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[主观题]

Which of the following current year events would explain a fall in a company’s operating p

rofit margin compared to the previous year?

A.An increase in gearing leading to higher interest costs

B.A reduction in the allowance for uncollectible receivables

C.A decision to value inventory on the average cost basis from the first in first out (FIFO) basis. Unit prices of inventory had risen during the current year

D.A change from the amortisation of development costs being included in cost of sales to being included in administrative expenses

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更多“Which of the following current year events would explain a fall in a company’s operating p”相关的问题

第1题

Germane has a number of relationships with other companies.In which of the following relat

Germane has a number of relationships with other companies.

In which of the following relationships is Germane necessarily the parent company?

(i) Foll has 50,000 non-voting and 100,000 voting equity shares in issue with each share receiving the same dividend. Germane owns all of Foll’s non-voting shares and 40,000 of its voting shares

(ii) Kipp has 1 million equity shares in issue of which Germane owns 40%. Germane also owns $800,000 out of $1 million 8% convertible loan notes issued by Kipp. These loan notes may be converted on the basis of 40 equity shares for each $100 of loan note, or they may be redeemed in cash at the option of the holder

(iii) Germane owns 49% of the equity shares in Polly and 52% of its non-redeemable preference shares. As a result of these investments, Germane receives variable returns from Polly and has the ability to affect these returns through its power over Polly

A.(i) only

B.(i) and (ii) only

C.(ii) and (iii) only

D.All three

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第2题

At 31 March 2015, Jasim had shareholders’ funds (equity) of $200,000 and debt of $100,000.

Which of the following transactions would increase Jasim’s gearing compared to what it would have been had the transaction NOT taken place?

Gearing should be taken as debt/(debt + equity). Each transaction should be considered separately.

A.During the year a property was revalued upwards by $20,000

B.A bonus issue of equity shares of 1 for 4 was made during the year using other components of equity

C.A provision for estimated damages was reduced during the year from $21,000 to $15,000 based on the most recent legal advice

D.An asset with a fair value of $25,000 was acquired under a finance lease on 31 March 2015

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第3题

Johnson paid $1·2 million for a 30% investment in Treem’s equity shares on 1 August 2014.T

Johnson paid $1·2 million for a 30% investment in Treem’s equity shares on 1 August 2014.

Treem’s profit after tax for the year ended 31 March 2015 was $750,000. On 31 March 2015, Treem had $300,000 goods in its inventory which it had bought from Johnson in March 2015. These had been sold by Johnson at a mark-up on cost of 20%. Treem has not paid any dividends.

On the assumption that Treem is an associate of Johnson, what would be the carrying amount of the investment in Treem in the consolidated statement of financial position of Johnson as at 31 March 2015?

A.$1,335,000

B.$1,332,000

C.$1,300,000

D.$1,410,000

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第4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)

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第5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

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第6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

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第7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)

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第8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

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第9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)

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第10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.

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