Chapter20-23习题_F3_ACCA英国注册会计师

Which of the following material events after the reporting period and before the financial statements are approved by the

directors should be adjusted for in those financial statements?

1 A valuation of property providing evidence of impairment in value at the reporting period

2 Sale of inventory held at the end of the reporting period 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 end of the reporting period which is still outstanding

A

All of them

B

1, 2 and 4 only

C

3 and 4 only

D

1, 2 and 3 only

The draft financial statements of a limited liability company are under consideration. The accounting treatment of the following material events after the reporting period needs to be determined.

1 The bankruptcy of a major customer, with a substantial debt outstanding at the end of the reporting period

2 A fire destroying some of the company's inventory (the company's going concern status is not affected)

3 An issue of shares to finance expansion

4 Sale for less than cost of some inventory held at the end of the reporting period

According to IAS 10 Events after the reporting period, which of the above events require an adjustment to the figures in the

draft financial statements?

A

1 and 4 only

B

1, 2 and 3 only

C

2 and 3 only

D

2 and 4 only

In finalising the financial statements of a company for the year ended 30 June 20X4, which of the following material matters

should be adjusted for?

1 A customer who owed $180,000 at the end of the reporting period went bankrupt in July 20X4.

2 The sale in August 20X4 for $400,000 of some inventory items valued in the statement of financial position at $500,000.

3 A factory with a value of $3,000,000 was seriously damaged by a fire in July 20X4. The factory was back in production by

August 20X4 but its value was reduced to $2,000,000.

4 The company issued 1,000,000 ordinary shares in August 20X4.

A

All four items

B

1 and 2 only

C

1 and 4 only

D

2 and 3 only

IAS 10 Events after the reporting period regulates the extent to which events after the reporting period should be reflected in

financial statements.

Which one of the following lists of such events consists only of items that, according to IAS 10, should normally be classified

as non-adjusting?

A

Insolvency of an account receivable which was outstanding at the end of the reporting period,

issue of shares or loan notes, an acquisition of another company

B

Issue of shares or loan notes, changes in foreign exchange rates, major purchases of

non-current assets

C

An acquisition of another company, destruction of a major non-current asset by fire, discovery of fraud or error which shows that the financial statements were incorrect

D

Sale of inventory which gives evidence about its value at the end of the reporting period, issue of shares or loan notes, destruction of a major non-current asset by fire

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Set out below are the financial statements of Emma, a limited liability company. You have been asked to prepare the company's statement of cash flows, implementing IAS 7 Statement of cash flows.

EMMA

STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 20X2

$＇000

Sales revenue 2,553

Cost of sales 1,814

Gross profit 739

Distribution costs 125

Administrative expenses 264

Operating profit 350

Interest received 25

Interest paid 75

Profit before tax 300

Income tax expense 240

Profit for the year 60

EMMA

STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER

20X2 20X1

$'000 $'000

Non-current assets

Tangible assets 380 305

Intangible assets 250 200

Investments -- 25

630 530

Current assets

Inventories 150 102

Receivables 390 315

Short-term investments 50 --

Cash in hand 2 1

592 418

1,222 948

Equity and liabilities

Share capital ($1 ordinary shares) 200 150

Share premium account 160 150

Revaluation surplus 100 91

Retained earnings 160 100

620 491

Non-current liabilities

Long-term loan 100 --

Current liabilities

Trade payables 127 119

Bank overdraft 85 98

Taxation 290 240

502 457

1,222 948

The following information is available.

(a) The proceeds of the sale of non-current asset investments amounted to $30,000.

(b) Fixtures and fittings, with an original cost of $85,000 and a carrying amount of $45,00 ,were sold for $32,000 during the year.

(c) The current asset investments fall within the definition of cash equivalents under IAS 7.

(d) The following information relates to property, plant and equipment.

31.12.20X2 31.12.20X1

$'000 $'000

Cost 720 595

Accumulated depreciation 340 290

Carrying amount 380 305

(e) 50,000 $1 ordinary shares were issued during the year at a premium of 20c per share.

64

【论述题】

Prepare a statement of cash flows for the year to 31 December 20X2 using the format laid out in IAS 7,together with the relevant notes to the statement.

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65

【论述题】

Prepare the company's statement of cash flows for the year ended 31 December 20X4, using the indirect method, adopting the format in IAS 7 Statement of cash flows.

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66

【论述题】

Prepare a statement of cash flows for Snowdrop for the year ended 31 May 20X5 in accordance with IAS 7 Statement of cash flows, using the indirect method.

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67

【论述题】

Prepare a statement of cash flows for Geofost for the year ended 31 October 20X7 in accordance with IAS 7 Statement of cash flows, using the indirect method.

Fanta Co acquired 100% of the ordinary share capital of Tizer Co on 1 October 20X7.

On 31 December 20X7 the share capital and retained earnings of Tizer Co were as follows:

$'000

Ordinary shares of $1 each 400

Retained earnings at 1 January 20X7 100

Retained profit for the year ended 31 December 20X7 80

580

The profits of Tizer Co have accrued evenly throughout 20X7. Goodwill arising on the acquisition of Tizer Co was $30,000.

What was the cost of the investment in Tizer Co?

A

$400,000

B

$580,000

C

$610,000

D

$590,000

Evergreen Co owns 35% of the ordinary shares of Deciduous. What is the correct accounting treatment of the revenues and

costs of Deciduous for reporting period in the consolidated statement of profit or loss of the Evergreen group?

A

The revenues and costs of Deciduous are added to the revenues and costs of Evergreen on a

line by line basis.

B

35% of the profit after tax of Deciduous should be added to Evergreen’s consolidated profit

before tax.

C

5% of the revenues and costs of Deciduous are added to the revenues and costs of Evergreen

on a line by line basis.

D

The revenues and costs of Deciduous are added to the revenues and costs of Evergreen Co on a line by line basis, then 65% of the profit after tax is deducted so that only Evergreen Co’s share remains in the consolidated financial statements.

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