1. Which TWO of the following ratios can be assisted while analysing return on capital employed? ______
A.Payable payment period
B.Operating profit margin
C.Interest cover
D.Asset turnover
A B C D
BD
[考点] Interpretation of financial statements- Interpretation of financial statements-Profitability
[难易度] 易
[解析] Return on capital employed(ROCE)=Operating profit margin×Asset turnover
2. Urban Co's accounting year started from l January 20X6 and its financial statements were issued on 15 February 20X7. There were two events happened after the year end. On 6 January, it sold $40,000 inventory for $65,000. On 15 January, the finished goods storing in the warehouse were damaged by flood, amount to $24,000. According to IAS 10 Events after the Reporting Period, what would be the effect on profit of these events? ______
A.0
B.$40,000
C.$65,000
D.$15,000
A B C D
A
[考点] Preparing basic financial statements-Events after the reporting period-Adjusting events
[难易度] 中
[解析] 期后以高于存货成本的价格销售存货,证明期末存货的计量没有问题,不需要调整。
期后发生洪水导致存货损毁属于非调整事项(Non-adjusting event),不需要调整。
3. A sole trader, who commenced trading on 1 January 20X6 does not keep accounting records. But the following information is available for the year ended 31 0ctober 20X7.
What profit was made in the year to 31 October 20X7? ______
97,250
[考点] Preparing basic financial statements-Incomplete records
[难易度] 中
[解析] Opening net asset+Capital introduced-Drawings+Profit=Closing net asset
其中,Opening net asset=0
Capital introduced=$80,000+$26,500=$106,500
4. A business commenced with the owner injecting capital in cash of $10,000, the following transactions took place. Inventory was purchased on credit for $8,000 plus sales tax at 17.5%. Half of the inventory items were sold for cash of $10,000 plus sales tax at No sales tax has been paid to or recorded from the tax authority. What would the total of the business asset and capital be after these transactions? ______
A.Asset $25,750 Capital $17,750
B.Asset $21,750 Capital $12,000
C.Asset $25,750 Capital $16,000
D.Asset $17,750 Capital $16,000
A B C D
C
[考点] Preparing financial statements-Company accounting-Statement of financial position-Equity-financing-Types of shares
[难易度] 中
[解析] 资本注入(Capital injection):
Dr Cash $10,000
Cr Capital $10,000
赊购(Purchase on Credit):
Dr Purchase $8,000
Dr Input sales tax $1,400
Cr Trade payable $9,400
现金销售(Cash sales):
Dr Cash $11,750
Cr Sales $10,000
Cr Output sales tax $1,750
结转期末存货:
Dr Inventory $4,000
Cr Cost of sales $4,000
期末:
Asset=Inventory+C ash=$4,000+$21,75 0=$2 5,750
Liability=Payable+Sales tax=$9,400+($1,750-$1,400)=$9,750
Capital=Assets-Liabilities=$16,000
5. Which of the following would help a company with high gearing to reduce its gearing ratio? ______
A.Market a rights issue of equity shares
B.Issue further long term loan stock
C.Cash paid to suppliers
D.Market a bonus issue of equity shares
A B C D
A
[考点] Interpretation of financial statements-Interpretation of financial statements-Position
[难易度] 易
[解析] Gearing ratio=NCL/Equity+NCL
Right issue会使Equity增加,Gearing降低;Loan stock属于长期负债,会使Gearing增加;支付Supplier欠款会使Payable减少,不会影响Gearing。Bonus issue属于对Reserve的再分配,不会使Equity的总数发生变化。
6. Which statement relating to right issue is true? ______
A.Right issue takes place by converting a company's reserve into share capital
B.A right issue will not raise money for the company
C.A right issue means that the new shares will have greater dividend rights than existing shares
D.In general, the right issue price is lower than market price to attract shareholders to take up
A B C D
D
[考点] Preparing financial statements-Company accounting-Statement of financial position-Equity-financing- Types of shares
[难易度] 中
[解析] Right issue是发行新股,并非使用现有的留存收益,是实际的融资行为,可以为企业带来现金流,且所发行的新股和之前的股票附有同样的投票权。
Right issue的发行对象是Existing shareholder,其价格一般低于Marketvalue以吸引Shareholder全额认购(Fully subscription)。
7. Which of the following statements relating to share capital is true? ______
A.Preference shareholders can vote equally as ordinary shareholders
B.Redeemable preference shares should be recognised in the equity dividend section
C.Ordinary shares carry out fixed and steady dividend
D.Authorized share capital is the maximum amount that can be issued by the company
A B C D
D
[考点] Preparing financial statements-Company accounting-Statement of financial position-Types of shares
[难易度] 易
[解析] Preference share(可赎回优先股)不含投票权,且属于Liability,需在Liability section里进行列报;Ordinary shareholder享受的是剩余权利,也就是在其他债权人股权人都被清偿之后,才可能收到股息,且股息数量取决于企业当年的盈利情况和Dividend policy,既不固定也不稳定。
8. The accounts payable ledger control account of a business showed a balance at the year end of $285,000. This did not agree with the total of the list of purchase ledger balances at the year end and subsequent checking found that: (1) Discounts received of $3,000 had been entered on the wrong side of the control account. (2) Returns outwards had been overstated by $10,000. What wilt be the balance on the accounts payable ledger control account following correction of the above errors? ______
A.$269,000
B.$289,000
C.$292,000
D.$288,000
A B C D
B
[考点] Preparing a trial balance-Correction of errors-Impact on financial statements
[难易度] 中
[解析] (1) Discount received会使Payable减少,应记在Debit方,错误记在Credit方,说明Credit多记$3000, Debit少记$3000, Credit比Debit多记$6000,应当调减。
