2020年ACCA考试F3-财务会计(基础)复习试题(5)

发布时间：2020-10-25

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5.1 According to IAS 38 Intangible assets, which of the following statements about intangible assets are correct?

1 If certain criteria are met, research expenditure must be recognized as an intangible asset.

2 If certain criteria are met, development expenditure must be capitalized

3 Intangible assets must be amortized if they have a definite useful life

A 2 and 3 only

B 1 and 3 only

C 1 and 2 only

D All three statements are correct

答案：A

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

1 If certain criteria are met, research expenditure may be recognized as an asset.

2 Research expenditure, other than capital expenditure on research facilities, should be recognized as an expense as incurred.

3 In deciding whether development expenditure qualifies to be recognized as an asset, it is necessary to consider whether there will be adequate finance available to complete the project.

4 Development expenditure recognized as an asset must be amortized over a period not exceeding five years.

5 The financial statements should disclose the total amount of research and development expenditure recognized as an expense during the period.

A 1, 4and 5

B 2,4and5

C 2,3and4

D 2,3and5

答案：D

5.3 According to IAS 38 Intangible assets, which of the following statements are correct?

1 Research expenditure should not be capitalized.

2 Intangible assets are never amortized.

3 Development expenditure must be capitalized if certain conditions are met.

A 1 and 3 only

B 1 and 2 only

C 2 and 3 only

D All three statements are correct

答案：A

5.4 According to IAS 38 Intangible assets, what amount should be charged in the statement of profit or loss and other comprehensive income for research and development costs for the year ended 31 December 20X7?

A $123, 000

B $182,000

C $162,000

D $103,000

答案：A

5.5 According to IAS 38 Intangible assets, what amount should be disclosed as an intangible asset in the statement of financial position for the year ended 31 December 20X7?

A $219,000

B $180,000

C $1 60,000

D $59,000

答案：A

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(b) (i) Calculate the inheritance tax (IHT) that will be payable if Debbie were to die today (8 June 2005).

Assume that no tax planning measures are taken and that there has been no change in the value of any

of the assets since David’s death. (4 marks)

正确答案：

 

(ii) Explain THREE strategies that might be adopted in order to improve the future prospects of Diverse

Holdings Plc. (6 marks)

正确答案：
(ii) The forecast situation of Diverse Holdings Plc is not without its problems. KAL and OPL require the immediate attention
of management. The position of KAL is precarious to say the least. There is a choice of strategies for it:
(i) Outsource the manufacture of appliances
(ii) Set up a manufacturing operation overseas
(ii) Withdraw from the market.
Each alternative must be assessed. Whatever decision is taken it is unlikely to affect the other four subsidiaries.
PSL is also independent of the other subsidiaries. A strategic decision to widen its range of products and outlets must
surely help. Hence management should endeavour to find new markets for its products, which are separate and distinct
from those markets served by its appointed distributors.
21
In order to improve the prospects of OPL management need to adopt appropriate strategies since at the present time the
company appears to be in a high growth market but is unable to capture a reasonable market share. Perhaps the answer
lies in increased or more effective advertising of the endorsement of the product range by health and safety experts.
Management should endeavour to develop a strategy to integrate further its subsidiaries so that they can benefit from
each other and also derive as much synergy as possible from the acquisition of HTL.
It is of paramount importance that management ensure that sufficient funds are channelled into growing OFL and HTL,
which are both showing a rising trend in profitability. The group has depleted cash reserves which must to some extent
be attributable to the purchase of HTL. It is possible that the divestment of KAL would provide some much needed
funding.

(b) Write a letter to Joanne setting out the value added tax (VAT) registration requirements and advising on

whether or not she should or could register for VAT and if registered if she could recover the VAT suffered on

the consultancy fees and computer purchased in October 2005. (7 marks)

正确答案：
(b) [Joanne’s address] [Firm’s address]
Dear Joanne 5 February 2006
I am writing to you in order to set out the value added tax (VAT) issues you face on registering your trade, together with some
other aspects of VAT that are relevant to you.
Registration
VAT registration is compulsory once taxable supplies exceed ￡58,000. This turnover figure is based on the value of your
cumulative taxable supplies in the previous 12 months. You have an obligation to inform. Customs within 30 days of the end
of the month in which the annual limit is exceeded. Registration will become effective on the first day of the following month.
VAT registration is also required if there are reasonable grounds for believing that the taxable supplies in the following 30 days
will exceed ￡58,000. In such cases, notification is required by the end of that 30 day period with registration being effective
from the start of that period.
Based on your estimates of taxable supplies, you will exceed the annual limit in October 2006 when your cumulative turnover
will be ￡62,000. You will therefore have to inform. Customs by the end of November. Your registration will be effective as of
1 December 2006.
You also have the option of voluntarily registering prior to then in which case you will normally become registered from the
date you applied. This is useful where your sales are to VAT registered customers for whom the extra VAT would not be a cost.
You would then be able to recover VAT on your attributable costs. However, you will have to comply with the VAT
administrative requirements.
Recovery of pre-registration VAT
It is possible to claim the recovery of VAT incurred prior to registering for VAT. There are some conditions, however. The costs
of the goods or services must have been incurred for the purpose of the business and there are time limits. You have three
years from the effective date of registration to recover the VAT on fixed assets (such as your computer) but only six months in
the case of purchased services (such as the consultancy fees).
As a result, I would recommend that you apply for voluntary registration as soon as possible, as registering after 1 April 2006
will mean that you will be unable to reclaim the VAT on your consultancy fees.
I hope the above information is useful to you.
Yours sincerely,
A. Consultant.

(ii) vehicles. (3 marks)

正确答案：
(ii) Vehicles
■ Agreeing opening ledger balances of cost and accumulated depreciation (and impairment losses) to the non-current
asset register to confirm the comparative amounts.
■ Physically inspecting a sample of vehicles (selected from the asset register) to confirm existence and condition (for
evidence of impairment). If analytical procedures use management information on mileage records this should be
checked (e.g. against milometers) at the same time.
■ Agreeing additions to purchase invoices to confirm cost.
■ Reviewing the terms of all lease contracts entered into during the year to ensure that finance leases have been
capitalised.
■ Agreeing the depreciation rates applied to finance lease assets to those applied to similar purchased assets.
■ Reviewing repairs and maintenance accounts (included in materials expense) to ensure that there are no material
items of capital nature that have been expensed (i.e. a test for completeness).

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