1、 问题:How does the Conceptual Framework define an asset?
A:A resource owned by an entity as a result of past events and from which future economic benefits are expected to flow to the entity
B:A resource over which an entity has legal rights as a result of past events and from which economic benefits are expected to flow to the entity
C:A resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity
D:A resource to which an entity has a future commitment as a result of past events and from which future economic benefits are expected to flow from the entity
答案: 【A resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity】
2、 问题:Which of the following would be classified as a liability?
A:Dexter’s business manufactures a product under licence. In 12 months’ time the licence expires and Dexter will have to pay $50,000 for it to be renewed.
B:Reckless purchased an investment 9 months ago for $120,000. The market for these investments has now fallen and Reckless’s investment is valued at $90,000.
C:Carter has estimated the tax charge on its profits for the year just ended as $165,000.
D:Expansion is planning to invest in new machinery and has been quoted a price of $570,000.
答案: 【Carter has estimated the tax charge on its profits for the year just ended as $165,000.】
3、 问题:The Conceptual Framework identifies four enhancing qualitative characteristics of financial information. For which of these characteristics is DISCLOSURE OF ACCOUNTING POLICIES particularly important?
4、 问题:The Conceptual Framework identifies an UNDERLYING ASSUMPTION in preparing financial statements. This is:
C:Substance over form
答案: 【Going concern】
5、 问题:Recognition is the process of including within the financial statements items which meet the definition of an element according to the lASB’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: 【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.】
6、 问题:Which of the following would correctly describe the net realisable value of a two year old asset?
A:The original cost of the asset less two years’ depreciation
B:The amount that could be obtained from selling the asset, less any costs of disposal
C:The cost of an equivalent new asset less two years’ depreciation
D:The present value of the future cash flows obtainable from continuing to use the asset
答案: 【The amount that could be obtained from selling the asset, less any costs of disposal】
1、 问题:The process for developing an International Financial Reporting Standard involves a number of stages. Following receipt and review of comments on a Discussion Paper, what will be the next step undertaken by the IASB?
A:Publication of an Exposure Draft
B:Establishment of an Advisory Committee
C:Consultation with the Advisory Committee
D:Issue of a final IFRS
答案: 【Publication of an Exposure Draft】
2、 问题:Which of the following would NOT be an advantage of adopting IFRS?
A:It would be easier for investors to compare the financial statements of companies with those of foreign competitors.
B:Cross-border listing would be facilitated.
C:Accountants and auditors would have more defence in case of litigation.
D:Multinational companies could more easily transfer accounting staff across national borders.
答案: 【Accountants and auditors would have more defence in case of litigation.】
3、 问题:Which one of the following statements regarding systems of regulation of accounting is true?
A:A principles-based system will require more detailed regulations than a rules-based system.
B:A rules-based system will tend to give rise to a smaller number of accounting standards than a principles-based system.
C:A principles-based system seeks to cover every eventuality.
D:A principles-based system requires the exercise of more judgement in application than a rules-based system.
答案: 【A principles-based system requires the exercise of more judgement in application than a rules-based system.】
1、 问题:Which of the following would not NECESSARILY lead to a liability being classified as a current liability?
A:The liability is expected to be settled in the course of the entity’s norma! operating cycle.
B:The liability has arisen during the current accounting period.
C:The liability is held primarily for the purpose of trading.
D:The liability is due to be settled within 12 months after the end of the reporting period.
答案: 【The liability has arisen during the current accounting period.】
2、 问题:Which of the following would be shown in the ‘other comprehensive income’ section of the statement of profit or loss and other comprehensive income?
A:A revaluation gain on an investment property
B:Profit on sale of an investment
C:Receipt of a government grant
D:Gain on revaluation of a factory building
答案: 【Gain on revaluation of a factory building】
3、 问题:Where are equity dividends paid presented in the financial statements?
A:As a deduction from retained earnings in the statement of changes in equity
B:As a liability in the statement of financial position
C:As an expense in profit or loss
D:As a loss in ‘other comprehensive income
答案: 【As a deduction from retained earnings in the statement of changes in equity】
4、 问题:How does IAS 1 define the ‘operating cycle’ of an entity?
A:The time between acquisition of assets for processing and delivery of finished goods to customers
B:The time between delivery of finished goods and receipt of cash from customers
C:The time between acquisition of assets for processing and payment of cash to suppliers
D:The time between acquisition of assets for processing and receipt of cash from customers
答案: 【The time between acquisition of assets for processing and receipt of cash from customers】
5、 问题: which of the following are NOT items required by IAS 1 Presentation of Financial Statements to be shown on the face of the statement of financial position?
