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. Aqua has correctly calculated its basic earnings per share (EPS) for the current year. Which of the following items need to be additionally considered when calculating Aqua’s diluted EPS for the year?

(i) A 1 for 5 rights issue of equity shares during the year at $1·20 when the market price of the equity shares was $2·00

(ii) The issue during the year of a convertible (to equity shares) loan note

(iii) The granting during the year of directors’ share options exercisable in three years’ time

(iv) Equity shares issued during the year as the purchase consideration for the acquisition of a new subsidiary company

A All four

B (i) and (ii) only

C (ii) and (iii) only

D (iii) and (iv) only

答案：C

2. 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

3. Which of the following would be a change in accounting policy in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors?

A Adjusting the financial statements of a subsidiary prior to consolidation as its accounting policies differ from those of its parent

B A change in reporting depreciation charges as cost of sales rather than as administrative expenses

C Depreciation charged on reducing balance method rather than straight line

D Reducing the value of inventory from cost to net realisable value due to a valid adjusting event after the reporting period

答案：D

4. On 1 January 2014, Viagem acquired 80% of the equity share capital of Greca. Extracts of their statements of profit or loss for the year ended 30 September 2014 are:

Viagem Greca

$’000 $’000

Revenue 64,600 38,000

Cost of sales (51,200) (26,000)

Sales from Viagem to Greca throughout the year ended 30 September 2014 had consistently been $800,000 per month. Viagem made a mark-up on cost of 25% on these sales. Greca had $1·5 million of these goods in inventory as at 30 September 2014. What would be the cost of sales in Viagem’s consolidated statement of profit or loss for the year ended 30 September 2014?

A $59·9 million

B $61·4 million

C $63·8 million

D $67·9 million

答案：C

5. The objective of IAS 17 Leases is to prescribe the appropriate accounting treatment and required disclosures in relation to leases.

Which TWO of the following situations would normally lead to a lease being classified as a finance lease?

(i) The lease transfers ownership of the asset to the lessee by the end of the lease term

(ii) The lease term is for approximately half of the economic life of the asset

(iii) The lease assets are of a specialised nature such that only the lessee can use them without major modifications being made

(iv) At the inception of the lease, the present value of the minimum lease payments is 60% of what the leased asset would cost to purchase

A (i) and (ii)

B (i) and (iii)

C (ii) and (iii)

D (iii) and (iv)

答案：A

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(iii) the warranty provision. (3 marks)

正确答案：
(iii) Warranty provision
■ Agree the principal assumptions in management’s estimate of liabilities under warranties to the terms of warranty
as set out in contracts for sale of vehicle. For example:
– the period for which warranties are given;
– whether for parts replacement only or parts and labour;
– exclusion clauses, perhaps for vehicles sold into a particular market, or used in a specified industry (e.g. filmmaking).
■ Agree the reasonableness of management’s assumptions in the calculation of the provision. For example, the
proportion of vehicles for which claims are made within three months, three to six months, six to nine months, etc.
■ Substantiate the economic reality of the basis of management’s calculations. For example:
– agree the number of vehicles sold each month to a summary sales report;
– agree the calculation of average cost of a repair under warranty to job records;
– test costs of repair on a sample basis (e.g. parts replaced to price lists and labour charges to hours worked
(per job records) and charge-out rates).
■ Consider the reasonableness of management’s estimate by comparing:
– the actual cost of after-date repairs (say for three months) against the appropriate proportion of the provision
made;
– current year provision per vehicle sold against prior provision per vehicle sold.
■ Assess management’s ability to make reliable estimates in this area by comparing last year’s provision with the
actual repairs under warranty costs incurred during the year in respect of sales made in previous years.
Tutorial note: The basis of management’s estimate may tend to overstate or understate the provision required
and should be revised accordingly.
■ Agree the extent to which the provision takes account of (has been reduced by) any recourse to suppliers (e.g. in
respect of faulty parts). For example:
– by reviewing terms of purchases from major suppliers;
– by examining records of replacement parts received free of charge.

4 (a) Explain the meaning of the term ‘working capital cycle’ for a trading company. (4 marks)

正确答案：
(a) The working capital cycle illustrates the changing make-up of working capital in the course of the trading operations of a
business:
1 Purchases are made on credit and the goods go into inventory.
2 Inventory is sold and converted into receivables
3 Credit customers pay their accounts
4 Cash is used to pay suppliers.

(b) The Superior Fitness Co (SFC), which is well established in Mayland, operates nine centres. Each of SFC’s

centres is similar in size to those of HFG. SFC also provides dietary plans and fitness programmes to its clients.

The directors of HFG have decided that they wish to benchmark the performance of HFG with that of SFC.

Required:

Discuss the problems that the directors of HFG might experience in their wish to benchmark the performance

of HFG with the performance of SFC, and recommend how such problems might be successfully addressed.

(7 marks)

正确答案：
(b) There are a number of potential problems which the directors of HFG need to recognise. These are as follows:
(i) There needs to exist a sufficient incentive for SFO to share their information with HFG as the success of any
benchmarking programme is dependent upon obtaining accurate information about the comparator organisation. This is
not an easy task to accomplish, as many organisations are reluctant to reveal confidential information to competitors.
The directors of HFG must be able to convince the directors of SFO that entering into a benchmarking arrangement is a
potential ‘win-win situation’.
(ii) The value of the exercise must be sufficient to justify the cost involved. Also, it is inevitable that behavioural issues will
need to be addressed in any benchmarking programme. Management should give priority to the need to communicate
the reasons for undertaking a programme of benchmarking in order to gain the full co-operation of its personnel whilst
reducing the potential level of resistance to change.
(iii) Management need to handle the ethical implications relating to the introduction of benchmarking in a sensitive manner
and should endeavour, insofar as possible, to provide reassurance to employees that their status, remuneration and
working conditions will not suffer as a consequence of the introduction of any benchmarking initiatives.

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