FR試験無料問題集（80題）「CPA Financial Reporting 認定」

出題：1

For the year ended 31 December 2012, the board of directors of USP Inc. is considering the treatment of the following issues in their financial statements.
(i)On 1 March 2013 one of the machine used for manufacturing trading goods met the criteria to classify as held for sale. The carrying amount of the machine at 31 December was $50,000 and its fair value was $52,000. Costs to sell would amount to $4,600.
(ii)On 15 April 2013, USP Inc. settled a court case with a former employee, paying him $30,000. At the reporting date, the financial statement included a provision of $20,000 in respect of this case.
The financial statements were approved on 30 April 2013.
How should the issues above be dealt with?

A. (i) Adjusting event. Classified as a non-current asset held for sale at $47,400 with a disclosure resulting an impairment loss of $2,600.
(ii)
Adjusting event. Provision should be adjusted to $30,000, resulting in a charge to profits of $10,000.

B. (i) Non-adjusting event. Classified as a non-current asset held for sale at $47,400 with a disclosure resulting an impairment loss of $2,600.
(ii)
Non-adjusting event. Provision should be unadjusted. A charge of $10,000 to profits should be made in the following year end financial statements.

C. (i) Non-adjusting event. Classified as a non-current asset held at its carrying value of $50,000 with a disclosure resulting an impairment loss of $2,600.
(ii)
Adjusting event. Provision should be adjusted to $30,000, resulting in a charge to profits of $10,000.

D. (i) Non-adjusting event. Classified as a non-current asset held for sale at $47,400 with a disclosure resulting an impairment loss of $2,600.
(ii)
Adjusting event. Provision should be adjusted to $30,000, resulting in a charge to profits of $10,000.

正解：C 解答を投票する

出題：2

Veronica plc prepares its financial statements to 31 December. During 2012 Veronica plc made sales of $850,000 and incurred costs of $610,500. At the beginning of 2012 customers owed
$125,500 and at the end of the year they owed $135,400. At the beginning of 2012 Veronica plc owed $45,500 to its suppliers and employees and at the end of the year it owed $35,700.
During 2012 Veronica plc received interest of $14,500 and paid interest of $500.
In accordance with IAS 7 Statement of Cash Flows, what was Veronica plc's net cash from operating activities under the direct method for the year ended 31 December 2012?

A. $219,800

B. $219,300

C. $233,800

D. $258,700

正解：B 解答を投票する

出題：3

Richard Ltd and McMagoo Inc. trades in shares and securities and are close rivals for many years. Richard Ltd accuses McMagoo Inc. of providing false information related to a particular PH plc's share; though Richard Ltd knows it is not true. McMagoo Inc. sues Richard Ltd. for defamation. Richard's and McMagoo Inc's lawyers agree that it is likely that McMagoo Inc. will win the case and receive damages of an amount of $1.5m. There is no possibility of the case being resolved before the financial statements are finished.
How the above litigation will be represented in the financial statements of both Richard Ltd and McMagoo Inc.?

A. Richard Ltd should ignore as this is too remote. McMagoo Inc. has a contingent asset and should disclose in the financial statements.

B. Richard Ltd should provide for $1.5m. McMagoo Inc. has a contingent asset and should disclose in the financial statements.

C. Richard Ltd should provide for $1.5m. McMagoo Inc. should ignore as this is too remote.

D. Richard Ltd should have a contingent asset and should disclose in the financial statements. McMagoo Inc. should provide for $1.5m.

正解：B 解答を投票する

出題：4

2,000 share options granted to each of 3 directors on 1 January 2010 subject to them being still employed as at 31 December 2012, the date of vesting.
The fair value of each option on 1 January 2010 was $10.
Options will vest when the share prices reach $14.
The share price as at 31 December 2010 was $8 and is not anticipated to rise in the next two years and only 2 directors will still be with the company as at 31 December 2012.
What is the appropriate treatment for share options in the financial statement for the year ended 31 December 2010?

A. Cost and equity balance in financial statement at 31 December 2012 is $13,333

B. Cost and equity balance in financial statement at 31 December 2012 is $20,000

C. Cost and equity balance in financial statement at 31 December 2012 is $30,000

D. Cost and equity balance in financial statement at 31 December 2012 is $18,667

正解：A 解答を投票する

出題：5

Wayne plc acquired 75% of Bruce Ltd during the year to 30.6.13 by issuing 200,000 of its own shares and paying the balance in cash. Wayne plc shares were trading at $1.25 at the date of the acquisition. At acquisition Bruce Ltd had net assets of $360,000 including cash and cash equivalents of $24,000. All of Bruce Ltd's assets and liabilities were recorded at fair value except for a property which had a fair value $100,000 in excess of its carrying amount. Goodwill arising on the acquisition was $50,000. You are preparing the note to the consolidated statement of cash flows of Wayne plc for the year ended 30.6.13 showing the effects of the acquisition of Bruce Ltd.
What will be the net cash outflow shown by the note?

A. $94,000

B. $121,000

C. $145,000

D. $119,000

正解：B 解答を投票する

出題：6

POXITplc controls another entity, DOBE Ltd, owning 60% of that company's ordinary share capital. At the group's year end, 31 December 2012, DOBE Ltd included $6,000 in its receivables in respect of goods supplied to POXIT plc. However, the payables of POXITplc included only $4,000 in respect of amounts due to DOBE Ltd. The difference arose because, on 31 December 2012, POXITplc sent a cheque for $2,000 to DOBE Ltd, which was not received by DOBE Ltd until 3 January 2013.
Which of the following sets of consolidation adjustments to current assets and current liabilities is correct?

A. Deduct $3,600 from both consolidated receivables and consolidated payables

B. Deduct $6,000 from both consolidated receivables and consolidated payables

C. Deduct $6,000 from consolidated receivables and $4,000 from consolidated payables, and include inventories in transit of $2,000

D. Deduct $6,000 from consolidated receivables and $4,000 from consolidated payables, and include cash in transit of $2,000

正解：D 解答を投票する

出題：7

On 5 March 2013MerchantLtd issued 200,000 5% irredeemable $1 preference shares. In accordance with IAS 32 Financial Instruments: Presentation, how will these shares and their related dividend be shown inMerchantLtd's financial statements for the year ended 31 March 2013?
SharesDividend

A. Non-current liabilities Statement of changes in equity

B. Equity Statement of changes in equity

C. Equity Income statement

D. Non-current liabilitiesIncome statement

正解：B 解答を投票する

出題：8

MacDougal Cereal sold 100 barrels of Cereal No 1 to the Scots Bank, on 30 June 2013 for $100 per barrel. When Cereal No 1 is mature in two years, it will be worth $500 per barrel. MacDougal retains custody of the barrels. The sale contract contains a clause requiring MacDougal to repurchase the barrels on 30 June 2015 for $150 per barrel.
How should this transaction berecognized?

A. Record $100 per barrel cash received from the bank as loan andrecognizebarrels as inventory. $50 per barrel should be accounted for as loan interest over the two year period.

B. Only record $50 per barrel as the value of inventory in 2015.

C. $100 per barrelrecognizedas sales revenue in 2013 and $500 as the value of inventory in 2015.

D. $100 per barrelrecognizedas sales revenue in 2013 and $150 as the value of inventory in 2015.

正解：A 解答を投票する

FR試験無料問題集「CPA Financial Reporting 認定」