ACCA考试F7考试模拟试题练习（5）

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ACCA考试F7考试模拟试题练习（5）

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1. Repro, a company which sells photocopying equipment, has prepared its draft financial statements for the year ended 30 September 2014. It has included the following transactions in revenue at the stated amounts below.Which of these has been correctly included in revenue according to IAS 18 Revenue?

A Agency sales of $250,000 on which Repro is entitled to a commission

B Sale proceeds of $20,000 for motor vehicles which were no longer required by Repro

C Sales of $150,000 on 30 September 2014. The amount invoiced to and received from the customer was $180,000, which includes $30,000 for ongoing servicing work to be done by Repro over the next two years

D Sales of $200,000 on 1 October 2013 to an established customer which (with the agreement of Repro) will be paid in full on 30 September 2015. Repro has a cost of capital of 10%

答案：A

2. Tynan’s year end is 30 September 2014 and the following potential liabilities have been identified:

(i) The signing of a non-cancellable contract in September 2014 to supply goods in the following year on which, due to a pricing error, a loss will be made

(ii) The cost of a reorganisation which was approved by the board in August 2014 but has not yet been implemented, communicated to interested parties or announced publicly

(iii) An amount of deferred tax relating to the gain on the revaluation of a property during the current year. Tynan has no intention of selling the property in the foreseeable future

(iv) The balance on the warranty provision which relates to products for which there are no outstanding claims and whose warranties had expired by 30 September 2014

Which of the above should Tynan recognise as liabilities as at 30 September 2014?

A All four

B (i) and (ii) only

C (i) and (iii) only

D (iii) and (iv) only

答案：C

3. Yling entered into a construction contract on 1 January 2014 which is expected to last 24 months. The agreed price for the contract is $5 million. At 30 September 2014, the costs incurred on the contract were $1·6 million and the estimated remaining costs to complete were $2·4 million. On 20 September 2014, Yling received a payment from the customer of $1·8 million which was equal to the full amount of the progress billings. Yling calculates the stage of completion of its construction contracts on the basis of progress billings to the contract price. What amount would be reported in Yling’s statement of financial position as at 30 September 2014 for the amount due from the customer for the above contract?

A Nil

B $160,000

C $800,000

D $200,000

答案：D

4. Recognition is the process of including within the financial statements items which meet the definition of an element according to the IASB’s Conceptual Framework for Financial Reporting.Which of the following items should be recognised as an asset in the statement of financial position of a company?

A A skilled and efficient workforce which has been very expensive to train. Some of these staff are still in the employment of the company

B A highly lucrative contract signed during the year which is due to commence shortly after the year end

C A government grant relating to the purchase of an item of plant several years ago which has a remaining life of four years

D A receivable from a customer which has been sold (factored) to a finance company. The finance company has full recourse to the company for any losses

答案：D

5. On 30 September 2014, Razor’s closing inventory was counted and valued at its cost of $1 million. Some items of inventory which had cost $210,000 had been damaged in a flood (on 15 September 2014) and are not expected to achieve their normal selling price which is calculated to achieve a gross profit margin of 30%. The sale of these goods will be handled by an agent who sells them at 80% of the normal selling price and charges Razor a commission of 25%.

At what value will the closing inventory of Razor be reported in its statement of financial position as at 30 September 2014?

A $1 million

B $790,000

C $180,000

D $970,000

答案：D

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