The statements of financial position for Cindy and Payson as at 31 December 20X1 are pre
第1题
included the following figures:
$
Profit 684,000
Closing inventory 116,800
Trade receivables 248,000
Allowance for receivables 10,000
No adjustments have yet been made for the following matters:
(1) The company’s inventory count was carried out on 3 January 2006 leading to the figure shown above. Sales
between the close of business on 31 December 2005 and the inventory count totalled $36,000. There were no
deliveries from suppliers in that period. The company fixes selling prices to produce a 40% gross profit on sales.
The $36,000 sales were included in the sales records in January 2006.
(2) $10,000 of goods supplied on sale or return terms in December 2005 have been included as sales and
receivables. They had cost $6,000. On 10 January 2006 the customer returned the goods in good condition.
(3) Goods included in inventory at cost $18,000 were sold in January 2006 for $13,500. Selling expenses were
$500.
(4) $8,000 of trade receivables are to be written off.
(5) The allowance for receivables is to be adjusted to the equivalent of 5% of the trade receivables after allowing for
the above matters, based on past experience.
Required:
(a) Prepare a statement showing the effect of the adjustments on the company’s net profit for the year ended
31 December 2005. (5 marks)
第2题
(Expressed in RMB thousands)
FINANCLAL STATEMENTS ITEMS
20×8
20×7
Sales
64000
48000
Cost of sales
54000
42000
Net profit
30
-20
December 31, 20×8
December 31, 20×7
Inventory
16000
12000
Current assets
60000
50000
Total assets
100000
90000
Current liabilities
20000
18000
Total liabilities
30000
25000
During the audit, John has the following findings:
(1)On December 31, 20×8,Company A discounted an undue commercial acceptance bill (with recourse) amounted to RMB 6000000, and was charged discounting interest of RMB 180000 by the bank. Company A made an accounting entry on December 31, 20×8 as follows:
Dr. Cash in Bank RMB 5820000
Dr. Financial Expenses RMB 180000
Cr. Notes Receivable RMB 6000000
(2)In June 20×8, Company A provided guarantee for Company B’s borrowings from Bank C. In December 20×8, since Company B failed to repay the borrowings in time, Company A was sued by Bank C to make relevant repayment amounted to RMB 3000000. As at December 31, 20×8, the lawsuit was still pending, and, based on the reasonable estimate of the guarantee losses made by the management, Company A made an accounting entry as follows:
Dr. Non-operating Expenses RMB 3000000
Cr. Provisions RMB 3000000
On January 10, 20×9,Company A received a judgment on repaying RMB 2500000
to Bank C to settle the guarantee obligation. Company A made the payment and an accounting entry at the end of January 2009 as follows:
Dr. Provisions RMB 3000000
Cr. Cash in Bank RMB 2500000
Cr. Non-operating Income RMB 500000
Required:
(1)For Revenue and Net Profit, explain which one is more appropriate to be used to calculate planning materiality for Company A’s 20×8 financial statements as a whole. Explain the reasons of that conclusion.
(2)Based on the un-audited in formation of selected financial statements items, for the purpose of using analytical procedures as risk assessment procedures, calculate the following ratios:
(a)Inventory Turnover Rate in 20×8;
(b)Gross Profit Ratio in 20×8;
(c)After Tax Return on Total Assets in 20×8; and
(d)Current Ratio as at December 31, 20×8
(3)For each audit finding identified during the audit, list the suggested adjusting entries that John should made for Company A’s 20×8 financial statements. Tax effects, if any, are ignored.
第3题
The individual statements of financial position at 31 December 20X5 for both companies show the following:
What will be the total inventories figure in the consolidated statement of financial position of Patula Co as at 31 December 20X5?
A.$5,250,000
B.$5,330,000
C.$5,130,000
D.$5,238,000
第4题
The following financial statements relate to Blue Ting for the year ended 31 December 2001
Balance Sheet ended at 31 December
2000 2001
$'000 $'000
Plant and machinery 1,296 1,788
Less: Depreciation (174) (287)
Stock 184 296
Trade debtors 382 490
Bank and cash 10 (301)
Trade creditors (142) (166)
Accrued expenses (45) -
Taxation (80) (100)
Dividends (45) (60)
1,386 1,660
Less: 6% Loan notes2009 (350) (350) 1,036 1,310
Paid-up share capital 875 975
Share premium - 50
Revenue reserves 35 70
Profit and loss 126 215 1,036 1,310
Trading and Profit and Loss Account
2000 2001
$'000 $'000
Turnover 2,725 3,204
Less: Cost of sales (1,766) (2,195)
Gross profit 959 1,009
Less: Operating expenses (713) (715)
Profit before taxation 246 294
Less: taxation (80) (90)
Profit after taxation 166 204
Less: transfer to reserves (20) (35)
proposed dividends (45) (80)
Retained earnings for the year 101 89
Additional information:
Plant and machinery with a cost of $52,000 and a written-down value of $22,800 was sold for$10,000.