(2) Return outward(采购退回)被高估会使Payable被低估,应当调增。
Balance after adjustment=$285,000-$6,000+$10,000=$289,000
9. The balance in Golden's cash book is $650 credit. This balance includes the following.
What was the balance shown on Golden's bank statement? ______
A.$2,650
B.$850
C.$2,550
D.$950
A B C D
A
[考点] Preparing a trail balance-reconciliation-Reconciliation between cash book and bank statement
[难易度] 中
[解析] 首先调整Cash book得出正确的余额,再根据Bank statement中的调整项,倒推出调整之前Bank statement的初始值为$2,650 0verdrawn。
$
$
Cash book (650)
Bank statement
Standing order (200)
Unpresented cheque (200)
Uncredited deposit 2,000
Balance (850)
(850)
10. The following transactions have been recognised in the financial statements of Golden Co for the year. Loss of $50,000 0n the revaluation of a property that had previously been revalued upwards by $80,000. Gain of $20,000 0n disposal of equipment that was accounted for using the cost model. Where should these items be recognised in the financial statements? Equipment-Gain on disposal ______ Property-revaluation loss ______. (1) Statement of profit or loss. (2) Statement of other comprehensive income.
(1);(2)
[考点] Preparing financial statements-Company accounting-Statement of profit or loss and other comprehensive income-Other comprehensive income
[难易度] 难
[解析] 处置固定资产产生的利润,需计入利润表。固定资产重估产生的损失,需先抵消OCI中的Revaluation surplus。
11. Golden Co has calculated his key liquidity and working capital ratios for the two years ending 31 December.
Which TWO of the following conclusions can be drawn from comparing Golden Co ratios for each year? ______
A.Golden Co is less efficient in managing working capital in 20X4
B.Golden Co is taking less time to collect money from customers in 20X4
C.Golden Co has more cash tied up in receivables in 20X4
D.Golden Co's current and quick ratios have improved in 20X4
A B C D
AC
[考点] Interpretation of financial statements-Interpretation of financial statements-Liquidity & Position & Profitability & Efficiency
[难易度] 中
[解析] 应收账款周转天数变长,说明从客户那里收钱的速度变慢,同时也说明有更多的资金被应收账款占用(Tied up)而无法使用。
Current ratio和quick ratio降低,流动性并没有改进。
结合应付账款周转天数变短,总体分析该公司的营运资金效率变差。
12. The following extracts are from the trial balance of Starb Co for the year ended 30 September 20X8.
What amount of equity should be included in statement of financial position as at 30 September 20X8? ______
222,000
[考点] Preparing basis financial statements-Company accounting-Preparing single company financial statements
[难易度] 易
[解析]
Ordinary share Capital
普通股股本,属于权益
Share premium
股本溢价,属于权益
Loan notes
债券,属于负债
Overdraft
银行透支,属于负债
Irredeemable preference share Capital
不可赎回优先股,属于权益
Redeemable preference share Capital
可赎回优先股,属于负债
Revaluation surplus
重估增值,属于权益
Retained earnings
未分配利润,属于权益
Trade payable
应付账款,属于负债
Total equity=$120,000+$34,000+$23,000+$10,000+$35,000=$222,000
13. The receivables ledger control account of a business showed a closing balance for the year of $280,000, which did not agree with the total of the list of individual sales ledger balances at the year end. Subsequent checking found that the sales day book had been overcast by $15,000 and that a debit balance in the receivables ledger for $10,000 had been recorded as a credit balance. What was the total of the list of individual receivables ledger balances before the errors were discovered? ______
245,000
[考点] Preparing a trail balance-reconciliation-Reconciliation between Control account and person account
[难易度] 难
[解析] Day book中的加总错误会影响总账(RLCA),Receivable ledger(明细账)的错误只需要在Ledger中修改,不会影响总账。
Ledger中的Debit balance记成了Credit balance,Receivable被低估了一倍,需调增。
首先调整总账中的错误,得出正确的余额。通过还原明细账的错误,倒推出调整之前Ledger的余额=$245,000。
RLCA before adjustment $280,000
Receivable ledger before adjustment
Less: ($15,000)
Add: $20,000
Balance: $265,000
Balance: $265,000
14. The following extracts have been prepared from the financial statements of Benny Co for the year ended 31 December 20X3.
