一、单选题 （每题1分，共 20分）
1. Which of the following statements about accounting concepts or assumptions are correct?
1） The money measurement assumption is that items in accounts are initially measured at their historical cost.
2） In order to achieve comparability it may sometimes be necessary to override the prudence concept.
3） To facilitate comparisons between different entities it is helpful if accounting policies and changes in them are disclosed.
4） To comply with the law, the legal form of a transaction must always be reflected in financial statements.
A 1 and 3
B 1 and 4
C 3 only
D 2 and 3
2.Johnny had receivables of $5 500 at the start of 2010. During the year to 31 Dec 2010 he makes credit sales of $55 000 and receives cash of $46 500 from credit customers.
What is the balance on the accounts receivables at 31 Dec 2010?
A.$8 500 Dr
B.$8 500 Cr
C.$14 000 Dr
D.$14 000 Cr
3.Should dividends paid appear on the face of a company’s cash flow statement?
A. Yes
B. No
C. Not sure
D. Either
4.Which of the following inventory valuation methods is likely to lead to the highest figure for closing inventory at a time when prices are dropping?
A. Weighted Average cost
B. First in first out (FIFO)
C. Last in first out (LIFO)
D. Unit cost
5. Which of following items may appear as non-current assets in a company’s the statement of financial position?
(1) plant, equipment, and property
(2) company car
(3) €4000 cash
(4) €1000 cheque
A. (1), (3)
B. (1), (2)
C. (2), (3)
D. (2), (4)
6. Which of the following items may appear as current liabilities in a company’s balance sheet?
(1) investment in subsidiary
(2) Loan matured within one year.
(3) income tax accrued untill year end.
(4) Preference dividend accrued
A (1), (2) and (3)
B (1), (2) and (4)
C (1), (3) and (4)
D (2), (3) and (4)
7. The trial balance totals of Gamma at 30 September 2010 are:
Debit $992,0
Credit $1,026,480
Which TWO of the following possible errors could, when corrected, cause the trial balance to agree?
1. An item in the cash book $6,160 for payment of rent has not been entered in the rent payable account.
2. The balance on the motor expenses account $27,680 has incorrectly been listed in the trial balance as a credit.
3. $6,160 proceeds of sale of a motor vehicle has been posted to the debit of motor vehicles asset account.
4. The balance of $21,520 on the rent receivable account has been omitted from the trial balance.
A 1 and 2
B 2 and 3
C 2 and 4
D 3 and 4
8. Theta prepares its financial statements for the year to 30 April each year. The company pays rent for its premises quarterly in advance on 1 January, 1 April, 1 July and 1 October each year. The annual rent was $84,000 per year until 30 June 2010. It was increased from that date to $96,000 per year. What rent expense and end of year prepayment should be included in the financial statements for the year ended 30 April 2010?
Expense Prepayment
A $93,000 $8,000
B $93,000 $16,000
C $94,000 $8,000
D $94,000 $16,000
9. At 30 September 2010, the following balances existed in the records of Lambda:
Plant and equipment: $860,000
Depreciation for plant and equipment: $397,000
During the year ended 30 September 2010, plant with a written down value of $37,000 was sold for $49,000. The plant had originally cost $80,000. Plant purchased during the year cost $180,000. It is the company.s policy to charge a full year depreciation in the year of acquisition of an asset and none in the year of sale, using a rate of 10% on the straight line basis. What net amount should appear in Lambda.s balance sheet at 30 September 2010 for plant and equipment?
A $563,000
B $467,000
C $510,000
D $606,000
10. A company’s plant and machinery ledger account for the year ended 30 September 2010 was as follows:
| Plant and machinery –cost | |
| 2009 $ | 2010 $ |
| 1 October balance b/f 381 200 | 1 June Disposal 36 000 |
| 1 Dec cash 18 000 | 30 Sept balance c/f 363 200 |
| 399 200 | 399 200 |
| 30 Sept balance b/f 363 200 | |
The company’s policy is to charge depreciation at 20% per year on the straight line basis, with proportionate depreciation in years of purchase and disposal. What is the depreciation charge for the year ended 30 September 2010?
A $74,440
B $84,040
C $72,0
D $76,840
11. Listed below are some characteristics of financial information.
(1) True
(2) Prudence
(3) Completeness
(4) Correct
Which of these characteristics contribute to reliability?