答案: 【Government grants】
1、 问题: Foster Co has built a new factory incurring the following costs:$’000Land 1,200Materials 2,400Labour 3,000Architect’s fees 25Surveyor’s fees 15Site overheads 300Apportioned administrative overheads 150Testing of fire alarms 10Business rates for first year 127,112What will be the total amount capitalised in respect of the factory?
2、 问题:An aircraft requires a planned overhaul each year at a cost of $5,000 every three years. This is a condition of being allowed to fly. How should the cost of the overhaul be treated in the financial statements? Select the correct option from those stated here:
A:Accrued for over the year and charged to maintenance expenses
B:Provided for in advance and charged to maintenance expenses
C:Capitalised and depreciated over the period to the next overhaul
D:Charged to profit or loss when the expenditure takes place
答案: 【Capitalised and depreciated over the period to the next overhaul】
3、 问题: Auckland Co purchased a machine for $60,000 on 1 January 20X7 and assigned it a useful life of 15 years. On 31 March 20X9 it was revalued to $64,000 with no change in useful life.What will be depreciation charge in relation to this machine in the financial statements of Auckland Co for the year ending 31 December 20X9?
4、 问题:Wetherby Co purchased a machine on 1 July 20X7 for $500,000. It is being depreciated on a straight-line basis over its expected life often years. Residual value is estimated at $20,000. On 1 January 20X8, following a change in legislation, Wetherby Co fitted a safety guard to the machine. The safety guard cost $25,000 and has a useful life of five years with no residual value.What amount will be charged to profit or loss for the year ended 31 March 20X8 in respect of depreciation on this machine?
5、 问题:Which of the following would be recognised as an investment property under IAS 40 in the consolidated financial statements of Build Co?
A:A property intended for sale in the ordinary course of business
B:A property being constructed for a customer
C:A property held by Build Co as a right-of-use asset and leased out under a six-month lease
D:A property owned by Build Co and leased out to a subsidiary
答案: 【A property held by Build Co as a right-of-use asset and leased out under a six-month lease】
6、 问题:Which of the following statement is not allowed under IAS 40?
A:Following initial recognition, investment property can be held at either cost or fair value.
B:If an investment property is held at fair value, this must be applied to all of the entity’s investment property.
C:An investment property is initially measured at cost, including transaction costs.
D:A gain or loss arising from a change in the fair value of an investment property should be recognised in other comprehensive income.
答案: 【A gain or loss arising from a change in the fair value of an investment property should be recognised in other comprehensive income.】
7、 问题:Carter Co vacated an office building and let it out to a third party on 30 June 20X8. The building had an original cost of $900,000 on 1 January 20X0 and was being depreciated over 50 years. It was judged to have a fair value on 30 June 20X8 of $950,000. At the year-end date of 31 December 20X8 the fair value of the building was estimated at $1.2 million.Carter Co uses the fair value model for investment property.What amount will be shown in revaluation surplus at 31 December 20X8 in respect of this building?
8、 问题:Carriageways Co had the following bank loans outstanding during the whole of 20X8: $m9% loan repayable 20X9 1511% loan repayable 20Y2 24Carriageways Co began construction of a qualifying asset on 1 April 20X8 and withdrew funds of $6 million on that date to fund construction. On 1 August 20X8 an additional $2 million was withdrawn for the same purpose.Calculate the borrowing costs which can be capitalised in respect of this project for the year ended 31 December 20X8.
9、 问题:Fido Feed Ltd has the following loans in place throughout the year ended 31 December 20X8. $m10% bank loan 1408% bank loan 200On 1 July 20X8 $50 million was drawn down for construction of a qualifying asset which was completed during 20X9.What amount should be capitalised as borrowing costs at 31 December 20X8 in respect of this asset?
答案: 【$2.2 million】
10、 问题:Leclerc Co has borrowed $2.4 million to finance the building of a factory. Construction is expected to take two years. The loan was drawn down and incurred on 1 January 20X9 and work began on 1 March 20X9. $1 million of the loan was not utilised until 1 July 20X9 so Leclerc was able to invest it until needed. Leclerc Co is paying 8% on the loan and can invest surplus funds at 6%. Calculate the borrowing costs to be capitalised for the year ended 31 December 20X9 in respect of this project.
