快速查题-ACCA英国注册会计师试题

The inventory value for the financial statements of Global Co for the year ended 30 June 20X3 was based on a inventory

count on 7 July 20X3,

which gave a total inventory value of $950,000.Between 30 June and 7 July 20X6, the following transactions took place.

                                                                       $

Purchase of goods                                      11,750

Sale of goods (mark up on cost at 15%)     14,950

Goods returned by Global Co to supplier    1,500

What figure should be included in the financial statements for inventories at 30 June 20X3?

Which of the following costs may be included when arriving at the cost of finished goods inventory for inclusion in the financial statements of a manufacturing company?

1 Carriage inwards

2 Carriage outwards

3 Depreciation of factory plant

4 Finished goods storage costs

5 Factory supervisors' wages

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?

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?

Y purchased some plant on 1 January 20X0 for $38,000. The payment for the plant was correctly entered in the cash book but was entered on the debit side of the plant repairs account.Y charges depreciation on the straight line basis at 20% per year,

with a proportionate charge in the years of acquisition and disposal, and assuming no scrap value at the end of the life of the

asset.

How will Y's profit for the year ended 31 March 20X0 be affected by the error?

B acquired a lorry on 1 May 20X0 at a cost of $30,000. The lorry has an estimated useful life of four years, and an estimated

resale value at the end of that time of $6,000. B charges depreciation on the straight line basis, with a proportionate charge in

the period of acquisition.

What will the depreciation charge for the lorry be in B's accounting period to 30 September 20X0?

At 31 December 20X3 Q, a limited liability company, owned a building that had cost $800,000 on 1 January 20W4.It was being depreciated at 2% per year.

On 31 December 20X3 a revaluation to $1,000,000 was recognised. At this date the building had a remaining useful life of 40 years.

What is the balance on the revaluation surplus at 31 December 20X3 and the depreciation charge in the statement of profit orloss for the year ended 31 December 20X4?

Depreciation charge for year ended                                        Revaluation surplus as at 31

31 December 20X4 (statement of profit or loss)                      December 20X3 (statement of financial position)

$                                                                                                      $

Which of the following best explains what is meant by 'capital expenditure'?

Which of the following costs would be classified as capital expenditure for a restaurant business?

Which one of the following costs would be classified as revenue expenditure on the invoice for a new company car?