最新的CPA Financial Reporting - FR免費考試真題
問題1
NORMAN plc has one subsidiary. On 1 January 2012 NORMAN plc purchased 30% of the ordinary share capital of SEA Ltd for $12 million. Thesummarizedstatement of financial position of SEA Ltd as at 31 December 2012 was as follows.
$m
Net asset (at carrying amount)30
Ordinary share capital ($1 share)10
Retained earnings 1 January 201215
Net profit for the year ended 31 December 20125
At 1 January 2012 the fair value of the net assets of SEA Ltd was $5 million greater than their carrying amount. The difference, which has not been recorded in SEA Ltd's books, relates to land which is still owned by SEA Ltd at 31 December 2012.
At what amount should the investment in SEA Ltd be included in NORMAN plc's consolidated statement of financial position as at 31 December 2012?
NORMAN plc has one subsidiary. On 1 January 2012 NORMAN plc purchased 30% of the ordinary share capital of SEA Ltd for $12 million. Thesummarizedstatement of financial position of SEA Ltd as at 31 December 2012 was as follows.
$m
Net asset (at carrying amount)30
Ordinary share capital ($1 share)10
Retained earnings 1 January 201215
Net profit for the year ended 31 December 20125
At 1 January 2012 the fair value of the net assets of SEA Ltd was $5 million greater than their carrying amount. The difference, which has not been recorded in SEA Ltd's books, relates to land which is still owned by SEA Ltd at 31 December 2012.
At what amount should the investment in SEA Ltd be included in NORMAN plc's consolidated statement of financial position as at 31 December 2012?
正確答案: B
問題2
Wolf plc acquired 80,000 $1 ordinary shares in Fox plc on 1 April 20X5 at a cost of $77,000. Fox plc's retained earnings at that date were $50,000 and its issued ordinary share capital was $100,000.
What is the amount of the gain on a bargain purchase arising on the acquisition?
Wolf plc acquired 80,000 $1 ordinary shares in Fox plc on 1 April 20X5 at a cost of $77,000. Fox plc's retained earnings at that date were $50,000 and its issued ordinary share capital was $100,000.
What is the amount of the gain on a bargain purchase arising on the acquisition?
正確答案: B
問題3
Jerry Co has a defined benefit plan. At the financial year end, the plan has the following values:
$m Fair value of plan assets65 Present value of pension obligation52.5 Cumulative unrecognizedactuarial losses2 Present value of refunds from the plan and reductions in future contributions11.5
What is the value of the pension in the statement of financial position?
Jerry Co has a defined benefit plan. At the financial year end, the plan has the following values:
$m Fair value of plan assets65 Present value of pension obligation52.5 Cumulative unrecognizedactuarial losses2 Present value of refunds from the plan and reductions in future contributions11.5
What is the value of the pension in the statement of financial position?
正確答案: B
問題4
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?
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?
正確答案: B
問題5
BEATS plc acquired 75% of the ordinary shares in JOHN Ltd on 1 April 2012. BEATS plc has prepared a consolidated statement of financial position at 31 March 2013, which shows goodwill of $200,000 and consolidated retained earnings of $400,000. However, this consolidated statement of financial position has ignored the fair value of an item of plant held by JOHN Ltdwhich at the date of acquisition was $120,000 in excess of its carrying amount. The asset has a remaining useful life of five years.
After adjusting for the above fair value, what amounts should be shown for goodwill in BEATS plc's consolidated statement of financial position as at 31 March 2013?
BEATS plc acquired 75% of the ordinary shares in JOHN Ltd on 1 April 2012. BEATS plc has prepared a consolidated statement of financial position at 31 March 2013, which shows goodwill of $200,000 and consolidated retained earnings of $400,000. However, this consolidated statement of financial position has ignored the fair value of an item of plant held by JOHN Ltdwhich at the date of acquisition was $120,000 in excess of its carrying amount. The asset has a remaining useful life of five years.
After adjusting for the above fair value, what amounts should be shown for goodwill in BEATS plc's consolidated statement of financial position as at 31 March 2013?
正確答案: D
問題6
Taylor buys a machine on three months credit from France for EUR50,000 on 15 December 2012. The machine has not been paid for by Taylor's year end of 31 December 2012. The exchange rates are as follows:
DateRate
15 December 2012$1: EUR1.25
31 December 2012$1: EUR1.30
What is the journal to initially recognise the transaction?
Taylor buys a machine on three months credit from France for EUR50,000 on 15 December 2012. The machine has not been paid for by Taylor's year end of 31 December 2012. The exchange rates are as follows:
DateRate
15 December 2012$1: EUR1.25
31 December 2012$1: EUR1.30
What is the journal to initially recognise the transaction?
正確答案: D
問題7
During the year ended 30 June 2013, Emily plc spent $300,000 on the development of a new range of garden machinery. In order to carry out this work, Emily plc purchased some highlyspecializedequipment on 1 July 2012 at a cost of $100,000. The equipment is expected to have a useful life of five years and is to be depreciated over that period by the straight-line method.
According to IAS 38 Intangible Assets, what is the maximum amount that Emily plc can carry forward as development expenditure as at 30 June 2013?
During the year ended 30 June 2013, Emily plc spent $300,000 on the development of a new range of garden machinery. In order to carry out this work, Emily plc purchased some highlyspecializedequipment on 1 July 2012 at a cost of $100,000. The equipment is expected to have a useful life of five years and is to be depreciated over that period by the straight-line method.
According to IAS 38 Intangible Assets, what is the maximum amount that Emily plc can carry forward as development expenditure as at 30 June 2013?
正確答案: A
問題8
Back plc has one associated company, Beyond Ltd, in which Back plc holds 40% of the issued 100,000 $1 ordinary shares. The financial controller of Back plc is unsure how the following transactions should be reflected in the consolidated statement of cash flows and has asked you to confirm the overall impact.
1)In the previous accounting period, Back plc had made a cash advance of $100,000 to Beyond Ltd. During the current accounting period, Beyond Ltd repaid $30,000 of this cash advance.
2)During the current accounting period, Beyond Ltd sold an item of property, plant and machinery at its carrying amount for $20,000 cash.
3)During the current accounting period, Beyond Ltd paid a dividend of 20c per share.
In accordance with IAS 7 Statement of Cash Flows, what is the impact of the above cash transactions on Back plc's consolidated statement of cash flows for the current accounting period?
Back plc has one associated company, Beyond Ltd, in which Back plc holds 40% of the issued 100,000 $1 ordinary shares. The financial controller of Back plc is unsure how the following transactions should be reflected in the consolidated statement of cash flows and has asked you to confirm the overall impact.
1)In the previous accounting period, Back plc had made a cash advance of $100,000 to Beyond Ltd. During the current accounting period, Beyond Ltd repaid $30,000 of this cash advance.
2)During the current accounting period, Beyond Ltd sold an item of property, plant and machinery at its carrying amount for $20,000 cash.
3)During the current accounting period, Beyond Ltd paid a dividend of 20c per share.
In accordance with IAS 7 Statement of Cash Flows, what is the impact of the above cash transactions on Back plc's consolidated statement of cash flows for the current accounting period?
正確答案: B