Statement of financial position
Statement of profit or loss
'Extract)
$'000
$’000
Non-current assets
300,000
Profit from operations
70,000
Current assets
50,000
Finance cost
(5,000)
Non-current liabilities
145,000
Profit before tax
65,000
Current liabilities
35,000
Income tax expense
(20,000)
Profit before year
45,000
What is the return on capital employed for Benny Co(to the nearest)? ______%
22
[考点] Interpretation of financial statements-Interpretation of financial statements-Liquidity & Position & Profitability & Efficiency
[难易度] 易
[解析] Capital employed=Total asset-Current liability=300,000+50,000-35,000=$315,000
Return on capital employed(ROCE)=PBIT/Capital employed=70,000/315,000×100%=22%
15. On 31 July 20X3, Jessie Co issued 7% redeemable preference which will be repayable in ten-year time. What is the effect of this on the return on capital employed (ROCE) and gearing ratio (debt/capital employed) for year ended 31 July 20X3?
16. Should the following items be included in cash and cash equivalents in a statement of cash flows? ______ (1) Bank overdraft. (2) Long-term investments. (3) Cash in hand. (4) Short-term investments.
A.(1) and (2)
B.(1), (2) and (3)
C.(1), (3) and (4)
D.All of them
A B C D
C
[考点] Preparing-financial statements-Company accounting Preparing statement of cash flows
[难易度] 易
[解析] Cash and cash equivalents(现金和现金等价物)只包含现金以及可以在短期内变现的流动资产,Long-term investments(长期投资),不能在短期内变现。
17. -Background Alice acquired 80% of the ordinary share capital of Bee on l January 20X7 for $1,200,000 when the retained earnings of Bee were $550,000. The fair value of the non-controlling interest at acquisition was $100,000. The summarized statements of financial position for Alice and Bee as at 31 December 20X7 are shown below.
Additional information. (1) At the date of acquisition, the fair value of Bee's land was $25,000 above its carrying amount. This has not been adjusted in Bee's financial statements above. The land is still held by Bee. (2) During the year, Bee sold goods to Alice for $180,000 with a profit margin of 40%. 25% of these goods were in Alice's inventory at the year-end. (3) Alice was owed by Bee $55,000 at the year-end and this agreed to the balance in Bee's accounts. Complete the consolidated statement of financial position for Alice as at 31 December 20X7.
Alice, Consolidated statements of financial position as at 31 December 20X7
$'000
Assets
Non-current assets
Property, plant and equipment
______
Investment in Bee
______
Goodwill
______
Total non-current assets
______
Current assets
Inventories
______
Receivables
______
Cash and cash equivalents
______
Total current assets
______
Total assets
______
Equity and reserves
Share capital
______
Retained earnings
______
Non controlling interest
______
______
Non-current liabilities
______
Current liabilities: payables
______
Total liabilities
______
Total equity and liabilities
______
Consolidated statements of financial position of Alice as at 31 December 20X7
$'000
Assets
Non-current assets
Property, plant and equipment
1,825
Investment in Bee
0
Goodwill
225
Total non-current assets
2,050
Current assets
Inventories
782
Receivables
652
Cash and cash equivalents
653
Total current assets
2,087
Total assets
4,137
Equity and reserves
Share capital
1,000
Retained earnings
863.6
Non-controlling interest
118.4
1,982
Non-current liabilities
1,200
Current liabilities: payables
955
Total liabilities
2,155
Total equity and liabilities
4,137
[解析] Working 1:计算goodwill。
Working 2:内部交易。
内部交易抵消:
Dr Sales $180
Cr Cost of sales $180
内部交易产生未实现利润=180×0.4×0.25=$18
Dr Cost of sales $18
Cr Inventory $18
Working 3:集团内部应收应付余额抵消。
Dr Trade payable $55
Cr Trade receivable $55
Working 4:计算未分配利润。
Working 5:计算NCI。
Consolidated statements of financial position of Alice as at 31 December 20X7
$'000
Assets
Non-current assets
Property, plant and equipment (850+950+25)
1,825
Investment in Bee
0
Goodwill (working 1)
225
Total non-current assets
2,050
Current assets
Inventories (250+550-18)
782
Receivables (388+319-55 working 3)
652
Cash and cash equivalents (412+241)
653
Total current assets
2,087
Total assets
4,137
Equity and reserves
Share capital (only Alice's)
1,000
Retained earnings (working 4)
863.6
Non-controlling interest
118.4
1,982
Non-current liabilities (880+320)
1,200
Current liabilities: payables (430+580-55 working 3)
955
Total liabilities
2,155
Total equity and liabilities
4,137
18. Which TWO of the following items would be allocated to finance cost in the statement of profit or loss? ______
19. Golden finance prepared a trial balance at the end of its financial year. The debit balances exceeded the credit balances by $3,500. Which of the following errors could fully account for the difference? ______
