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1 (a) The following draft statements of financial position relate to Bread and its subsidiary Butter, both public listed entities, as at 31 December 2017.
Bread Butter
$m $m
Assets
Non-current assets
Property, plant and equipment 1,435 915
Intangible assets 435 70
Investments in
Butter 1,000
Jam 1,250
–––––– ––––––
4,120 985
Current assets: 865 786
–––––– ––––––
Total assets 4,985 1,771
–––––– ––––––
Equity and liabilities
Equity share capital ($1 each) 2,100 620
Retained earnings 1,555 482
Other components of equity 164 78
–––––– ––––––
Total equity 3,819 1,180
––––– ––––––
Non-current liabilities 792 304
Current liabilities 374 287
–––––– ––––––
Total liabilities 1,166 591
–––––– ––––––
Total equity and liabilities 4,985 1,771
–––––– ––––––
The following information is relevant to the preparation of the group financial statements:
1. Bread acquired an 80% equity interest in Butter on 1 January 2014 for a consideration of $1,000 million. At this date the retained earnings and other components of equity were $344 million and $46 million respectively. The fair value of the identifiable net assets of Butter at 1 January 2014 was $1,070 million.
The difference between the carrying amount and the fair value of the net assets at 1 January 2014 was due to unrecognised intangibles with a remaining useful life of five years. It is group policy to measure non-controlling interests using the proportional method of the fair value of the net assets.
Goodwill has been reviewed annually for impairment and, as at 1 January 2016, none had occurred. The recoverable amount of the net assets of Butter at 31 December 2017 was estimated as $1,328 million.
2. Bread acquired all of the equity shares in Jam on 1 January 2015 for a consideration of $1,250 million. The carrying amount and fair value of the identifiable net assets at acquisition were $1,230 million. At 31 December 2017, Bread was in the process of selling its entire shareholding in Jam and so it was decided that Jam should be treated as a disposal group held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations at that date. The carrying amounts of Jam’s net assets before classification as held for sale at 31 December 2017 in the individual financial statements are as follows:
$ m
Property, plant and equipment 836
Intangibles (excluding goodwill) 428
Current assets (at recoverable amount) 584
Non-current liabilities (322 )
Current liabilities (254 )
––––––
Total 1,272
––––––
The group has a policy of revaluing its property, plant and equipment in accordance with IAS 16 Property, Plant and Equipment. There have been no revaluations or any other gains or losses included within Jam’s other components of equity since the date of acquisition as the carrying amount was deemed to be a close enough approximation to fair value. However, at 31 December 2017, property with a carrying amount of $330 million was deemed to have a fair value of $340 million. No adjustment has yet been made for this fair value.
The total fair value less costs to sell of the disposal group at 31 December was estimated to be $1,220 million. There have been no previous impairments to the goodwill of Jam.
3. Bread operates a defined benefit scheme which at 31 December 2016 was in deficit by $120 million. Details for the current year are as follows:
$ millions
Current service cost 55
Cash contribution to scheme 100
Benefits paid in the year 80
Net loss on curtailment 11
Gain on remeasurement of liability at 31 December 2017 9
The rate of interest applicable to good quality corporate bonds was 5% at 31 December 2016. The cash contributions for the scheme have been correctly accounted for in the financial statements for the year ended 31 December 2017. This is the only adjustment which has been made in respect of the scheme.
4. On 1 January 2016, Bread gave 10,000 of its employees 200 share options each conditional that they worked for Bread for a further three years. During 2016, 980 employees left and a figure was correctly recorded in the financial statements of $3·9 million for the year ended 31 December 2016. During 2017, a further 950 employees left and it was estimated that 920 would leave in the following year. Details of the fair value of each option are given below.
1 January 2016 $8
31 December 2016 $9
31 December 2017 $10
Bread has not made any accounting entries in respect of the share option scheme for the year ended 31 December 2017.
5. Bread owns a 25% share in a manufacturing facility which had a total construction cost of $200 million and was completed and ready for use on 31 March 2017. The facility is expected to have a useful life of 20 years. All economic decisions concerning the facility require the unanimous consent of Bread and two other investors who own the remaining 75% of the facility. The investment in the manufacturing facility was correctly deemed to be a joint operation and trading from the facility started from 30 June 2017. Revenues earned from the facility for the period ended 31 December 2017 were $57 million. Production costs for goods sold and other operating costs were $36 million. Bread has not made any accounting entries for the year ended 31 December 2017 in relation to the facility, except for $50 million construction costs included within property, plant and equipment. It has been agreed that profits and losses should be split evenly across the three investors.
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