A (1), (3) and (4) only
B (1), (2) and (4) only
C (1), (2) and (3) only
D (2), (3) and (4) only
12. The plant and machinery cost account of a company is shown below. The company’s policy is to charge depreciation at 20% on the straight line basis, with proportionate depreciation in years of acquisition and disposal.
| Plant and machinery –cost | |
| 2009 $ | 2009 $ |
| 1 Jan balance b/f 280 000 | 30 June disposal 14 000 |
| 1Apr cash 48 000 | |
| 1Sept cash 36 000 | 31 Dec balance c/f 350 000 |
| 3 000 | 3 000 |
| Balance b/f 350 000 | |
A. $67,000
B. $,200
C. $70,000
D. $68,600
13. In preparing its financial statements for the current year, a company’s closing inventory was understated by $300,000. What will be the effect of this error if it remains uncorrected?
A The current year’s profit will be overstated and next year’s profit will be understated
B The current year’s profit will be understated but there will be no effect on next year’s profit
C The current year’s profit will be understated and next year’s profit will be overstated
D The current year’s profit will be overstated but there will be no effect on next year’s profit.
14. In preparing a company’s cash flow statement, which, if any, of the following items could form part of the calculation of cash flow from financing activities?
(1) Proceeds of sale of premises
(2) Dividends received
(3) Issue of shares
A 1 only
B 2 only
C 3 only
D None of them.
15. At 31 March 2009 a company had oil in hand to be used for heating costing $8,200 and an unpaid heating oil bill for $3,600. At 31 March 2010 the heating oil in hand was $9,300 and there was an outstanding heating oil bill of $3,200. Payments made for heating oil during the year ended 31 March 2010 totalled $34,600. Based on these figures, what amount should appear in the company’s income statement for heating oil for the year?
A $23,900
B $36,100
C $45,300
D $33,100
16. In times of inflation In times of rising prices, what effect does the use of the historical cost concept have on a company’s asset values and profit?
A. Asset values and profit both undervalued
B. Asset values and profit both overvalued
C. Asset values undervalued and profit overvalued
D. Asset values overvalued and profit undervalued
17. Beta purchased some plant and equipment on 01/07/2010 for $60,000. The estimated residual value of the plant in 10 years time is estimated to be $6,000. Beta’s policy is to charge depreciation on the straight line basis, with a proportionate charge in the period of acquisition. What should the depreciation charge for the plant be in Beta’s accounting period of 18 months to 30/09/2010 ?
A. $5400
B. $900
C. $1350
D. $675
18. A company’s income statement for the year ended 31 December 2005 showed a net profit of $83,600. It was later found that $18,000 paid for the purchase of a motor van had been debited to the motor expenses account. It is the company’s policy to depreciate motor vans at 25 per cent per year on the straight line basis, with a full year’s charge in the year of acquisition. What would the net profit be after adjusting for this error?
A.$97,100
B.$70,100
C.$106,100
D.$101,600
19. Which of the following statements are correct?
(1) to be prudent, company charge depreciation annually on the fixed asset
(2) substance over form means that the commercial effect of a transaction must always be shown in the financial statements even if this differs from legal form
(3) in order to achieve the comparable, items should be treated in the same way year on year
A. 2 and 3 only
B. All of them
C. 1 and 2 only
D. 3 only
20. which of the following about accruals concept are correct?
(1) all financial statements are based on the accruals concept
(2) the underlying theory of accruals concept and matching concept are same
(3) accruals concept deals with any figure that incurred in the period irrelevant with it’s paid or not
A. 2 and 3 only
B. All of them
C. 1 and 2 only
D. 3 only
二、翻译题 （共30分）
1、将下列分录翻译成英文 （每个2分，共10分）
1.借：固定资产清理 30 000
累计折旧 10 000
贷：固定资产 40 000
2.借：银行存款 10 500
贷：交易性金融资产 10 000
投资收益 500
3．借：应付职工薪酬 1 000
贷：库存现金 1 000
4．借：银行存款 4 095
贷：其他业务收入 3 500
应交税费 –应交（销项税额） 595
5．借：应付票据 40 000
贷：银行存款 40 000
2、将下列报表翻译成中文 （每空1分，共20分）
| 1.ABC group the statement of financial position as at 31/Dec/2010 |
| € |
| 2.Non-current assets |
| 3.Intangible assets |
| 4.Property, plant and equipment |
| 5.Investment in associates |
| 6.Held-for-maturity investment |
| 7.Deferred income tax assets |
| 8.Current Assets |
| 9.Trade and other receivables |
| 10.Derivative financial instruments |
| 11.Cash and cash equivalents |
| 12.Assets of discontinued operation |
| 13.Assets in total |
| 14.Current Liabilities 15.Accrued payroll 16.Accrued dividend 17.Accrued accounts |
| 18.Non-current Liabilities |
| 19.Liabilities in total |
| 20.Net Assets |
Research and development (R&D)
Accounting treatment of R&D
Under International Accounting Standards the accounting for R&D is dealt with under IAS 38, Intangible Assets. IAS 38 states that an intangible asset is to be recognised if, and only if, the following criteria are met: it is probable that future economic benefits from the asset will flow to the entity, the cost of the asset can be reliably measured.
