2020年ACCA考试-F3财务会计模拟练习题(5)
发布时间:2020-10-14
成功是为努力者准备的,今天你努力了吗?今日小题库:2020年ACCA考试-F3财务会计模拟练习题(5),一起来检验学习成果吧。
5.1 Which of the following would be
recorded in the sales day book?
A Discounts allowed
B Sales invoices
C Credit notes received
D Trade discounts
答案:B
5.2 Tin Co purchases $250 worth of metal
from Steel Co. Tin Co agrees to pay Steel Co in 60 days time. What is the
double entry to record the purchase in Steel Co\'s books?
A Debit sales $250, credit receivables $250
B Debit purchases $250, credit payables
$250
C Debit receivables $250, credit sales $250
D Debit payables $250, credit purchases
$250
答案:C
5.3 William\'s trial balance at 30 September
20X5 includes the following balances:
Trade receivables $75,943
Receivables allowance $4,751
How should these balances be reported in
William\'s statement of financial position as at 30 September 20X5?
A An asset of $71,192
B An asset of $75,943 and a liability of
$4,751
C A liability of $71,192
D A liability of $75,943 and an asset of
$4,751
答案:A
5.4 A trial balance is made up of a list of
debit balances and credit balances.Which of the following statements is
correct?
A Every debit balance represents an
expense.
B Assets are represented by debit balances.
C Liabilities are represented by debit
balances.
D Income is included in the list of debit
balances.
答案:B
5.5 At 30 November 20X5 Jenny had a bank
loan of $8, 500 and a balance of $678 in hand in her bank account.How should
these amounts be recorded on Jenny\'s opening trial balance at 1 December 20X5?
A Debit $7 ,822
B Credit $7 ,822
C Credit $8,500 and Debit $678
D Debit $8, 500 and Credit $678
答案:C
5.6 Which ONE of the following statements
does NOT describe a way in which an effective accounting system facilitates the
provision of useful accounting information?
A By requiring authorisation in line with
organisational policies
B By processing and recording transactions
in accordance with accounting rules
C By preventing transactions from being
processed inaccurately
D By enabling transactions to be recorded
as necessary to permit preparation of financial statements
答案:C
5.7 Which of the following statements
is/are TRUE or FAL SE?
Cash purchases are recorded in the
purchases day book.
2 The sales day books is used to keep a
list of invoices received from suppliers.
A Both statements are TRUE
B Both statements are FALSE
C Statement 1 is TRUE and statement2 is
FALSE
D Statement 1 is FALSE and statement2 is
TRUE
答案:B
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下面小编为大家准备了 ACCA考试 的相关考题,供大家学习参考。
3 An organisation has decided to compare the benefits of promoting existing staff with those of appointing external
candidates and to assess whether the use of external recruitment consultants is appropriate.
Required:
(a) Describe the advantages of internal promotion. (5 marks)
3 All organisations rely upon their staff for success. However, recruitment of staff can be time consuming; a drain on resources and the necessary expertise may not exist within the organisation.
(a) Internal promotion describes the situation where an organisation has an explicit policy to promote from within and where there is a clear and transparent career structure. This is typical of many professional bodies, large organisations and public services.
The advantages of internal promotion are that it acts as a source of motivation, provides good general morale amongst employees and illustrates the organisation’s commitment to encouraging advancement. Recruitment is expensive and internal promotion is relatively inexpensive in terms of time, money and induction costs and since staff seeking promotion are known to the employer, training costs are minimised. Finally, the culture of the organisation is better understood by the individual.
5 The International Accounting Standards Board (IASB) is currently in a joint project with the Accounting Standards
Board (ASB) in the UK and the Financial Accounting Standards Board (FASB) in the USA in the area of reporting
financial performance/comprehensive income. The main focus of the project is the development of a single statement
of comprehensive income to replace the income statement and statement of changes in equity. The objective is to
analyse all income and expenses and categorise them in a way that increases users’ understanding of the results of
an entity and assists in forming expectations of future income and expenditure. There seems to be some consensus
that the performance statement should be divided into three components being the results of operating activities,
financing and treasury activities, and other gains and losses.
Required:
(a) Describe the reasons why the three accounting standards boards have decided to cooperate and produce a
single statement of financial performance. (8 marks)
(a) The main reasons why the three accounting standards boards have decided to come together in a joint project regarding a
single performance statement are as follows:
(i) there are many different formats and classifications used for financial statements and different time periods used for
comparative data in different countries.
