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2015年6月ACCA F7考试真题及答案(国际)

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2015年6月ACCA F7考试真题及答案(国际),本试卷是为参加ACCA F7考试的考生准备的2015年6月真题

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1

Faithful representation is a fundamental characteristic of useful information within the IASB’s Conceptual framework for financial reporting.

Which of the following accounting treatments correctly applies the principle of faithful representation?

  • A.Reporting a transaction based on its legal status rather than its economic substance
  • B.Excluding a subsidiary from consolidation because its activities are not compatible with those of the rest of the group
  • C.Recording the whole of the 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) finance
2
Which of the following statements relating to intangible assets is true?
  • A.All intangible assets must be carried at amortised cost or at an impaired amount; they cannot be revalued upwards
  • B.The development of a new process which is not expected to increase sales revenues may still be recognised as an intangible asset
  • C.Expenditure on the prototype of a new engine cannot be classified as an intangible asset because the prototype has been assembled and has physical substance
  • D.Impairment losses for a cash generating unit are first applied to goodwill and then to other intangible assets before being applied to tangible assets
3

Each of the following events occurred after the reporting date of 31 March 2015, but before the financial statements were authorised for issue.

Which would be treated as a NON-adjusting event under IAS 10 Events After the Reporting Period?

  • A.A public announcement in April 2015 of a formal plan to discontinue an operation which had been approved by the board in February 2015
  • B.The settlement of an insurance claim for a loss sustained in December 2014
  • C.Evidence that $20,000 of goods which were listed as part of the inventory in the statement of financial position as at 31 March 2015 had been stolen
  • D.A sale of goods in April 2015 which had been held in inventory at 31 March 2015. The sale was made at a price below its carrying amount at 31 March 2015
4

Metric owns an item of plant which has a carrying amount of $248,000 as at 1 April 2014. It is being depreciated at 12?% per annum on a reducing balance basis.

The plant is used to manufacture a specific product which has been suffering a slow decline in sales. Metric has estimated that the plant will be retired from use on 31 March 2017. The estimated net cash flows from the use of the plant and their present values are:

On 1 April 2015, Metric had an alternative offer from a rival to purchase the plant for $200,000.

At what value should the plant appear in Metric’s statement of financial position as at 31 March 2015?

  • A.$248,000
  • B.$217,000
  • C.$214,600
  • D.$200,000
5

Pact acquired 80% of the equity shares of Sact on 1 July 2014, paying $3·00 for each share acquired. This represented a premium of 20% over the market price of Sact’s shares at that date.

Sact’s shareholders’ funds (equity) as at 31 March 2015 were:

The only fair value adjustment required to Sact’s net assets on consolidation was a $20,000 increase in the value of its land.

Pact’s policy is to value non-controlling interests at fair value at the date of acquisition. For this purpose the market price of Sact’s shares at that date can be deemed to be representative of the fair value of the shares held by the non-controlling interest.

What would be the carrying amount of the non-controlling interest of Sact in the consolidated statement of financial position of Pact as at 31 March 2015?

  • A.$54,000
  • B.$50,000
  • C.$56,000
  • D.$58,000
6

The IASB’s 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 statements of an entity in the manner described?

  • 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 hurricanes
  • B.In equity: irredeemable preference shares
  • C.As a trade receivable: an amount of $10,000 due from a customer which has been sold (factored) to a finance company with no recourse to the seller
  • D.In revenue: the whole of the proceeds from the sale of an item of manufactured plant which has to be maintained by the seller for three years as part of the sale agreement
7

At 31 March 2015, Jasim had shareholders’ funds (equity) of $200,000 and debt of $100,000.

Which of the following transactions would increase Jasim’s gearing compared to what it would have been had the transaction NOT taken place?

Gearing should be taken as debt/(debt + equity). Each transaction should be considered separately.

  • A.During the year a property was revalued upwards by $20,000
  • B.A bonus issue of equity shares of 1 for 4 was made during the year using other components of equity
  • C.A provision for estimated damages was reduced during the year from $21,000 to $15,000 based on the most recent legal advice
  • D.An asset with a fair value of $25,000 was acquired under a finance lease on 31 March 2015
8

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 in issue with each share receiving the same dividend. Germane owns all of Foll’s 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 notes 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 variable returns from Polly and has the ability to affect these returns through its power over Polly

  • A.(i) only
  • B.(i) and (ii) only
  • C.(ii) and (iii) only
  • D.All three
9

Tibet acquired a new office building on 1 October 2014. Its initial carrying amount consisted of:

The estimated lives of the building structure and air conditioning system are 25 years and 10 years respectively. When the air conditioning system is due for replacement, it is estimated that the old system will be dismantled and sold for $500,000. Depreciation is time apportioned where appropriate.

At what amount will the office building be shown in Tibet’s statement of financial position as at 31 March 2015? $’000

  • A.15,625
  • B.15,250
  • C.15,585
  • D.15,600
10

To which of the following items does IAS 41 Agriculture apply?

(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 which is resistant to tropical diseases

  • A.All four
  • B.(i) only
  • C.(i) and (ii) only
  • D.(ii) and (iii) only
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