As at 30 September 2013 Dune’s property in its statement of financial position was().

第1题

The following trial balance relates to Quincy as at 30 September 2012:The following notes

The following trial balance relates to Quincy as at 30 September 2012:

The following trial balance relates to Quincy as a

The following notes are relevant:

(i) On 1 October 2011, Quincy sold one of its products for $10 million (included in revenue in the trial balance). As part of the sale agreement, Quincy is committed to the ongoing servicing of this product until 30 September 2014 (i.e. three years from the date of sale). The value of this service has been included in the selling price of $10 million. The estimated cost to Quincy of the servicing is $600,000 per annum and Quincy’s normal gross profit margin on this type of servicing is 25%. Ignore discounting.

(ii) Quincy issued a $25 million 6% loan note on 1 October 2011. Issue costs were $1 million and these have been charged to administrative expenses. The loan will be redeemed on 30 September 2014 at a premium which gives an effective interest rate on the loan of 8%.

(iii) Quincy paid an equity dividend of 8 cents per share during the year ended 30 September 2012.

(iv) Non-current assets:

Quincy had been carrying land and buildings at depreciated cost, but due to a recent rise in property prices, it decided to revalue its property on 1 October 2011 to market value. An independent valuer confirmed the value of the property at $60 million (land element $12 million) as at that date and the directors accepted this valuation. The property had a remaining life of 16 years at the date of its revaluation. Quincy will make a transfer from the revaluation reserve to retained earnings in respect of the realisation of the revaluation reserve. Ignore deferred tax on the revaluation.

Plant and equipment is depreciated at 15% per annum using the reducing balance method.

No depreciation has yet been charged on any non-current asset for the year ended 30 September 2012. All depreciation is charged to cost of sales.

(v) The investments had a fair value of $15·7 million as at 30 September 2012. There were no acquisitions or disposals of these investments during the year ended 30 September 2012.

(vi) The balance on current tax represents the under/over provision of the tax liability for the year ended 30 September 2011. A provision for income tax for the year ended 30 September 2012 of $7·4 million is required. At 30 September 2012, Quincy had taxable temporary differences of $5 million, requiring a provision for deferred tax. Any deferred tax adjustment should be reported in the income statement. The income tax rate of Quincy is 20%.

Required:

(a) Prepare the statement of comprehensive income for Quincy for the year ended 30 September 2012.

(b) Prepare the statement of changes in equity for Quincy for the year ended 30 September 2012.

(c) Prepare the statement of financial position for Quincy as at 30 September 2012. Notes to the financial statements are not required.

The following mark allocation is provided as guidance for this question:

(a) 11 marks

(b) 4 marks

(c) 10 marks

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第2题

On 1 October 2010, Paladin secured a majority equity shareholding in Saracen on the follow

ing terms:

an immediate payment of $4 per share on 1 October 2010; and

a further amount deferred until 1 October 2011 of $5·4 million.

The immediate payment has been recorded in Paladin’s financial statements, but the deferred payment has not been recorded. Paladin’s cost of capital is 8% per annum.

On 1 February 2011, Paladin also acquired 25% of the equity shares of Augusta paying $10 million in cash. The summarised statements of financial position of the three companies at 30 September 2011 are:

On 1 October 2010, Paladin secured a majority equi

The following information is relevant:

(i) Paladin’s policy is to value the non-controlling interest at fair value at the date of acquisition. For this purpose the directors of Paladin considered a share price for Saracen of $3·50 per share to be appropriate.

(ii) At the date of acquisition, the fair values of Saracen’s property, plant and equipment was equal to its carrying amount with the exception of Saracen’s plant which had a fair value of $4 million above its carrying amount. At that date the plant had a remaining life of four years. Saracen uses straight-line depreciation for plant assuming a nil residual value. Also at the date of acquisition, Paladin valued Saracen’s customer relationships as a customer base intangible asset at fair value of $3 million. Saracen has not accounted for this asset. Trading relationships with Saracen’s customers last on average for six years.

(iii) At 30 September 2011, Saracen’s inventory included goods bought from Paladin (at cost to Saracen) of $2·6 million. Paladin had marked up these goods by 30% on cost. Paladin’s agreed current account balance owed by Saracen at 30 September 2011 was $1·3 million.

(iv) Impairment tests were carried out on 30 September 2011 which concluded that consolidated goodwill was not impaired, but, due to disappointing earnings, the value of the investment in Augusta was impaired by $2·5 million.

(v) Assume all profits accrue evenly through the year.

Required:

Prepare the consolidated statement of financial position for Paladin as at 30 September 2011.