Required:
(a)Briefly discuss why users regard cash flow analysis importantly.
(b)Prepare a cash flow statement for Blue Ting for the year ended 31 December 2001 in the format as prescribed by HKSSAP15: Cash Flow Statement.
第5题
(Expressed in RMB thousands)
FINANCLAL STATEMENTS ITEMS
20×8
20×7
Sales
64000
48000
Cost of sales
54000
42000
Net profit
30
-20
December 31, 20×8
December 31, 20×7
Inventory
16000
12000
Current assets
60000
50000
Total assets
100000
90000
Current liabilities
20000
18000
Total liabilities
30000
25000
During the audit, John has the following findings:
(1)On December 31, 20×8,Company A discounted an undue commercial acceptance bill (with recourse) amounted to RMB 6000000, and was charged discounting interest of RMB 180000 by the bank. Company A made an accounting entry on December 31, 20×8 as follows:
Dr. Cash in Bank RMB 5820000
Dr. Financial Expenses RMB 180000
Cr. Notes Receivable RMB 6000000
(2)In June 20×8, Company A provided guarantee for Company B’s borrowings from Bank C. In December 20×8, since Company B failed to repay the borrowings in time, Company A was sued by Bank C to make relevant repayment amounted to RMB 3000000. As at December 31, 20×8, the lawsuit was still pending, and, based on the reasonable estimate of the guarantee losses made by the management, Company A made an accounting entry as follows:
Dr. Non-operating Expenses RMB 3000000
Cr. Provisions RMB 3000000
On January 10, 20×9,Company A received a judgment on repaying RMB 2500000
to Bank C to settle the guarantee obligation. Company A made the payment and an accounting entry at the end of January 2009 as follows:
Dr. Provisions RMB 3000000
Cr. Cash in Bank RMB 2500000
Cr. Non-operating Income RMB 500000
Required:
(1)For Revenue and Net Profit, explain which one is more appropriate to be used to calculate planning materiality for Company A’s 20×8 financial statements as a whole. Explain the reasons of that conclusion.
(2)Based on the un-audited in formation of selected financial statements items, for the purpose of using analytical procedures as risk assessment procedures, calculate the following ratios:
(a)Inventory Turnover Rate in 20×8;
(b)Gross Profit Ratio in 20×8;
(c)After Tax Return on Total Assets in 20×8; and
(d)Current Ratio as at December 31, 20×8
(3)For each audit finding identified during the audit, list the suggested adjusting entries that John should made for Company A’s 20×8 financial statements. Tax effects, if any, are ignored.
【中文翻译】注册会计师约翰负责审计A公司20×8年12月31日的财务报表。
以下是未经审计财务报表的部分信息:
(单位:千元)
项目
20×8
20×7
营业收入
64 000
48 000
营业成本
54 000
42 000
净利润
30
-20
20×8年12月31日
20×7年12月31日
存货
16 000
12 000
流动资产
60 000
50 000
总资产
100 000
90 000
流动负债
20 000
18 000
总负债
30 000
25 000
在审计过程中,约翰发现以下事项:
(1)20×8年12月31日,A公司将未到期金额为人民币6 000 000元的商业承兑票据(附追索权)贴现,银行收取了人民币180 000元的贴现利息。A公司在20×8年12月31日做会计分录:
借:银行存款5 820 000
财务费用 180 000
贷:应收票据6 000 000
(2) 20×8年6月,A公司为B公司在C银行的贷款提供了担保。20×8年12月,由于B公司未能及时偿还贷款,A公司被银C行起诉,要求偿还贷款3 000 000元。20×8年12月31日官司尚未判决,根据管理层对担保损失的合理性估计,A公司做出以下会计分录:
借:营业外支出 3 000 000
贷:预计负债 3 000 000
20×9年1月10日,A公司收到法院判决:A公司应赔偿C银行人民币 2 500 000元。A公司支付了这笔款项,并于20×9年1月末将做出如下会计分录:
借:预计负债 3 000 000
贷:银行存款 2 500 000
营业外收入 500 000
要求:
(1)在营业收入和净利润两者之中,选择一个用于计算A公司20×8年财务报表层次的计划重要性水平,两者中哪一个更合适一些?并说明理由。
(2)根据以上未经审计的财务报表信息,运用分析程序分析重大错报风险,请计算以下比率:
(a)20×8年存货周转率
(b)20×8年销售毛利率
(c)20×8年总资产净利率
(d)20×8年12月31日的流动比率
(3)根据上述事项,注册会计师约翰应提出哪些审计调整建议,并列示调整分录。(调整分录不考虑所得税的影响)
第6题
(Expressed in RMB thousands)
FINANCLAL STATEMENTS ITEMS
20×8
20×7
Sales
64000
48000
Cost of sales
54000
42000
