1、ACCA 考试 F7 财务报告（International）真题 2015 年 6 月及答案解析(总分：100.00，做题时间：180 分钟)一、Section A ALL 20 q(总题数：20，分数：40.00)1.Faithful representation is a fundamental characteristic of useful information within the IASBs Conceptual framework for financial reporting. Which of the following accounting treatments corr
2、ectly applies the principle of faithful representation?（分数：2.00）A.Reporting a transaction based on its legal status rather than its economic substanceB.Excluding a subsidiary from consolidation because its activities are not compatible with those of the rest of the groupC.Recording the whole of the
3、net proceeds from the issue of a loan note which is potentially convertible to equity shares as debt (liability)D.Allocating part of the sales proceeds of a motor vehicle to interest received even though it was sold with 0%(interest free) finance2.Which of the following statements relating to intang
4、ible assets is true?（分数：2.00）A.All intangible assets must be carried at amortised cost or at an impaired amount; they cannot be revaluedupwardsB.The development of a new process which is notexpected to increase sales revenues may still be recognised asan intangible assetC.Expenditure on the prototyp
5、e of a new engine cannot be classified as an intangible asset because the prototypehas been assembled and has physical substanceD.Impairment losses for a cash generating unit are first applied to goodwill and then to other intangible assets beforebeing applied to tangible assets3.Each of the followi
6、ng events occurred after the reporting date of 31 March 2015, but before the financial statementswere authorised for issue. Which would be treated as a NON-adjusting event under IAS 10 Events After the Reporting Period?（分数：2.00）A.A public announcement in April 2015 of a formal plan to discontinue an
7、 operation which had been approved bythe board in February 2015B.The settlement of an insurance claim for a loss sustained in December 2014C.Evidence that $20,000 of goods which were listed as part of the inventory in the statement of financial positionas at 31 March 2015 had been stolenD.A sale of
8、goods in April 2015 which had been held in inventory at 31 March 2015. The sale was made at aprice below its carrying amount at 31 March 20154.Metric owns an item of plant which has a carrying amount of $248,000 as at 1 April 2014. It is being depreciatedat 12?% per annum on a reducing balance basis
9、. The plant is used to manufacture a specific product which has been suffering a slow decline in sales. Metric hasestimated that the plant will be retired from use on 31 March 2017. The estimated net cash flows from the use ofthe plant and their present values are: （分数：2.00）A.$248,000B.$217,000C.$21
10、4,600D.$200,0005.Pact acquired 80% of the equity shares of Sact on 1 July 2014, paying $300 for each share acquired. Thisrepresented a premium of 20% over the market price of Sacts shares at that date.Sacts shareholders funds (equity) as at 31 March 2015 were: （分数：2.00）A.$54,000B.$50,000C.$56,000D.$
11、58,0006.The IASBs Conceptual framework for financial reporting defines recognition as the process of incorporating in the financial statements an item which meets the definition of an element and satisfies certain criteria. Which of the following elements should be recognised in the financial statem
12、ents of an entity in the mannerdescribed?（分数：2.00）A.As a non-current liability: a provision for possible hurricane damage to property for a company located in an area which experiences a high incidence of hurricanesB.In equity: irredeemable preference sharesC.As a trade receivable: an amount of $10,
13、000 due from a customer which has been sold (factored) to a financecompany with no recourse to the sellerD.In revenue: the whole of the proceeds from the sale of an item of manufactured plant which has to be maintainedby the seller for three years as part of the sale agreement7.At 31 March 2015, Jas
14、im had shareholders funds (equity) of $200,000 and debt of $100,000. Which of the following transactions would increase Jasims gearing compared to what it would have been hadthe transaction NOT taken place? Gearing should be taken as debt/(debt + equity). Each transaction should be considered separa
15、tely.（分数：2.00）A.During the year a property was revalued upwards by $20,000B.A bonus issue of equity shares of 1 for 4 was made during the year using other components of equityC.A provision for estimated damages was reduced during the year from $21,000 to $15,000 based on the most recent legal advice
16、D.An asset with a fair value of $25,000 was acquired under a finance lease on 31 March 20158.Germane has a number of relationships with other companies. In which of the following relationships is Germane necessarily the parent company? (i)Foll has 50,000 non-voting and 100,000 voting equity shares i
