快速查题-ACCA英国注册会计师试题

Banter Co purchased an office building on 1 January 20X1. The building cost was $1,600,000 and this was depreciated by the straight line method at 2% per year, assuming a 50-year life and nil residual value. The building was re-valued to $2,250,000

on 1 January 20X6. The useful life was not revised. The company!s financial year ends on 31 December.

What is the balance on the revaluation surplus at 31 December 20X6?

A company purchased an asset on 1 January 20X3 at a cost of $1,000,000. It is depreciated over50 years by the straight line method (nil residual value), with a proportionate charge for depreciation in the year of acquisition and the year of disposal. At

31 December 20X4 the asset was re-valued to $1,200,000. There was no change in the expected useful life of the asset.The

asset was sold on 30 June 20X5 for $1,195,000.

What profit or loss on disposal of the asset will be reported in the statement of profit or loss of the company for the year ended 31 December 20X5?

Which of the following statements about the valuation of inventory are correct, according to IAS 2 Inventories?

1 Inventory items are normally to be valued at the higher of cost and net realisable value.

2 The cost of goods manufactured by an entity will include materials and labour only. Overhead costs cannot be included.

3 LIFO (last in, first out) cannot be used to value inventory.

4 Selling price less estimated profit margin may be used to arrive at cost if this gives a reasonable approximation to actual

cost.

A company with an accounting date of 31 October carried out a physical check of inventory on 4 November 20X3, leading to

an inventory value at cost at this date of $483,700.Between 1 November 20X3 and 4 November 20X3 the following

transactions took place:

1 Goods costing $38,400 were received from suppliers.

2 Goods that had cost $14,800 were sold for $20,000.

3 A customer returned, in good condition, some goods which had been sold to him in October for $600 and which had cost

$400.

4 The company returned goods that had cost $1,800 in October to the supplier, and received a credit note for them

What figure should appear in the company's financial statements at 31 October 20X3 for closing inventory, based on this

information?.

In preparing its financial statements for the current year, a company's closing inventory was understated by $300,000.

What will be the effect of this error if it remains uncorrected?

The financial year of Mitex Co ended on 31 December 20X1.

An inventory count on January 4 20X2 gave a total inventory  value of $527,300.

The following transactions occurred between January 1 and January 4.

                                                                                         $

Purchases of goods                                                       7,900

Sales of goods (gross profit margin 40% on sales)       15,000

Goods returned to a supplier                                            800

What inventory value should be included in Mitex Co’s financial statements at 31 December 20X1?

Which of the following statements about IAS 2 Inventories is correct?

You are preparing the financial statements for a business. The cost of the items in closing inventory is $41,875. This includes some items which cost $1,960 and which were damaged in transit. You have estimated that it will cost $360 to repair the

items, and they can then be sold for $1,200.

What is the correct inventory valuation for inclusion in the financial statements?

S sells three products - Basic, Super and Luxury. The following information was available at the year end. Basic Super

Luxury                 

                                                           $        per unit      $       per un   $

per unitOriginal cost                           6                          9                    18

 Estimated selling price                     9                          12                   15

Selling and distribution costs            1                          4                      5

units units unitsUnits of inventory    200                     250                  150

What is the value of inventory at the year end?

An inventory record card shows the following details.

February 1 50

units in stock at a cost of $40 per

unit7 100 units purchased at a cost of $45 per

unit14 80 units sold21 50

units purchased at a cost of $50 per

unit28 60 units sold

What is the value of inventory at 28 February using the FIFO method?