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F7 mock question - for acca students

Master For Finance And Control (Tribhuvan Vishwavidalaya)

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ACCA MOCK
FINANCIAL REPORTING

MARCH 21
Time allowed
3 hours and 15 minutes
This paper is divided into three sections:
Section A ‐ All 15 questions are compulsory and MUST be
attempted
Section B ‐ All 15 questions are compulsory and MUST be
attempted
Section C ‐ BOTH questions are compulsory and MUST be
attempted
Formulae sheet, present value and annuity tables are on pages
3, 4
and 5

IPRO EDUCATION
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IPRO EDUCATION
SECTION A
ALL 15 questions are compulsory and MUST be attempted. Each
question is worth two marks.
Q1 Which of the following statements about IAS 41 - Agriculture is correct?
A) Bearer plants are included in the scope of IAS 41.
B) Land related to agricultural activity is included in the scope of IAS 41.
C) If the fair value cannot be measured reliability, biological assets can be
measured at cost less accumulated depreciation and impairment losses.
D) If the fair value cannot be measured reliability, agricultural produce can
be measured at cost less accumulated depreciation and impairment losses.
Q2 DZAR Co purchased an asset on 1 January 20X7 at a cost of $90,000. DZAR
received a grant in relation to the cost of this asset of $15,000. It has
decided to write off the grant income against the cost of the non‐current
asset. The asset has a useful economic life of nine years.
What is the carrying amount of the asset as at 31 December 20X7?
A $90,000
B $80,000
C $67,500
D $66,667
Q3 TXOZ Co has the following balances included on its trial balance at
30 June 20X4
Taxation $6,000 Credit
Deferred taxation $24,000 Credit
The balance on Taxation relates to an overprovision from 30 June 20X3.
At 30 June 20X4, the directors estimate that the provision necessary for
taxation on current year profits is $30,000. The carrying amount of TXOZ
Co’s non‐current assets at this date exceeds the tax written‐down value by
$60,000. The rate of tax is 30%.
What are the balances that will appear in the Statement of Financial
Position as at 30 June 20X4?
A Deferred tax $24,000, Taxation $30,000
B Deferred tax $18,000, Taxation $30,000
C Deferred tax $18,000, Taxation $18,000
D Deferred tax $18,000, Taxation $24,000

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Q4 A recognized intangible asset is amortized over its useful life
A. Unless the pattern of consumption of the economic benefits of the
asset is not reliably determinable.
B. If that life is determined to be finite.
C. Unless the precise length of that life is not known.
D. If that life is indefinite but not infinite.
Q5 100,000 8% redeemable preference shares are issued on 1 April 2013.
They will be redeemed at a premium. Issue costs were $2,000 and the
effective interest rate is 10%. The dividend is paid annually on 31March.
At what value will they be shown in the statement of financial position
at 31 March 2015?
A.$100,000
B.$99,800
C.$101,780
D.$120,000
Q6 GIYV Co acquired 70% of the share capital of Pilkington Co on
1 January 20X2 for$300,000.
The goodwill arising on consolidation has been impaired by $43,000 as
at 31 December 20X5.
The share capital and reserves of the two companies as at 31 December
20X5 were as follows:
GIYV Co Pilkington Co
Share Capital $400,000 $150,000
Retained earnings $300,000 $200,000
At the date of acquisition Pilkington Co had retained earnings of $125,000.
GIYV Co measures the non‐controlling interest as the proportion of net
assets of the subsidiary.
In the consolidated statement of financial position of at 31 December
20X5 what amount should appear for the non‐controlling interest?
A $105,000
B $90,000
C $82,500
D $60,000

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IPRO EDUCATION

Q7 Fozti Co acquired 20% of Frixty Co’s 500,000 ordinary shares for

$4 per share on 1 July 20X6.
Frixty Co’s profit after tax for the year ended 31 December 20X6 and 31
December 20X7 was $100,000 and $250,000 respectively. Frixty Co also
declared a dividend of $20,000 for ordinary shareholders on 15
December 20X7. The cheque for dividend was actually received and
deposited by Fozti Co on 15 January 20X8.
Assuming that Beta Co is an associate of Fozti Co, calculate the amount
to be Included in the consolidated financial statements as at 31
December 20X7.
A) $456,000
B) $466,000
C) $460,000
D) $464,000
Q8 Fariox Co operates a chain of restaurants. One of its franchises, an
independent cash generating unit (CGU), had an unpleasant incident
resulting in adverse publicity for the particular franchise.
The details of net assets before the incident are:
Goodwill $100,000
Equipment $400,000
Furniture $200,000
Inventory (at net realisable value) $50,000
Total $750,000
After the incident, Fariox Co estimated the recoverable amount of this
CGU to be $500,000.
What would be the combined value of equipment and furniture after
The impairment?
A) $400,000
B) $415,000
C) $425,000
D) $450,000

