ACCA考试F7考试模拟试题练习（3）
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ACCA考试F7考试模拟试题练习（3）
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The following scenario relates to questions 1–5.
Mighty IT Co provides hardware, software and IT services to small business customers.
Mighty IT Co has developed an accounting software package. The company offers a supply and installation service for $1,000 and a separate two-year technical support service for $500. Alternatively, it also offers a combined goods and services contract which includes both of these elements for $1,200. Payment for the combined contract is due one month after the date of installation.
In December 20X5, Mighty IT Co revalued its corporate headquarters. Prior to the revaluation, the carrying amount of the building was $2m and it was revalued to $2·5m.
Mighty IT Co also revalued a sales office on the same date. The office had been purchased for $500,000 earlier in the year, but subsequent discovery of defects reduced its value to $400,000. No depreciation had been charged on the sales office and any impairment loss is allowable for tax purposes. Mighty It Co’s income tax rate is 30%.
1 In accordance with IFRS 15 Revenue from Contracts with Customers, when should Mighty IT Co recognise revenue from the combined goods and services contract?
A Supply and install: on installation
Technical support: over two years
B Supply and install: when payment is made
Technical support: over two years
C Supply and install: on installation
Technical support: on installation
D Supply and install: when payment is made
Technical support: when payment is made
答案：A
2 For each combined contract sold, what is the amount of revenue which Mighty IT Co should recognise in respect of the supply and installation service in accordance with IFRS 15?
A $700
B $800
C $1,000
D $1,200
答案：B
3 Mighty IT Co sells a combined contract on 1 January 20X6, the first day of its financial year.In accordance with IFRS 15, what is the total amount for deferred income which will be reported in Mighty IT Co’s statement of financial position as at 31 December 20X6?
A $400
B $250
C $313
D $200
答案：D
4 In accordance with IAS 12 Income Taxes, what is the impact of the property revaluations on the income tax expense of Mighty IT Co for the year ended 31 December 20X5?
A Income tax expense increases by $180,000
B Income tax expense increases by $120,000
C Income tax expense decreases by $30,000
D No impact on income tax expense
答案：C
5 In January 20X6, the accountant at Mighty IT Co produced the company’s draft financial statements for the year ended 31 December 20X5. He then realised that he had omitted to consider deferred tax on development costs. In 20X5, development costs of $200,000 had been incurred and capitalised. Development costs are deductible in full for tax purposes in the year they are incurred. The development is still in process at 31 December 20X5.
What adjustment is required to the income tax expense in Mighty IT Co’s statement of profit or loss for the year ended 31 December 20X5 to account for deferred tax on the development costs?
A Increase of $200,000
B Increase of $60,000
C Decrease of $60,000
D Decrease of $200,000
答案：B
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