17、n issue with each share receiving the samedividend. Germane owns all of Folls non-voting shares and 40,000 of its voting shares (ii)Kipp has 1 million equity shares in issue of which Germane owns 40%. Germane also owns $800,000 out of $1 million 8% convertible loan notes issued by Kipp. These loan n
18、otes may be converted on the basis of 40 equity shares for each $100 of loan note, or they may be redeemed in cash at the option of the holder (iii)Germane owns 49% of the equity shares in Polly and 52% of its non-redeemable preference shares. As a result of these investments, Germane receives varia
19、ble returns from Polly and has the ability to affect these returnsthrough its power over Polly（分数：2.00）A.(i) onlyB.(i) and (ii) onlyC.(ii) and (iii) onlyD.All three9.Tibet acquired a new office building on 1 October 2014. Its initial carrying amount consisted of: （分数：2.00）A.15,625B.15,250C.15,585D.1
20、5,60010.To which of the following items does IAS 41 Agricultureapply? (i)A change in the fair value of a herd of farm animals relating to the unit price of the animals (ii)Logs held in a wood yard (iii)Farm land which is used for growing vegetables (iv)The cost of developing a new type of crop seed
21、which is resistant to tropical diseases（分数：2.00）A.All fourB.(i) onlyC.(i) and (ii) onlyD.(ii) and (iii) only11.Wilmslow acquired 80% of the equity shares of Zeta on 1 April 2014 when Zetas retained earnings were $200,000. During the year ended 31 March 2015, Zeta purchased goods from Wilmslow totall
22、ing $320,000. At 31 March2015, one quarter of these goods were still in the inventory of Zeta. Wilmslow applies a mark-up on cost of 25% toall of its sales. At 31 March 2015, the retained earnings of Wilmslow and Zeta were $450,000 and $340,000 respectively. What would be the amount of retained earn
23、ings in Wilmslows consolidated statement of financial position as at31 March 2015?（分数：2.00）A.$706,000B.$542,000C.$498,000D.$546,00012.IFRS requires extensive use of fair values when recording the acquisition of a subsidiary. Which of the following comments, regarding the use of fair values on the ac
24、quisition of a subsidiary, is correct?（分数：2.00）A.The use of fair value to record a subsidiarys acquired assets does not comply with the historical cost principleB.The use of fair values to record the acquisition of plant always increases consolidated post-acquisitiondepreciation charges compared to
25、the corresponding charge in the subsidiarys own financial statementsC.Cash consideration payable one year after the date of acquisition needs to be discounted to reflect its fair valueD.Patents must be included as part of goodwill because it is impossible to determine the fair value of an acquiredpa
26、tent, as, by definition, patents are unique13.The following trial balance extract relates to a property which is owned by Veeton as at 1 April 2014: （分数：2.00）A.$540,000B.$570,000C.$700,000D.$800,00014.Under certain circumstances, profits made on transactions between members of a group need to be eli
27、minated from the consolidated financial statements under IFRS. Which of the following statements about intra-group profits in consolidated financial statements is/are correct? (i) The profit made by a parent on the sale of goods to a subsidiary is only realised when the subsidiary sells thegoods to
28、a third party (ii)Eliminating intra-group unrealised profits never affects non-controlling interests (iii)The profit element of goods supplied by the parent to an associate and held in year-end inventory must be eliminated in full（分数：2.00）A.(i) onlyB.(i) and (ii)C.(ii) and (iii)D.(iii) only15.Which
29、of the following statements about IAS 20 Accounting for Government Grants and Disclosure of Government Assistance are true? (i) A government grant related to the purchase of an asset must be deducted from the carrying amount of the assetin the statement of financial position (ii)A government grant r
30、elated to the purchase of an asset should be recognised in profit or loss over the life of the asset (iii)Free marketing advice provided by a government department is excluded from the definition of government grants (iv)Any required repayment of a government grant received in an earlier reporting p
31、eriod is treated as prior period adjustment（分数：2.00）A.(i) and (ii)B.(ii) and (iii)C.(ii) and (iv)D.(iii) and (iv)16.In a review of its provisions for the year ended 31 March 2015, Cumlas assistant accountant has suggested the following accounting treatments: (i) Making a provision for a constructive
32、 obligation of $400,000; this being the sales value of goods expected to bereturned by retail customers after the year end under the companys advertised 30-day returns policy (ii)Based on past experience, a $200,000 provision for unforeseen liabilities arising after the year end (iii)The partial rev
