FR試験無料問題集「CPA Financial Reporting 認定」
Gene Ltd has the following assets and liabilities at 31 December 2005.
Note$ Fixtures and fittings at carrying amount(1)10,000 Receivables(2)8,000 Cash and cash equivalents1,000 Payable(5,000) 14,000
Notes
(1)
The fixtures and fittings have been held for three years and had an estimated useful life of six years. If the fixtures and fittings were to be sold on 31 December 2005 they would realise $14,000
(2)
If Gene Ltd was to cease trading it is estimated that an allowance against receivables of $500 would need to be made
At what amount would the net assets be stated in the statement of financial position of Gene Ltd at 31 December 2005 under the breakup basis?
Note$ Fixtures and fittings at carrying amount(1)10,000 Receivables(2)8,000 Cash and cash equivalents1,000 Payable(5,000) 14,000
Notes
(1)
The fixtures and fittings have been held for three years and had an estimated useful life of six years. If the fixtures and fittings were to be sold on 31 December 2005 they would realise $14,000
(2)
If Gene Ltd was to cease trading it is estimated that an allowance against receivables of $500 would need to be made
At what amount would the net assets be stated in the statement of financial position of Gene Ltd at 31 December 2005 under the breakup basis?
正解：A
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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?
(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?
正解：C
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Roadrunner is a large motor-race track construction company. The finance director is working on the published accounts for the year ended 31 March 2013. The following cases have to be resolved before the accounts can befinalized.
(i)One of Roadrunner's customers using the tracks was injured during a race. The customer claims that the accident was Roadrunner's fault due to there being a cleft on track. Roadrunner's lawyers have advised that the customer has a very strong case, but will be unable to estimate the financial outcome until further medical evidence becomes available.
(ii)Roadrunner has recently expanded its overseas market building motor racing tracks in areas with no such activity. It is expected that the tracks will be abandoned in five years' time. At that point the tracks will need to be dismantled and the area restored to its original condition in accordance with current legislation. The estimated cost of restoration is expected to be $4 million. The cost of capital of the company is 10%.
Which of the following options is correct in relation to the above two facts in respect of Roadrunner?
(i)One of Roadrunner's customers using the tracks was injured during a race. The customer claims that the accident was Roadrunner's fault due to there being a cleft on track. Roadrunner's lawyers have advised that the customer has a very strong case, but will be unable to estimate the financial outcome until further medical evidence becomes available.
(ii)Roadrunner has recently expanded its overseas market building motor racing tracks in areas with no such activity. It is expected that the tracks will be abandoned in five years' time. At that point the tracks will need to be dismantled and the area restored to its original condition in accordance with current legislation. The estimated cost of restoration is expected to be $4 million. The cost of capital of the company is 10%.
Which of the following options is correct in relation to the above two facts in respect of Roadrunner?
正解：D
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Arnold Ltd bought an asset on 1 October 20X1 for $200,000. It was being depreciated over 20 years on the straight-line basis. On 1 October 20X3, the asset was revalued to $270,000. Subsequently, on 30 September 20X7 the asset was classified as held for sale. Its fair value was estimated at $190,000 with costs to sell $5,000.
In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, what should be the lossrecognizedin the statement of profit or loss for the year ended 30 September 20X7?
In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, what should be the lossrecognizedin the statement of profit or loss for the year ended 30 September 20X7?
正解：D
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The following statements relate to intangible assets.
1) An intangible asset should beamortizedon a systematic basis over the asset's useful life.
2) Internally generated goodwill may be carried in the statement of financial position if the value can be determined with reasonable certainty.
3) Internally generated brands can never berecognizedas intangible assets.
Which of the above statements are consistent with IAS 38 Intangible Assets?
1) An intangible asset should beamortizedon a systematic basis over the asset's useful life.
2) Internally generated goodwill may be carried in the statement of financial position if the value can be determined with reasonable certainty.
3) Internally generated brands can never berecognizedas intangible assets.
Which of the above statements are consistent with IAS 38 Intangible Assets?
正解：D
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For the year to 31 December 2012, the profit or loss statement of Little Co shows a profit before tax of $150,500 after charging depreciation of $55,000 and interest of $12,200. The company does not hold any inventory and company's policy is not to grant credit to customers. Trade payables at 31 December 2012 were $15,200 greater than the amount owed at 31 December 2011. During the year the taxation liability of $9,500 was paid. No interest was owed at 31 December 2011 and at 31 December 2012.
What should be the 'Net cash from operating activities' in the cash flow statement for the year to 31 December 2012?
What should be the 'Net cash from operating activities' in the cash flow statement for the year to 31 December 2012?
正解：B
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On 5 March 2013MerchantLtd issued 200,000 5% irredeemable $1 preference shares. In accordance with IAS 32 Financial Instruments: Presentation, how will these shares and their related dividend be shown inMerchantLtd's financial statements for the year ended 31 March 2013?
SharesDividend
SharesDividend
正解：B
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