A.Accumulated depreciation of $1,750 had been shown on the wrong side of the trial balance
B.A credit sale for $3,500 had been recorded correctly in receivables but had been recorded twice in the sales account
C.A prepayment for $1,750 had been shown on the wrong side of the trial balance
D.Sales returns of $3,500 had been omitted from the trial balance
A B C D
A
[考点] Preparing a trial balance-Correction of errors-Impact on financial statements
[难易度] 中
[解析] A.累计折旧应当记在Credit方,反方向记错,会导致Debit方比Credit方多一倍,即$3,500。
B.Credit sales的Debit方记录正确,Credit方记录了两次,Debit方比Credit方多$1,750。
C.Prepayment属于资产,Debit balance,方向记错,Debit方比Credit方少$1,750。
D.Sales return属于负的收入,Debit balance,被漏记,Debit方比Credit方少$3,500。
20. The financial statements are used by different user groups for different reasons. What is their primary area of interest for each user group? ______
A.Shareholder: Profitability Banks: Efficiency
B.Shareholder: Efficiency Banks: Liquidity
C.Shareholder: Profitability Banks: Liquidity
D.Shareholder: Efficiency Banks: Profitability
A B C D
C
[考点] Interpretation of financial statements-Interpretation of financial statements-Liquidity & Users' and stakeholders' needs & Profitability & Efficiency
[难易度] 易
[解析] 股东最关心的是企业能否盈利和发放股息;银行关心的是企业能否按时偿还负债并支付利息。
21. Which of the following correctly matches users of the annual published financial statements of a company and the information they would be interested in? ______
A.Lenders are interested in the continuation of the supply of goods
B.Governments are interested in statistics for tax assessment
C.Customers are interested in profitability
D.Employees are interested in departmental results for planning
A B C D
B
[考点] Interpretation of financial statements-Interpretation of financial statements-Liquidity & Position & Profitability & Efficiency
[难易度] 易
[解析] Lenders关心企业是否能够还债和支付利息;顾客关系商品的价格和质量;职员关心薪资福利和发展前途。
-Background Tempor trades as a sole proprietor and the following information relates to his most recent financial year. Tempor's sales were all made on credit. During the year he received $512,800 cash from his customers. Customers owed him $46,000 at the start of the year and $37,200 at the end of the year. Debts of $2,680 were written off as irrecoverable during the year. All purchases were made on credit. Cash paid to suppliers during the year was $317,500, Tempor owed his suppliers $28,000 at the start of the year and $39,400 at the end of the year. Tempor had unsold goods costing $37,000 at both the start and the end of the year. Other expenses paid during the year were:
There were no expenses accrued or prepaid at the start of the year. Wages and salaries were accrued by $1,700 and occupancy costs were prepaid by $3,100 at the end of the year. During the year Tempor sold a motor vehicle used in the business for $8,000. This vehicle cost $46,000 and had been depreciated by $37,900. Any profit or loss on disposal is to be included in the depreciation charge for the year. The depreciation charge for the year is $49,900 before any profit or loss on disposal. Tempor wishes to increase the allowance for receivables by $563.
22. -Task 1
Complete the following statement of profit or loss for the year.
Tempor-Statement of profit or loss for the year:
$
$
Revenue
______
Less: Cost of sales
______
Gross profit
______
Less expenses
Wages and salaries
______
Occupancy cost
______
Motor expenses
______
Receivables expense
______
Depreciation
______
Total expenses
______
Profit for the year
______
$
$
Revenue
506,680
Less: Cost of sales
328,900
Gross profit
177,780
Less expenses
Wages and salaries
64,500
Occupancy cost
10,800
Motor expenses
7,640
Receivables expense
3,243
Depreciation
50,000
Total expenses
136,183
Profit for the year
41,597
[解析] (1) Sales通过应收账款T型账户来求:
(2) Cost of sales:先求出Purchase,再求出Cost of sales。
(3) Wages and salaries
$
65,900
Accrued expense
1,700
Prepaid expense
(3,100)
Wages and salaries
64,500
(4) Depreciation expense
$
Depreciation cost
49,900
Loss on disposal 8,000-(46,000-37,900)
100
Depreciation cost
50,000
(5) Receivables expense
$
Bad debts expense
2,680
Increase in allowance
563
Receivables expense
3,243
23. -Task 2
Which TWO of the following strategies would increase Tempor's gross profit percentage ? ______
A.Hold less inventory
B.Reduce theft and wastage of inventory
C.Reduce selling prices
D.Buy from cheaper suppliers
A B C D
BD
[解析] Gross profit percentage=Gross profit/Sales=(Sales-Cost of sales)/Sales=1-Cost of sales/Sales存货量变少,表明Closing inventory变少,根据Cost of sales=Opening inventory+Purchase-Closing inventory;Cost of sales变大,Gross profit margin变小。 减少偷盗和浪费,Closing inventory变大,Cost of sales变小,Gross profit变大。 降低售价,Sales降低,Gross profit margin变小。 Purchase减少,Cost of sales减少,Gross profit margin变大。