Net profit
30
-20
December 31, 20×8
December 31, 20×7
Inventory
16000
12000
Current assets
60000
50000
Total assets
100000
90000
Current liabilities
20000
18000
Total liabilities
30000
25000
During the audit, John has the following findings:
(1)On December 31, 20×8,Company A discounted an undue commercial acceptance bill (with recourse) amounted to RMB 6000000, and was charged discounting interest of RMB 180000 by the bank. Company A made an accounting entry on December 31, 20×8 as follows:
Dr. Cash in Bank RMB 5820000
Dr. Financial Expenses RMB 180000
Cr. Notes Receivable RMB 6000000
(2)In June 20×8, Company A provided guarantee for Company B’s borrowings from Bank C. In December 20×8, since Company B failed to repay the borrowings in time, Company A was sued by Bank C to make relevant repayment amounted to RMB 3000000. As at December 31, 20×8, the lawsuit was still pending, and, based on the reasonable estimate of the guarantee losses made by the management, Company A made an accounting entry as follows:
Dr. Non-operating Expenses RMB 3000000
Cr. Provisions RMB 3000000
On January 10, 20×9,Company A received a judgment on repaying RMB 2500000
to Bank C to settle the guarantee obligation. Company A made the payment and an accounting entry at the end of January 2009 as follows:
Dr. Provisions RMB 3000000
Cr. Cash in Bank RMB 2500000
Cr. Non-operating Income RMB 500000
Required:
(1)For Revenue and Net Profit, explain which one is more appropriate to be used to calculate planning materiality for Company A’s 20×8 financial statements as a whole. Explain the reasons of that conclusion.
(2)Based on the un-audited in formation of selected financial statements items, for the purpose of using analytical procedures as risk assessment procedures, calculate the following ratios:
(a)Inventory Turnover Rate in 20×8;
(b)Gross Profit Ratio in 20×8;
(c)After Tax Return on Total Assets in 20×8; and
(d)Current Ratio as at December 31, 20×8
(3)For each audit finding identified during the audit, list the suggested adjusting entries that John should made for Company A’s 20×8 financial statements. Tax effects, if any, are ignored.
【中文翻译】注册会计师约翰负责审计A公司20×8年12月31日的财务报表。
以下是未经审计财务报表的部分信息:
(单位:千元)
项目
20×8
20×7
营业收入
64 000
48 000
营业成本
54 000
42 000
净利润
30
-20
20×8年12月31日
20×7年12月31日
存货
16 000
12 000
流动资产
60 000
50 000
总资产
100 000
90 000
流动负债
20 000
18 000
总负债
30 000
25 000
在审计过程中,约翰发现以下事项:
(1)20×8年12月31日,A公司将未到期金额为人民币6 000 000元的商业承兑票据(附追索权)贴现,银行收取了人民币180 000元的贴现利息。A公司在20×8年12月31日做会计分录:
借:银行存款5 820 000
财务费用 180 000
贷:应收票据6 000 000
(2) 20×8年6月,A公司为B公司在C银行的贷款提供了担保。20×8年12月,由于B公司未能及时偿还贷款,A公司被银C行起诉,要求偿还贷款3 000 000元。20×8年12月31日官司尚未判决,根据管理层对担保损失的合理性估计,A公司做出以下会计分录:
借:营业外支出 3 000 000
贷:预计负债 3 000 000
20×9年1月10日,A公司收到法院判决:A公司应赔偿C银行人民币 2 500 000元。A公司支付了这笔款项,并于20×9年1月末将做出如下会计分录:
借:预计负债 3 000 000
贷:银行存款 2 500 000
营业外收入 500 000
要求:
(1)在营业收入和净利润两者之中,选择一个用于计算A公司20×8年财务报表层次的计划重要性水平,两者中哪一个更合适一些?并说明理由。
(2)根据以上未经审计的财务报表信息,运用分析程序分析重大错报风险,请计算以下比率:
(a)20×8年存货周转率
(b)20×8年销售毛利率
(c)20×8年总资产净利率
(d)20×8年12月31日的流动比率
(3)根据上述事项,注册会计师约翰应提出哪些审计调整建议,并列示调整分录。(调整分录不考虑所得税的影响)
第7题
following:
Income Statement
Sales $8,000,000
Cost of Goods Sold (3,800,000)
Gross Profit 4,200,000
Wages (1,000,000)
Depreciation (600,000)
Interest (500,000)
Taxes (600,000)
Net Income $1,500,000
Selected Balance Sheet Accounts
Dec. 31, 2000 Dec. 31, 2001
Accounts Receivable $1,200,000 $1,500,000
Inventory 800,000 1,000,000
Accounts Payable 600,000 400,000
Equipment 5,300,000 5,500,000
White prepares its Statement of Cash Flow using the direct method.
