ACCA教材——Pilotpapers for F3 question;answer

1 Shoulddetails of material adjusting or material non-adjusting events afterthe balance sheet date be disclosed in the notes to financial statementsaccording to IAS 10 Events After the Balance Sheet Date?
A Adjusting events
B Non-Adjusting events
(1 mark)
2 At30 June 2005 a company’s allowance for receivables was $39,000. At 30June 2006 trade receivables totalled $517,000. It was decided to writeoff debts totalling $37,000 and to adjust the allowance for receivablesto the equivalent of 5 per cent of the trade receivables based on pastevents.
What figure should appear in the income statement for the year ended 30 June 2006 for these items?
A $61,000
B $22,000
C $24,000
D $23,850
(2 marks)
3In times of rising prices, what effect does the use of the historicalcost concept have on a company’s asset values and profit?
A Asset values and profit both understated
B Asset values and profit both overstated
C Asset values understated and profit overstated
D Asset values overstated and profit understated.
(2 marks)
4The IASB’s Framework for the preparation and presentation of financialstatements gives qualitative characteristics that make financialinformation reliable.
Which of the following are examples of those qualitative characteristics?
A Faithful Representation, neutrality and prudence
B Neutrality, comparability and true and fair view
C Prudence, comparability and accruals
D Neutrality, accruals and going concern
(2 marks)
5 The following bank reconciliation statement has been prepared by a trainee accountant:
                                                       $
Overdraft per bank statement          3,860
less: Outstanding cheques               9,160
                                                    5,300
add: Deposits credited after date     16,690
Cash at bank as calculated above     21,990
What should be the correct balance per the cash book?
A $21,990 balance at bank as stated
B $3,670 balance at bank
C $11,390 balance at bank
D $3,670 overdrawn.
(2 marks)
6 Which of the following calculates a trader’s net profit for a period?
A Closing net assets + drawings – capital introduced – opening net assets
B Closing net assets – drawings + capital introduced – opening net assets
C Closing net assets – drawings – capital introduced – opening net assets
D Closing net assets + drawings + capital introduced – opening net assets.
(2 marks)
7 A sole trader took some goods costing $800 from inventory for his own use. The normal selling price of the goods is $1,600.
Which of the following journal entries would correctly record this?
Dr Cr
                                          $            $
A Drawings account            800
Inventory account                             800
B Drawings account             800
Purchases account                             800
C Sales account                  1,600
Drawings account                             1,600
(1 mark)
8 The debit side of a company’s trial balance totals $800 more than the credit side.
Which one of the following errors would fully account for the difference?
A $400 paid for plant maintenance has been correctly entered in the cash book and credited to the plant asset account.
B Discount received $400 has been debited to discount allowed account
C A receipt of $800 for commission receivable has been omitted from the records
D The petty cash balance of $800 has been omitted from the trial balance.
(2 marks)
9 Acompany’s income statement for the year ended 31 December 2005 showed anet profit of $83,600. It was later found that $18,000 paid for thepurchase of a motor van had been debited to the motor expenses account.It is the company’s policy to depreciate motor vans at 25 per cent peryear on the straight line basis, with a full year’s charge in the yearof acquisition.
What would the net profit be after adjusting for this error?
A $106,100
B $70,100
C $97,100
D $101,600
(2 marks)
10 Should dividends paid appear on the face of a company’s income statement?
A Yes
B No
(1 mark)

11 The following control account has been prepared by a trainee accountant:

图片：1.jpg

Whatshould the closing balance be when all the errors made in preparing thereceivables ledger control account have been corrected?
A $395,200
B $304,300
C $309,500
D $307,100
(2 marks)
12At 31 December 2004 Q, a limited liability company, owned a buildingthat cost $800,000 on 1 January 1995. It was being depreciated at twoper cent per year.
On 1 January 2005 a revaluation to $1,000,000 was recognised. At this date the building had a remaining useful life of 40 years.
What is the depreciation charge for the year ended 31 December 2005 and the revaluation reserve balance as at 1 January 2005?
       Depreciation charge                                   Revaluation reserve
for year ended 31 December 2005                      as at 1 January 2005
                   $                                                                $
A            25,000                                                        200,000
B            25,000                                                        360,000
C            20,000                                                        200,000
D            20,000                                                        360,000
(2 marks)
13 P and Q are in partnership, sharing profits equally.
On30 June 2005, R joined the partnership and it was agreed that from thatdate all three partners should share equally in the profit.
In theyear ended 31 December 2005 the profit amounted to $300,000, accruingevenly over the year, after charging a bad debt of $30,000 which it wasagreed should be borne equally by P and Q only.
What should P’s total profit share be for the year ended 31 December 2005?
A $ 95,000
B $122,500
C $125,000
D $110,000
(2 marks)