24. Win Co has prepared its bank reconciliation at 31 December 2017 taking the following information into account.
The bank statement shows that the company has an overdrawn balance of $4,700. What should be the adjusted cash book balance per the bank reconciliation at 30 September 2017? ______
A.$2,400 Debit
B.$2,400 Credit
C.$1,000 Debit
D.$1,000 Credit
A B C D
A
[考点] Preparing a trail balance-reconciliation-Reconciliation between cash book and bank statement
[难易度] 中
[解析] 根据题目信息,已经给出Bank statement的初始金额,调整与Bank statement相关的错误后得出的正确余额,也是Cash book的余额为$2,400 Debit balance。
$
Bank statement
(4,700)
Less: Unpresented cheque
(2,700)
Add: Outstanding lodgement
9,800
Balance
2,400
-Background Alice Co acquired 80% of the share capital of Bee Co on l May 20X7. The summarised statements of profit or loss for Alice and Bee for the year ended 30 April 20X8 are shown below:
During the year Alice Co sold goods costing $18m to Bee for $35m. Bee Co has still 40% of these goods by 30 April 20X8.
25. -Task 1 Prepare the consolidated statement of profit or loss for Alice Co.
$'000
Revenue
______
Less: Cost of sales
______
Gross profit
______
Less: Operating expenses
______
Profit before tax
______
Less: Taxation
______
Profit for the year
______
Attributable to equity owners of Alice Co
______
Non-controlling interest
______
-Task 1
$'000
Revenue
108
Less: Cost of sales
73.8
Gross profit
34.2
Less: Operating expenses
25
Profit before tax
9.2
Less: Taxation
4
Profit for the year
5.2
Attributable to equity owners of Alice Co
44
Non-controlling interest
0.8
[解析] 内部交易为母公司卖给子公司。
Price为$35,Cost of sales为$18,产生Gross profit $17
内部交易抵消:
Dr sales $35
Cr cost of sales $35
年底仍有40%没有卖出去,产生未实现利润17×40%=$6.8
入账
Dr cost of sales $6.8
Cr inventory $6.8
本年期间为20X8年5月1日-20X8年4月30日,是一个完整的会计年度,所以利润表中其余科目相加即可。
本期子公司(Bee Co)产生的Profit中属于NCI的为:4×20%=$0.8
26. -Task 2 The directors of Alice Co are analysing the information of the Alice Co and Bee Co and wish to calculate the gross profit margin and net profit margin for both Co.
Ratios
Alice Co
Bee Co
Gross profit margin
Net profit margin
Ratios
Alice Co
Bee Co
Gross profit margin
25%
33%
Net profit margin
10%
7%
[解析] Gross profit margin=Gross profit/Revenue Net profit margin=Net profit/Revenue
27. -Task 3 The directors of Alice Co want to increase its gross margin. Which two of the following strategies will help them to achieve it? ______
A.Increase selling price by 3%
B.Increase the sales by giving a 10% trade discount
C.Increase the advertising expense to attract more customers
-Background Sportsfield Co purchased 70,000 $1 shares in Wonder Co on 1 January 20X2 issuing one new share on Sportsfield Co for every one share purchased in Wonder Co, The nominal value of a Sportsfield Co share is $ 1 and the fair value on 1 January 20X2 was $3.50 per share. Sportsfield Co also paid $2 in cash for each share purchased. The fair value of the non-controlling interest in Wonder Co on 1 January 20X2 was $100,000. Sportsfield Co has not recorded the investment in Wonder Co in its financial statements. The statements of financial position of Sportsfield Co and Wonder Co at 31 December 20X2 are set out below.
Wonder Co's profit accrued evenly over the year.
28. -Task 1 What figure would be presented in Sportsfield's statement of financial position as investment in Wonder? ______ Assume Sportsfield measures investment at cost.