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第3题

The following trial balance relates to Cavern as at 30 September 2010:The following notes

The following trial balance relates to Cavern as at 30 September 2010:

The following trial balance relates to Cavern as a

The following notes are relevant:

(i) Cavern has accounted for a fully subscribed rights issue of equity shares made on 1 April 2010 of one new share for every four in issue at 42 cents each. The company paid ordinary dividends of 3 cents per share on 30 November 2009 and 5 cents per share on 31 May 2010. The dividend payments are included in administrative expenses in the trial balance.

(ii) The 8% loan note was issued on 1 October 2008 at its nominal (face) value of $30 million. The loan note will be redeemed on 30 September 2012 at a premium which gives the loan note an effective fi nance cost of 10% per annum.

(iii) Non-current assets:

Cavern revalues its land and building at the end of each accounting year. At 30 September 2010 the relevant value to be incorporated into the fi nancial statements is $41·8 million. The building’s remaining life at the beginning of the current year (1 October 2009) was 18 years. Cavern does not make an annual transfer from the revaluation reserve to retained earnings in respect of the realisation of the revaluation surplus. Ignore deferred tax on the revaluation surplus.

Plant and equipment includes an item of plant bought for $10 million on 1 October 2009 that will have a 10-year life (using straight-line depreciation with no residual value). Production using this plant involves toxic chemicals which will cause decontamination costs to be incurred at the end of its life. The present value of these costs using a discount rate of 10% at 1 October 2009 was $4 million. Cavern has not provided any amount for this future decontamination cost. All other plant and equipment is depreciated at 12·5% per annum using the reducing balance method.

No depreciation has yet been charged on any non-current asset for the year ended 30 September 2010. All depreciation is charged to cost of sales.

(iv) The available-for-sale investments held at 30 September 2010 had a fair value of $13·5 million. There were no acquisitions or disposals of these investments during the year ended 30 September 2010.

(v) A provision for income tax for the year ended 30 September 2010 of $5·6 million is required. The balance on current tax represents the under/over provision of the tax liability for the year ended 30 September 2009. At 30 September 2010 the tax base of Cavern’s net assets was $15 million less than their carrying amounts. The movement on deferred tax should be taken to the income statement. The income tax rate of Cavern is 25%.

Required:

(a) Prepare the statement of comprehensive income for Cavern for the year ended 30 September 2010.

(b) Prepare the statement of changes in equity for Cavern for the year ended 30 September 2010.

(c) Prepare the statement of fi nancial position of Cavern as at 30 September 2010.

Notes to the fi nancial statements are not required.

The following mark allocation is provided as guidance for this question:

(a) 11 marks

(b) 5 marks

(c) 9 marks

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第4题

Questions 36 to 45 are based on the following passage.One in six. Believe it or not, that’

Questions 36 to 45 are based on the following passage.

One in six. Believe it or not, that’s the number of Americans who struggle with hunger.

To make tomorrow a little better, Feeding America, the nation’s largest 36 hunger-

relief organization, has chosen September as Hunger Action Month. As part of its 30 Ways in

30 Days program, it’s asking 37 across the country to help the more than 200 food

banks and 61,000 agencies in its network provide low-income individuals and families with

the fuel they need to 38 .

It’s the kind of work that’s done every day at St. Andrew’s Episcopal Church in San

Antonio. People who 39 at its front door on the first and third Thursdays of each

month aren’t looking for God – they’re there for something to eat. St. Andrew’s runs a

food pantry (食品室)that 40 the city and several of the 41 towns. Janet Drane

is its manager.

In the wake of the 42 , the number of families in need of food assistance began to

grow. It is 43 that 49 million Americans are unsure of where they will find their next

meal. What’s most surprising is that 36% of them live in 44 where at least one adult

is working. “It used to be that one job was all you needed,” says St. Andrew’s Drane. “

The people we see now have three or four part-time jobs and they’re still right on the

edge 45 .” 注意：此部分试题请在答题卡 2 上作答。

A．accumulate I．households

B．circling J．recession

C．communities K．reported

D．competition L．reviewed

E．domestic M．serves

F．financially N．surrounding

G．formally O．survive

H．gather

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第5题

（a) An assistant of yours has been criticised over a piece of assessed work that he produc

(a) An assistant of yours has been criticised over a piece of assessed work that he produced for his study course for giving the definition of a non-current asset as ‘a physical asset of substantial cost, owned by the company, which will last longer than one year’.

Required:

Provide an explanation to your assistant of the weaknesses in his definition of non-current assets when

compared to the International Accounting Standards Board’s (IASB) view of assets. (4 marks)

(b) The same assistant has encountered the following matters during the preparation of the draft financial statements of Darby for the year ending 30 September 2009. He has given an explanation of his treatment of them.