(ii) there are no common definitions as regards the key elements of financial performance and no agreement on the standard
definitions of the key ratios which would then determine the nature of the information that financial statements should
provide. There has been an increase in the reporting of alternative and often inconsistent financial performance
measures that has led to confusion and often has misled users.
(iii) there has been an increase in the use of pro-forma reporting which would tend to suggest that the existing totals and
sub totals in financial statements are not being used or relied upon as much as in the past.
(iv) there are benefits in separating transactions and events that are recorded at historical cost from those recorded at fair
value. Also, the differentiation between trading and holding gains gives useful information. This ‘mixed attribute’ model
is causing concern over the effects on reported performance.
(v) there is often insufficient disaggregation of data which prevents effective financial analysis of performance.
(vi) there has been an inconsistency in the use of ‘recycling ‘in financial statements of different jurisdictions which has led
to issues of reporting gains and losses twice.
(vii) the reporting of gains and losses on financial instruments required consideration. The gains and losses may currently be
reported under several headings dependent upon the nature of the instrument.
(viii) there are many relevant items excluded from the performance statements and inappropriate items included. For example
the reporting of foreign currency gains/losses on the retranslation of the net investment in foreign operations is normally
recognised in equity in many countries and dividends proposed shown on the face of the income statement when it does
not meet the definition of a liability and is a transaction with the owners of the business and not third parties.
(ix) Information is inconsistently classified within and outside totals and subtotals.
Susan is aware of benchmarking as a useful input into performance measurement and strategic change.
(b) Assess the contribution benchmarking could make to improving the position of the Marlow Fashion Group
and any limitations to its usefulness. (8 marks)
(b) Benchmarking at Marlow Fashion will not be an easy exercise. Marlow Fashion has developed a distinctive way of reaching
its markets that means direct comparisons will be hard to make. Certainly, it can carry out historical benchmarking in
comparing how its own processes and activities have improved, or otherwise, over a relevant period of time. Unfortunately,
this is likely to simply confirm worsening performance. It can compare its own key operations against the ‘best in class’;
regardless of which industry the excellent performer comes from. It could and should have been carrying out competitive
benchmarking on the retail side of the business where information should be more easily available. There may be an
opportunity to benchmark itself against firms that have gone through a similar crisis and achieved a successful turnaround.
In terms of the advantages and disadvantages, the willingness of managers responsible for a key area of performance to
compare themselves against relevant external performance measures should make them take responsibility for any changes
necessary. In Marlow Fashion, the acceptance that things have to be done differently will be the first stage in the turnaround.
Getting managers face-to-face with the problems, accepting responsibility for change and recognising that the necessary
changes are ‘doable’ is an important stage in creating a willingness to change. The disadvantages are that every organisation
and situation is different and there is no one best way. Marlow Fashion thought it had discovered the best way and this created
an unwillingness to change. There is also the danger that you are solving today’s problems with yesterday’s solutions. A good
competitor will be trying to maintain its competitive advantage through constantly improving its processes. It also has a vested
interest in trying to prevent its improvements from being revealed to its competitors. Also, many of the ‘softer’ processes –
typically involving people – are difficult if not impossible to replicate in another organisation. These advantages are to do with
culture and leadership and not easily transferable to another organisation and the context in which it is operating.
(ii) Comment on the figures in the statement prepared in (a)(i) above. (4 marks)
(ii) The statement of product profitability shows that CTC is forecast to achieve a profit of $2·185 million in 2008 giving a
profit:sales ratio of 11·9%. However, the forecast profit in 2009 is only $22,000 which would give a profit:sales ratio
of just 0·19%! Total sales volume in 2008 is 390,000 units which represent 97·5% utilisation of total annual capacity.
In stark contrast, the total sales volume in 2009 is forecast to be 240,000 units which represents 60% utilisation of
total annual capacity and shows the expected rapid decline in sales volumes of Bruno and Kong products. The rapid
decline in the sales of these two products is only offset to a relatively small extent by increased sales volume from the
Leo product. It is vital that a new product or products with healthy contribution to sales ratios are introduced.
Management should also undertake cost/benefit analyses in order to assess the potential of extending the life of Bruno
and Kong products.
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