385,000
[解析] 首先要明确两公司的关系。从资产负债表中可以得知,W公司的股本为100,000股,S公司购买了70,000股,也就是70%,控股超过了50%获得了控制权,也就是说S公司是W的母公司。 在母公司的资产负债表上对子公司的投资是以收购日的历史成本列报的,而收购日的成本就是母公司为收购子公司所付出的对价(consideration)。这道题中的对价分为两部分:Share exchange和cash payment。 Share exchange是1:1,也就是70,000股W公司的股票换70,000股S公司的股票,S公司在收购日当天的股票价格是$3.5,所以这部分换股的价值就是$245,000(3.5×70,000)。 Cash payment:每股附带$2的现金支付,总价值也就是$140,000(2×70,000)。 Total consideration也就是$245,000+$140,000=$385,000,在收购日当天sportsfield付出的收购对价,也是对应资产负债表上列报在investment in subsidiary的数字。
29. -Task2 At the date of acquisition, share capital and retained earning was ______ and ______ in Wonder Co, the fair value of its net asset would be ______. Using these figures to calculate the goodwill of Wonder Co, calculation as follows ______.
100,000 240,000 360,000 125,000
[解析] 这道题中并没有直接给出收购日的Retained earning、Share capital以及Net asset,但是可以通过年底资产负债表中的数字进行计算。 Wonder在20X2这一年并未发行新股,也就是说,Share capital在收购日和资产负债表日是相等的,为$100。其他:Share premium为$20,Retained earning为$240,计算出Net asset=Share capital+Share premium+retained earning=$360,000。 Goodwill的计算公式: Consideration+Fair value of NCI-Fair value of net asset=3 85,000+100,000-360,000=$125,000
30. -Task 3 At the point of acquisition, fair value of non-controlling interest in Wonder Co is ______ , the post-acquisition reserve is ______. ______% is attributable to NCI, at the amount of ______.
100,000 320,000 30 96,000
[解析] $100,000是题目开头给出的NCI公允价值。 因为是年初收购,本题子公司也没有固定资产重估增值,Post acquisition reserve就是子公司当年的利润,就是题目中给出的Retained earnings for the year $320,000。
31. -Task 4 In the consolidated statement of financial position, under which account would the investment in Wonder Co appear? ______
32. -Task 5 Which of the following describe the amount of Wonder Co's retained earnings that should be included in the consolidated statement of financial position as at 31 December 20X2? ______
A.Group shares of retained earning brought forward plus profit for the year
B.Group shares of retained earning since the date of acquisition
C.Retained earning brought forward plus profit for the year
34. -Task 7 Which of the following should accounted for in the consolidated financial statement of Sports-field Co using equity accounting? ______ (1) An investment in 52% of ordinary shares of Urban Co. (2) An investment in 56% of preference shares of Unicon Co. (3) An investment in 20% of ordinary shares of Popcorn Co. (4) An investment in 30% of the ordinary shares of Golden Co, and an agreement with shareholders to appoint the majority of the directors to the board of Golden.
35. Golden Co's cash book shows a debit balance of $4,000 at 30 June 20X7, which does not agree with the bank statement received. The following issues are identified during the reconciliation. (1) Golden paid an invoice of $2,000 less trade discount of 10% and settlement discount of 15% by cheque, but the cheque has not yet been presented. (2) A credit customer paid his invoice for $800 by electronic transfer, which Golden did not record. What's the cash book balance after reconciliation? ______
A.$3,270
B.$3,900
C.$2,000
D.$4,800
A B C D
D
[考点] Preparing a trail balance-reconciliation-Reconciliation between cash book and bank statement
[难易度] 易
[解析] (1)支付的货款=$2,000×90%×85%=$1,530
收款方没有去银行兑现,即Unpresented cheque,在Bank statement中调减对应金额。
(2)收到顾客的电子转账,但是企业没有记录,在Cash book中调增对应金额。
Bank balance=$4,000+$800=$4,800
36. The inventory records of Golden finance at 31 December 20X7 have been destroyed. The following information has been obtained for the year ended 31 December 20X7.
What is the value of closing inventory at 31 December 20X7? ______
29,440
[考点] Preparing basic financial statements- Incomplete records
[难易度] 中
[解析] 根据题意,得出成本结构:
70% Cost of sales+30% Profit=100% Sales
Cost of sales=828,800×70%=$580,160
Closing inventory=Opening inventory+Purchase-Cost of sales=$29,440
37. Which of the following statements is true about events after the reporting period? ______
A.Non-adjusting events are disclosed if non-disclosure would affect the ability of users to make proper evaluations and decisions
B.Any new information received between the end of the reporting period and the date the financial statements are authorised for issue, relating to conditions existing before the end of the reporting period, does not to be disclosed or adjusted
C.A fire happened after the year end but before the issue date could result in an adjusting event, the fire will not cause the going concern problem of the company
D.If more information confirmed that certain condition existed before the year end, the company may choose to adjust the financial statements
A B C D
A
[考点] Preparing basic financial statements-Events after the reporting period-Adjusting events
[难易度] 中
[解析] 对于非调整事项来说,如果涉及的金额或实质是重大的(Material),且不进行披露会影响到信息使用者的决策,那么就需要对该事项进行披露。
B选项描述的是调整事项(Adjusting events),且当有证据说明期末财报中的数字有误时,企业必须进行调整,而非可选择性地调整。
C选项所说的期后发生的火灾属于非调整事项(Non-adjusting event)。
D选项,如果是属于期后的调整事项,企业不能choose是否调整,必须要进行调整。
38. Which of the following items would be recorded in the statement of changes in equity? ______ (1) Tax expense for the year. (2) Total comprehensive income for the year. (3) Equity dividends paid. (4) Prior period adjustment.
