2006年12月ACCA F3 questions
ACCA F3 答疑精选,你的问题也在这儿!
ACCA F3 答疑精选，你的问题也在这儿！第四章是同学们开始接触财务会计的第一章，俗话说万事开头难，很多同学在刚开始接触这部分内容的时候会有很多困惑和混淆，那么我们在这里总结一下同学们最常问到的几个问题，来让我们看看同学们经常产生疑问的知识点有哪些。
希望看这篇文章的同学也可以从别人的错误中有所收获；要记住成功的方法有千万种，但是失败的原因不外乎那几个，失败的经验要远比成功的心得重要。
说明：所有涉及的知识点的章节都以BPP教材的章节编号为准。
题号：4.1The following information is relevant for questions 4.1 and 4.2.On 1 May 20X9 Marshall's cash book showed a cash balance of $224 and an overdraft of $336. During theweek ended 6 May the following transactions took place.May 1 Sold $160 of goods to P Dixon on credit.May 1 Withdrew $50 of cash from the bank for business use.May 2 Purchased goods from A Clarke on credit for $380 less 15% trade discount.May 2 Repaid a debt of $120 owing to R Hill, taking advantage of a 10% cash discount. Thepayment was by cheque.May 3 Sold $45 of goods for cash.May 4 Sold $80 of goods to M Maguire on credit, offering a 121/2% discount if payment made within7 days.May 4 Paid a telephone bill of $210 by cheque.May 4 Purchased $400 of goods on credit from D Daley.May 5 Received a cheque from H Larkin for $180. Larkin has taken advantage of a $20 cashdiscount offered to him.。
ACCA F3财务会计模拟试题
ACCA F3财务会计模拟试题为帮助大家更好复习ACCA F3财务会计，为同学们分享F3财务模拟考试题及答案如下：Question：Which, if any, of the following statements about aounting concepts and the characteristics offinancial information are correct?1.The concept of substance over form means that the legal form of a transaction must be reflected in financial statements, regardless of the economic substance.rmation is not material if its omission or misstatement could influence the economic decisions of users taken on the basis of the financial statements.3.It may sometimes be necessary to exclude information that is relevant and reliable from financial statements because it is too difficult for some users to understand.A.1 and 2 onlyB.2 and 3 onlyC.1 and 3 onlyD.None of these statements is correctAnswer：DQuestion：Which of the following statements relating to parent panies and subsidiaries are correct?A. A parent pany could consolidate a pany in which it holds less than 50% of the ordinary share capital incertain circumstances.B. Goodwill on consolidation will appear as an item in the parent pany's inpidual statement of financial position.C. Consolidated financial statements ignore the legal form of the relationship between parents and subsidiaries and present the results and position of the group as if it was a single entity.The correct answers are:A parent pany could consolidate a pany in which itholds less than 50% of the ordinary share capital incertain circumstances.Consolidated financial statements ignore the legal form of the relationship between parents and subsidiaries and present the results and position of the group as if it wasa single entity.A parent may hold less than 50% of the share capitalbut more than 50% of the voting rights. Goodwill only appears in the consolidated statement of financial position. It is not amortised. Consolidated financial statements present the substance of the relationship between parentand subsidiaries, rather than the legal form.Question：In preparing a pany's statement of cash flows plying with IAS 7, which, if any, of the following items could form part of the calculation of cash flow from financing activities?Proceeds of sale of premisesDividends receivedBonus issue of sharesA. 1 onlyB. 2 onlyC. 3 onlyD. None of themThe corrrect answer is: None of them.1 - Proceeds from sale of premises appears under investing activities2 - Dividends received appears under operating or investing activities3 - A bonus issue of shares is not a cash flow.。
ACCA_F7_2006年12月考试【试题答案】
A C C A 博客：b l o g .52a c c a .c o mA C C A 书店：s h o p .52a c c a .c o mA C C A 博客：b l o g .52a c c a .c o mA C C A 书店：s h o p .52a c c a .c o mPart 2 Examination – Paper 2.5(INT)Financial Reporting (International Stream)December 2006 Answers1(a)Cost of control in Sunlee:Consideration$’000$’000Shares (20,000 x 80% x 3/5 x $5)48,000LessEquity shares 20,000Pre acq reserves18,000Fair value adjustments (4,000 + 3,000 + 5,000)12,000–––––––50,000x 80%(40,000)–––––––Goodwill 8,000–––––––(b)Carrying amount of Amber 30 September 2006 (prior to impairment loss):At cost$’000Cash (6,000 x $3)18,0006% loan notes (6,000 x $100/100)6,000–––––––24,000LessPost acquisition losses (20,000 x 40% x 3/12)(2,000)–––––––22,000–––––––(c)Hosterling GroupConsolidated income statement for the year ended 30 September 2006$’000Revenue (105,000 + 62,000 – 18,000 intra group)149,000Cost of sales (see working)(89,000)––––––––Gross profit60,000Distribution costs (4,000 + 2,000)(6,000)Administrative expenses (7,500 + 7,000)(14,500)Finance costs (1,200 + 900)(2,100)Impairment losses:Goodwill (1,600)Investment in associate (22,000 – 21,500)(500)Share of loss from associate (20,000 x 40% x 3/12)(2,000)––––––––Profit before tax 33,300Income tax expense (8,700 + 2,600)(11,300)––––––––Profit for the period 22,000––––––––Attributable to:Equity holders of the parent19,600Minority Interest ((13,000 – 1,000 depreciation adjustment) x 20%)2,400––––––––22,000––––––––Note: the dividend from Sunlee is eliminated on consolidation.Working $’000Cost of sales Hosterling 68,000Sunlee 36,500Intra group purchases (18,000)Additional depreciation of plant (5,000/5 years)1,000Unrealised profit in inventories (7,500 x 25%/125%)1,500––––––––89,000––––––––A C C A 博客：b l o g .52a c c a .c o mA C C A 书店：s h o p .52a c c a .c o m2(a)Tadeon – Income statement – Year to 30 September 2006$’000$’000Revenue277,800Cost of sales (w (i))(144,000)–––––––––Gross profit133,800Operating expenses (40,000 + 1,200 (w (ii)))(41,200)Investment income2,000Finance costs – finance lease (w (ii))(1,500)– loan (w (iii))(2,750)(4,250)––––––––––––––––Profit before tax90,350Income tax expense (w (iv))(36,800)–––––––––Profit for the period 53,550–––––––––(b)Tadeon – Balance Sheet as at 30 September 2006Non-current assets$’000$’000Property, plant and equipment (w (v))299,000Investments at amortised cost 42,000–––––––––341,000Current assets Inventories33,300T rade receivables 53,50086,800––––––––––––––––T otal assets427,800–––––––––Equity and liabilities Capital and reserves:Equity shares of 20 cents each fully paid (w (vi))200,000ReservesShare premium (w (vi))28,000Revaluation reserve (w (v))16,000Retained earnings (w (vii))42,15086,150––––––––––––––––286,150Non-current liabilities 2% Loan note (w (iii))51,750Deferred tax (w (iv))14,800Finance lease obligation (w (ii))10,50077,050–––––––Current liabilities T rade payables18,700Accrued lease finance costs (w (ii))1,500Finance lease obligation (w (ii))4,500Bank overdraft1,900Income tax payable (w (iv))38,00064,600––––––––––––––––T otal equity and liabilities427,800–––––––––Workings (note figures in brackets are in $’000)(i)Cost of sales:$’000Per trial balance118,000Depreciation (12,000 + 5,000 + 9,000 w (v))26,000––––––––144,000––––––––(ii)Vehicle rentals/finance lease:The total amount of vehicle rentals is $6·2 million of which $1·2 million are operating lease rentals and $5 million is identified as finance lease rentals. The operating rentals have been included in operating expenses.Finance lease$’000Fair value of vehicles20,000First rental payment – 1 October 2005(5,000)–––––––Capital outstanding to 30 September 200615,000Accrued interest 10% (current liability)1,500–––––––T otal outstanding 30 September 200616,500–––––––A C C A 博客：b l o g .52a c c a .c o mA C C A 书店：s h o p .52a c c a .c o mIn the year to 30 September 2007 (i.e. on 1 October 2006) the second rental payment of $6 million will be made, of this $1·5 million is for the accrued interest for the previous year, thus $4·5 million will be a capital repayment. The remaining $10·5 million (16,500 – (4,500 + 1,500)) will be shown as a non-current liability.(iii)Although the loan has a nominal (coupon) rate of only 2%, amortisation of the large premium on redemption, gives aneffective interest rate of 5·5% (from question). This means the finance charge to the income statement will be a total of $2·75 million (50,000 x 5·5%). As the actual interest paid is $1 million an accrual of $1·75 million is required. This amount is added to the carrying amount of the loan in the balance sheet.