1、 问题:When a bargain purchase arises, IFRS 3 Business Combinations requires that the amounts involved in computing the bargain purchase should first be reassessed. When the amount of the bargain purchase has been confirmed, how should it be accounted for?
A:Charged as an expense in profit or loss
B:Capitalised and presented under non-current assets
C:Credited to profit or loss
D:Shown as a deduction from non-current assets
答案: 【Credited to profit or loss】
2、 问题:Geek Co is developing a new product and expects to be able to capitalise the costs. Which of the following would preclude capitalisation of the costs？
A:Development of the product is not yet complete.
B:No patent has yet been registered in respect of the product.
C:No sales contracts have yet been signed in relation to the product.
D:It has not been possible to reliably allocate costs to development of the product.
答案: 【It has not been possible to reliably allocate costs to development of the product.】
3、 问题: Assoria Co had $20 million of capitalised development expenditure at cost brought forward at 1 October 20X7 in respect of products currently in production and a new project began on the same date.The research stage of the new project lasted until 31 December 20X7 and incurred $1.4 million of costs. From that date the project incurred development costs of $800,000 per month. On 1 April 20X8 the directors of Assoria Co became confident that the project would be successful and yield a profit well in excess of costs. The project was still in development at 30 September 20X8. Capitalised development expenditure is amortised at 20% per annum using the straight-line method.What amount will be charged to profit or loss for the year ended 30 September 20X8 in respect of research and development costs？
4、 问题:Which of the following internally generated items may be eligible for capitalisation as intangible assets in accordance with IAS 38 Intangible Assets? （ignore business combinations.）
A:A customer list
B:A pre-production prototype
D:The cost of researching new material
答案: 【A pre-production prototype】
5、 问题:At 30 September 20X9 Sandown Co’s trial balance showed a brand at cost of $30 million, less accumulated amortisation brought forward at 1 October 20X8 of $9 million. Amortisation is based on a ten year useful life. An impairment review on 1 April 20X9 concluded that the brand had a value in use of $12 million and a remaining useful life of three years. However, on the same date Sandown Co received an offer to purchase the brand for $15 million.What should be the carrying amount of the brand in the statement of financial position of Sandown Co as at 30 September 20X9? (Answer to the nearest $’000)
6、 问题:Dempsey Co’s year end is 30 September 20X4. Dempsey Co commenced the development stage of a project to produce a new pharmaceutical drug on 1 January 20X4. Expenditure of $40,000 per month was incurred until the project was completed on 30 June 20X4 when the drug went into immediate production. The directors became confident of the project’s success on 1 March 20X4. The drug has an estimated lifespan of five years; time apportionment is used by Dempsey Co where applicable.What amount will Dempsey Co charge to profit or loss for development costs, including any amortisation, for the year ended 30 September 20X4?
1、 问题:A cash-generating unit comprises the following assets: $’000Building 700Plant and equipment 200Goodwill 90Current assets 20 1,010One of the machines, carried at $40,000, is damaged and will have to be scrapped. The recoverable amount of the cash-generating unit is estimated at $750,000.What will be the carrying amount of the building when the impairment loss has been recognised?(to the nearest $’000)
2、 问题:What is the RECOVERABLE AMOUNT of an asset?
A:Its current market value less costs of disposal
B:The lower of carrying amount and value in use
C:The higher of fair value less costs of disposal and value in use
D:The higher of carrying amount and market value
答案: 【The higher of fair value less costs of disposal and value in use】
3、 问题:A business which comprises a single cash-generating unit has the following assets:$mGoodwill 3Patent 5Property 10Plant and equipment 15Net current assets _2 35Following an impairment review it is estimated that the value of the patent is $2 million and the recoverable amount of the business is $24 million.At what amount should the property be measured following the impairment review?
答案: 【$8 million】
4、 问题:Riley Co acquired a non-current asset on 1 October 20W9 (ten years before 20X9) at a cost of $100,000 which had a useful life of ten years and a nil residual value. The asset had been correctly depreciated up to 30 September 20X4. At that date the asset was damaged and an impairment review was performed. On 30 September 20X4, the fair value of the asset less costs of disposal was $30,000 and the expected future cash flows were $8,500 per annum for the next five years. The current cost of capital is 10% and a five-year annuity of $1 per annum at 10% would have a present value of $3.79.What amount would be charged to profit or loss for the impairment of this asset for the year ended 30 September 20X4?
5、 问题:Which of the following is NOT an indicator of impairment under IAS 36 Impairment of Assets?