The above recognition criteria look straightforward enough, but in reality it can prove to be very difficult to assess whether or not these have been met. In order to make this recognition of intangibles more clear, IAS 38 separates an R&D project into a research phase and a development phase.
Research phase
It is impossible to demonstrate whether or not a product or service at the research stage will generate any probable future economic benefit. As a result, IAS 38 states that all expenditure incurred at the research stage should be written off to the statement of comprehensive income as an expense when incurred, and will never be capitalised as an intangible asset.
Development phase
Under IAS 38, an intangible asset arising from development must be capitalised if an entity can demonstrate all of the following criteria: the technical feasibility of completing the intangible asset (so that it will be available for use or sale); intention to complete and use or sell the asset; ability to use or sell the asset; existence of a market or, if to be used internally, the usefulness of the asset; availability of adequate technical, financial, and other resources to complete the asset; the cost of the asset can be measured reliably. If any of the recognition criteria are not met then the expenditure must be charged to the income statement as incurred. Note that if the recognition criteria have been met, capitalisation must take place. Once development costs have been capitalised, the asset should be amortised in accordance with the accruals concept over its finite life. Amortisation must only begin when commercial production has commenced.
Questions:
1)Outline the criterias of recognition of intangible assets （5分）
2)Criterias to recognised as development (5分)
3)Identify the accounting treatment of research phase （10分）
4)Identify the accounting treatment of development phase （10分）
四、业务题 （按要求用英文编制分录，每题2分，共20分）
Johnny set up a business and in the first a few days of trading the following transactions occurred (ignore all the tax):
1)He invests $80 000 of his money in his business bank account
2)He then buys goods from Isabel, a supplier for $4 000 and pays by cheque, the goods is delivered right after the payment
3)A sale is made for $3 000 –the customer pays by cheque
4)Johnny makes another sale for $2 000 and the customer promises to pay in the future
5)He then buys goods from another supplier, Kamen, for $2 000 on credit, goods is delivered on time
6)He pays a telephone bill of $800 by cheque
7)The credit customer pays the balance on his account
8)He returened some faulty goods to his supplier Kamen, which worth $400.
9)Bank interest of $70 is received
10)A cheque customer returned $400 goods to him for a refund
参
1、单选题
1-5 CCACB 6-10 DCDCD 11-15 ABCDD 16-20 CBABA
2、翻译题
1）中翻英
1.Dr disposal of fixed asset
Depreciation
Cr fixed asset
2. Dr Bank
Cr Tradable financial asset
Investment income
3．Dr accrued payroll
Cr cash
4．Dr bank
Cr other operating revenue
Accrued tax-VAT (output)
5．Dr accrued notes
Cr bank
2) 英翻中
1.编制单位：ABC 资产负债表 时间：2010年12月31日 单位：欧元
2.非流动资产
3.无形资产
4.固定资产
5.长期股权投资
6.持有至到期投资
7.递延所得税资产
8.流动资产
9.应收账款及其他应收款
10.货币资金
11.非持续性经营资产
12.资产总计
13.负债
14.流动负债
15.应付职工薪酬
16.应付股利
17.应付账款
18.非流动负债
19.负债总计
20.净资产
3、阅读题
1)Outline the criterias of recognition of intangible assets （5分）
IAS 38 states that an intangible asset is to be recognised if, and only if, the following criteria are met: it is probable that future economic benefits from the asset will flow to the entity, the cost of the asset can be reliably measured.
2)Criterias to recognised as development
the technical feasibility of completing the intangible asset (so that it will be available for use or sale); intention to complete and use or sell the asset; ability to use or sell the asset; existence of a market or, if to be used internally, the usefulness of the asset; availability of adequate technical, financial, and other resources to complete the asset; the cost of the asset can be measured reliably.
3)Identify the accounting treatment of research phase （10分）
IAS 38 states that all expenditure incurred at the research stage should be written off to the statement of comprehensive income as an expense when incurred, and will never be capitalised as an intangible asset.
4)Identify the accounting treatment of development phase （10分）
intangible asset arising from development must be capitalised Once development costs have been capitalised, the asset should be amortised in accordance with the accruals concept over its finite life. Amortisation must only begin when commercial production has commenced.
4、业务题
1)Dr bank
Cr capital
2)Dr finished goods
Cr bank
3)Dr bank
Cr sales revenue
4)Dr accounts receivable
Cr sales revenue
5)Dr finished goods
Cr accrued accounts
6)Dr administrative
Cr bank
7)Dr bank
Cr accounts receivable
8)Dr bank
Cr finished goods
9)Dr bank
Cr financial expense
10)Dr sales revenue
Cr bank