(iv)Income tax and deferred taxThe income statement charge is made up as follows:$'000Current year’s provision 38,000Deferred tax (see below)(1,200)–––––––36,800–––––––There are $74 million of taxable temporary differences at 30 September 2006. With an income tax rate of 20%, this would require a deferred tax liability of $14·8 million (74,000 x 20%). $4 million ($20m x 20%) is transferred to deferred tax in respect of the revaluation of the leasehold property (and debited to the revaluation reserve), thus the effect of deferred tax on the income statement is a credit of $1·2 million (14,800 – 4,000 – 12,000 b/f).(v)Non-current assets/depreciation:Non-leased plantThis has a carrying amount of $96 million (181,000 – 85,000) prior to depreciation of $12 million at 121/2% reducing balance to give a carrying amount of $84 million at 30 September 2006.The leased vehicles will be included in non-current assets at their fair value of $20 million and depreciated by $5 million (four years straight-line) for the year ended 30 September 2006 giving a carrying amount of $15 million at that date.The 25 year leasehold property is being depreciated at $9 million per annum (225,000/25 years). Prior to its revaluation on 30 September 2006 there would be a further year’s depreciation charge of $9 million giving a carrying amount of $180 million (225,000 – (36,000 + 9,000)) prior to its revaluation to $200 million. Thus $20 million would be transferred to a revaluation reserve. The question says the revaluation gives rise to $20 million of the deductible temporary differences, at a tax rate of 20%, this would give a credit to deferred tax of $4 million which is debited to the revaluation reserve to give a net balance of $16 million. Summarising:cost/valuationaccumulated depreciationcarrying amount$,000$,000$,00025 year leasehold property 200,000nil 200,000Non-leased plant 181,00097,00084,000Leased vehicles20,0005,00015,000––––––––––––––––––––––––401,000102,000299,000––––––––––––––––––––––––(vi)Suspense accountThe called up share capital of $150 million in the trial balance represents 750 million shares (150m/0·2) which have a market value at 1 October 2005 of $600 million (750m x 80 cents). A yield of 5% on this amount would require a $30 million dividend to be paid.A fully subscribed rights issue of one new share for every three shares held at a price of 32c each would lead to an issue of 250 million (150m/0·2 x 1/3). This would yield a gross amount of $80 million, and after issue costs of $2 million,would give a net receipt of $78 million. This should be accounted for as $50 million (250m x 20 cents) to equity share capital and the balance of $28 million to share premium.The receipt from the share issue of $78 million less the payment of dividends of $30 million reconciles the suspense account balance of $48 million.(vii)Retained earnings$,000At 1 October 200518,600Year to 30 September 200653,550less dividends paid (w (vi))(30,000)–––––––42,150–––––––3(a)Most forms of off balance sheet financing have the effect of what is, in substance, debt finance either not appearing on the balance sheet at all or being netted off against related assets such that it is not classified as debt. Common examples would be structuring a lease such that it fell to be treated as an operating lease when it has the characteristics of a finance lease,complex financial instruments classified as equity when they may have, at least in part, the substance of debt and ‘controlled’entities having large borrowings (used to benefit the group as a whole), that are not consolidated because the financial structure avoids the entities meeting the definition of a subsidiary.A C C A 博客：b l o g .52a c c a .c o mA C C A 书店：s h o p .52a c c a .c o mThe main problem of off balance sheet finance is that it results in financial statements that do not faithfully represent the transactions and events that have taken place. Faithful representation is an important qualitative characteristic of useful information (as described in the Framework for the preparation and presentation of financial statements ). Financial statements that do not faithfully represent that which they purport to lack reliability. A lack of reliability may mean that any decisions made on the basis of the information contained in financial statements are likely to be incorrect or, at best, sub-optimal.The level of debt on a balance sheet is a direct contributor to the calculation of an entity’s balance sheet gearing, which is considered as one of the most important financial ratios. It should be understood that, to a point, the use of debt financing is perfectly acceptable. Where balance sheet gearing is considered low, borrowing is relatively inexpensive, often tax efficient and can lead to higher returns to shareholders. However, when the level of borrowings becomes high, it increases risk in many ways. Off balance sheet financing may lead to a breach of loan covenants (a serious situation) if such debt were to be recognised on the balance sheet in accordance with its substance.H igh gearing is a particular issue to equity investors. Equity (ordinary shares) is sometimes described as residual return capital. This description identifies the dangers (to equity holders) when an entity has high gearing. The dividend that the equity shareholders might expect is often based on the level of reported profits. The finance cost of debt acts as a reduction of the profits available for dividends. As the level of debt increases, higher interest rates are also usually payable to reflect the additional risk borne by the lender, thus the higher the debt the greater the finance charges and the lower the profit. Many off balance sheet finance schemes also disguise or hide the true finance cost which makes it difficult for equity investors to assess the amount of profits that will be needed to finance the debt and consequently how much profit will be available to equity investors. Furthermore, if the market believes or suspects an entity is involved in ‘creative accounting’ (and off balance sheet finance is a common example of this) it may adversely affect the entity’s share price.An entity’s level of gearing will also influence any decision to provide further debt finance (loans) to the entity. Lenders will consider the nature and value of the assets that an entity owns which may be provided as security for the borrowings. The presence of existing debt will generally increase the risk of default of interest and capital repayments (on further borrowings)and existing lenders may have a prior charge on assets available as security. In simple terms if an entity has high borrowings,additional borrowing is more risky and consequently more expensive. A prospective lender to an entity that already has high borrowings, but which do not appear on the balance sheet is likely to make the wrong decision. If the correct level of borrowings were apparent, either the lender would not make the loan at all (too high a lending risk) or, if it did make the loan,it would be on substantially different terms (e.g. charge a higher interest rate) so as to reflect the real risk of the loan. Some forms of off balance sheet financing may specifically mislead suppliers that offer credit. It is a natural precaution that a prospective supplier will consider the balance sheet strength and liquidity ratios of the prospective customer. The existence of consignment inventories may be particularly relevant to trade suppliers. Sometimes consignment inventories and their related current liabilities are not recorded on the balance sheet as the wording of the purchase agreement may be such that the legal ownership of the goods remains with the supplier until specified events occur (often the onward sale of the goods).This means that other suppliers cannot accurately assess an entity’s true level of trade payables and consequently the average payment period to suppliers, both of which are important determinants in deciding whether to grant credit. (b)(i)Debt factoring is a common method of entities releasing the liquidity of their trade receivables. The accounting issue that needs to be decided is