(i) Darby spent $200,000 sending its staff on training courses during the year. This has already led to an

improvement in the company’s efficiency and resulted in cost savings. The organiser of the course has stated that the benefits from the training should last for a minimum of four years. The assistant has therefore treated the cost of the training as an intangible asset and charged six months’ amortisation based on the average date during the year on which the training courses were completed. (3 marks)

(ii) During the year the company started research work with a view to the eventual development of a new

processor chip. By 30 September 2009 it had spent $1·6 million on this project. Darby has a past history

of being particularly successful in bringing similar projects to a profitable conclusion. As a consequence the

assistant has treated the expenditure to date on this project as an asset in the statement of financial position.

Darby was also commissioned by a customer to research and, if feasible, produce a computer system to

install in motor vehicles that can automatically stop the vehicle if it is about to be involved in a collision. At

30 September 2009, Darby had spent $2·4 million on this project, but at this date it was uncertain as to

whether the project would be successful. As a consequence the assistant has treated the $2·4 million as an

expense in the income statement. (4 marks)

(iii) Darby signed a contract (for an initial three years) in August 2009 with a company called Media Today to

install a satellite dish and cabling system to a newly built group of residential apartments. Media Today will

provide telephone and television services to the residents of the apartments via the satellite system and pay

Darby $50,000 per annum commencing in December 2009. Work on the installation commenced on

1 September 2009 and the expenditure to 30 September 2009 was $58,000. The installation is expected

to be completed by 31 October 2009. Previous experience with similar contracts indicates that Darby will

make a total profit of $40,000 over the three years on this initial contract. The assistant correctly recorded

the costs to 30 September 2009 of $58,000 as a non-current asset, but then wrote this amount down to

$40,000 (the expected total profit) because he believed the asset to be impaired.

The contract is not a finance lease. Ignore discounting. (4 marks)

Required:

For each of the above items (i) to (iii) comment on the assistant’s treatment of them in the financial

statements for the year ended 30 September 2009 and advise him how they should be treated under

International Financial Reporting Standards.

Note: the mark allocation is shown against each of the three items above.

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第6题

Jungle Co is a very successful multinational retail company. It has been selling a large r

ange of household and electronic goods for some years. One year ago, it began using new suppliers from the country of Slabak, where labour is very cheap, for many of its household goods. In 20X4, Jungle Co also became a major provider of ‘cloud computing’ services, investing heavily in cloud technology. These services provide customers with a way of storing and accessing data and programs over the internet rather than on their computers’ hard drives.

All Jungle Co customers have the option to sign up for the company’s ‘Gold’ membership service, which provides next day delivery on all orders, in return for an annual service fee of $40. In September 20X5, Jungle Co formed its own logistics company and took over the delivery of all of its parcels, instead of using the services of international delivery companies.

Over the last year, there has been worldwide growth in the electronic goods market of 20%. Average growth rates and gross profit margins for cloud computing service providers have been 50% and 80% respectively in the last year. Jungle Co’s prices have remained stable year on year for all sectors of its business, with price competitiveness being crucial to its continuing success as the leading global electronic retailer.

The following information is available for Jungle Co for the last two financial years:

Jungle Co is a very successful multinational retai

3. Administration expenses

Included in these costs are the costs of running the customer service department ($860,000 in 20X5; $1,900,000 in 20X6.) This department deals with customer complaints.

4. Non-financial data

Jungle Co is a very successful multinational retai

Required:

Discuss the financial and non-financial performance of Jungle Co for the year ending 31 August 20X6.

Note: There are 7 marks available for calculations and 13 marks available for discussion.

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第7题

The following scenario relates to questions 11–15.Mighty IT Co provides hardware, software

The following scenario relates to questions 11–15.

Mighty IT Co provides hardware, software and IT services to small business customers.

Mighty IT Co has developed an accounting software package. The company offers a supply and installation service for $1,000 and a separate two-year technical support service for $500. Alternatively, it also offers a combined goods and services contract which includes both of these elements for $1,200. Payment for the combined contract is due one month after the date of installation.

In December 20X5, Mighty IT Co revalued its corporate headquarters. Prior to the revaluation, the carrying amount of the building was $2m and it was revalued to $2·5m.

Mighty IT Co also revalued a sales office on the same date. The office had been purchased for $500,000 earlier in the year, but subsequent discovery of defects reduced its value to $400,000. No depreciation had been charged on the sales office and any impairment loss is allowable for tax purposes.

Mighty It Co’s income tax rate is 30%.

