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F71.Which of the following options are outflows of cash under the heading ‘cash flows from operating activities' under the indirect method ofIAS 7?A. Foreignexchange loss.B. Issuing of share capital.C. Capital repayments under finance leases.D. Interest paid. 2.Jeeves Co undertook a $7.2 million contract on 3 February X7. The relevant costinformation is displayed in the table. The company attributes profit on thebasis of cost, and believes that the contract will be completed according toplan.Year ending 31.12.X7 31.12.X8
$ million $ million Total contract
costs in year 2 1.8 Estimated costs
to completion 3 1.4 Whatfigure for attributable profit should be included in the company’s statement of profit or loss for the year ended 31 December X8?Round all calculations to the nearest $0.1million.A. 0B. $0.6 millionC. $2 millionD. ($0.2 million) 3.Martac Co is in the course of boring a river tunnel. The contract value is $100million and at the end of year 1 the work is believed to be 70% complete. Thecosts to date are $80 a further $25 million is expected to be neededto finish the project. No payments have been received.What entryshould be made in Martac’s statement of financialposition for amounts due from customers?A. Nil.B. $6.5 million.C. $75 million.D. -$ 5 million. 4. Which of the
following would not be classed as a non-current asset?A. Freehold
property, occupied by the entity, held for its investment potential.
B. All the statements listed.
C. A ‘limited edition’ delivery van
used in the entity’s operations.
D. Freehold property, not occupied by the entity, held for its investment
potential.
E. Shares in another company held as a short-term store of spare cash.
5. Justin Co’s inventory valuation excludes goods held by customers on a sale
or return basis. The goods have a cost to the company of $1,469 and a selling
price to customers of $1,655. They have not been invoiced to customers.The effect on
Justin Co’s profit of excluding this inventory is that:A. Profit is
understated by $1,655.
B. Profit is stated correctly.
C. Profit is understated by $1,469.
D. Profit is understated by $186.
6. Which one of
the following investments would not be treated as an associate in the parent
company's group accounts?A. A holding of
50% of the ordinary shares of another company.
B. A holding of 40% of the preference and 15% of the ordinary shares of
another company.
C. A holding of 60% of the preference and 40% of the ordinary shares of
another company.
D. A holding of 15% of the ordinary shares of another company with
significant influence on the Board of that company.
7. Which one of
the following methods for valuing inventories is not allowed by IAS 2?A. First in,
first out (FIFO).
B. Last in, first out (LIFO).
C. Weighted average cost (AVCO).
8. A company has
1 million shares in issue (par value $1). It makes a 1 for 4 bonus issue and
then a 1 for 5 rights issue at $1.20. Calculate the total ordinary share
capital balance after the above events. (Assume all rights were taken up)A. $1,500,000.
B. $1,550,000.
C. $1,300,000.
D. $1,250,000.
9. In which of
the following circumstances would not a provision be recognised under IAS 37
Provisions, contingent liabilities and contingent assets in the financial
statements for the year ending 30 September 20X6?A. Retraining
costs to be incurred due to the management restructuring.
B. Clean up costs to be incurred in the following year due to environmental
damage that has already been incurred due to government regulations.
C. Direct costs of a major management restructuring that is due to take place
from 1 October 20X6, which had been announced to the press on 15 September
10. The following
statements describe the approach required in IAS 11 to the calculation of the
statement of financial position value of long-term construction contract
balances (amounts due from customers).Which statement
is correct?A. Cost to date
plus recognised profits less recognised losses, less progress billings.
B. Cost to date less transfer to income statement for completed work less
payments received from customers.
C. Cost to date plus transfer to income statement for completed work less
losses less excess progress payments.
D. Cost to date less transfer to income statement for completed work less
losses plus excess progress payments.