14 A company has made a material change to an accounting policy in preparing its current financial statements.
Which of the following disclosures are required by IAS 8 Accounting policies, changes in accounting estimates and errors in the financial statements?
1 The reasons for the change.
2 The amount of the adjustment in the current period and in comparative information for prior periods.
3 An estimate of the effect of the change on the next five accounting periods.
A 1 and 2 only
B 1 and 3 only
C 2 and 3 only
D 1, 2 and 3
(2 marks)

15 According to IAS 2 Inventories, which of the following costs should be included in valuing the inventories of a manufacturing company?
(1) Carriage inwards
(2) Carriage outwards
(3) Depreciation of factory plant
(4) General administrative overheads
A All four items
B 1, 2 and 4 only
C 2 and 3 only
D 1 and 3 only
(2 marks)

16 Part of a company’s cash flow statement is shown below:
                                                $’000
Operating profit                          8,640
Depreciation charges                  (2,160)
Increase in inventory                   (330)
Increase in accounts payable         440
The following criticisms of the extract have been made:
(1) Depreciation charges should have been added, not deducted.
(2) Increase in inventory should have been added, not deducted.
(3) Increase in accounts payable should have been deducted, not added.
Which of the criticisms are valid?
A 2 and 3 only
B 1 only
C 1 and 3 only
D 2 only
(2 marks)

17 Which of the following explains the imprest system of operating petty cash?
A Weekly expenditure cannot exceed a set amount.
B The exact amount of expenditure is reimbursed at intervals to maintain a fixed float.
C All expenditure out of the petty cash must be properly authorised.
D Regular equal amounts of cash are transferred into petty cash at intervals.
(2 marks)

18 Which of the following are differences between sole traders and limited liability companies?
(1) A sole traders’ financial statements are private; a company’s financial statements are sent to shareholders and may be publicly filed
(2) Only companies have capital invested into the business
(3) A sole trader is fully and personally liable for any losses that the business might make; a company’s shareholders are not personally liable for any losses that the company might make.
A 1 and 2 only
B 2 and 3 only
C 1 and 3 only
D 1, 2 and 3
(2 marks)

19 Which of the following documents should accompany a payment made to a supplier?
A Supplier statement
B Remittance advice
C Purchase invoice
(1 mark)

20 Goodwill should never be shown on the balance sheet of a partnership.
Is this statement true or false?
A False
B True
(1 mark)

21 Which of the following journal entries are correct, according to their narratives?
                                                                       Dr              CR
                                                                        $                $
1 Suspense account                                        18,000
Rent received account                                                       18,000
Correction of error in posting $24,000 cash received for rent to the rent received account as $42,000
2 Share premium account                              400,000
Share capital account                                                        400,000
1 for 3 bonus issue on share capital of 1,200,000 50c shares
3 Trade investment in X                                 750,000
Share capital account                                                        250,000
Share premium account                                                    500,000
500,000 50c shares issued at $1.50 per share in exchange for shares in X
A 1 and 2
B 2 and 3
C 1 only
D 3 only
(2 marks)

22 The plant and machinery account (at cost) of a business for the year ended 31 December 2005 was as follows:
 

图片：1.jpg

 
 
The company’s policy is to charge depreciation at 20% per year on the straight line basis, with proportionate depreciation in the years of purchase and disposal.
What should be the depreciation charge for the year ended 31 December 2005?
A $68,000
B $64,000
C $61,000
D $55,000
(2 marks)
 
23 Which of the following should appear in a company’s statement of changes in equity?
1 Profit for the financial year
2 Amortisation of capitalised development costs
3 Surplus on revaluation of non-current assets
A All three items
B 2 and 3 only
C 1 and 3 only
D 1 and 2 only
(2 marks)

24 Which of the following statements are correct?
(1) Capitalised development expenditure must be amortised over a period not exceeding five years.
(2) Capitalised development costs are shown in the balance sheet under the heading of Non-current Assets
(3) If certain criteria are met, research expenditure must be recognised as an intangible asset.
A 2 only
B 2 and 3
C 1 only
D 1 and 3
(2 marks)