whether the trade receivables have been sold, or whether the income from the finance house for their ‘sale’ should be treated as a short term loan. The main substance issue with this type of transaction is to identify which party bears the risks (i.e. of slow and non-payment by the customer) relating to the asset. If the risk lies with the finance house (Omar), the trade receivables should be removed from the balance sheet (derecognised in accordance with IAS 39). In this case it is clear that Angelino still bears the risk relating to slow and non-payment. The residual payment by Omar depends on how quickly the receivables are collected; the longer it takes, the less the residual payment (this imputes a finance cost). Any balance uncollected by Omar after six months will be refunded by Angelino which reflects the non-payment risk.Thus the correct accounting treatment for this transaction is that the cash received from Omar (80% of the selected receivables) should be treated as a current liability (a short term loan) and the difference between the gross trade receivables and the amount ultimately received from Omar (plus any amounts directly from the credit customers themselves) should be charged to the income statement. The classification of the charge is likely to be a mixture of administrative expenses (for Omar collecting receivables), finance expenses (reflecting the time taken to collect the receivables) and the impairment of trade receivables (bad debts).(ii)This is an example of a sale and leaseback of a property. Such transactions are part of normal commercial activity, often being used as a way to improve cash flow and liquidity. However, if an asset is sold at an amount that is different to its fair value there is likely to be an underlying reason for this. In this case it appears (based on the opinion of the auditor)that Finaid has paid Angelino $2 million more than the building is worth. No (unconnected) company would do this knowingly without there being some form of ‘compensating’ transaction. This sale is ‘linked’ to the five year rental agreement. The question indicates the rent too is not at a fair value, being $500,000 per annum ($1,300,000 –$800,000) above what a commercial rent for a similar building would be.It now becomes clear that the excess purchase consideration of $2 million is an ‘in substance’ loan (rather than sales proceeds – the legal form) which is being repaid through the excess ($500,000 per annum) of the rentals. Although this is a sale and leaseback transaction, as the building is freehold and has an estimated remaining life (20 years) that is much longer than the five year leaseback period, the lease is not a finance lease and the building should be treated as sold and thus derecognised.A C C A 博客：b l o g .52a c c a .c o mA C C A 书店：s h o p .52a c c a .c o mThe correct treatment for this item is that the sale of the building should be recorded at its fair value of $10 million, thus the profit on disposal would be $2·5 million ($10 million – $7·5 million). The ‘excess’ of $2 million ($12 million – $10 million) should be treated as a loan (non-current liability). The rental payment of $1·3 million should be split into three elements; $800,000 building rental cost, $200,000 finance cost (10% of $2 million) and the remaining $300,000 is a capital repayment of the loan.(iii)The treatment of consignment inventory depends on the substance of the arrangements between the manufacturer andthe dealer (Angelino). The main issue is to determine if and at what point in time the cars are ’sold’. The substance is determined by analysing which parties bear the risks (e.g. slow moving/obsolete inventories, finance costs) and receive the benefits (e.g. use of inventories, potential for higher sales, protection from price increases) associated with the transaction.Supplies from MonzaAngelino has, and has actually exercised, the right to return the cars without penalty (or been required by Monza to transfer them to another dealer), which would indicate that it has not ‘bought’ the cars. There are no finance costs incurred by Angelino, however Angelino would suffer from any price increases that occurred during the three month holding/display period. These factors seem to indicate that the substance of this arrangement is the same as its legal form i.e. Monza should include the cars in its balance sheet as inventory and therefore Angelino will not record a purchase transaction until it becomes obliged to pay for the cars (three months after delivery or until sold to customers if sooner).Supplies from CapriAlthough this arrangement seems similar to the above, there are several important differences. Angelino is bearing the finance costs of 1% per month (calling it a display charge is a distraction). The option to return the cars should be ignored because it is not likely to be exercised due to commercial penalties (payment of transport costs and loss of deposit). Finally the purchase price is fixed at the date of delivery rather than at the end of six months. These factors strongly indicate that Angelino bears the risks and rewards associated with ownership and should recognise the inventory and the associated liability in its financial statements at the date of delivery.A C C A 博客：b l o g .52a c c a .c o mA C C A 书店：s h o p .52a c c a .c o m4(a)Cash Flow Statement of Minster for the Year ended 30 September 2006:Cash flows from operating activities $000$000Profit before tax 142Adjustments for:Depreciation of property, plant and equipment 255Amortisation of software (180 – 135)45300––––Investment income (20)Finance costs40––––462Working capital adjustmentsDecrease in trade receivables (380 – 270)110Increase in amounts due from construction contracts (80 – 55)(25)Decrease in inventories (510 – 480)30Decrease in trade payables (555 – 350)(205)(90)––––––––Cash generated from operations372Interest paid (40 – 12 re unwinding of environmental provision)(28)Income taxes paid (w (ii))(54)––––Net cash from operating activities290Cash flows from investing activitiesPurchase of – property, plant and equipment (w (i))(410)– software(180)– investments (150 – (15 + 125))(10)Investment income received (20 – 15 gain on investments)5––––Net cash used in investing activities (595)Cash flows from financing activitiesProceeds from issue of equity shares (w (iii))265Proceeds from issue of 9% loan note 120Dividends paid (500 x 4 x 5 cents)(100)––––Net cash from financing activities285––––Net decrease in cash and cash equivalents(20)Cash and cash equivalents at beginning of period (40 – 35) (5)––––Cash and cash equivalents at end of period(25)––––Note: interest paid may be presented under financing activities and dividends paid may be presented under operating activities.Workings (in $’000)(i)Property, plant and equipment:carrying amount b/f940non-cash environmental provision 150revaluation35depreciation for period (255)carrying amount c/f(1,280) ––––––difference is cash acquisitions (410)––––––(ii)T axation:tax provision b/f (50)deferred tax b/f(25)income statement charge (57)tax provision c/f 60deferred tax c/f 18––––difference is cash paid (54)––––(iii)Equity sharesbalance b/f(300)bonus issue (1 for 4)(75)balance c/f500–––––difference is cash issue125–––––A C C A 博客：b l o g .52a c c a .c o mA C C A 书店：s h o p .52a c c a .c o mShare premium balance b/f(85)bonus issue (1 for 4)75balance c/f150–––––difference is cash issue140–––––Therefore the total proceeds of cash issue of shares are $265,000 (125 + 140).