11. Mulroon Co, a
publishing company, is being sued for $1 million in a libel action in respect
of a book published in January 20X0.On 31 October
20X0, the end of the reporting period, the directors believed that the claim
had a ten per cent chance of success. On 30 November 20X0, the date the
accounts were approved, the directors believed that the claim had a thirty
per cent chance of success.In the financial
statements to 31 October 20X0 the amount which should be provided is:A. $300,000.
C. $100,000.
D. $1,000,000.
12. On 1 January
20X0, Cooper hires a computer on an operating lease. The lease is for 3 years
and under the terms of the contract an initial payment of $120 is due
followed by 3 annual payments in arrears of $550 per annum.What is the hire
charge expense for the year ended 31 December 20X0?A. $120
13. Where will
bonus share issues appear in a statement of cash flows?A. They will not
appear in a cash flow statement.
B. As part of investingC. Under
operating profit as receipts.
D. Under financing because share capital has increased.
14. Which of the
following is a valid reason under IFRSs for the non-consolidation of a
subsidiary?A. The subsidiary
is held exclusively for subsequent disposalB. An inability
by the parent to exercise control.
C. Cost of the consolidation.
D. Difficulty in obtaining the information from the subsidiary.
15. Denne Co has
a cash generating unit. The unit was reviewed for impairment at 31 December
20X6 as required by IAS 36 Impairment of assets. The impairment review
revealed that the cash generating unit had a value in use of $50 million and
a net realisable value of $46 million.The carrying
values of the net assets of the cash generating unit immediately prior to the
impairment review were as follows.
$'000Goodwill
10,000Property, plant
and equipment36,000Net current
54,000The review
indicated that an item of plant (included the above figure of $36 million)
with a carrying value of $2 million had been severely damaged and was
virtually worthless. There was no other evidence of obvious impairment to
specific assets.What is the
carrying value of the goodwill relating to the unit immediately after the
results of the impairment review have been reflected in accordance with IAS
The following
information relates to the cash flows of Davis Co:Issue of share
capital$114,000Dividends paid$14,000Decrease in
cash for the period$4,500Purchase of
non-current assets$50,000Cash received
from sale of non-current assets$6,600Taxation paid$21,000The only missing
item is the figure for cash outflow from operating activities for the year.What is this
figure? (enter as a positive value)The figure for
cash flow from operating activities for the year is: $________.
2. On 28 February
20X5 Y Co made a bonus issue of 50,000 $1 shares. Y Co's year end runs to 30
September 20X5 and its profits for the year were $75,000. Its opening share
capital was $100,000 in $1 shares.What is EPS in
cents for the year to 30 September 20X5?________ cents
3. Boot Co has a
77% holding in Shoe Co and a 25% holding in Sandal Co. Boot Co sold goods
with a value of $7,000 to each of Shoe Co and Sandal Co.Boot Co had
revenue of $64,000 and the other two companies $20,000 each in the year.What is group
revenue?Group revenue is:
4. The following
balances appear in the statement of financial position of Peterson Co.Year ending 31
$'000Share capital 1,600 1,200Share premium 400 280What figure would
appear in the statement of cash flows for issue of shares?$________
5. 100,000 8%redeemable preference shares are issued on 1 January 20X7. They will beredeemed at a premium. Issue costs are $2,000 and the effective interest rateis 10%. The dividend is paid annually on 31 December. At what value will theybe shown in the statement of financial position at 31 December 20X8?$________
Which ofthe following is not an example of soft capital rationing?A. Only retainedearnings will be used by the company to finance capital.B. The company'scredit rating does not allow any further borrowing.C. The company isaverse to debt.D. Management don'twant to issue more shares which would dilute control. 2.
Which ofthe following is an example of a financial objective that a company mightchoose to pursue?A. Producingenvironmentally friendly products.B. Restricting thelevel of gearing to below a specified target level.C. Dealing honestlyand fairly with customers on all occasions.D. Provision ofgood wages and salaries. 3.
