

Required:

Explain the required treatment of the items (i) to (iii) by Waxwork in its financial statements for the year

ended 31 March 2009.

Note: assume all items are material and are independent of each other. (10 marks as indicated)

点击查看答案

第6题

Gregory Co is a listed company and, until 1 October 20X5, it had no subsidiaries. On that

date, it acquired 75% of Tamsin Co’s equity shares by means of a share exchange of two new shares in Gregory Co for every five acquired shares in Tamsin Co. These shares were recorded at the market price on the day of the acquisition and were the only shares issued by Gregory Co during the year ended 31 March 20X6.

The summarised financial statements of Gregory Co as a single entity at 31 March 20X5 and as a group at 31 March 20X6 are:

Other information:

(i) Each month since the acquisition, Gregory Co’s sales to Tamsin Co were consistently $2m. Gregory Co had chosen to only make a gross profit margin of 10% on these sales as Tamsin Co is part of the group.

(ii) The values of property, plant and equipment held by both companies have been rising for several years.

(iii) On reviewing the above financial statements, Gregory Co’s chief executive officer (CEO) made the following observations:

(1) I see the profit for the year has increased by $1m which is up 20% on last year, but I thought it would be more as Tamsin Co was supposed to be a very profitable company.

(2) I have calculated the earnings per share (EPS) for 20X6 at 13 cents (6,000/46,000 x 100) and for 20X5 at 12·5 cents (5,000/40,000 x 100) and, although the profit has increased 20%, our EPS has barely changed.

(3) I am worried that the low price at which we are selling goods to Tamsin Co is undermining our group’s overall profitability.

(4) I note that our share price is now $2·30, how does this compare with our share price immediately before we bought Tamsin Co?

Required: (a) Reply to the four observations of the CEO. (8 marks)

(b) Using the above financial statements, calculate the following ratios for Gregory Co for the years ended 31 March 20X6 and 20X5 and comment on the comparative performance:

(i) Return on capital employed (ROCE)

(ii) Net asset turnover

(iii) Gross profit margin

(iv) Operating profit margin

Note: Four marks are available for the ratio calculations. (12 marks)

Note: Your answers to (a) and (b) should reflect the impact of the consolidation of Tamsin Co during the year ended 31 March 20X6.

点击查看答案

第7题

After preparing a draft statement of profit or loss (before interest and tax) for the year

ended 31 March 20X6 (before any adjustments which may be required by notes (i) to (iv) below), the summarised trial balance of Triage Co as at 31 March 20X6 is:

The following notes are relevant:

(i) Triage Co issued 400,000 $100 6% convertible loan notes on 1 April 20X5. Interest is payable annually in arrears on 31 March each year. The loans can be converted to equity shares on the basis of 20 shares for each $100 loan note on 31 March 20X8 or redeemed at par for cash on the same date. An equivalent loan without the conversion rights would have required an interest rate of 8%.

The present value of $1 receivable at the end of each year, based on discount rates of 6% and 8%, are:

(ii) Non-current assets:

The directors decided to revalue the leased property at $66·3m on 1 October 20X5. Triage Co does not make an annual transfer from the revaluation surplus to retained earnings to reflect the realisation of the revaluation gain; however, the revaluation will give rise to a deferred tax liability at the company’s tax rate of 20%.

The leased property is depreciated on a straight-line basis and plant and equipment at 15% per annum using the reducing balance method.

No depreciation has yet been charged on any non-current assets for the year ended 31 March 20X6.

(iii) In September 20X5, the directors of Triage Co discovered a fraud. In total, $700,000 which had been included as receivables in the above trial balance had been stolen by an employee. $450,000 of this related to the year ended 31 March 20X5, the rest to the current year. The directors are hopeful that 50% of the losses can be recovered from the company’s insurers.

(iv) A provision of $2·7m is required for current income tax on the profit of the year to 31 March 20X6. The balance on current tax in the trial balance is the under/over provision of tax for the previous year. In addition to the temporary differences relating to the information in note (ii), at 31 March 20X6, the carrying amounts of Triage Co’s net assets are $12m more than their tax base.

Required:

(a) Prepare a schedule of adjustments required to the draft profit before interest and tax (in the above trial balance) to give the profit or loss of Triage Co for the year ended 31 March 20X6 as a result of the information in notes (i) to (iv) above.

(b) Prepare the statement of financial position of Triage Co as at 31 March 20X6.

(c) The issue of convertible loan notes can potentially dilute the basic earnings per share (EPS). Calculate the diluted earnings per share for Triage Co for the year ended 31 March 20X6 (there is no need to calculate the basic EPS).

Note: A statement of changes in equity and the notes to the statement of financial position are not required.

The following mark allocation is provided as guidance for this question:

(a) 5 marks

(b) 12 marks

(c) 3 marks

点击查看答案

第8题

The following scenario relates to questions 11–15.Mighty IT Co provides hardware, software

The following scenario relates to questions 11–15.

Mighty IT Co provides hardware, software and IT services to small business customers.

