Josh Franklin buys and sells art and jewellery. At 31 May 2015 he had three items in inventory; a painting, a necklace and a pair of earrings. He had bought the painting for USD3,500, believing it was an original by Graham Knuttel. He has since discovered that it is a good copy and it is unlikely that it would sell for more than USD1,200. The necklace was bought several years ago for USD900, while the earrings were bought for USD800. The earrings and necklace are of the same style and could be sold as a set at a combined price of USD3,500.At figure for inventory should be reported in his statement of financial position at 31 May 2015?

1 .Woodpecker has produced an inventory list which, taking account of physical quantities, gives the following values: Cost Net realisable value USD USD 5 mm nuts 100 180 7 mm nuts 170 190 10 mm nuts 180 150 8 mm washers 120 160 15 mm bolts 190 170 What is the correct value of inventory to be included in the statement of financial position?

A USD710 B USD740 C USD760 D USD850

题型: 单选题 提问时间: 2021-08-24

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2 .LP received an order to supply a customer with 10,000 units of product A every month for two years. The customer had negotiated a low price of USD200 per 1,000 units and agreed to pay USD12,000 in advance every six months.The customer made the first payment on 1 July 2015 and LP supplied the goods each month from that date.LP’s year end is 30 September.In addition to the effect of cash received, what is the effect of this order on LP’s financial statements for the year ended 30 September 2015, in accordance with IAS 18 Revenue?

A Revenue USD6,000; Statement of financial position USD36,000 trade receivable B Revenue USD6,000; Statement of financial position USD6,000 current liability C Revenue USD12,000; Statement of financial position USD36,000 trade receivable D Revenue USD12,000; Statement of financial position No effect...

题型: 单选题 提问时间: 2021-08-24

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3 .Sculpart buys and sells original sculptures. An item in inventory at 31 March 2016 had been bought four years ago at a cost of USD15,000. It had originally been anticipated that this item would be sold for USD22,000. To date the best offer which has been received is USD17,500 from an overseas collector. This offer has been made on the basis that the item will be transported to the collector. It is estimated that the costs of shipping and insurance are USD3,000.At what amount should this item be included in the inventory of Sculpart at 31 March 2016?

A USD14,500 B USD15,000 C USD17,500 D USD22,000

题型: 单选题 提问时间: 2021-08-24

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4 .On 31 March 2016, DT received an order from a new customer, XX, for goods with a sales value of USD900,000. XX enclosed a deposit with the order of USD90,000.On 31 March 2016, DT had not despatched any goods. DT is considering the following possible entries for this transaction in its financial statements for the year ended 31 March 2016:(1) Include USD900,000 in revenue(2) Include USD90,000 in revenue(3) Do not include any amount in revenue(4) Recognise a trade receivable for USD810,000(5) Recognise a trade payable for USD90,000According to IAS 18 Revenue, how should DT account for this transaction in its financial statements for the year ended 31 March 2016?

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

题型: 单选题 提问时间: 2021-08-24

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5 .The price of a raw material used by Diska is volatile. At the close of business on 30 November 2015, the company had 430 kg of the material in inventory. At 1 November there had been none of the material in inventory. The movements in November were as follows: Date Receipts Issues 4 Nov 800 kg at USD45 per kg 12 Nov 650 kg 19 Nov 700 kg at USD52 per kg 23 Nov 720 kg 28 Nov 300 kg at USD60 per kg Using the first in first out (FIFO) method of inventory valuation, what is the value of the inventory of the material at 30 November 2015?

A USD21,596 B USD23,850 C USD24,760 D USD25,800

题型: 单选题 提问时间: 2021-08-24

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7 .Silur buys and restores items of exclusive vintage jewellery. At 31 May 2015, there were three items in inventory as follows: Necklace Bracelet Pendant USD USD USD Purchase cost 12,000 31,000 45,000 Expected selling price 25,000 38,000 53,000 Restoration costs to date 6,000 5,000 2,000 Further costs before sale 2,000 3,000 1,000 What was the total value of Silur’s inventory at 31 May 2015?

A USD88,000 B USD100,000 C USD106,000 D USD107,000

题型: 单选题 提问时间: 2021-08-24

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8 .According to IAS 2 “Inventories”, which of the following costs should be included in valuing the inventories of a manufacturing company?(1) Carriage inwards(2) Carriage outwards(3) Depreciation of factory plant(4) General administrative overheads

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

题型: 单选题 提问时间: 2021-08-24

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9 .Which of the following costs should be included in valuing inventories of finished goods held by a manufacturing company, according to IAS 2 “Inventories”?(1) Carriage inwards.(2) Carriage outwards.(3) Depreciation of factory plant.(4) Accounts department costs relating to wages for production employees.

A 1 and 4 only B 2 and 3 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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10 .Which of the following should be recognised as an asset under IAS 16 “Property, Plant and Equipment”?

A The cost of repainting a building B The replacement of broken windows in a building C The purchase of a car by a car dealer for re-sale D Legal fees incurred on the purchase of a building

题型: 单选题 提问时间: 2021-08-24

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