In accordance with IFRS 15 Revenue from Contracts with Customers, when should Mighty IT Co recognise revenue from the combined goods and services contract？

A.Supply and install: on installation Technical support: over two years

B.Supply and install: when payment is made Technical support: over two years

C.Supply and install: on installation Technical support: on installation

D.Supply and install: when payment is made Technical support: when payment is made

In January 20X6, the accountant at Mighty IT Co produced the company’s draft financial statements for the year ended 31 December 20X5. He then realised that he had omitted to consider deferred tax on development costs. In 20X5, development costs of $200,000 had been incurred and capitalised. Development costs are deductible in full for tax purposes in the year they are incurred. The development is still in process at 31 December 20X5.

What adjustment is required to the income tax expense in Mighty IT Co’s statement of profit or loss for the year ended 31 December 20X5 to account for deferred tax on the development costs？

A.Increase of $200,000

B.Increase of $60,000

C.Decrease of $60,000

D.Decrease of $200,000

For each combined contract sold, what is the amount of revenue which Mighty IT Co should recognise in respect of the supply and installation service in accordance with IFRS 15？A.$700

B.$800

C.$1,000

D.$1,200

In accordance with IAS 12 Income Taxes, what is the impact of the property revaluations on the income tax expense of Mighty IT Co for the year ended 31 December 20X5？

A.Income tax expense increases by $180,000

B.Income tax expense increases by $120,000

C.Income tax expense decreases by $30,000

D.No impact on income tax expense

Mighty IT Co sells a combined contract on 1 January 20X6, the first day of its financial year.

In accordance with IFRS 15, what is the total amount for deferred income which will be reported in Mighty IT Co’s statement of financial position as at 31 December 20X6？

A.$400

B.$250

C.$313

D.$200

请帮忙给出每个问题的正确答案和分析，谢谢！

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第8题

Bad news for bankersThere was great uncertainty today about the future for employees of La

Bad news for bankers

There was great uncertainty today about the future for employees of Lancet Bank following publication of (29) ...company's yearly financial results. Losses reached ￡8.5m, (30) ... this year's financial figures the worst (31) ... almost 20 years. Lancet Bank, (32) .,. was founded over a century ago (33) ...Jamie McCIoud, currently employs more (34) ... 5,000 staff at 200 branches, mainly in Wales and the north of England. Many people believe stories that the bank is planning to close most of (35) ... branches in Wales. However, the bank has refused to comment on (36) ... rumours. Gary Tooley, a spokesman for Lancet, warned that (37) ... some redundancies would be unavoidable, he could give no further details (38) ... September at the earliest. Union officials are currently involved. (39) ... talks with management and are trying to find an acceptable solution for (40) ... parties.

(29)

A．the

B．a

C．any

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第9题

中国的教师节在9月（）

A.Teachers' Day is on September in china

B.Teacher's Day is in September in china

C.Teachers' Day is in September in China

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第10题

The picnics, speeches, and parades of today's Labor Day were all part of the first celebra

tion, held in New York City in 1882. Its promoter was an Irish-American labor leader named Peter J. MeGuire. A carpenter by trade, McGuire had worked since the age of eleven, and in 1882 was president of the United Brotherhood of Carpenters and Joiners(UBCJ). Approaching the City's Central Labor Union that summer, he proposed a holiday that would applaud the industrial spirit- "the great vital force of every nation, "On September 5 his suggestion bore fruit ,as an estimated 10, 000 workers, many of them ignoring their bosses' warnings, left work to march from Union Square up Fifth Avenue to the 42nd Street. The event gained national attention, and by 1893 thirty states had made Labor Day an annual holiday.

The quick adoption of the scheme may have indicated less about the state lawmakers' respect for working people than about a fear of risking their anger. In the 1880s the United States was a land sharply divided between the immensely wealthy and the very poor. Henry George was accurate in describing the era as one of" progress and poverty. "In a society, in which factory owners rode in private Pullmans while ten-year-olds slaved in the mines, strong anti-capitalist feeling ran high. Demands for fundamental change were common throughout the labor press. With socialists demanding an end to" wage slavery" and anarchists singing the praises of the virtues of dynamite, middle of-the-roarers like Samuel Gompers and McGuire seemed attractively mild by comparison. One can imagine practical capitalists seeing Labor Day as a bargain: a one-day party certainly cost them less than paying their workers decent wages.

Judging from the passage, McGuire was ______.

A．a moderate labor leader

B．an extreme-anarchist in the labor movement

C．a devoted socialist fighting against exploitation of man by man

D．a firm anti-capitalist demanding the elimination of wage slavery

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