33、ersal (as a credit to the statement of profit or loss) of the accumulated depreciation provision on an item of plant because the estimate of its remaining useful life has been increased by three years (iv)Providing $1 million for deferred tax at 25% relating to a $4 million revaluation of property d
34、uring March 2015 even though Cumla has no intention of selling the property in the near future Which of the above suggested treatments of provisions is/are permitted by IFRS?（分数：2.00）A.(i) onlyB.(i) and (ii)C.(ii) and (iii)D.(iv)17.At 1 April 2014, Tilly owned a property with a carrying amount of $8
35、00,000 which had a remaining estimated life of 16 years. The property had not been revalued. On 1 October 2014, Tilly decided to sell the property and correctlyclassified it as being held-for-sale. A property agent reported that the propertys fair value less costs to sell at 1 October 2014 was expec
36、ted to be $790,500 which had not changed at 31 March 2015. What should be the carrying amount of the property in Tillys statement of financial position as at 31 March2015?（分数：2.00）A.$775,000B.$790,500C.$765,000D.$750,00018.Johnson paid $12 million for a 30% investment in Treems equity shares on 1 Au
37、gust 2014. Treems profit after tax for the year ended 31 March 2015 was $750,000. On 31 March 2015, Treem had $300,000goods in its inventory which it had bought from Johnson in March 2015. These had been sold by Johnson at a mark-up on cost of 20%. Treem has not paid any dividends. On the assumption
38、 that Treem is an associate of Johnson, what would be the carrying amount of the investmentin Treem in the consolidated statement of financial position of Johnson as at 31 March 2015?（分数：2.00）A.$1,335,000B.$1,332,000C.$1,300,000D.$1,410,00019.Hindberg is a car retailer. On 1 April 2014, Hindberg sol
39、d a car to Latterly on the following terms: The selling price of the car was $25,300. Latterly paid $12,650 (half of the cost) on 1 April 2014 and would paythe remaining $12,650 on 31 March 2016 (two years after the sale). Hindbergs cost of capital is 10% per annum. What is the total amount which Hi
40、ndberg should credit to profit or loss in respect of this transaction in the yearended 31 March 2015?（分数：2.00）A.$23,105B.$23,000C.$20,909D.$24,15020.Which of the following current year events would explain a fall in a companys operating profit margin compared to the previous year?（分数：2.00）A.An incre
41、ase in gearing leading to higher interest costsB.A reduction in the allowance for uncollectible receivablesC.A decision to value inventory on the average cost basis from the first in first out (FIFO) basis. Unit prices of inventory had risen during the current yearD.A change from the amortisation of
42、 development costs being included in cost of sales to being included inadministrative expenses二、Section B ALL THRE(总题数：3，分数：60.00)On 1 July 2014 Bycomb acquired 80% of Cyclips equity shares on the following terms: a share exchange of two shares in Bycomb for every three shares acquired in Cyclip; an
43、d a cash payment due on 30 June 2015 of $154 per share acquired (Bycombs cost of capital is 10% perannum). At the date of acquisition, shares in Bycomb and Cyclip had a stock market value of $300 and $250 eachrespectively. Statements of profit or loss for the year ended 31 March 2015: （分数：15.00）(1).
44、(a) Calculate the consolidated goodwill at the date of acquisition of Cyclip.(6 marks)（分数：7.50）_(2).(b) Prepare extracts from Bycombs consolidated statement of profit or loss for the year ended 31 March 2015,for: (i)revenue; (ii)cost of sales; (iii)finance costs; (iv) profit or loss attributable to
45、the non-controlling interest. The following mark allocation is provided as guidance for this requirement: (i)1 mark(ii)3 marks(iii)2? marks(iv) 2? marks (9 marks)（分数：7.50）_Yogi is a public company and extracts from its most recent financial statements are provided below: Statements of profit or loss
46、 for the year ended 31 March Notes On 1 April 2014, Yogi sold the net assets (including goodwill) of a separately operated division of its business for $8 million cash on which it made a profit of $1 million. This transaction required shareholder approval and,in order to secure this, the management
47、of Yogi offered shareholders a dividend of 40 cents for each share in issue out of the proceeds of the sale. The trading results of the division which are included in the statement of profit or loss for the year ended 31 March 2014 above are: （分数：15.00）(1).(a) Calculate the equivalent ratios for Yog
48、i: (i) for the year ended 31 March 2014, after excluding the contribution made by the division that has beensold; and (ii)for the year ended 31 March 2015, excluding the profit on the sale of the division.(5 marks)（分数：7.50）_(2).(b) Comment on the comparative financial performance and position of Yogi for the year ended 31 March 2015. (10 marks)（分数：7.50）_The following trial balance relates to Clarion as at 31 March 2015: （分数：30.00）(1).(a) Prepare the statement of profit or loss for Clarion for the year
