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質問 1：
The income statement of Haggle for the year to 30 November 2012 reported a profit before tax of $132,593, after charging depreciation of $8,742 and interest of $5,844.
The company does not hold any inventory, and no credit is granted to customers. The amount owed to suppliers at 30 November 2012 was $9,429 greater than the amount owed at 30 November 2011. During the year the taxation liability of $7,374 was paid. Neither any interest was owed at 30 November 2011, nor at 30 November 2012.
What amount should be reported as 'Net cash from operating activities' in the cash flow statement for the year to 30 November 2012?
A. $137,546
B. $125,906
C. $143,390
D. $150,764
正解：C
質問 2：
Richard Ltd and McMagoo Inc. trades in shares and securities and are close rivals for many years. Richard Ltd accuses McMagoo Inc. of providing false information related to a particular PH plc's share; though Richard Ltd knows it is not true. McMagoo Inc. sues Richard Ltd. for defamation. Richard's and McMagoo Inc's lawyers agree that it is likely that McMagoo Inc. will win the case and receive damages of an amount of $1.5m. There is no possibility of the case being resolved before the financial statements are finished.
How the above litigation will be represented in the financial statements of both Richard Ltd and McMagoo Inc.?
A. Richard Ltd should provide for $1.5m. McMagoo Inc. has a contingent asset and should disclose in the financial statements.
B. Richard Ltd should ignore as this is too remote. McMagoo Inc. has a contingent asset and should disclose in the financial statements.
C. Richard Ltd should provide for $1.5m. McMagoo Inc. should ignore as this is too remote.
D. Richard Ltd should have a contingent asset and should disclose in the financial statements. McMagoo Inc. should provide for $1.5m.
正解：A
質問 3：
Back plc has one associated company, Beyond Ltd, in which Back plc holds 40% of the issued 100,000 $1 ordinary shares. The financial controller of Back plc is unsure how the following transactions should be reflected in the consolidated statement of cash flows and has asked you to confirm the overall impact.
1)In the previous accounting period, Back plc had made a cash advance of $100,000 to Beyond Ltd. During the current accounting period, Beyond Ltd repaid $30,000 of this cash advance.
2)During the current accounting period, Beyond Ltd sold an item of property, plant and machinery at its carrying amount for $20,000 cash.
3)During the current accounting period, Beyond Ltd paid a dividend of 20c per share.
In accordance with IAS 7 Statement of Cash Flows, what is the impact of the above cash transactions on Back plc's consolidated statement of cash flows for the current accounting period?
A. Dividend received from associate $8,000
B. Cash from repayment of cash advance from associate $30,000; cash from sale of associate's plant $20,000
C. Cash from sale of associate's plant $20,000; dividend paid by associate $20,000
D. Cash from repayment of cash advance from associate $30,000; dividend received from associate $8,000
正解：D
質問 4：
The financial statements of Louise Ltd for the year ended 31 December 2012 were approved for publication on 20 May, 2013. The following events occurred after the reporting period:
(i)The directors declared a dividend of 50c per ordinary share on 17 February 2013. Louise Ltd has 200,000 $1 ordinary shares in issue.
(ii)An insurance claim for storm damage to property, caused by unusually high winds, was under negotiation at the end of the reporting period. The claim was settled with the insurers in March 2013 leaving uninsured damage amounting to $75,000.
What liabilities should berecognizedin the financial statements of Louise Ltd for the year ended 31 December 2012 in accordance with IAS 10 Events after the Reporting Period?
A. Dividend = $Nil; Storm damage = $Nil
B. Dividend = $100,000; Storm damage = $75,000
C. Dividend = $Nil; Storm damage = $75,000
D. Dividend = $100,000; Storm damage = $Nil
正解：C
質問 5：
Worcester Ltd had a balance of $2 million as its total equity at 1 January 2012. During the year ended 31 December 2012 the company:
Revalued property with a cost of $2 million and accumulated depreciation of $1,600,000 to $1.5 million
Issued shares with a nominal value of $500,000 at a premium of $100,000
Made a profit for the year of $750,000
In accordance with IAS 1 Presentation of Financial Statements, what is the closing balance on total equity in Worcester Ltd's statement of changes in equity for the year ended 31 December 2012?
A. $4,350,000
B. $4,450,000
C. $4,200,000
D. $3,850,000
正解：B
質問 6：
Which of the following items would appear in the reconciliation of profit before tax to cash generated from operations in a statement of cash flows prepared in accordance withIAS 7 Statement of Cash Flows?
(i)Increase in provision for warranty costs
(ii)Decrease in income tax payable
(iii) Depreciation charge
(iv)
Dividends paid
A. (i) and (iii)
B. (ii) and (iii)
C. (ii) and (iv)
D. (i) and (ii)
正解：A
質問 7：
Wayne plc acquired 75% of Bruce Ltd during the year to 30.6.13 by issuing 200,000 of its own shares and paying the balance in cash. Wayne plc shares were trading at $1.25 at the date of the acquisition. At acquisition Bruce Ltd had net assets of $360,000 including cash and cash equivalents of $24,000. All of Bruce Ltd's assets and liabilities were recorded at fair value except for a property which had a fair value $100,000 in excess of its carrying amount. Goodwill arising on the acquisition was $50,000. You are preparing the note to the consolidated statement of cash flows of Wayne plc for the year ended 30.6.13 showing the effects of the acquisition of Bruce Ltd.
What will be the net cash outflow shown by the note?