(b)Report on the financial position of Minster for the year ended 30 September 2006To: From: Date:Minster shows healthy operating cash inflows of $372,000 (prior to finance costs and taxation). This is considered by many commentators as a very important figure as it is often used as the basis for estimating the company’s future maintainable cash flows. Subject to (inevitable) annual expected variations and allowing for any changes in the company’s structure this figure is more likely to be repeated in the future than most other figures in the cash flow statements which are often ‘one-off’cash flows such as raising loans or purchasing non-current assets. The operating cash inflow compares well with the underlying profit before tax $142,000. This is mainly due to depreciation charges of $300,000 being added back to the profit as they are a non-cash expense. The cash inflow generated from operations of $372,000 together with the reduction in net working capital of $90,000 is more than sufficient to cover the company’s taxation payments of $54,000, interest payments of $28,000 and the dividend of $100,000 and leaves an amount to contribute to the funding of the increase in non-current assets. It is important that these short term costs are funded from operating cash flows; it would be of serious concern if, for example, interest or income tax payments were having to be funded by loan capital or the sale of non-current assets.There are a number of points of concern. The dividend of $100,000 gives a dividend cover of less than one (85/100 = 0·85)which means the company has distributed previous year’s profits. This is not a tenable situation in the long-term. The size of the dividend has also contributed to the lower cash balances (see below). There is less investment in both inventory levels and trade receivables. This may be the result of more efficient inventory control and better collection of receivables, but it may also indicate that trading volumes may be falling. Also of note is a large reduction in trade payable balances of $205,000.This too may be indicative of lower trading (i.e. less inventory purchased on credit) or pressure from suppliers to pay earlier.Without more detailed information it is difficult to come to a conclusion in this matter.Investing activities:The cash flow statement shows considerable investment in non-current assets, in particular $410,000 in property, plant and equipment. These acquisitions represent an increase of 44% of the carrying amount of the property, plant and equipment as at the beginning of the year. As there are no disposals, the increase in investment must represent an increase in capacity rather than the replacement of old assets. Assuming that this investment has been made wisely, this should bode well for the future (most analysts would prefer to see increased investment rather than contraction in operating assets). An unusual feature of the required treatment of environmental provisions is that the investment in non-current assets as portrayed by the cash flow statement appears less than if balance sheet figures are used. The balance sheet at 30 September 2006 includes $150,000 of non-current assets (the discounted cost of the environmental provision), which does not appear in the cash flow figures as it is not a cash ‘cost’. A further consequence is that the ‘unwinding’ of the discounting of the provision causes a financing expense in the income statement which is not matched in the cash flow statement as the unwinding is not a cash flow. Many commentators have criticised the required treatment of environmental provisions because they cause financing expenses which are not (immediate) cash costs and no ‘loans’ have been taken out. Viewed in this light, it may be that the information in the cash flow statement is more useful than that in the income statement and balance sheet.Financing activities:The increase in investing activities (before investment income) of $600,000 has been largely funded by an issue of shares at $265,000 and raising a 9% $120,000 loan note. This indicates that the company’s shareholders appear reasonably pleased with the company's past performance (or they would not be very willing to purchase further shares). The interest rate of the loan at 9% seems quite high, and virtually equal to the company’s overall return on capital employed of 9·1%(162/(1,660 + 120)). Provided current profit levels are maintained, it should not reduce overall returns to shareholders. Cash position:The overall effect of the year’s cash flows has worsened the company’s cash position by an increased net cash liability of $20,000. Although the company’s short term borrowings have reduced by $15,000, the cash at bank of $35,000 at the beginning of the year has now gone. In comparison to the cash generation ability of the company and considering its large investment in non-current assets, this $20,000 is a relatively small amount and should be relieved by operating cash inflows in the near future.A C C A 博客：b l o g .52a c c a .c o mA C C A 书店：s h o p .52a c c a .c o mSummaryThe above analysis shows that Minster has invested substantially in new non-current assets suggesting expansion. T o finance this, the company appears to have no difficulty in attracting further long-term funding. At the same time there are indications of reduced inventories, trade receivables and payables which may suggest the opposite i.e. contraction. It may be that the new investment is a change in the nature of the company’s activities (e.g. mining) which has different working capital characteristics. The company has good operating cash flow generation and the slight deterioration in short term net cash balance should only be temporary. Yours …………………..5(a)(i)IFRS 5 Non-current assets held for sale and discontinued operations defines non-current assets held for sale as those assets (or a group of assets) whose carrying amounts will be recovered principally through a sale transaction rather than through continuing use. A discontinued operation is a component of an entity that has either been disposed of, or is classified as ‘held for sale’ and:(i)represents a separate major line of business or geographical area of operations (ii)is part of a single co-ordinated plan to dispose of such, or (iii)is a subsidiary acquired exclusively for sale.IFRS 5 says that a ‘component of an entity’ must have operations and cash flows that can be clearly distinguished from the rest of the entity and will in all probability have been a cash-generating unit (or group of such units) whilst held for use. This definition also means that a discontinued operation will also fall to be treated as a ‘disposal group’ as defined in IFRS 5. A disposal group is a group of assets (possibly with associated liabilities) that it is intended will be disposed of in a single transaction by sale or otherwise (closure or abandonment). Assets held for disposal (but not those being abandoned) must be presented separately (at the lower of cost or fair value less costs to sell) from other assets and included as current assets (rather than as non-current assets) and any associated liabilities must be separately presented under liabilities. The results of a discontinued operation should be disclosed separately as a single figure (as a minimum)on the face of the income statement with more detailed figures disclosed either also on the face of the income statement or in the notes.The intention of this requirement is to improve the usefulness of the financial statements by improving the predictive value of the (historical) income statement. Clearly the results from discontinued operations should have little impact on future operating results. Thus users can focus on the continuing activities in any assessment of future income and profit.(ii)The timing of the board meeting and consequent actions and notifications is within the accounting period ended 31 October 2006. The notification of staff, suppliers and the press seems to indicate that the sale will be highly probable and the directors are committed to a plan to sell the assets and are actively locating a buyer. From the financial and other information given in the question it appears that the travel agencies’ operations and cash flows can be clearly distinguished from its other operations. The assets of the travel agencies appear to meet the definition of non-current assets held for sale; however the main difficulty is whether their sale and closure also represent a discontinued operation.The main issue is with the wording of ‘a separate major line of business’ in part (i) of the above definition of a discontinued operation. The company is still operating in the holiday business, but only through Internet selling. The selling of holidays through the Internet compared with through high-street travel agencies requires very different assets,staff knowledge and training and has a different cost structure. It could therefore be argued that although the company is still selling holidays the travel agencies do represent a separate line of business. If this is the case, it seems the announced closure of the travel agencies appears to meet the definition of a discontinued operation.。