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IPRO EDUCATION

Q9 The plant and machinery of Lozzby Co were shown at a carrying

amount of $350,000 at 31 March 20X4. The comparative figure at
31 March 20X5 was $425,000. During the year to 31 March 20X5,
property with a carrying amount of $45,000 was sold at a profit of
$4,000. The depreciation charge for plant and machinery was $52,000.
At 31 March 20X5 a $20,000 payable existed in relation to the purchase
of plant and equipment during the year.
What figure should be shown for the purchase of property, plant and
equipment in Lozzby Co’s statement of cash flow for the year ended
31 March 20X5?
A $172,000
B $152,000
C $192,000
D $176,000
Q10 XYZ Ltd has leased an item of plant for five years. The finance lease was
commenced on 1 January 2008 with the annual payments of $12,000 in
advance. The fair value of the asset was $52,000 at 1 January 2008. The
company’s depreciation policy is 20% per annum on cost (apportioned
on a time basis where relevant). Implicit interest rate within the lease
was 8% per annum (to be apportioned on a time basis where relevant).
What would be the amount respect to the finance lease in XYZ’s
statement of financial position for the year ended 30 September 2009?
A. Current liability for lease obligation $9,504 and non-current liability
for lease obligation$21,696
B. Current liability for lease obligation $9,504 and non-current liability
for lease obligation $22,998
C. Current liability for lease obligation $10,128 and for interest payable
$1,872 and non-current liability for lease obligation $22,998
D. Current liability for lease obligation $10,128 and non-current liability
for lease obligation $21,696

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IPRO EDUCATION
Q11 Which of the following assets are excluded from the scope of
IAS 36 – Impairment of Assets?
(1) Inventories
(2) Deferred tax assets
(3) Land
(4) Non-current assets held for sale
(5) Financial assets
(6) Goodwill
A) (1), (2), (4) and (5)
B) (2), (5) and (6)
C) (2), (4), (5) and (6)
D) (3), (4) and (5)
Q12 Oxux Co acquired 80% of equity shares of Island Co on 1 April 2016. The
annual profit of Oxux Co and Island Co for the year ended 31 December
2016 is $90,000 and $60,000 respectively. On 10 August 2016, S Co
purchased goods from P Co amounting to $10,000. Half of
these goods remained unsold at the year end. P Co has a policy of
keeping 20% margin on all sales.
Calculate the amount of consolidates cost of sales for the year ended
31 December 2016.
A) $117,000
B) $127,000
C) $126,000
D) $125,000

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IPRO EDUCATION

Q13 Cash generated from operations in the statement of cash flow is

considerably lower than the profit from operations recorded in the
statement of profit or loss.
Which of the following could be possible reasons for this?
(i) A non‐current asset has been sold during the year at a large profit
(ii) A large payable was paid off just before year end
(iii) A large sale was made just before year end, resulting in many lines
being out of stock at the year‐end date
(iv) Purchase of new premises during the year has led to an increase in
the depreciation charge
A All of them
B (ii) and (iii)
C (i) and (iii)
D (i) and (ii)
Q14 Wotly Co, a logistics company, carries out the regular repair and
maintenance of its vehicles. Given the absence of a qualified accountant
in the previous month, all the repairs were capitalised.
What will be the impact of this error on earnings per share (EPS) and
return on capital employed (ROCE)? EPS ROCE
A) Understated Overstated
B) Overstated Understated
C) Understated Understated
D) Overstated Overstated

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IPRO EDUCATION

Q15 Dezva has the following balances included on its trail balance at
30 June 2014
Taxation $4,000 Credit
Deferred taxation $12,000 Credit
The balance on taxation related to an overprovision from 31 June 2013.
At 30 June 2014, the directors estimate that the provision necessary for
taxation on current year profit is $15,000. The carrying amount of
Dezva’s non-current assets exceeds the tax written-down value
by $30,000. The rate of tax is 30%.
What is the charge for taxation that will appear in the Statement of
Profit and Loss for the year to 30 June 2014?
A.$23,000
B.$28,000
C.$8,000
D.$12,000

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IPRO EDUCATION

Section B – All 15 questions are compulsory and must be attempted.

Each question is worth 2 marks.
The following scenario relates to question 16 - 20
Segso Co is preparing its financial statements for the year ended
31 December 2017. The following issues are relevant:
Depreciation
One of the properties owned by Segso Co was revalued on 1 July 2017
to $195,000. The property was originally purchased at a cost of
$200,000 having a useful life of 10 years. On 31 December 2016, the
balance in accumulated depreciation account was $40,000.
Government Grants
During the year, Segso Co has received the following three
different grants from the government.

Grant 1: On 10 July 2017, government announced a grant for all

corporations having a timely history of filing the taxation returns. The
announcement allowed all eligible corporations to pay tax at
a reduced rate of 31% instead of the usual rate of 33%. Segso Co
estimates its taxation liability for the year to be $320,000.

Grant 2: On 31 March 2017, government announced a grant of $200,000

for any corporation having its office in the village of Plunge. Segso Co had
opened up its office in Plunge during 2016. This grant was successfully
granted to Segso Co on 15 January 2017.