The Cash Flow from Operations (CFO) section of the statement will show Cash Collections of:
A.$7,700,000.
B.$7,100,000.
C.$6,900,000.
D.$6,700,000.
第8题
a profit of $86,400. The trial balance did not balance, and a suspense account with a credit balance of $3,310 was
included in the balance sheet.
In subsequent checking the following errors were found:
(a) Depreciation of motor vehicles at 25 per cent was calculated for the year ended 31 December 2004 on the
reducing balance basis, and should have been calculated on the straight-line basis at 25 per cent.
Relevant figures:
Cost of motor vehicles $120,000, net book value at 1 January 2004, $88,000
(b) Rent received from subletting part of the office accommodation $1,200 had been put into the petty cash box.
No receivable balance had been recognised when the rent fell due and no entries had been made in the petty
cash book or elsewhere for it. The petty cash float in the trial balance is the amount according to the records,
which is $1,200 less than the actual balance in the box.
(c) Bad debts totalling $8,400 are to be written off.
(d) The opening accrual on the motor repairs account of $3,400, representing repair bills due but not paid at
31 December 2003, had not been brought down at 1 January 2004.
(e) The cash discount totals for December 2004 had not been posted to the discount accounts in the nominal ledger.
The figures were:
$
Discount allowed 380
Discount received 290
After the necessary entries, the suspense account balanced.
Required:
Prepare journal entries, with narratives, to correct the errors found, and prepare a statement showing the
necessary adjustments to the profit.
(10 marks)
第9题
Minny is a company which operates in the service sector. Minny has business relationships with Bower and Heeny. All three entities are public limited companies. The draft statements of financial position of these entities are as follows at 30 November 2012:
The following information is relevant to the preparation of the group financial statements:
1. On 1 December 2010, Minny acquired 70% of the equity interests of Bower. The purchase consideration comprised cash of $730 million. At acquisition, the fair value of the non-controlling interest in Bower was $295 million. On 1 December 2010, the fair value of the identifiable net assets acquired was $835 million and retained earnings of Bower were $319 million and other components of equity were $27 million. The excess in fair value is due to non-depreciable land.
2. On 1 December 2011, Bower acquired 80% of the equity interests of Heeny for a cash consideration of $320 million. The fair value of a 20% holding of the non-controlling interest was $72 million; a 30% holding was $108 million and a 44% holding was $161 million. At the date of acquisition, the identifiable net assets of Heeny had a fair value of $362 million, retained earnings were $106 million and other components of equity were $20 million. The excess in fair value is due to non-depreciable land.
It is the group’s policy to measure the non-controlling interest at fair value at the date of acquisition.
3. Both Bower and Heeny were impairment tested at 30 November 2012. The recoverable amounts of both cash generating units as stated in the individual financial statements at 30 November 2012 were Bower, $1,425 million, and Heeny, $604 million, respectively. The directors of Minny felt that any impairment of assets was due to the poor performance of the intangible assets. The recoverable amount has been determined without consideration of liabilities which all relate to the financing of operations.
4. Minny acquired a 14% interest in Puttin, a public limited company, on 1 December 2010 for a cash consideration of $18 million. The investment was accounted for under IFRS 9 Financial Instruments and was designated as at fair value through other comprehensive income. On 1 June 2012, Minny acquired an additional 16% interest in Puttin for a cash consideration of $27 million and achieved significant influence. The value of the original 14% investment on 1 June 2012 was $21 million. Puttin made profits after tax of $20 million and $30 million for the years to 30 November 2011 and 30 November 2012 respectively. On 30 November 2012, Minny received a dividend from Puttin of $2 million, which has been credited to other components of equity
5. Minny purchased patents of $10 million to use in a project to develop new products on 1 December 2011. Minny has completed the investigative phase of the project, incurring an additional cost of $7 million and has determined that the product can be developed profitably. An effective and working prototype was created at a cost of $4 million and in order to put the product into a condition for sale, a further $3 million was spent. Finally, marketing costs of $2 million were incurred. All of the above costs are included in the intangible assets of Minny.
