DY’s trade receivables balance at 1 April 2014 was USD 22,000. DY’s statement of profit or loss showed revenue from credit sales of USD 290,510 during the year ended 31 March 2015.DY’s trade receivables collection period at 31 March 2015 was 49 days.Assume DY’s sales occur evenly throughout the year and that all balances outstanding at 1 April 2014 have been received.Also, it should be assumed all sales are on credit, there were no bad debts and no trade discount was given.How much cash did DY receive from its customers during the year to 31 March 2015?

1 .In the year to 31 May 2013 Ordov Co recognised an increase of USD 125,000 in the value of landand buildings. In the year to 31 May 2014, a further increase of USD 12,000 was recognised.During the year to 31 May 2015, the land and buildings suffered an impairment of USD 30,000.Based on the above information, what are the changes in amounts of retained profitsand shareholders’ funds over the three years?Retained profits Shareholders’ fundsRetained profits Shareholders’ funds

A An increase of USD107,000 An increase of USD 107,000 B An increase of USD 137,000 An increase of USD 107,000 C An increase of USD 107,000 No change D No change An increase of USD 107,000

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2 .7 Which TWO of the following statements are correct in accordance with InternationalFinancial Reporting Standards?(1) All non-current assets must be depreciated or amortised(2) If a tangible non-current asset is revalued, all tangible assets of the same classshould be revalued(3) In a company’s published statement of financial position, tangible assets andintangible assets must be shown separately(4) An intangible asset should be recognised even if its cost cannot be measuredreliably

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

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3 .8 DH has the following two legal claims outstanding: A legal action against DH claiming compensation of USD 700,000, filed in February2015. DH has been advised that it is probable that the liability will materialise.A legal action taken by DH against another entity, claiming damages of USD 300,000,started in March 2015. DH has been advised that it is probable that it will win thecase.How should DH report these legal actions in its financial statements for the year ended30 April 2015?How should DH report these legal actions in its financial statements for the year ended30 April 2015?Legal action against DH Legal action taken by DH

A Disclose as a note No disclosure B Make a provision No disclosure C Make a provision Disclose as a note D Make a provision Accrue the income

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4 .Which two of the following events after the reporting period would normally qualify asadjusting events according to IAS 10 Events after the Reporting Period?(1) The bankruptcy of a credit customer with a balance outstanding at the end of thereporting period(2) A decline in the market value of investments(3) The declaration of an ordinary dividend(4) The determination of the cost of assets purchased before the end of the reportingperiod

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

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5 .10 At 31 October 2015 the non-current assets of Nium had a carrying amount of USD 754,860 and atax base of USD 543,875. At 31 October 2014, the company’s provision for deferred tax wasUSD 39,853. The tax rate is 20%.What amount should be reported in the statement of profit or loss for the year to 31October 2015 for deferred tax?

A Credit of USD 2,344 B Charge of USD 2,344 C Credit of USD 42,197 D Charge of USD 42,197

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7 .The books of Eastham show the following: USD Operating loss 5,000 Depreciation 20,000 Interest expense 12,000 Interest paid 10,000 In the statement of cash flows, what will the net cash inflow from operating activitiesbe?

A USD 5,000 B USD 15,000 C USD 17,000 D USD 27,000

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8 .13 Spandeau is carrying out an impairment test on an item of plant. Management has identified the following cash flows relating to the plant:(1) USD10,000 annual labour costs incurred in the operational running of the plant(2) USD200,000 planned costs to be incurred in three years’ time. It is expected that thesecosts will extend the useful life of the plant by a further five years(3) USD55,000 annual revenue based on the sale of products produced by the plant(4) USD6,000 of annual interest incurred on a bank loan that was taken out to help financethe purchase of the asset(5) USD60,000 servicing costs to be incurred in 12 months’ time. This is a planned costand will help to maintain the current estimated useful life of the assetWhich of the above costs will be used when calculating the value in use of the item ofplant?

A 1 and 3 only B 2, 4 and 5 only C 1, 3 and 5 only D 1, 2 and 4 only

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9 .On 1 January 2013 Able purchased 75% ofthe ordinary share capital of Cain for USD920,000.On 31 December 2014 there wasunrealised profit of USD3,000, this related to goods sold by Cain to Able.During the year ended 31 December 2015,Cain had sold goods to Able for USD30,000, the goods were sold at a mark-up of 20%. At31 December 2015 80% of the goods were still held as inventory by Able.Retained earnings of the two companieson acquisition and at 31 December 2015 are as follows: Able Cain USD USD 1 January 2013 374,000 107,000 31 December 2015 427,000 151,000 What will bethe consolidated retained earnings for the Able group as at 31 December 2015? Ignoregoodwill.

A B C D

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10 .15 Which of the following statements about an associate relationship and the use of equity accounting is true?(1) Provision of technical information by the investor to the associate may be an indication of significant influence(2) The equity method of accounting requires the investor to include a percentage of every asset and liability of the associate in the consolidated statement of financial position(3) Unrealised profits resulting from the sale of goods, at a profit, by the investor to the associate will be eliminated in full on consolidation

A 1 only B 2 only C 3 only D All three statements

题型: 单选题 提问时间: 2021-08-24

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