ACCA考试F7考试模拟试题(2020-08-19)

发布时间：2020-08-19

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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A They contain mixed values; some items are at current values, some at out of date values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 dividends.

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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(c) In the context of a standard unmodified audit report, describe the content of a liability disclaimer paragraph,

and discuss the main arguments for and against the use of a liability disclaimer paragraph. (5 marks)

正确答案：
(c) It has become increasingly common for audit firms to include a disclaimer paragraph within the audit report. However, it is
not a requirement of auditing standards and individual audit firms need to assess the advantages and disadvantages of the
use of a disclaimer paragraph.
The wording is used to state the fact that the auditor’s report is intended solely for the use of the company’s members as a
body, and that no responsibility is accepted or assumed to anyone other than the company and the company’s members as
a body.
The main perceived advantage is that the disclaimer should help to reduce the exposure of the audit firm to liability claims
from anyone other than the company or the company’s body of shareholders. The disclaimer makes it clear that the audit
firm reports only to those who appointed the firm, i.e. the members of the company, and this may make it more difficult for
the audit firm to be sued by a third party.
It is also argued that the use of a disclaimer could help to bridge the ‘expectation gap’ by providing a clearer indication of the
responsibility of the auditor.
In this way the audit firm can manage its risk exposure in an increasingly litigious environment. Recent high profile legal cases
against audit firms, such as the Bannerman case in Scotland, illustrate that an audit firm’s duty of care can extend beyond
the company and its shareholders, and that audit firms should consider how to protect themselves against liability claims.
Tutorial note: It is appropriate here to quote recent cases such as the Bannerman case to illustrate the reason why audit
firms face increased potential exposure to claims from third parties. However, knowledge of specific legal cases is not
required to gain full marks for this requirement.
However, it can be argued that a disclaimer does not necessarily work to protect an audit firm. Each legal case has individual
circumstances, and while a disclaimer might protect the audit firm in one situation, equally it may not offer any protection
where the facts of the case are different.
In addition, it is often argued that if an audit firm conducts an audit using full due care and diligence, there is no need for a
disclaimer, as a high quality audit would be very unlikely to lead to any claims against the audit firm. Consequently, it could
be argued that the use of disclaimers as a means to limit liability could permit low quality audits to be performed, the auditors
being confident that legal cases against them are restricted due to the presence of a disclaimer within the audit report.

15 Which of the following statements about intangible assets are correct?

1 If certain criteria are met, research expenditure must be recognised as an intangible asset.

2 Goodwill may not be revalued upwards.

3 Internally generated goodwill should not be capitalised.

A 2 and 3 only

B 1 and 3 only

C 1 and 2 only

D All three statements are correct

正确答案：A

(b) Discuss the key issues which the statement of cash flows highlights regarding the cash flow of the company.

(10 marks)

正确答案：
(b) Financial statement ratios can provide useful measures of liquidity but an analysis of the information in the cash flow
statement, particularly cash flow generated from operations, can provide specific insights into the liquidity of Warrburt. It is
important to look at the generation of cash and its efficient usage. An entity must generate cash from trading activity in order
to avoid the constant raising of funds from non-trading sources. The ‘quality of the profits’ is a measure of an entity’s ability
to do this. The statement of cash flow shows that the company has generated cash in the period despite sustaining a
significant loss ($92m cash flow but $21m loss). The problem is the fact that the entity will not be able to sustain this level
of cash generation if losses continue.
An important measure of cash flow is the comparison of the cash from operating activity to current liabilities. In the case of
Warrburt, this is $92m as compared to $155m. Thus the cash flow has not covered the current liabilities.
Operating cash flow ($92 million) determines the extent to which Warrburt has generated sufficient funds to repay loans,
maintain operating capability, pay dividends and make new investments without external financing. Operating cash flow
appears to be healthy, partially through the release of cash from working capital. This cash flow has been used to pay
contributions to the pension scheme, pay finance costs and income taxes. These uses of cash generated would be normal for
any entity. However, the release of working capital has also financed in part the investing activities of the entity which includes
the purchase of an associate and property, plant and equipment. The investing activities show a net cash outflow of
$43 million which has been financed partly out of working capital, partly from the sale of PPE and AFS financial assets and
partly out of cash generated from operations which include changes in working capital. It seems also that the issue of share
capital has been utilised to repay the long term borrowings and pay dividends. Also a significant amount of cash has been
raised through selling AFS investments. This may not continue in the future as it will depend on the liquidity of the market.
This action seems to indicate that the long term borrowings have effectively been ‘capitalised’. The main issue raised by the
cash flow statement is the use of working capital to partially finance investing activities. However, the working capital ratio
and liquidity ratios are still quite healthy but these ratios will deteriorate if the trend continues.

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