6. Minny intends to dispose of a major line of the parent’s business operations. At the date the held for sale criteria were met, the carrying amount of the assets and liabilities comprising the line of business were:
It is anticipated that Minny will realise $30 million for the business. No adjustments have been made in the financial statements in relation to the above decision.
Required:
(a) Prepare the consolidated statement of financial position for the Minny Group as at 30 November 2012. (35 marks)
(b) Minny intends to dispose of a major line of business in the above scenario and the entity has stated that the held for sale criteria were met under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. The criteria in IFRS 5 are very strict and regulators have been known to question entities on the application of the standard. The two criteria which must be met before an asset or disposal group will be defined as recovered principally through sale are: that it must be available for immediate sale in its present condition and the sale must be highly probable.
Required:
Discuss what is meant in IFRS 5 by ‘available for immediate sale in its present condition’ and ‘the sale must be highly probable’, setting out briefly why regulators may question entities on the application of the standard. (7 marks)
(c) Bower has a property which has a carrying value of $2 million at 30 November 2012. This property had been revalued at the year end and a revaluation surplus of $400,000 had been recorded in other components of equity. The directors were intending to sell the property to Minny for $1 million shortly after the year end. Bower previously used the historical cost basis for valuing property.
Required: Without adjusting your answer to part (a), discuss the ethical and accounting implications of the above intended sale of assets to Minny by Bower. (8 marks)
第10题
(约翰,注册会计师,对ABC公司截止到20×8年12月31日的财务报表进行审查。可用的资料有:)
(a) John assessed the risk of material misstatements at 80% and plans to limit the audit risk to 10 %.
(约翰评估了重大错报风险为80%,并计划将审计风险控制在10%.)
(b) John is testing the operating effectiveness of the loan approval procedure ( a control activity) related to granting loans. In 20×8, ABC Bank granted to 10 000 loans in total. John determined that the acceptable risk of assessing control risk too low is 10%. He selected a sample of 60 sampling units and tested without any deviation found. Some Poisson Risk Factors(Reliability Factors) are reprinted as follows:
(约翰在检测相关贷款审核手续(控制活动)的经营能力时得知:在20×8年,ABC银行总共获得10 000元的贷款。约翰评定评估信赖过度风险为10%.他选择了60个抽样单位为样本,并且测试中没有发现任何偏差。一些Poisson风险因素(可靠性因素)如下:)
(c) John is using the Ratio Estimation Variable Sampling method to test the long-term loan balance at December 31,20×8. The total recorded balance is RMB¥;300 billion. John designed a sample of 200 items from a population of 4000 items. The book value of the sample is RMB¥;16.5 billion. However, the audited value is RMB¥;15.6 billion.
约翰使用了比率估计抽样来测试在20×8年12月31日的长期负债金额。总共记录的金额为人民币3000亿。约翰从总体为4000个项目中确定样本规模为200.样本的账面价值为人民币165亿,审定金额为人民币156亿。
(d) John is performing substantive procedures on interest income from short-term loan. The average annual market interest rate for short-term loan is 5 percent. The audited short-term loan balances of ABC Bank Co. at the end of each month in 20×8 are as follows:
约翰对短期贷款的利息收入实施实质性程序。短期贷款的平均市场年利率为5%,ABC银行在20×8每月月末的审计短期贷款金额如下:
Required:
要求:
(1) Based on (a), calculate the acceptable detection risk.
(1)基于(a)计算可接受的检查风险
(2) Based on (b), calculate the upper limit of population deviation rate.
(2)基于(b)计算总体偏差率的上限
(3) Based on (c), make a point estimate of the misstatement in the population.
(3)基于(c)计算总体中错报点估计值
(4) Based on (d), develop the expected result of interest income from short-term loan.
(4)基于(d)发展短期贷款利息收入的预期成效
(5) Assume that after the tests mentioned in (d), John discovered that the interest income from short-term loan was understated by RMB¥;15.6 billion. Prepare the adjusting accounting entry.
(5)假定在完成了提到的(d)步骤后,约翰发现短期贷款的利息收入被低估了156亿,编制调整会计分录:
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