39. Eleven has decided to raise finance using a two for three right issue on its 1,200,000 $0.5 0rdinary shares. The right issue is fully subscribed at a price per share of $1.8. What's the correct double entry for the new right issue? ______
Dr Cash $1440000
Cr Share capital $400000
Cr Share premium $1040000
[考点] Preparing financial statements-Company accounting-Statement of financial position-Equity-financing-Types of shares
[难易度] 中
[解析] Right issue:现有股本中每三股发行两股,总发行股数=1,200,000×2/3=800,000
每股的Nominal value(票面价值)为$0.5, Share capital增加了800,000×0.5=$400,000
每股发行价格为$1.8,溢价部分(Premium)为$1.3, Share premium增加了800,000×1.3=$1,040,000。
分录为:
Dr Cash $1440000
Cr Share capital $400000
Cr Share premium $1040000
40. Which of the following transactions would not appear in the statement of cash flow? ______
41. What is the impact of the following items on the retained earnings in the statement of financial position?
Add
Less
None
Profits
Share capital
Dividend
Add
Less
None
Profits
√
Share capital
√
Dividend
√
[考点] Preparing financial statements-Company accounting-Preparing single company financial statements
[难易度] 易
[解析] Profit会使未分配利润增加;Share capital与未分配利润没有关系;Dividend会使未分配利润减少。
42. Which of the following statements correctly explain why company managers calculate and interpret ratio? ______ (1) To check that the information in the financial statement is completely accurate. (2) To monitor key performance areas in the business. (3) To judge the managers performance in the business by comparing the key ratios.
A.(2) and (3) only
B.(1), (2) and (3)
C.(1) and (3) only
D.(2) only
A B C D
A
[考点] Interpretation of financial statements-Interpretation of financial statements-Liquidity & Position & Profitability & Efficiency
[难易度] 易
[解析] Ratio计算本身就基于财务报表中的数字,无法用于检查报表数字的完整性和准确性。
43. The following information relates to the latest financial year for Jennie Co. (1) The company made a profit of$54,667. (2) Interim dividends of $20,000 were paid during the year. (3) Assets were revalued resulting in an increase in the revaluation surplus of $120,000. What is the total comprehensive income for the year to be reported in the statement of profit or loss and other comprehensive income? ______
44. Martin Co's financial statements as at 31 December 20X9 are shown below.
What is Martin Co's return on capital employed? ______
A.22%
B.20%
C.25%
D.33%
A B C D
A
[考点] Interpretation of financial statements-Interpretation of financial statements-Profitability
[难易度] 易
[解析] ROCE=PBIT/Capital employed, PBIT为息税前利润,即Operating profit。
Capital employed =Total asset-Current liability-10,000-1,000=$9,000
ROCE=2,000/9,000=22%
45. Golden has applied for a bank loan. The bank has asked for the financial statements of Golden for the year ended 31 December 20X7. Which of the following ratios would be of particular interest to the bank? ______
A.Current ratio and quick ratio
B.Current ratio and gross profit margin
C.Gearing and interest cover
D.Receivable days and dividend cove
A B C D
C
[考点] Interpretation of financial statements-Interpretation of financial statements-Liquidity & Position & Profitability & Efficiency
[难易度] 易
[解析] 银行借钱给企业,应当关心的是企业是否能够到期偿还本金,且按时支付利息。Gearing ratio衡量的是企业的长期偿债能力,Interest cover衡量的是企业是否有足够的盈余来支付利息费用。
46. Why would the following items be identified when preparing a bank reconciliation? ______
It is on the bank statement but not in the cash book
It is in the cash book but not on the bank statement
Interest charge
An unpresented cheque
It is on the bank statement but not in the cash book
It is in the cash book but not on the bank statement
Interest charge
√
An unpresented cheque
√
[考点] Preparing a trail balance-reconciliation-Reconciliation between cash book and bank statement
[难易度] 易
[解析] Interest charge(利息费用)在Cash book中调减。
Unpresented cheque属于企业已支付,银行未付款,在Bank statement中需调减。
47. A listed company opened a suspense account to correct errors with a debit balance of $500 when the trial balance did not balance. The following errors were discovered. (1) Omission of $200 sales from day book. (2) The prepayment of $500 have been posted to the wrong side of trial balance. (3) Telephone expenses of $500 was correctly recorded in the payable ledger control account but recorded as $250 in the statement of profit or loss. What will be the remaining credit balance on the suspense account after the errors identified above have been corrected? ______
A.$1,270
B.$1,020
C.$1,000
D.$750
A B C D
D
[考点] Preparing a trial balance-Correction of errors-Correction of errors-Suspense account
[难易度] 中
[解析] (1)整笔交易都漏记了,不影响借贷平衡,不会产生Suspense account。
(2)正确分录:
Dr Prepayment $500
被错误地记录成:
Cr Prepayment $500
纠正分录:
Dr Prepayment $1,000
Cr Suspense account $1,000
(3)正确分录:
Dr Expense $500
Cr PLCA $500
被错误地记录成:
Dr Expense $250
Cr PLCA $500
纠正分录:
Dr Expense $250
Cr Suspense account $250
故Balance=500-1,000-250=$750 Debit
-Background Pedantic Co purchased 70% of the shares of Sophistic Co on l August 20X7, paying $3 per share. The statements of profit or loss of Pedantic Co and Sophistic Co for the year ended 31 March 20X8 are shown below.
