快速查题-ACCA英国注册会计师试题

Which one of the following statements correctly defines non-current assets?

A company bought a property four years ago on 1 January for $ 170,000. Since then property prices have risen substantially

and the property has been revalued at $210,000.The property was estimated as having a useful life of 20 years when it was

purchased. What is the balance on the revaluation surplus reported in the statement of financial position?

A business purchased a motor car on 1 July 20X3 for $20,000. It is to be depreciated at 20 per cent per year on the straight

line basis, assuming a residual value at the end of five years of $4,000, with a proportionate depreciation charge in the years

of purchase and disposal.The $20,000 cost was correctly entered in the cash book but posted to the debit of the motor

vehicles repairs account.

How will the business profit for the year ended 31 December 20X3 be affected by the error?

A company's policy is to charge depreciation on plant and machinery at 20% per year on cost, with proportional depreciation

for items purchased or sold during a year.

The company's plant and machinery at cost account for the year ended 30 September 20X3 is shown below.PLANT AND

MACHINERY - COST

20X2                                                                $                                            20X3                                                        $

1 Oct 20X3                      Balance                 200,000         30 Jun Transfer disposal account 30Sep Balance      40,000

                                                                                                                                                                                210,000

1 Apr                    Cash-purchase of plant    50,000

                                                                     250,000                                                                                              250,000

What should be the depreciation charge for plant and machinery (excluding any profit or loss on the disposal) for the year

ended 30 September 20X3?

The plant and machinery at cost account of a business for the year ended 30 June 20X4 was as follows：

PLANT AND MACHINERY - COST

20X3                                                                   $                                           20X31                                      $

1 Jul 20X4              Balance                             240,000        30 Sep Transfer disposal account 20X4        60,000

1 Jan              Cash - purchase of plant           160,000                                                                               340,00

                                                                          400,000        30 Jun Balance                                             400 ,000

The company's policy is to charge depreciation at 20% per year on the reducing balance basis, with proportionate depreciation in the years of purchase and disposal What should be the depreciation charge for the year ended 30 June 20X4?

A manufacturing company receives an invoice on 29 February 20X2 for work done on one of itsmachines. $25,500 of the cost is actually for a machine upgrade,

which will improve efficiency. The accounts department do not notice and charge the whole amount to maintenance costs.

Machinery is depreciated at 25% per annum on a straight-line basis, with a proportional charge in the years of acquisition and disposal.

By what amount will the profit for the year to 30 June 20X2 be understated?

W bought a new printing machine. The cost of the machine was $80,000. The installation costs were $5,000 and the

employees received training on how to use the machine, at a cost of $2,000. Before using the machine to print customers'

orders, a test was undertaken and the paper and ink cost $1,000.

What should be the cost of the machine in the company's statement of financial position?

What are the correct ledger entries to record an acquisition of a non-current asset on credit?

Debit Credit

Alpha sells machine B for                    $50,000

cash on 30 April 20X4.

Machine B cost                                     $100,000

when it was purchased and has a carrying amount of $65,000 at the date of disposal. What are the journal entries to record

the disposal of machine B?

Which of the following statements are correct?

1 IAS 16 Property, plant and equipment requires entities to disclose the purchase date of each asset.

2 The carrying amount of a non-current asset is the cost or valuation of that asset less accumulated depreciation.

3 IAS 16 Property, plant and equipment permits entities to make a transfer from the revaluation surplus to retained earnings

for excess depreciation on revalued assets.

4 Once decided, the useful life of a non-current asset should not be changed.