快速查题-ACCA英国注册会计师试题

According to IAS 38 Intangible assets, which of the following statements concerning the accountingtreatment of research and development expenditure are true?

1 Development costs recognised as an asset must be amortised over a period not exceeding five years.

2 Research expenditure, other than capital expenditure on research facilities, should be recognised as an expense as

incurred.

3 In deciding whether development expenditure qualifies to be recognised as an asset, it is necessary to consider whether

there will be adequate finance available to complete the project.

4 Development projects must be reviewed at each reporting  date, and expenditure on any project no longer qualifying for

capitalisation must be amortised through the statement of profit or loss and other comprehensive income over a period no exceeding five years.

According to IAS 38 Intangible assets, which of the following are intangible non-current assets in the financial statements of

Iota Co?

1 A patent for a new glue purchased for $20,000 by Iota Co

2 Development costs capitalised in accordance with IAS 383 A licence to broadcast a television series, purchased by Iota Co

for $150,0004 A state of the art factory purchased by Iota Co for $1.5million

 A sole trader fixes his prices to achieve a gross profit percentage on sales revenue of 40%. All his sales are for cash. He

suspects that one of his sales assistants is stealing cash from sales revenue.

His trading account for the month of June 20X3 is as follows:

                                             $

Recorded sales revenue  181,600

Cost of sales                    114,000

Gross profit                        67,600

Assuming that the cost of sales figure is correct, how much cash could the sales assistant have taken?

The following information is relevant for questions 20.4 and 20.5.

A is a sole trader who does not keep full accounting records. The following details relate to her transactions with credit

customers and suppliers for the year ended 30 November 20X3.

                                                                                                                                         $

Trade receivables, 1 December 20X2                                                                           130,000

Trade payables, 1 December 20X2                                                                                  60,000

Cash received from customers                                                                                       686,400

Cash paid to suppliers                                                                                                    302,800

Discounts allowed                                                                                                              1,400

Discounts received                                                                                                             2,960

Irrecoverable debts                                                                                                            4,160

Amount due from a customer who is also a supplier offset against an amount due 

for goods supplied by him                                                                                                  2,000

Trade receivables, 30 November 20X3                                                                           181,000

Trade payables, 30 November 20X3                                                                                84,000

 Based on the above information, what figure should appear in A's statement of profit or loss for the year ended 30

November 20X3 for sales revenue?

In finalising the financial statements of a company for the year ended 30 June 20X4, which of the following material matters

should be adjusted for?

1 A customer who owed $180,000 at the end of the reporting period went bankrupt in July 20X4.

2 The sale in August 20X4 for $400,000 of some inventory items valued in the statement of financial position at $500,000.

3 A factory with a value of $3,000,000 was seriously damaged by a fire in July 20X4. The factory was back in production by

August 20X4 but its value was reduced to $2,000,000.

4 The company issued 1,000,000 ordinary shares in August 20X4.

IAS 10 Events after the reporting period regulates the extent to which events after the reporting period should be reflected in

financial statements.

Which one of the following lists of such events consists only of items that, according to IAS 10, should normally be classified

as non-adjusting?

The closing inventory at cost of a company at 31 January 20X3 amounted to $284,700.

The following items were included at cost in the total:1 400 coats, which had cost $80 each and normally sold for $150 each. Owing to a defect in manufacture, they were all sold after the reporting date at 50% of their normal price.

Selling expenses amounted to 5% of the proceeds.2 800 skirts, which had cost $20 each.

These too were found to be defective. Remedial work in February 20X3 cost $5 per skirt, and selling expenses for the batch totalled $800. They were sold for $28 each.

What should the inventory value be according to IAS 2 Inventories after considering the above items?

 Which of the following transactions would result in an increase in capital employed?

A company values its inventory using the first in, first out (FIFO) method. At 1 May 20X2 the company had 700 engines in

inventory, valued at $190 each.During the year ended 30 April 20X3 the following transactions took place:20X2July Purchased 500 engines at $220 each1 November Sold 400 engines for $160,00020X31 February Purchased 300 engines at $230

each15 April Sold 250 engines for $125,000

What is the value of the company's closing inventory of engines at 30 April 20X3?

From the following information regarding the year to 31 August 20X6, what is the accounts payable payment period? You

should calculate the ratio using purchases as the denominator.

$

Sales 43,000

Cost of sales 32,500

Opening inventory 6,000

Closing inventory 3,800

Trade accounts payable at 31 August 20X6 4,750