ACCA考试F7考试模拟试题练习（10）
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ACCA考试F7考试模拟试题练习（10）
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1. Quartile is in the jewellery retail business which can be assumed to be highly seasonal. For the year ended 30 September 2014, Quartile assessed its operating performance by comparing selected accounting ratios with those of its business sector average as provided by an agency. You may assume that the business sector used by the agency is an accurate representation of Quartile’s business.
Which of the following circumstances may invalidate the comparison of Quartile’s ratios with those of the sector average?
(i) In the current year, Quartile has experienced significant rising costs for its purchases
(ii) The sector average figures are complied from companies whose year end is between 1 July 2014 and 30 September 2014
(iii) Quartile does not revalue its properties, but is aware that other entities in this sector do
(iv) During the year, Quartile discovered an error relating to the inventory count at 30 September 2013. This error was correctly accounted for in the financial statements for the current year ended 30 September 2014
A All four
B (i), (ii) and (iii)
C (ii) and (iii) only
D (ii), (iii) and (iv)
答案：C
2. Which of the following criticisms does NOT apply to historical cost accounts during a period of rising prices?
A They contain mixed values; some items are at current values, some at out of date values
B They are difficult to verify as transactions could have happened many years ago
C They understate assets and overstate profit
D They overstate gearing in the statement of financial position
答案：B
3. Johnson paid $1·2 million for a 30% investment in Treem’s equity shares on 1 August 2014. Treem’s profit after tax for the year ended 31 March 2015 was $750,000. On 31 March 2015, Treem had $300,000 goods 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 pidends.
On the assumption that Treem is an associate of Johnson, what would be the carrying amount of the investment in Treem in the consolidated statement of financial position of Johnson as at 31 March 2015?
A $1,335,000
B $1,332,000
C $1,300,000
D $1,410,000
答案：A
4. Although most items in financial statements are shown at their historical cost, increasingly the IASB is requiring or allowing current cost to be used in many areas of financial reporting.Drexler acquired an item of plant on 1 October 2012 at a cost of $500,000. It has an expected life of five years (straight-line depreciation) and an estimated residual value of 10% of its historical cost or current cost as appropriate.As at 30 September 2014, the manufacturer of the plant still makes the same item of plant and its current price is $600,000.
What is the correct carrying amount to be shown in the statement of financial position of Drexler as at 30 September 2014 under historical cost and current cost?
historical cost current cost
$ $
A 320,000 600,000
B 320,000 384,000
C 300,000 600,000
D 300,000 384,000
答案：B
5. Which of the following is a change of accounting policy under IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors?
A Classifying commission earned as revenue in the statement of profit or loss, having previously classified it as other operating income
B Switching to purchasing plant using finance leases from a previous policy of purchasing plant for cash
C Changing the value of a subsidiary’s inventory in line with the group policy for inventory valuation when preparing the consolidated financial statements
D Revising the remaining useful life of a depreciable asset
答案：A
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