BenchmarkCo has made an issue of 10% convertible bonds with a par value of $100. Thebonds can be redeemed in three years' time at $120, or converted into shares atthe rate of 50 shares per $100 bond.At which of thefollowing share prices would an investor opt to take the shares?A. $2.50B. $2.00C. $1.50D. $1.004.
Which ofthe following factors would probably not lead to an increase in the generallevel of interest rates?A. Higher demandfor borrowing from individuals.B. A reduction inthe rate of inflation.C. An increase inthe level of government borrowing.D. Governmentaction to limit growth in the money supply. 5.
The USdollar/sterling spot rate is $1.52 = £1One year USinterest rates = 8%One year UKinterest rates = 14%The one yearforward exchange rate between the dollar and sterling should beA. £1.6112 to £1B. $1.4400 to £1C. $1.6044 to £1D. $1.4288 to £1
11. The draftbudget of Hopp Piraticals includes the following data:Income statement(extract):Revenue (all oncredit)
$5,000,000Cost of sales$3,400,000Gross Profit $1,600,000Bad debts $210,000End-of-yearstatement of financial position (extract):Receivables
$900,000Inventories (variesdirectly with revenue)
$300,000Payables (variesdirectly with revenue)
$250,000If the companyswitches to a credit policy of insisting on full payment from customers withinone month, bad debts should fall to 2% of revenue, but revenue would fall by10% below budget. The extra administrative costs of the new credit policy wouldbe $45,000 per annum. The company's opportunity cost of capital is 20% perannum. All costs of sales vary directly with sales.How much would thecompany gain next year (before tax) by introducing the new credit policy?A. $20,000B. $21,000C. $11,000D. $10,000 12. Which of thefollowing is not an assumption of the dividend valuation model?A. The company'searnings will increase sufficiently to maintain dividend growth levels.B. Directors usedividends to signal the strength of the company's position.C. Dividends eithershow no growth or constant growth.D. The dividendgrowth rate exceeds the discount rate. 13. The equityshares of Front Co have a beta value of 0.90. The risk-free rate of return is5% and the market risk premium is 4%. Tax is 25%. What is the return on theshares of Front Co?A. 13.1%B. 8.1%C. 7.7%D. 8.6%
14. The followingfigures are taken from Louie Co's statement of financial position.
$mGoodwill
60Non-currenttangible assets
200Net current assets
5010% bonds
30Unsecured mezzaninedebt
20Ordinary shares of
1405% $1 preferredshares
10Reserves
210Using the netassets basis of valuation, what is the value of an ordinary share?A. $5.25B. $4.75C. $6.25D. $5.00 15. Easycare Linensco made a profit before interest and taxation for the year of $950,000. Netinterest payable was $50,000. Tax was $100,000. In addition to a nominal issuedshare capital of $3m there are one million 10% preferred shares in issue, eachwith a nominal value of $1.What is the profitfigure to be used in the EPS calculation?A. $700,000B. $900,000C. $800,000D. $950,000
Thefollowing information relates to Growth CoDividendcover
2.2 timesEarnings after taxand preference dividends
$125,000Return on capitalemployed
12.5%Preferencedividend
$10,000Dividend perordinary share 30cCum-div ordinaryshare price
285cWhat is theex-dividend share price and the cost of equity for Growth Co?The ex-div share priceis ________ cThe cost of equityin Growth Co is ________ % (to one decimal places)
Marble Cohas 4% bonds in issue that are redeemable in three years' time. Interest ispaid annually, and an interest payment has just been made. The current marketprice of the bonds is 92.40. Tax is 25% and tax is payable in the same year asthe profit to which the tax relates. Using the discount rates below, and noother discount rates, estimate (by calculating an internal rate of return), thecost of the bonds.Enter your answeras a percentage, to one decimal place.
0.82The after-tax costof the bonds is ________%.