ACCAF3考试重要知识点和考点梳理
ACCA F3考试重要知识点和考点梳理考察形式1.选择题：2’*35=70’。
包括文字题和计算题。
2.大题：15’*2=30’。
通常是编制两张报表，即SFP，P&L，CFS，CSFP，CP&L，四选二，但是，报表题目也可能以小题的形式出现在选择题，即考查编制报表时的各个working。
知识梳理及重要考点F3，financial accounting, 整本教材的编制顺序，遵照账务处理顺序，如下所示：Chapter1-4：介绍财务会计基础知识。
（1）会计做账主体为企业，即business。
（2）Sole trader, partnership和Limited liabilitycompany各自的特点。
（3）Financial accounting和management accounting的区别。
（4）Accounting equation（5）7种book of prime entry（6）会计5要素及做账原则，即借贷方表示增/减。
（7）Balancing and closing of T accountChapter5-13：常见账户的会计处理，即double entry。
（1） Chapter 5：Returns, discounts and sales tax。
本章主要考查trade discount和early settlement discount的会计处理及这两种折扣情况下如何计算sales tax，即均以折扣后的净值作为计税基础。
而sales revenue的金额，对于trade discount，以折扣后净值确认，对于early settlementdiscount则以折扣前的总数确认；sales tax liability的计算，即output tax减去input tax。
（2）Chapter 6：Inventory。
本章主要考查valuation of inventory，即lower of cost and NRV；adjustment of openingand closing inventory。
ACCAF3官网题库—样题卷3
1. Jason has received payment for a debt that had been written off as irrecoverable. What debit and credit should be used to record the correct journal entry for this transaction?.Cash Receivables controlaccountIrrecoverable debtsDebitCredit2. Which of the following organisations provides guidance to the International Accounting Standards Board on the implications of proposed standards for users and preparers of financial statements?The International Financial Reporting Standards Interpretations CommitteeThe International Financial Reporting Standards FoundationThe International Financial Reporting Standards Advisory CouncilThe International Federation of Accountants3. Which of the following statements about directors are true?(1) The directors of a company are responsible for the preparation of the financial statements of that company(2) The directors and external auditors of a company have joint responsibility for the governance of that company(3) The directors of a company must act honestly in what they consider to be the best interests of their fellow directors(4) The directors of a company should seek to create wealth for the shareholders of the company as their main aim1 and 4 only1, 2 and 41 and 32, 3 and 44. Which of the following statements regarding the qualitative characteristics of financial information is FALSE?Information is verifiable if different, knowledgeable and independentobservers could reach consensus that a particular depiction is a faithfulrepresentationInformation will only be useful if it is relevant and faithfully representedUnderstandability means that points that are too complex for non-expert users should be excludedIf information is timely then its usefulness is enhanced5. On 3 December, a credit customer returned goods of $3,500 to Gerry. Gerry returned goods of $4,100 to his credit supplier on 2 December.What is Gerry's correct journal entry to record these two returns?Dr Payables $3,500 Cr Returns outwards $3,500Dr Returns inwards $4,100 Cr Receivables $4,100Dr Payables $4,100 Cr Returns outwards $4,100Dr Returns inwards $3,500 Cr Receivables $3,500Dr Returns outwards $3,500 Cr Payables $3,500Dr Receivables $4,100 Cr Returns inwards $4,100Dr Returns outwards $4,100 Cr Payables $4,100Dr Receivables $3,500 Cr Returns inwards $3,5006. Katie sold goods with a list price of $18,500 to Marta on 22 May 20X0. Katie allowsa trade discount of 15% and a further discount of 5% if payment is made within seven days.How much should Katie record in the sales ledger control account in respect of this sale?$2,775$15,725$14,800$3,7007. If Marta pays within seven days, the further discount of 5% will be recorded in Katie's accounts as a discount allowed, which is an expense in the statement of profit or loss.Which of the following statements about petty cash is/are true?(1) If a business makes all of its sales on credit, it has no need to maintain a petty cash book(2) If petty cash transactions are very small, they do not need to be recorded(3) Petty cash records should be compared to the bank statement to confirm that payments made from petty cash are recorded1, 2 and 33 only1 and2 onlyNone of the statements are true8. On 31 May 20X0, Charmaine counted her closing inventory for the year ended 31 May 20X0. Its valuation at cost amounted to $459,204. Several days later, she realised that she had included inventory of $5,130 which was in the despatch area and was to be returned to the supplier as it was faulty. Additionally, certain inventory items with a cost of $6,700 were obsolete and only had a net realisable value of $6,150.What should the adjustments be to profit and closing inventory in the financial statements for the year ended 31 May 20X0?.Increase by $5,680 Reduce by $5,680ProfitClosing inventory9. Which TWO of the following statements about IAS 2 Inventories are correct?The costs of purchase of inventory should include any import duties paid, less any trade discounts receivedAverage cost and last in first out are both acceptable methods of arriving atthe cost of inventoryInventory should be valued at the lower of cost and net realisable valueVariable production overheads should not be included in the cost ofinventory10. What should the balance on the revaluation surplus be immediately after the revaluation?$11. ABK Co bought a property on 31 December 20X3 for $340,000. At the date of purchase, ABK estimated the useful life of the property to be 32 years.On 31 December 20X5, the property was revalued to $410,000. There was no change in its useful life.On 30 June 20X7, ABC Co sold the property for $485,000.ABK Co depreciates property on a straight line basis, with a proportional charge in the years of purchase and disposal.What is the profit on disposal of the property that should be recorded in ABK Co's financial statements at 31 December 20X7?12. Daisy Co owns a non-current asset which cost $75,000 on 1 June 20X6. It had a useful life of 10 years and an expected residual value of $5,000. Non-current assets are depreciated using the straight line method.On 1 June 20X8, Daisy Co estimated that the remaining life of the asset was now only five years with an expected residual value of $3,000.What should the depreciation charge be for the financial year ending 31 May 20X9?13. What amount should be capitalised as development expenditure in the year ended 30 November 20X7?$277,400 $362,050 $265,500 $014. Anders is analysing his accounts for the year ended 31 May 20X0. He has not yet made adjustments for the following:(1) Electricity expenses for the three months to 31 May 20X0 are estimated to be $250(2) Insurance of $528 for the 12 months to 31 December 20X0 was paid on 1 January 20X0What is the net impact on profit when the appropriate adjustments are made?Decrease of $558Decrease of $58Increase of $30Increase of $5815.Which of the following statements is true?Redeemable preference shares are disclosed as a liability in the statement of financial positionIssued shares are included in the statement of financial position at theirmarket valuePreference shares give the holders a right to vote at company meetingsHolders of ordinary shares will always receive an annual dividend16. The share capital and reserves of Bondai on 1 January 20X8 were as follows:$Share capital ($1 shares) 52,000Share premium 21,000Retained earnings 25,65998,659On 1 April 20X8, Bondai issued 1,500 shares in a bonus issue utilising the share premium account.On 1 May 20X8, Bondai issued 5,000 $1 shares for $1.50 per share.What is the balance of share capital and share premium after both share transactions have taken place?.$22,000 $23,500 $57,000 $58,500Share premiumShare capital17. Mary has the following ledger balances in her general ledger:$Capital 6,260Cash at bank 890Discounts allowed 1,500Discounts received 2,300Expenses 15,910Non-current assets (carrying amount) 31,845Opening inventory 4,820Purchases 71,470Payables 6,930Receivables 15,870Sales 126,970What is the balance required in a suspense account to make Mary's trial balance agree?