Mighty IT Co has developed an accounting software package. The company offers a supply and installation service for $1,000 and a separate two-year technical support service for $500. Alternatively, it also offers a combined goods and services contract which includes both of these elements for $1,200. Payment for the combined contract is due one month after the date of installation.

In December 20X5, Mighty IT Co revalued its corporate headquarters. Prior to the revaluation, the carrying amount of the building was $2m and it was revalued to $2·5m.

Mighty IT Co also revalued a sales office on the same date. The office had been purchased for $500,000 earlier in the year, but subsequent discovery of defects reduced its value to $400,000. No depreciation had been charged on the sales office and any impairment loss is allowable for tax purposes.

Mighty It Co’s income tax rate is 30%.

In accordance with IFRS 15 Revenue from Contracts with Customers, when should Mighty IT Co recognise revenue from the combined goods and services contract?

A.Supply and install: on installation Technical support: over two years

B.Supply and install: when payment is made Technical support: over two years

C.Supply and install: on installation Technical support: on installation

D.Supply and install: when payment is made Technical support: when payment is made

In January 20X6, the accountant at Mighty IT Co produced the company’s draft financial statements for the year ended 31 December 20X5. He then realised that he had omitted to consider deferred tax on development costs. In 20X5, development costs of $200,000 had been incurred and capitalised. Development costs are deductible in full for tax purposes in the year they are incurred. The development is still in process at 31 December 20X5.

What adjustment is required to the income tax expense in Mighty IT Co’s statement of profit or loss for the year ended 31 December 20X5 to account for deferred tax on the development costs?

A.Increase of $200,000

B.Increase of $60,000

C.Decrease of $60,000

D.Decrease of $200,000

For each combined contract sold, what is the amount of revenue which Mighty IT Co should recognise in respect of the supply and installation service in accordance with IFRS 15?A.$700

B.$800

C.$1,000

D.$1,200

In accordance with IAS 12 Income Taxes, what is the impact of the property revaluations on the income tax expense of Mighty IT Co for the year ended 31 December 20X5?

A.Income tax expense increases by $180,000

B.Income tax expense increases by $120,000

C.Income tax expense decreases by $30,000

D.No impact on income tax expense

Mighty IT Co sells a combined contract on 1 January 20X6, the first day of its financial year.

In accordance with IFRS 15, what is the total amount for deferred income which will be reported in Mighty IT Co’s statement of financial position as at 31 December 20X6?

A.$400

B.$250

C.$313

D.$200

请帮忙给出每个问题的正确答案和分析,谢谢!

点击查看答案

第9题

The following scenario relates to questions 6–10.On 1 January 20X5, Blocks Co entered into

The following scenario relates to questions 6–10.

On 1 January 20X5, Blocks Co entered into new lease agreements as follows:

Agreement one This finance lease relates to a new piece of machinery. The fair value of the machine is $220,000. The agreement requires Blocks Co to pay a deposit of $20,000 on 1 January 20X5 followed by five equal annual instalments of $55,000, starting on 31 December 20X5. The implicit rate of interest is 11·65%.

Agreement two This three-year operating lease relates to a fleet of vans. The fair value of the vans is $120,000 and they have an estimated useful life of five years. The agreement requires Blocks Co to make no payment in year one and $48,000 in years two and three.

Agreement three This sale and leaseback relates to a cutting machine purchased by Blocks Co on 1 January 20X4 for $300,000. The carrying amount of the machine as at 31 December 20X4 was $250,000. On 1 January 20X5, it was sold to Cogs Co for $370,000 and Blocks Co will lease the machine back for five years, the remainder of its useful life, at $80,000 per annum.

According to IAS 17 Leases, which of the following is generally considered to be a characteristic of an operating, rather than a finance, lease?

A.Ownership of the assets is passed to the lessee by the end of the lease term

B.The lessor is responsible for the general maintenance and repair of the assets

C.The present value of the lease payments is approximately equal to the fair value of the asset

D.The lease term is for a major part of the useful life of the asset

For agreement one, what is the finance cost charged to profit or loss for the year ended 31 December 20X6?

A.$23,300

B.$12,451

C.$19,607

D.$16,891

The following calculations have been prepared for agreement one: How will the finance lease obligation be shown in the statement of financial position as at 31 December 20X7?

A.$44,120 as a non-current liability and $49,271 as a current liability

B.$49,271 as a non-current liability and $44,120 as a current liability

C.$93,391 as a non-current liability

D.$93,391 as a current liability

For agreement three, what profit should be recognised for the year ended 31 December 20X5 as a result of the sale and leaseback?A.$24,000

B.$120,000

C.$70,000

D.$20,000

For agreement two, what would be the correct statement of profit or loss entries for the year ended 31 December 20X5?A.Depreciation of $24,000 and no lease rental expense

B.No depreciation and lease rental expense of $32,000

C.Depreciation of $24,000 and lease rental expense of $32,000

D.No depreciation and lease rental expense of $48,000

请帮忙给出每个问题的正确答案和分析,谢谢!

点击查看答案

第10题

The following scenario relates to questions 1–5.Aphrodite Co has a year end of 31 December

The following scenario relates to questions 1–5.

