FR 無料問題集「CPA Financial Reporting」
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?
(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?
正解：C
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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.?
How the above litigation will be represented in the financial statements of both Richard Ltd and McMagoo Inc.?
正解：C
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Sin plc is considering purchasing Lam Ltd, a subsidiary company of Jim Co. The result of such decision from the directors of Sin plc was because Lam Ltd produces a technically advanced computer microchip but unfortunately neither Lam Ltd nor Jim Co was successful. However, the director of marketing, Mr. Schulze Kidder, presented some factual areas in the board meeting and requested for further investigation before any final decisions are made. The areas are:
(i)The terms of trading between the entities to assess how much of the subsidiary's trade is recurring and whether it is on fair market terms.
(ii)The existence of debt between the parties.
(iii)The level of dividends payable as the subsidiary may have paid large dividends to the parent which may not be sustainable post sale.
Which of the above area(s) is / are not relevant when considering purchase of a subsidiary company like Lam Ltd?
(i)The terms of trading between the entities to assess how much of the subsidiary's trade is recurring and whether it is on fair market terms.
(ii)The existence of debt between the parties.
(iii)The level of dividends payable as the subsidiary may have paid large dividends to the parent which may not be sustainable post sale.
Which of the above area(s) is / are not relevant when considering purchase of a subsidiary company like Lam Ltd?
正解：B
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Measurement of the elements of financial position is the process of determining the monetary amounts at which the elements of the financial statements are to berecognizedand carried in the statement of financial position and statement of comprehensive income. There are number of basis of measurement that companies use in preparing financial statements.
Which of the following best explains the 'current cost accounting'?
Which of the following best explains the 'current cost accounting'?
正解：A
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Watson earns a bonus of 2% of net profit from his employers, ABC Co. In September 2012, Watson received a payment-in-anticipation of $3,000. On 31 December 2012, the directors estimated that net profits for the year would probably be $170,000.
What figure should be included in the Statement of Comprehensive Income for the year ended 31 December 2012 as an employee benefit?
What figure should be included in the Statement of Comprehensive Income for the year ended 31 December 2012 as an employee benefit?
正解：A
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According to IAS 1 Presentation of Financial Statements, which of the following statements is / are correct?
(i)The accounting policies adopted by a company must be disclosed in the notes to the financial statements
(ii)Inappropriate accounting policies can be rectified by disclosure of the policies used or by the inclusion of explanatory material
(iii)
Companies may choose to prepare their financial statements (except for the statement of cash flows) on either the accrual basis or the cash basis
(i)The accounting policies adopted by a company must be disclosed in the notes to the financial statements
(ii)Inappropriate accounting policies can be rectified by disclosure of the policies used or by the inclusion of explanatory material
(iii)
Companies may choose to prepare their financial statements (except for the statement of cash flows) on either the accrual basis or the cash basis
正解：B
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One plc has owned 100% of Ten Ltd and 60% of Six Ltd for many years. At 31 December 2012 the trade receivables and trade payables shown in the individual company statements of financial position were as follows.
One plcTen LtdSix Ltd $000$000$000 Trade receivable 503040 Trade payable 301520 Trade payable are made up as follows Amount owning to One--Ten 2-4 Six 3-Other suppliers251516
301520
The intra-group accounts agreed after taking into account the following.
1)An invoice for $3,000 posted by Ten Ltd on 31 December 2012 was not received by One pIc until 2 January 2013
2)A cheque for $2,000 posted by One pIc on 30 December 2012 was not received by Six Ltd until 4 January 2013.
What amount should be shown as trade receivables in the consolidated statement of financial position of One plc for the year ended 31 December 2012?
One plcTen LtdSix Ltd $000$000$000 Trade receivable 503040 Trade payable 301520 Trade payable are made up as follows Amount owning to One--Ten 2-4 Six 3-Other suppliers251516
301520
The intra-group accounts agreed after taking into account the following.
1)An invoice for $3,000 posted by Ten Ltd on 31 December 2012 was not received by One pIc until 2 January 2013
2)A cheque for $2,000 posted by One pIc on 30 December 2012 was not received by Six Ltd until 4 January 2013.
What amount should be shown as trade receivables in the consolidated statement of financial position of One plc for the year ended 31 December 2012?
正解：A
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