$155 Dr$155 Cr$1,445 Cr18. Which of the following would cause the totals of the debit column and the credit column of a trial balance not to agree?(1) A sale of $600 was recorded only as a credit in the sales account(2) A purchase invoice was recorded as a debit of $965 in the purchases account and a credit of $956 in payables(3) A payment of $440 was omitted from the ledger accounts entirely1, 2 and 31 and 3 only1 and2 only2 and3 only19. Emily's payables ledger control account shows a balance of $24,903 which does not agree with the payables ledger. She has found three errors:(1) A purchase invoice has been entered into the purchase day book as $594 rather than $495(2) The purchase day book has been undercast by $200(3) Discounts received of $150 from credit suppliers have not been entered in the control accountWhat is the corrected payables ledger control account balance?$24,654$24,854$24,95220. The following are Hubble's transactions for the month of May:$Opening payables 64,199Opening receivables 84,122Purchases 122,914Purchase returns 6,192Sales 154,610Sales returns 8,112Cash paid to suppliers 100,032Cash received from customers 132,011Contra between purchase ledger and sales ledger 2,912All sales and purchases are made on credit.What should the balance on the purchase ledger control account be at the end of May?21. The following information relates to a business's bank balance at 30 November 20X7:$Balance in cash book 25,050 DrCheques not yet presented at bank 8,612Deposits not yet cleared at bank 11,665Cheques paid to suppliers on 29 November not yet recorded in the cash2,157 bookCheque received on 27 November recorded twice in the cash book 620Cheque received on 1 December 20X7 1,019What is the correct bank balance to be included in the financial statements at 30 November 20X7?22. Which of the following errors would lead to the creation of a suspense account?An error of omission An error of principle A compensating error A transposition error23. Which of the following statements describes a suspense account?An account used to record period end adjustments such as accruals and prepaymentsA ledger account which records non-standard accounting entries A temporary account used when the business is not sure where an accounting entry should be postedAn account used to record the balances extracted from the ledger accounts at the period end24. Below is an extract of ADC Co's trial balance, after adjustments.Dr ($)Cr ($) Cash at bank 2,500Receivables3,750Allowances for receivables550Irrecoverable debts200What entries would be made in ADC Co's statement of financial position in relation to these items?Current assets $3,400Current liabilities $2,500Current assets $3,750Current liabilities $3,050Current assets $3,200Current liabilities $2,500Current assets $3,750Current liabilities $2,85025. Albert Co is preparing accounts for the year ended 31 May 20X0. The tax charge has been estimated as $112,500 for the year. In the previous financial year, the tax expense was estimated to be $99,400 and the company actually paid $102,600 when the tax expense was agreed with the tax authorities.What should the tax expense be in the statement of profit or loss for the year ended 31 May 20X0?$26. Which of the following statements about disclosure notes is/are correct?(1) IAS 37 Provisions, Contingent Liabilities and Contingent Assets requires remotecontingent liabilities to be disclosed if they are material(2) IAS 2 Inventories requires the disclosure of the amount of inventories carried atnet realisable value(3) IAS 16 Property, Property, Plant and Equipment requires disclosure of whetheran independent valuer was involved in the valuation of revalued assets1 and 22 and 31 and 32 only27. Dresden Co makes all sales on credit. At 30 November 20X9, the total receivables balance amounted to $136,400.The following information has come to light a few days after the 30 November 20X9 year end.(1) Fred Willis, who owed Dresden Co $44,300 at the year end, has been declaredbankrupt. The liquidators have stated that the maximum Dresden Co will receive is $18,000 of the debt owed (2)Flora Bailey, who owed Dresden Co $22,500 at the year end, has left the country and has no intention of ever settling her debtFollowing the principles in IAS 10, Events after the Reporting Period, what should Dresden Co include in the statement of financial position for receivables at 30 November 20X9? $28. On 1 January 20X9, Shelter Co had 100,000 $1 ordinary shares. On 1 April 20X9, Shelter Co issued 50,000 $1 ordinary shares for $1.25 per share and on 1 October 20X9, made a bonus issue of $20,000 $1 ordinary shares.On 1 January 20X9, Shelter Co had $65,000 outstanding in bank loans which had increased to $92,000 by the end of the financial year.On 1 January 20X9, Shelter Co had non-current asset investments of $40,000. Shelter Co purchased a further $10,000 of investments during the year and received $3,000 of interest income on investments.In the statement of cash flows for the year ended 31 December 20X9, what is the net cash flow from financing activities?$35,500 inflow$82,500 inflow$89,500 inflow$109,500 inflow29. Carmela purchased goods for resale in March of $86,000. All sales are at a gross margin of 20%. Carmela had opening inventory of $22,000 and closing inventory of $16,000.What should Carmela's revenue be for March?30. Colin has not kept accounting records for his first year of trading. He has purchased $65,000 of goods during the year and has $5,000 of goods left in inventory at the end of the year. All sales are made at a mark-up on cost of 40%.What is Colin's gross profit for his first year of trading?31. Which of the following statements is true?The interpretation of an entity's financial statements using ratios is onlyuseful for potential investorsRatios based on historical data can predict the future performance of anentityThe analysis of financial statements using ratios provides useful information when compared with previous performance or industry averagesAn entity's management will not assess an entity's performance usingfinancial ratios32. The draft accounts of a limited company include the following assets and liabilities at the end of an accounting period.Current assets $ $ $ Inventory 201,000Less: Allowance for obsolescence (16,900)184,100Trade receivables 150,500Less: Allowance for irrecoverable debts (11,200)139,300Total current assets 323,400 Current liabilitiesBank overdraft 18,500Trade payables 174,200Accruals 9,300Total current liabilities 202,000 Which of the following is the company's Quick (Acid Test) Ratio?1.60: 10.75: 10.69: 1None of these33. The auditor of Four Co, a manufacturing company, has noted an increase in total sales value but a decrease in the company's gross profit percentage for 20X9, as compared to the previous year.Which of the following is consistent with, and adequately explains, the decrease?Sales commission payable to the company's sales force increased in relation to sales values as compared to 20X8Sales volumes have decreased as compared to 20X8During 20X9, due to a scarcity of supply the company had to pay higher prices when purchasing componentsDuring 20X9, a major component supplier withdrew the settlement discounts previously granted34. Florida Co had an on-going litigation claim which had been brought against the company for damage to a public road allegedly caused by one of its lorries. At 1 October 20X2, Florida Co had disclosed a contingent liability of $120,000.Due to new developments in the court case, the latest correspondence with the solicitors at 30 September 20X3 suggests it is now probable that Florida Co will lose and have to pay damages of $150,000.What is the impact of the above provision on the total statement of profit or loss expense for the year ended 30 September 20X3?