Aphrodite Co has a year end of 31 December and operates a factory which makes computer chips for mobile phones. It purchased a machine on 1 July 20X3 for $80,000 which had a useful life of ten years and is depreciated on the straight-line basis, time apportioned in the years of acquisition and disposal. The machine was revalued to $81,000 on 1 July 20X4. There was no change to its useful life at that date.

A fire at the factory on 1 October 20X6 damaged the machine leaving it with a lower operating capacity. The accountant considers that Aphrodite Co will need to recognise an impairment loss in relation to this damage. The accountant has ascertained the following information at 1 October 20X6:

(1) The carrying amount of the machine is $60,750.

(2) An equivalent new machine would cost $90,000.

(3) The machine could be sold in its current condition for a gross amount of $45,000. Dismantling costs would amount to $2,000.

(4) In its current condition, the machine could operate for three more years which gives it a value in use figure of $38,685.

In accordance with IAS 16 Property, Plant and Equipment, what is the depreciation charged to Aphrodite Co’s profit or loss in respect of the machine for the year ended 31 December 20X4?

A.$9,000

B.$8,000

C.$8,263

D.$8,500

What is the total impairment loss associated with Aphrodite Co’s machine at 1 October 20X6?A.$nil

B.$17,750

C.$22,065

D.$15,750

The accountant has decided that it is too difficult to reliably attribute cash flows to this one machine and that it would be more accurate to calculate the impairment on the basis of the factory as a cash-generating unit.

In accordance with IAS 36, which of the following is TRUE regarding cash generating units?

A.A cash-generating unit to which goodwill has been allocated should be tested for impairment every five years

B.A cash-generating unit must be a subsidiary of the parent

C.There is no need to consistently identify cash-generating units based on the same types of asset from period to period

D.A cash-generating unit is the smallest identifiable group of assets for which independent cash flows can be identified

On 1 July 20X7, it is discovered that the damage to the machine is worse than originally thought. The machine is now considered to be worthless and the recoverable amount of the factory as a cash-generating unit is estimated to be $950,000.

At 1 July 20X7, the cash-generating unit comprises the following assets:

In accordance with IAS 36, what will be the carrying amount of Aphrodite Co’s plant and equipment when the impairment loss has been allocated to the cash-generating unit?

A.$262,500

B.$300,000

C.$237,288

D.$280,838

IAS 36 Impairment of Assets contains a number of examples of internal and external events which may indicate the impairment of an asset.

In accordance with IAS 36, which of the following would definitely NOT be an indicator of the potential impairment of an asset (or group of assets)?

A.An unexpected fall in the market value of one or more assets

B.Adverse changes in the economic performance of one or more assets

C.A significant change in the technological environment in which an asset is employed making its software effectively obsolete

D.The carrying amount of an entity’s net assets being below the entity’s market capitalisation

请帮忙给出每个问题的正确答案和分析,谢谢!

点击查看答案
下载上学吧APP
客服
TOP
重置密码
账号:
旧密码:
新密码:
确认密码:
确认修改
购买搜题卡查看答案
购买前请仔细阅读《购买须知》
请选择支付方式
微信支付
支付宝支付
选择优惠券
优惠券
请选择
点击支付即表示你同意并接受《服务协议》《购买须知》
立即支付
搜题卡使用说明

1. 搜题次数扣减规则:

功能 扣减规则
基础费
(查看答案)
加收费
(AI功能)
文字搜题、查看答案 1/每题 0/每次
语音搜题、查看答案 1/每题 2/每次
单题拍照识别、查看答案 1/每题 2/每次
整页拍照识别、查看答案 1/每题 5/每次

备注:网站、APP、小程序均支持文字搜题、查看答案;语音搜题、单题拍照识别、整页拍照识别仅APP、小程序支持。

2. 使用语音搜索、拍照搜索等AI功能需安装APP(或打开微信小程序)。

3. 搜题卡过期将作废,不支持退款,请在有效期内使用完毕。

请使用微信扫码支付(元)
订单号:
遇到问题请联系在线客服
请不要关闭本页面,支付完成后请点击【支付完成】按钮
遇到问题请联系在线客服
恭喜您,购买搜题卡成功 系统为您生成的账号密码如下:
重要提示: 请勿将账号共享给其他人使用,违者账号将被封禁。
发送账号到微信 保存账号查看答案
怕账号密码记不住?建议关注微信公众号绑定微信,开通微信扫码登录功能
警告:系统检测到您的账号存在安全风险

为了保护您的账号安全,请在“上学吧”公众号进行验证,点击“官网服务”-“账号验证”后输入验证码“”完成验证,验证成功后方可继续查看答案!

- 微信扫码关注上学吧 -
警告:系统检测到您的账号存在安全风险
抱歉,您的账号因涉嫌违反上学吧购买须知被冻结。您可在“上学吧”微信公众号中的“官网服务”-“账号解封申请”申请解封,或联系客服
- 微信扫码关注上学吧 -
请用微信扫码测试
选择优惠券
确认选择
谢谢您的反馈

您认为本题答案有误,我们将认真、仔细核查,如果您知道正确答案,欢迎您来纠错

上学吧找答案