A:Advances in the technological environment in which an asset is employed have an adverse impact on its future use
B:An increase in interest rates which increases the discount rate an entity uses
C:The carrying amount of an entity’s net assets is lower than the entity’s number of shares in issue multiplied by its share price
D:The estimated net realisable value of inventory has been reduced due to fire damage although this value is greater than its carrying amount
答案: 【The estimated net realisable value of inventory has been reduced due to fire damage although this value is greater than its carrying amount】
6、 问题:The net assets of Fyngle Co, a cash-generating unit (CGU), are:Property, plant and equipment 200,000Allocated goodwill 50,000Product patent 20,000Net current assets (at net realisable value) 30,000 300,000As a result of adverse publicity, Fyngle Co has a recoverable amount of only $200,000.What would be the value of Fyngle Co’s property, plant and equipment after the allocation of the impairment loss?
7、 问题:IAS 36 Impairment of Assets suggests how indications of impairment might be recognised.Which of the following would be EXTERNAL INDICATORS that one or more of an entity’s assets may be impaired?
A:An unusually significant fall in the market value of one or more assets
B:Evidence of obsolescence of one or more assets
C:A decline in the economic performance of one or more assets
D:An increase in market interest rates used to calculate value in use of the assets
答案: 【An unusually significant fall in the market value of one or more assets;
An increase in market interest rates used to calculate value in use of the assets】
1、 问题:Confidence Co entered into a contract on 1 January 20X5 to build a factory. The total contract revenue was $2.8 million. At 31 December 20X5 the contract was certified as 35% complete. Costs incurred during the year were $740,000 and costs to complete are estimated at $1.4 million. $700,000 has been billed to the customer but not yet paid.What amount will be recognised as a contract asset or liability in respect of this contract in the statement of financial position of Confidence Co as at 31 December 20X5?
A:$271,000 contract asset
B:$509,000 contract asset
C:$271,000 contract liability
D:$509,000 contract liability
答案: 【$271,000 contract asset】
2、 问题:Which of the following are acceptable methods of accounting for a government grant relating to an asset in accordance with IAS 20 Accounting for Government Grants and Disclosure of Government Assistance?(i) Set up the grant as deferred income(ii) Credit the amount received to profit or loss(iii) Deduct the grant from the carrying amount of the asset(i) Add the grant to the carrying amount of the asset
A:(i) and (ii)
B:(ii) and (iv)
C:(i) and (iii)
D:(iii) and (iv)
答案: 【(i) and (iii)】
3、 问题:On 1 October 20X2 Pricewell Co entered into a contract to construct a bridge over a river. The total contract revenue was $50 million and construction is expected to be completed on 30 September 20X4. Costs to date are: $mMaterials, labour and overheads 12Specialist plant acquired 1 October 20X2 8The sales value of the work done at 31 March 20X3 has been agreed at $22 million and the estimated cost to complete (excluding plant depreciation) is $10 million. The specialist plant will have no residual value at the end of the contract and should be depreciated on a monthly basis. Pricewell Co recognises satisfaction of performance obligations on the percentage of completion basis as determined by the agreed work to date compared to the total contract price.What is the profit to date on the contract at 31 March 20X3?
4、 问题:Sale and repurchase arrangements can be used to disguise the substance of loan transactions by taking them ‘off balance sheet’. In this case the legal position is that the asset has been sold but the substance is that the seller still retains the benefits of ownership.Which of the following is NOT a feature which suggests that the substance of a transaction differs from its legal form?
A:The seller of an asset retains the ability to use the asset
B:The seller has no further exposure to the risks of ownership
C:The asset has been transferred at a price substantially above or below its fair value.
D:The ‘sold’ asset remains on the sellers premises
答案: 【The seller has no further exposure to the risks of ownership】
5、 问题:Yling Co entered into a contract in respect of which performance obligations are satisfied over time on 1 January 20X4. The contract is expected to last 24 months. The price which has been agreed for the contract is $5 million. At 30 September 20X4 the costs incurred on the contract were $1.6 million and the estimated remaining costs to complete were $2.4 million. On 20 September 20X4 Yling Co received a payment from the customer of $1.8 million which was equal to the total of the amounts invoiced. Yling Co calculates the stage of completion of its performance obligations on contracts on the basis of amounts invoiced to the contract price.What amount would be reported in Yling Co’s statement of financial position as at 30 September 20X4 as the contract asset arising from the above contract?
6、 问题:Repro Co, a company which sells photocopying equipment, has prepared its draft financial statements for the year ended 30 September 20X4. It has included the following transactions in revenue at the stated amounts below