25 A fire on 30 September destroyed some of a company’s inventory and its inventory records.
The following information is available:
                                                                            $
Inventory 1 September                                      318,000
Sales for September                                           612,000
Purchases for September                                    412,000
Inventory in good condition at 30 September       214,000
Standard gross profit percentage on sales is 25%
Based on this information, what is the value of the inventory lost?
A $96,000
B $271,000
C $26,400
D $57,000
(2 marks)

26 At 31 December 2004 a company’s capital structure was as follows:
                                                               $
Ordinary share capital
(500,000 shares of 25c each)                 125,000
Share premium account                         100,000
In the year ended 31 December 2005 the company made a rights issue of 1 share for every 2 held at $1 per share and this was taken up in full. Later in the year the company made a bonus issue of 1 share for every 5 held, using the share premium account for the purpose.
What was the company’s capital structure at 31 December 2005?
       Ordinary share capital               Share premium account
                    $                                               $
A             450,000                                    125,000
B             225,000                                     250,000
C             225,000                                    325,000
D             212,500                                    262,500
(2 marks)

27 The inventory value for the financial statements of Q for the year ended 31 May 2006 was based on an inventory count on 4 June 2006, which gave a total inventory value of $836,200.
Between 31 May and 4 June 2006, the following transactions took place:
                                                                                  $
Purchases of goods                                                   8,600
Sales of goods (profit margin 30% on sales)              14,000
Goods returned by Q to supplier                                  700
What adjusted figure should be included in the financial statements for inventories at 31 May 2006?
A $838,100
B $853,900
C $818,500
D $834,300
(2 marks)

28In preparing a company’s bank reconciliation statement at March 2006,the following items are causing the difference between the cash bookbalance and the bank statement balance:
(1) Bank charges $380
(2) Error by bank $1,000 (cheque incorrectly debited to the account)
(3) Lodgements not credited $4,580
(4) Outstanding cheques $1,475
(5) Direct debit $350
(6) Cheque paid in by the company and dishonoured $400.
Which of these items will require an entry in the cash book?
A 2, 4 and 6
B 1, 5 and 6
C 3, 4 and 5
D 1, 2 and 3
(2 marks)
29 At 31 December 2005 the following require inclusion in a company’s financial statements:
(1)On 1 January 2005 the company made a loan of $12,000 to an employee,repayable on 1 January 2006, charging interest at 2 per cent per year.On the due date she repaid the loan and paid the whole of the interestdue on the loan to that date.
(2) The company has paid insurance $9,000 in 2005, covering the year ending 31 August 2006.
(3) In January 2006 the company received rent from a tenant $4,000 covering the six months to 31 December 2005.
For these items, what total figures should be included in the company’s balance sheet at 31 December 2005?
          Current assets           Current liabilities
                    $                              $
A             10,000                      12,240
B              22,240                         nil
C             10,240                          nil
D             16,240                       6,000
(2 marks)
30How should a contingent liability be included in a company’s financialstatements if the likelihood of a transfer of economic benefits tosettle it is remote?
A Disclosed by note with no provision being made
B No disclosure or provision is required
(1 mark)

31Which of the following material events after the balance sheet date andbefore the financial statements are approved are adjusting events?
(1) A valuation of property providing evidence of impairment in value at the balance sheet date.
(2) Sale of inventory held at the balance sheet date for less than cost.
(3) Discovery of fraud or error affecting the financial statements.
(4) The insolvency of a customer with a debt owing at the balance sheet date which is still outstanding.
A 1, 2, 3 and 4
B 1, 2 and 4 only
C 3 and 4 only
D 1, 2 and 3 only.
(2 marks)
32Alpha received a statement of account from a supplier Beta, showing abalance to be paid of $8,950. Alpha’s payables ledger account for Betashows a balance due to Beta of $4,140.
Investigation reveals the following:
(1) Cash paid to Beta $4,080 has not been allowed for by Beta
(2) Alpha’s ledger account has not been adjusted for $40 of cash discount disallowed by Beta.
What discrepancy remains between Alpha’s and Beta’s records after allowing for these items?
A $690
B $770
C $9,850
D $9,930
(2 marks)
33 The business entity concept requires that a business is treated as being separate from its owners.
Is this statement true or false?
A True
B False
(1 mark)