A. $119,000
B. $94,000
C. $145,000
D. $121,000
正解：D
The income statement of Haggle for the year to 30 November 2012 reported a profit before tax of $132,593, after charging depreciation of $8,742 and interest of $5,844.
The company does not hold any inventory, and no credit is granted to customers. The amount owed to suppliers at 30 November 2012 was $9,429 greater than the amount owed at 30 November 2011. During the year the taxation liability of $7,374 was paid. Neither any interest was owed at 30 November 2011, nor at 30 November 2012.
What amount should be reported as 'Net cash from operating activities' in the cash flow statement for the year to 30 November 2012?
A. $137,546
B. $125,906
C. $143,390
D. $150,764
正解：C
質問 2：
Richard Ltd and McMagoo Inc. trades in shares and securities and are close rivals for many years. Richard Ltd accuses McMagoo Inc. of providing false information related to a particular PH plc's share; though Richard Ltd knows it is not true. McMagoo Inc. sues Richard Ltd. for defamation. Richard's and McMagoo Inc's lawyers agree that it is likely that McMagoo Inc. will win the case and receive damages of an amount of $1.5m. There is no possibility of the case being resolved before the financial statements are finished.
How the above litigation will be represented in the financial statements of both Richard Ltd and McMagoo Inc.?
A. Richard Ltd should provide for $1.5m. McMagoo Inc. has a contingent asset and should disclose in the financial statements.
B. Richard Ltd should ignore as this is too remote. McMagoo Inc. has a contingent asset and should disclose in the financial statements.
C. Richard Ltd should provide for $1.5m. McMagoo Inc. should ignore as this is too remote.
D. Richard Ltd should have a contingent asset and should disclose in the financial statements. McMagoo Inc. should provide for $1.5m.
正解：A
質問 3：
Back plc has one associated company, Beyond Ltd, in which Back plc holds 40% of the issued 100,000 $1 ordinary shares. The financial controller of Back plc is unsure how the following transactions should be reflected in the consolidated statement of cash flows and has asked you to confirm the overall impact.
1)In the previous accounting period, Back plc had made a cash advance of $100,000 to Beyond Ltd. During the current accounting period, Beyond Ltd repaid $30,000 of this cash advance.
2)During the current accounting period, Beyond Ltd sold an item of property, plant and machinery at its carrying amount for $20,000 cash.
3)During the current accounting period, Beyond Ltd paid a dividend of 20c per share.
In accordance with IAS 7 Statement of Cash Flows, what is the impact of the above cash transactions on Back plc's consolidated statement of cash flows for the current accounting period?
A. Dividend received from associate $8,000
B. Cash from repayment of cash advance from associate $30,000; cash from sale of associate's plant $20,000
C. Cash from sale of associate's plant $20,000; dividend paid by associate $20,000
D. Cash from repayment of cash advance from associate $30,000; dividend received from associate $8,000
正解：D
質問 4：
The financial statements of Louise Ltd for the year ended 31 December 2012 were approved for publication on 20 May, 2013. The following events occurred after the reporting period:
(i)The directors declared a dividend of 50c per ordinary share on 17 February 2013. Louise Ltd has 200,000 $1 ordinary shares in issue.
(ii)An insurance claim for storm damage to property, caused by unusually high winds, was under negotiation at the end of the reporting period. The claim was settled with the insurers in March 2013 leaving uninsured damage amounting to $75,000.
What liabilities should berecognizedin the financial statements of Louise Ltd for the year ended 31 December 2012 in accordance with IAS 10 Events after the Reporting Period?
A. Dividend = $Nil; Storm damage = $Nil
B. Dividend = $100,000; Storm damage = $75,000
C. Dividend = $Nil; Storm damage = $75,000
D. Dividend = $100,000; Storm damage = $Nil
正解：C
質問 5：
Worcester Ltd had a balance of $2 million as its total equity at 1 January 2012. During the year ended 31 December 2012 the company:
Revalued property with a cost of $2 million and accumulated depreciation of $1,600,000 to $1.5 million
Issued shares with a nominal value of $500,000 at a premium of $100,000
Made a profit for the year of $750,000
In accordance with IAS 1 Presentation of Financial Statements, what is the closing balance on total equity in Worcester Ltd's statement of changes in equity for the year ended 31 December 2012?
A. $4,350,000
B. $4,450,000
C. $4,200,000
D. $3,850,000
正解：B
質問 6：
Which of the following items would appear in the reconciliation of profit before tax to cash generated from operations in a statement of cash flows prepared in accordance withIAS 7 Statement of Cash Flows?
(i)Increase in provision for warranty costs
(ii)Decrease in income tax payable
(iii) Depreciation charge
(iv)
Dividends paid
A. (i) and (iii)
B. (ii) and (iii)
C. (ii) and (iv)
D. (i) and (ii)
正解：A
質問 7：
Wayne plc acquired 75% of Bruce Ltd during the year to 30.6.13 by issuing 200,000 of its own shares and paying the balance in cash. Wayne plc shares were trading at $1.25 at the date of the acquisition. At acquisition Bruce Ltd had net assets of $360,000 including cash and cash equivalents of $24,000. All of Bruce Ltd's assets and liabilities were recorded at fair value except for a property which had a fair value $100,000 in excess of its carrying amount. Goodwill arising on the acquisition was $50,000. You are preparing the note to the consolidated statement of cash flows of Wayne plc for the year ended 30.6.13 showing the effects of the acquisition of Bruce Ltd.
What will be the net cash outflow shown by the note?
A. $119,000
B. $94,000
C. $145,000
D. $121,000
正解：D
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