$150,000Nil$30,000$120,00036. BackgroundClaus, a limited liability company, acquired 75% of Rolph's voting share capital on 1 October 20X1 for $1.50 per share.Rolph's share capital comprised 1 million $1 ordinary shares.Task 1 4 marks Complete the following sentencesClaus has acquired abe accounted for in the consolidated financial statements as at 31 March 20X2 asThe cost of the investment in Rolph will appear inAny investment income Claus receives from Rolph will be recorded inTask 28 marksClaus purchased 75% of the voting capital of Rolph on 1 October 20X1. The additional information relates to the year ended 31 March 20X2.The following information is relevant:(1) On 1 October 20X1 Rolph's retained earnings were $475,000.(2) At the date of acquisition, the fair value of Rolph's property, plant and equipment was equal to its carrying amount with the exception of Rolph's land which had a fair value of $200,000 in excess of its carrying amount. The fair value has not been reflected in Rolph's individual financial statements.(3)Included in Claus' receivables is a balance of $11,000 due from Rolph. This agrees with the corresponding figure shown in Rolph's balances.Complete the following extracts from the consolidated statement of financial position as at 31 March 20X2:Tasks 3 and 4 3 marks The following year, trading between Claus and Rolph continues. There is no change to Claus' shareholding in Rolph.Claus makes sales of $240,000 to Rolph during the year, at a mark up of 60%.30% of the items have been sold to a third party by the year end.Task 3 2 marks What is the journal entry in the consolidated statement of financial position to record the elimination of the unrealised profit?.Debit Credit No debit or creditInventoryGroup retained earningsNon-controlling interestGoodwill: Net assets at acquisitionTask 4 1 mark What is the amount of the unrealised profit in inventory at the year end?37. BackgroundExtracts from the trial balance of Desmond, a limited liability company, for the year ended 30 September 20X8 are shown below:The intangible assets were purchased on 1 April 20X8 and have a useful life of five years from that date. Amortisation is calculated on a monthly basis.Task 1 3 marks What is the carrying amount of intangible assets at 30 September 20X8?How will this balance be classified in the statement of financial position?Task 2 4 marks On 30 September 20X8, Desmond disposed of an item of plant for $12,000. The plant originally cost $24,000 and had accumulated depreciation of $9,000 at 1 October20X7.Plant is depreciated at 25% per annum using the reducing balance method. A full year's depreciation is charged in the year of acquisition and no depreciation is charged in the year of disposal.What is the profit or loss on disposal of the plant?What is the correct calculation for the depreciation expense on the remaining plant for the year ended 30 September 20X8 (all figures are in $’000)?Correct Answer $’000 Proceeds12 Carrying amount (24 – 9) 15 Loss3The carrying amount of the asset exceeds the sale proceeds by $3,000 therefore Desmond has made a loss.As Desmond uses the reducing balance method depreciation on the remaining plant is based on net book value (cost – accumulated depreciation). The balances provided for both cost and accumulated depreciation at 1 October 20X7 must be adjusted to reflect the disposal.Tasks 3 and 45 marksThe buildings were revalued on 1 October 20X7 to $620,000.Task 32 marksWhat is the journal entry to record the revaluation of buildings? .Debit Credit No debit or creditBuildings - accumulated depreciationRevaluation surplusBuildings - costDepreciation expenseTask 4 3 marks The buildings are depreciated at 5% per annum on cost or valuation. Desmond’s policy is to make an annual transfer of the excess depreciation from the revaluation surplus to retained earnings.What is the depreciation expense to be charged in the statement of profit or loss for the year ended 30 September 20X8?$What amount should be transferred for excess depreciation from the revaluation surplus to retained earnings for the year ended 30 September 20X8?Task 53 marksThe trade receivables balance has been reviewed at the year end and the following adjustments are required:(1) An irrecoverable debt of $6,000 is to be written off.(2) The allowance for receivables needs to be adjusted to 2% of the remaining receivables.Complete the following statements:The irrecoverable debt willThe impact of the movement in the allowance for receivables for the year ended30 September 20X8 will。
ACCA F3考试知识点汇总
ACCA F3考试知识点汇总不知道大家的F3考过了没有，如果正打算考的话，下面的F3的考试知识点就能派上用场了。
考验你英语水平的时候到了。
KaplanEmbed your knowledge on the core models from Johnson and Scholes (the examiner based this paper on their work).When answering questions, write answers like you are writing to your senior management. Make it as professional as possible. Marks are allocated to this in section A.Do not start writing answers straightaway. Take a minute to think about the structure and presentation of the answers.It is important with this level to remember that writing lots of knowledge and theory will not get you through the exam. The key is application to the material and expanding the relevance to the scenario.We suggest watching the news / reading the papers, but with a critical eye. For instance when you see that a business has launched a new product or moved into a new market think about the theories you have learnt that may be relevant. In this case it could be:Porter’s generic strategiesAnsoffBowman’s clockThen apply those theories to the real life situation – understand why they have created this product/why they have gone into this market. With practice you will find it easier to apply the theories to the scenario.And of course you can do this for other areas of the syllabus.There is nothing worse for a marker than getting a script which is just a page of writing. Try to think about making your script easier to read for the marker. Headings andSub-headings along with a bit of space will help. Then use your paragraph to explain the point you are making.If it is easy for the marker to see the points being made this can make the difference between pass and fail for a borderline script, include application, plus relevance within your statement, avoid listing.If you use the word ‘and’ in your answer, are you making two separate points? If yes, maybe you need to split your paragraph into two headings / sub-headings.There are 3 professional marks which will constitute professionalism, presentation and layout.Know the theory and apply it.Create mind maps of the key knowledge, then learn these.Do practice questions under timed conditions and if possible, get them marked.Make sure you’ve read all the current examiner articles, available on the ACCA website.Get good business awareness – read a quality newspaper.Use the reading time to select questions, and get frameworks for answer plans.Do a section B question first.Don’t focus on the numbers – do not spend more than 15 minutes on them per question.Watch the clock – allocate your time efficiently –don’t overrun.Layout your answers in a way that the marker can clearly read and understand.Read the question carefully!BppSection A will be a compulsory case study question with several requirements relating to thesame scenario information. The question will usually assess and link several subject areasfrom across the syllabus, and will require the demonstration of high-level capabilities toevaluate, relate and apply the information in the scenario to the question requirements.There is often some financial or numerical data in the scenario and marks will be availablefor numerical analysis which supports your written argument.Section A continues to consume time in reading and absorbing – three pages of text andnumbers are becoming the norm. Thus, students must not underestimate the importance ofpractising these 50 mark questions not only from a knowledge perspective, but, critically,from a time management and “effort” perspective: reading; assimilating; utilising; all taketime and to be effective in these three activities needs practice like anything else. Your prospects can dramatically improve if you follow this advice.Section B questions are more likely to examine discrete subject areas. They will be based onshort scenarios, and you will be expected to apply information from the scenarios to thequestion requirements. Again