F3 ACCA

Câu 1: Which one of the following can be recorded on credit balance of the payables ledger account?

• A.   The company made the purchase returns to supplier
• B.    The company purchases goods and pays in cash
• C.    The company takes the settlement discount
• D.   The company purchases goods on credit

Câu 2: Which TWO of the following are shown in credit side of the trial balance? 1) Drawings     2) Payables 3) Sales    4) Irrecoverable debts

• A.   1 and 3
• B.    All of them
• C.   2 and 3
• D.   None of them

Câu 3: Demon Co. has the following balances extracted from its trial balance at 30 November 20X2: Cash at bank: $10,000 Machine: $16,500 Inventory: $3,500 Depreciation: $1,250 Trade receivables: $1,600 Other expense: $650 What is the value of current asset shown in the financial position of Demon Co. at 30 November 20X2?

• A.   $13,500
• A.   $15,100
• A.   $15,250
• A.   $13,250

Câu 4: You are preparing the financial statements for a business. The cost of the items in closing inventory is $50,000. This includes some items which cost $5,000 but were damaged in transit. You have estimated that it will cost $500 to repair the items, and they can be sold for $3,500. What is the correct inventory valuation for inclusion in the financial statements?

• A.   $53,000
• A.   $52,000
• A.   $ 48,000
• A.   $ 41,000

Câu 5: An asset register showed a carrying amount of $200,000 at 1 January 20X8. During the year ended 31 December 20X8, a non-current asset costing $15,000 with useful life of 5 years on straight line depreciation had been sold for $5,000, making a profit on disposal of $2,000 on 1 January 20X8. A new car was purchased for $25,000 on 31 December 20X7 with an estimated useful life of 10 years on straight line basic. The deprication charge for the year ended at 31 December 20X7 was $20,000. What was the depreciation charge for the year ended at 31 December 20X8?

• A.   $19,500
• A.   $22,500
• A.   $17,000
• A.   $20,000

Câu 6 : What should an accountant do if a reliable estimate of probable outflow of resources to settle a present obligation can not be made in accordance with IAS 37 – “Provisions, contingent liabilities and contingent assets”?

• A.   It shall be recognised as a liability
• A.   It shall be recognised as a provision
• A.   It shall be disclosed as a contingent liability
• A.   None of the above

Câu 7: Taylor. Co paid local property tax of $6,495 on 31 May 20X7, in respect of the three months ending 31 August 20X7. What is the balance of prepayment account for the year ended 30 June 20X7?

• A.   $2,165
• A.   $4,330
• A.   $6,495
• A.   None

Câu 8: The bookkeeper of AB company made the following mistakes: Discount allowed $5,230 was credited to discounts received account. Discount received $5,450 was debited to discounts allowed account. Discounts were otherwise correctly recorded. Which one of the following journal entries will correct the errors?

• A.   A.  Dr Discount allowed: $220          Dr Discount received : $220              Cr Suspense : $440
• A.   B. Dr Discount allowed: $5,230        Dr Suspense: $220            Cr Discount received $ 5,450
• A.   C. Dr Suspense: $440                     Cr Discount allowed: $220         Cr Discount received: $220
• A.   D. Dr Discount received  $5,450        Cr Suspense: $220                     Cr Discount allowed: $5,450

Câu 10: Which of the following statements apply when producing a consolidated statement of financial position? (i) All intra-group balances should be eliminated. (ii) Intra-group profit in year-end inventory should be eliminated. (iii) Closing inventory held by subsidiaries needs to be included at fair value. A. (i) only

• A.   (i) only
• A.   (iii) only
• A.   (i) and (ii) only
• A.   (i), (ii) and (iii)

Câu 11: Rachel Co purchased 70% of the voting shares of Monica Co when the value of the non-controlling interest in Monica Co is $150,000. The following information relates to Monica at the acquisition date. - Share capital, $1 ordinary share: $1,000,000 - Retained earnings: $200,000 - Revaluation surplus: $20,000 The goodwill arising on acquisition date is $100,000. What was the consideration paid by Rachel Co for the investment in Monica Co?

• A.   $1,170,000
• A.   $1,220,000
• A.   $1,320,000
• A.   Impossible to calculate consideration paid by Rachel without further information