DY’s trade receivables balance at 1 April 2013 was $22,000. DY’s statement of profit or lossshowed revenue from credit sales of $290,510 during the year ended 31 March 2014.DY’s trade receivables collection period at 31 March 2014 was 49 days.Assume DY’s sales occur evenly throughout the year and that all balances outstanding at 1April 2013 have been received.Also, it should be assumed all sales are on credit, there were no bad debts and no tradediscount was given.How much cash did DY receive from its customers during the year to 31 March 2014?

1 .In the year to 31 May 2012 Ordov Co recognised an increase of $125,000 in the value of landand buildings. In the year to 31 May 2013, a further increase of $12,000 was recognised.During the year to 31 May 2014, the land and buildings suffered an impairment of $30,000.Based on the above information, what are the changes in amounts of retained profitsand shareholders’ funds over the three years?

A Retained profits Shareholders’ fundsan increase ofUSD107,000 an increase of USD107,000 B an increase of USD137,000 an increase of USD107,000 C an increase of USD107,000 no change D no change an increase of USD107,000

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2 .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 amd 3 only C 2 and 3 only D 2 and 4 only

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3 .DH has the following two legal claims outstanding:? A legal action against DH claiming compensation of $700,000, filed in February2014. 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 $300,000,started in March 2011. 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 2014?

A Legal action against DH Legal action taken by DHDisclose by a note to the accounts 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 only B 1 and 4 only C 2 and 3 only D 3 and 4 only

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5 .At 31 October 2014 the non-current assets of Nium had a carrying amount of $754,860 and atax base of $543,875. At 31 October 2013, the company’s provision for deferred tax was$39,853. The tax rate is 20%.What amount should be reported in the statement of profit or loss for the year to 31October 2014 for deferred tax?

A Credit of USD2,344 B Charge ofUSD2,344 C Credit of USD42,197 D Charge of USD42,197

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7 .In the cash flow statement, what will the net cash inflow from operating activities be?

A USD5,000 B USD15,000 C USD25,000 D USD35,000

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8 .Spandeau is carrying out an impairment test on an item of plant. Management has identifiedthe following cash flows relating to the plant:(1) $10,000 annual labour costs incurred in the operational running of the plant.(2) $200,000 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) $55,000 annual revenue based on the sale of products produced by the plant.(4) $6,000 of annual interest incurred on a bank loan that was taken out to help financethe purchase of the asset.(5) $60,000 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 asset.Which 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 2012 Able purchased 75% of the ordinary share capital of Cain for $920,000.On 31 December 2013 there was unrealised profit of $4,000, this related to goods sold byCain to Able.During the year ended 31 December 2014, Cain had sold goods to Able for $30,000, thegoods were sold at a mark-up of 20%. At 31 December 2014 80% of the goods were stillheld as inventory by Able.Retained earnings of the two companies on acquisition and at 31 December 2014 are asfollows:What will be the consolidated retained earnings for the Able group as at 31 December2014?

A USD455,500 B USD457,000 C USD471,000 D USD537,250

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10 .Jethro issued $500,000 6% bonds at 95 on 1 January 2013. The bond will be repaid five yearsafter issue at a premium of $100,000.The effective interest rate of this instrument is 10.5%What will be the finance expense charged to profit or loss for the year ended 31December 2014?

A USD30,000 B USD49,875 C USD51,962 D USD54,863

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