the questions can be drawn from all areas of the syllabus, andthe limited extent of the choice (two from three) reinforces the importance of covering allareas of the syllabus. It is also highlighting the point that we have seen calculations examined in the optional Section B questions as well as in the compulsory Section A question. This is a trend we expect to continue. A study strategy which includes making timeto revisit the numerical areas of the syllabus to refresh knowledge would be wise.P3 has the following syllabus areas:A Strategic positionB Strategic choicesC Strategic actionD Business and process changeE Information technologyF Project managementG Financial analysisH PeopleTo stand the best chance of passing P3, you need to have a good understanding of the entiresyllabus. This will enable you to choose the questions you believe are the easiest to pick upmarks (for instance because it is easier to understand the requirements, or easier to structure an answer, or easier to pick up knowledge marks) rather than having to choosequestions because of your own restricted knowledge of the syllabus. A review of the examsin the past couple of years reveals that all the key areas of the syllabus have been examined(indeed, sometimes the same topic is examined in consecutive sittings) which, again, showsthe danger of question spotting or ignoring areas.General advice:The P3 exam is 3 hours and 15 minutes long. There is no longer 15 minutes ‘reading andplanning’ time as this has been incorporated into the actual writing time. This has resulted in1.95 minutes of writing time per mark on offer. Ultimately when it comes to using the timein the exam hall it is important that you play to your strengths and use it in a way that worksbest for you.You may prefer to use the first 15 minutes of the exam to plan your answers, alternativelyyou may choose to start the exam immediately and reallocate the 15 minutes previously。
ACCA F3财务会计模拟试题
ACCA F3 财务会计模拟试题为帮助大家更好复习ACCA F3 财务会计，yjbys 小编为同学们分享F3 财务模拟考试题及答案如下：Question：Which, if any, of the following statements about accounting concepts and the characteristics of financial information arecorrect?1.The concept of substance over form means that the legal form of atransaction must be reflected in financial statements, regardless of theeconomic substance.rmation is not material if its omission or misstatement couldinfluence the economic decisions of users taken on the basis of the financialstatements.3.It may sometimes be necessary to exclude information that isrelevant and reliable from financial statements because it is too difficult forsome users to understand.A.1 and 2 onlyB.2 and 3 onlyC.1 and 3 onlyD.None of these statements is correctAnswer：DQuestion：Which of the following statements relating to parent companies and subsidiaries are correct?A. A parent company could consolidate a company in which it holdsless than 50% of the ordinary share capital in certain circumstances.B. Goodwill on consolidation will appear as an item in the parent。
ACCA历年考题f2_2006_dec_ppq
Sales Production
Month 1 Month 2
3,800
4,400
3,900
4,200
The opening inventory for Month 1 was 400 units. Profits or losses have been calculated for each month using both absorption and marginal costing principles.
(1 mark)
3 Regression analysis is being used to find the line of best fit (y = a + bx) from eleven pairs of data. The calculations have produced the following information: Σx = 440, Σy = 330, Σx2 = 17,986, Σy2 = 10,366, Σxy = 13,467 and b = 0.69171
Units (2 marks)
2 The following assertions relate to financial accounting and to cost accounting: (i) The main users of financial accounting information are external to an organisation. (ii) Cost accounting is that part of financial accounting which records the cash received and payments made by an organisation.
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3 On 30 June 2006, H acquired 75% of the ordinary share capital of S for $500,000. At that date the balance sheet of S showed the following:
Ordinary share capital Share premium account Retained earnings
A 1 and 3 B 2 and 3 C 1 and 4 D 2 and 4
4
9 A business received a delivery of goods on 29 June 2006, which was included in inventory at 30 June 2006. The invoice for the goods was recorded in July 2006.
A $160,000 deduction
Balance sheet liability
$120,000
B $140,000 deduction
nil
C nil
$120,000
D nil
nil
3
[P.T.O.
6 A and B are in partnership, sharing profits in the ratio 3:2 and preparing their accounts to 30 June each year. On 1 January 2006, C joined the partnership and the profit sharing ratio became A 40%, B 30%, and C 30%.
Based on this information, what is the cost of the inventory destroyed in the fire? A $185,000 B $140,000 C $405,000 D $360,000
2 A company had the following transactions: 1 Goods in inventory that had cost $1,000 were sold for $1,500 cash. 2 A credit customer whose $500 debt had been written off paid the amount in full. 3 The company paid credit suppliers $1,000
Profits for the year ended 30 June 2006 were:
$
6 months ended 31 December 2005
300,000
6 months ended 30 June 2006
450,000
A bad debt of $50,000 was written off in the six months to 30 June in computing the $450,000 profit. It was agreed that this expense should be borne by A and B only, in their original profit-sharing ratios.
At 30 June 2006, trade receivables amounted to $838,000. It was decided to write off $72,000 of these debts and adjust the allowance for receivables to $60,000.
What will be the combined effect of these transactions on the company’s total working capital (current assets less current liabilities)? A Increase of $1,000 B Working capital remains unchanged C Increase of $2,000 D Increase of $3,000
1 On 1 September 2006, a business had inventory of $380,000. During the month, sales totalled $650,000 and purchases $480,000. On 30 September 2006 a fire destroyed some of the inventory. The undamaged goods in inventory were valued at $220,000. The business operates with a standard gross profit margin of 30%.
Net balance
$ 778,
B 766,000
60,000
706,000
C 766,000
108,000
658,000
D 838,000
108,000
730,000
8 Which of the following statements about inventory valuation for balance sheet purposes are correct? 1 According to IAS 2 Inventories, average cost and FIFO (first in and first out) are both acceptable methods of arriving at the cost of inventories. 2 Inventories of finished goods may be valued at labour and materials cost only, without including overheads. 3 Inventories should be valued at the lowest of cost, net realisable value and replacement cost. 4 It may be acceptable for inventories to be valued at selling price less estimated profit margin.
The Association of Chartered Certified Accountants
Section A – ALL TWENTY-FIVE questions are compulsory and MUST be attempted
Please use the Candidate Registration Sheet provided to indicate your chosen answer to each multiple choice question. Each question within this section is worth 2 marks.
What figures, if any, should be disclosed in the company’s income statement for the year ended 30 June 2006 and its balance sheet as at that date?
Income statement for the period
Paper 1.1(INT)
Preparing Financial Statements
(International Stream)
PART 1 THURSDAY 7 DECEMBER 2006
QUESTION PAPER Time allowed 3 hours This paper is divided into two sections
What is A’s total profit share for the year ended 30 June 2006? $
A 330,000 B 310,000 C 340,000 D 350,000
7 At 1 July 2005 a company’s allowance for receivables was $48,000.
A 1, 3 and 4 B 1 and 4 only C 2 and 3 only D 1, 2 and 3
5 The following information is available about a company’s dividends:
2005 Sept.
2006 March
Sept.
Final dividend for the year ended 30 June 2005 paid (declared August 2005)
Interim dividend for the year ended 30 June 2006 paid Final dividend for the year ended 30 June 2006 paid (declared August 2006)
$ 100,000
40,000 120,000
$ 200,000 150,000 100,000
What was the goodwill arising on the acquisition? A $50,000 B $162,500 C $350,000 D $300,000
2
4 Which of the following should appear as items in a company’s statement of changes in equity? 1 Profit for the financial year 2 Income from investments 3 Gain on revaluation of non-current assets 4 Dividends paid