Vaynor acquired 100,000 ordinary shares in Weeton and 20,000 ordinary shares in Yarlet some years ago. The investment in Yarlet gives Vaynor significant influence.Extracts from the statements of financial position of the three companies as on 30 September 20X7 are as follows:　Vaynor Weeton Yarlet　USD000 USD000 USD000Ordinary shares of USD1 each 500 100 50Retained earnings 90 40 70At acquisition the retained earnings of Weeton showed a deficit of USD10,000 and of Yarlet a surplus of USD30,000.What were the consolidated retained earnings of Vaynor on 30 September 20X7?

1 .The following figures related to Sanderstead and its subsidiary Croydon for the year ended 31 December 20X9.　SandersteadCroydon　USDUSDRevenue600,000300,000Cost of sales（400,000）（200,000）Gross profit200,000100,000During the year Sanderstead sold goods to Croydon for USD20,000, making a profit of USD5,000.These goods were all sold by Croydon before the year end.What are the amounts for revenue and gross profit in the consolidated statement of profit and loss of Sanderstead for the year ended 31 December 20X9?

A Revenue:USD900,000; Gross profit:USD300,000 B Revenue:USD900,000; Gross profit:USD295,000 C Revenue:USD880,000; Gross profit:USD300,000 D Revenue:USD880,000; Gross profit:USD295,000

题型: 单选题 提问时间: 2021-08-24

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2 .Chicken owns 80% of Egg. Egg sells goods to Chicken at cost plus 50%. The total invoiced sales to Chicken by Egg in the year ended 31 December 20X1 were USD900,000 and, of these sales, goods which had been invoiced at USD60,000 were held in inventory by Chicken at 31 December 20X1.What is the reduction in aggregate group gross profit?

A USD20,000 B USD24,000 C USD30,000 D USD40,000

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3 .Fosters in 20X7 invoiced USD120,000 of goods to its 75% subsidiary, Stella , at cost plus 30%.Stella had 25% of these in goods in inventory at the year end. At the start of the year Stella had USD15,000 worth of inventory invoiced from Fosters, all of which was sold in 20X7.What is the amount of unrealised profit adjustment to consolidated gross profit?

A USD3,461 B USD4,500 C USD6,923 D USD9,000

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4 .Cherry owned 75% of Plum. For the year ended 31 December 20X1 Plum reported a net profit of USD118,000. During 20X1 Plum sold goods to Cherry for USD36,000 at cost plus 50%.At the year end these goods are still held by Cherry.What is the non-controlling interest in the consolidated statement of profit or loss for the year ended 31 December 20X1?

A USD25,000 B USD26,500 C USD27,250 D USD29,500

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5 .Hot owns 80% of the issued share capital of Warm and 40% of the issued share capital of Cold. In the individual company financial statements the tax charges for the year are:　USDHot 40,000Warm 36,000Cold 20,000At what amount should be shown for the tax charge in the consolidated statement of profit or loss?

A USD68,800 B USD76,000 C USD76,800 D USD84,000

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7 .The HC group acquired 30% of the equity share capital of AF on 1 July 20X0 paying USD25,000.At 1 April 20X0 the equity of AF comprised:　USDUSD1 equity shares 50,000Share premium 12,500Retained earnings 10,000AF made a profit for the year to 31 March 20X1 (prior to dividend distribution) of USD6,500 and paid a dividend of USD3,500 to its equity shareholders. Profits accrue evenly throughout the year.What amount of income from associate will be included in the consolidated statement of profit or loss for the year ended 31 March 20X1?

A USD675 B USD900 C USD1,462.50 D USD1,950

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8 .The HY group acquired 35% of the equity share capital of SX on 1 July 20X0 paying USD70,000. This shareholding enabled HY group to exercise significant influence over SX.At 1 July 20X0 the equity of SX comprised:　USDUSD1 equity shares 100,000Retained earnings 50,000SX made a profit for the year ended 30 June 20X1 (prior to dividend distribution) of USD130,000 and paid a dividend of USD80,000 to its equity shareholders.What amount should be shown in HY’s consolidated statement of financial position at 30 June 20X1 for the investment in associate?

A USD115,500 B USD98,000 C USD87,500 D USD70,000

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9 .Which of the following statements regarding the equity method of accounting is true?(1) An investment in an associate is always carried at cost.(2) An investor recognises its share of the associate’s profit or loss in consolidated profit or loss.

A Neither statement B Statement 1 only C Statement 2 only D Both statements

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10 .Which of the following could provide evidence of “significant influence”?(1) 51% of the voting power of the investee.(2) interchange of management personnel.(3) participation in decisions about dividends.(4) provision of essential technical information.

A 1, 2 and 3 only B 1, 2 and 4 only C 1, 3 and 4 only D 2, 3 and 4 only

题型: 单选题 提问时间: 2021-08-24

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