Fenton'sprojected revenue for 20X6 is $350,000.It is forecast that20% of revenue will occur in January and the rest will be equally spread amongthe remaining eleven months.All sales are oncredit. Customers' accounts are settled 50% in the month of sale, 45% in thefollowing month, and 5% are written off as bad debts after two months.What are thebudgeted cash collections for March?(work to thenearest $)Budgeted cashcollections of $________
Acompany's budget includes the following figures:Monthly revenue(60% of which are on credit)
$80,000Gross profit marginon revenue
30%Inventory turnover
10 times p.a.Receivablescollection period
1.2 monthsPayables paymentperiod(all purchases are on credit) 1 monthAll non-tradingexpenses are paid in cash and there is no cash balance at the end of the month.What bank overdraft will produce a current (working capital) ratio of 1.7 atthe end of the month (to the nearest $)?Overdraft of$________
The followinginformation is relevant for Up Co:Receivablescollection period
8 weeksInventory holdingperiod 2 weeksSuppliers' creditperiod 5 weeksProduction period 2weeksWhat is theoperating cycle of Up Co?The operating cycle is________ weeks.
这不是f9考试的题目啊
15. Denne Co has acash generating unit. The unit was reviewed for impairment at 31 December 20X6as required by IAS 36 Impairment of assets. The impairment review revealed thatthe cash generating unit had a value in use of $50 million and a net realisablevalue of $46 million.The carrying valuesof the net assets of the cash generating unit immediately prior to theimpairment review were as follows. $'000 Goodwill 10,000 Property, plant
and equipment 36,000 Net current
assets 8,000
54,000 The reviewindicated that an item of plant (included the above figure of $36 million) witha carrying value of $2 million had been severely damaged and was virtuallyworthless. There was no other evidence of obvious impairment to specificassets.What is thecarrying value of the goodwill relating to the unit immediately after theresults of the impairment review have been reflected in accordance with IAS 36?A. $8mB. $6mC. $2mD. $4m
Thefollowing information relates to the ordinary shares of BC Co.Earnings per share
50cDividendcover
2.5Published dividendyield 3.2%The price of BCCo's ordinary shares implied by the data above is:A. 625cB. 78cC. 153cD. 3,906c 7.
Acompany's shares have gone ex div, a dividend of 25c per share having beendeclared. The market expects this dividend to decline by 5% each year inperpetuity. The annual cost of equity capital is 10%.What is the exdividend price per share (to the nearest 1c)?A. $5.25B. $1.67C. $1.75D. $1.58
Which oneof the following statements is false?A. Low realinterest rates tend to result in high levels of credit based sales.B. Higher interestrates reduce the level of business investment only when that investment isfinanced by borrowing.C. The real rate ofinterest is the difference between the nominal rate of interest and the rate ofinflation.D. The mainfunction of the money market is to enable businesses and government to obtainliquidity.
MFW Co isconsidering a $1,000,000 expansion of its business. They are considering eithera loan in the form of 7% bonds or issuing 400,000 equity shares at $2.50 toraise the same amount of funds. The expansion will generate $500,000 of extraoperating profit each year. Assume tax of 25%. Ratios currently stand asfollows:Gearing = Priorcharge capital/Equity
= $2,500,000/$7,200,000 = 34.7%Interest cover =PBIT/Interest payable = $2,522,000/$223,000 = 11.3 timesEarnings per share
= PAT/Number of equity shares in issue
=$1,724,000/3,000,000
=57.5c per shareWhich one of thefollowing is correct?A. Interest coveris reduced using either source of finance.B. Equity reducesgearing and gives the best earnings per share.C. Earnings pershare and interest cover both worsen using debt.D. Earnings per share areincreased most by using debt.
10. Trippo isconsidering two projects. Project A has overall cash inflows of $10,000 inyears 1 to 3 and its net present value is $24,020. Project B has a net presentvalue of $27,300.By what percentagemust project A's cash inflows increase if Trippo will be indifferent betweenproject A and project B?A. 100%B. 113.66%C. 46.07%D. 13.66%
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