Since acquisition, Sophistic Co has sold goods with a selling price of $1,250,000 to Pedantic Co. Pedantic Co sells goods with a mark-up on sales of 20%. Pedantic Co has a fifth of the goods left in inventory at 31 March 20X8 Except where indicated, it can be assumed that income and expenses accrued every over the year.
48. -Task 1 What is the consolidated revenue for the year ended 31 March 20X8? ______'000
200,750
[解析] 20X7年8月1日收购S公司,年底是20X8年3月31日。 消除内部销售影响的分录: Dr Sales $1,250 Cr Cost of sales $1,250 Consolidated revenue=P's revenue+S's revenue×8/12-内部销售的Sales =150,000+78,000×8/12-1,250=$200,750
49. -Task 2
Complete the form for inclusion in the consolidated figures for the year ended 31 March 20X8.
$'000
Cost of sales-Pedantic Co
______
Cost of sales-Sophistic Co which is calculated as
______
Less: Intercompany sales
______
Less: Unrealised profit adjustment
______
Less: Operating costs
______
94,000 34,000 1,250 50 25,900
[解析] Cost of sales-Pedantic Co=$94,000(表中直接给出)。 Cost of sales-Sophistic Co=51,000×8/12=$34,000 Intercompany sales=$1,250 消除内部销售影响的分录: Dr Sales $1,250 Cr Cost of sales $1,250 Unrealized profit adjustment=$50 Mark up on sales=20%,是在Sales的基础上计算,意思就是: Sales=100%, Profit=20%。 P公司还有1/5 Inventory没有卖出 所以Unrealised profit=1,250×20%×1/5=$50 Operating costs=P's operating costs+S's operating costs×8/12 =19,900+9,000×8/12=$25,900
50. -Task 3 A parent-subsidiary relationship is based on control. Which TWO of the following would signify that one entity controls another? ______
A.Ownership of more than 50% of equity share
B.Ownership of 40% of equity shares and 80% of preference shares
C.Ability to exercise significant influence over policies
D.Power to appoint or remove the majority of board members
51. -Task 4 If the total share capital of Sophistic Co is 60,000 $1 share. What is the cost of investment in Sophistic Co to be included in Pedantic Co's individual statement of financial position? ______'000
126,000
[解析] S公司有60,000股。P公司收购了S公司的70%,那么P公司收购了60,000× 70%=42,000股,收购日那天每股的市场价值=$3 The cost of investment in Sophistic Co=42,000×3=$126,000
52. -Task 5 Pedantic Co is interested in analyzing the financial performance of Sophistic Co. Using Sophistic Co's individual statement of profit or loss for the year ended 31 March 20X8, calculate the operating profit margin and define the interest cover ratio, Round your answer to the nearest whole number. Operating profit margin ______% Interest cover ______
23;20
[解析] 用子公司的数据。 Operating profit margin=Profit before tax and interest/Revenue =(17,100+900)/78,000=23% Interest cover=Profit before tax and interest/Finance costs =(17,100+900)/900=20
53. -Task 6 If the Sophistic Co has a capital employed balance of $152,000,000. What is the return on capital employed for the year ended 31 March 20X8? (Round your answer to the nearest whole number) ______% What type of ratio is return on capital employed? ______
12;D
[解析] ROCE=profit before tax and interest/capital employed =(17,100+900)/152,000=12% ROCE是典型的profitability指数,故选D选项。
54. Jungle Co has 40,000 5% redeemable preference share of $1 each and 600,000 0rdinary share of $1 each. An interim dividend has been paid of 2c each and final dividend of 3c on ordinary shares has been proposed. In addition, the dividend on redeemable preference share was declared and paid at 4c each. What figure should be recorded in the equity section of the statement of financial position relating to the dividends. ______