Grant 3: During the year, government granted a loan of $100,000 to

Segso Co. The loan was granted at a below-market rate encouraging Segso
Co to operate in rural areas. The normal market interest rate is
7%, whereas Segso received this loan at an interest rate of 3%.

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IPRO EDUCATION

Events after Reporting Date

The financial statements of Segso Co have not yet been authorised for
issuance. Meanwhile, the following two issues have been highlighted:

Issue 1: On 30 November 2017, an employee was terminated for a

violation of corporate code of ethics. The employee started litigation
against Segso Co. on 15th December 2017 claiming $100,000 as
damages on account of unfair dismissal. The company sought legal
advice and the law firm sent a courier to Segso Co stating the chances
of employee victory and damages to be virtually certain. Due to poor
weather, the courier was received on 10th January 2018 after an
unusual delay.

Issue 2: Segso Co initiated a subsidised mess facility for employees on 1

October 2017. On 5 January 2018, an employee suffered severe food
poisoning due to unhygienic food provided in the mess. She was
awarded damages of $50,000 in the court.
Cranes
Segso Co has three large cranes that it uses in the operations. Given the
rapid decline in the prices of cranes, company has decided to review the
existing value to assess impairment.
The following information is relevant:
Cost $600,000 $750,000 $800,000
Accumulated depreciation
on 31 Dec 2017 $120,000 $250,000 $160,000
Fair value $300,000 $500,000 $300,000
Selling cost $20,000 $10,000 $10,000
Value in use $500,000 $450,000 $300,000
8% Loan Notes
Segso Co raised finance by issuing $10,000 8% five-year loan notes on 1
January 2017. The loan notes were issued at a discount of 10%. The costs
incurred in the issue were $500. The effective rate of interest is 12%.

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IPRO EDUCATION
Q16 What is the depreciation charge for the year ended 31 December 2017?
A) $20,000
B) $22,000
C) $23,000
D) $24,375
Q17 Calculate the amount of grant income that Segso Co can recognise
under IAS 20 Government Grants for the year ended
31 December 2017.
A) $200,000
B) $204,000
C) $206,400
D) $210,400
Q18 Assuming that both events are material, which of these issues should be
adjusted in the financial statements for year ended 31 December 2017?
A) 1 Only
B) 2 Only
C) Both 1 and 2
D) Neither 1 nor 2
Q19 Calculate the amount of impairment loss that Segso Co should
recognise in respect of these cranes?
A) $350,000
B) $370,000
C) $380,000
D) $390,000
Q20 Calculate the amount at which loan-note should appear in the
statement of financial position as at 31 December 2017.
A) $12,920
B) $8,860
C) $9,100
D) $8,720

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IPRO EDUCATION

The following scenario relates to question 21-25

Extracts from the financial statements of Fertiley Co are given below:
20X7 20X6
$000 $000
Current assets
Inventory 10,931 9,480
Receivables 4,429 3,892
Cash at bank and in hand 1,658 7,518
Non‐current liabilities
Deferred taxation 234 108
Current liabilities
Trade payables 24,299 23,162
Overdraft 2,123 –
Taxation 300 250
Statement of profit or loss for the year ended 31 March 20X7
Profit from operations 2,064
Taxation (672)
Additional information:
(i) An item of plant was sold for $915,000 during the year, resulting in
a loss of $50,000. Depreciation for the year was $2,925.

Q 21 Which of the following items should be added to profit from

operations in order to calculate cash generated from operations?
(i) Movement in inventories
(ii) Movement in receivables
(iii) Movement in payables
A (i) and (ii) only
B (i) only
C (iii) only
D (ii) and (iii) only

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IPRO EDUCATION

Q 22 22 Which, if any, of the statements below is/are correct?

Statement 1: Depreciation should be added back to profit from
operations in calculating cash generated from operations
Statement 2: Loss on disposal should be added back to profit from
operations in calculating cash generated from operations
A Statement 1 only is correct
B Statement 2 only is correct
C Neither statement is correct
D Both statements are correct
Q 23 What amount should be recorded in the statement of cash flows in
relation to tax paid?
A $496,000
B $672,000
C $622,000
D $546,000
Q 24 What should be shown in the statement of cash flow as the net
increase/decrease in cash and cash equivalents for the year?
A $3,797,000 decrease
B $7,053,000 decrease
C $7,983,000 decrease
D $5,860,000 decrease

Q 25 Where should the proceeds from the sale of the plant be shown?
A Cash generated from operations
B Operating activities
C Investing activities
D Financing activities

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IPRO EDUCATION

The following scenario relates to question 26 – 31

Sysby Co has completed its IPO in the current year. The business is
process of preparing its consolidated financial statements for the year
ended 31 December 2017. The following information is relevant for the
purpose of calculating EPS:
SeoBurn Co
SeoBurn Co is a wholly owned subsidiary of Sysby Co. The business was
acquired five years ago. During the year ended 31 December 2017,
SeoBurn Co earned a net profit of $200,000.It paid dividends of $8,000
on redeemable preference shares and dividends of $10,000
on irredeemable preference shares. The business issued 5,000 ordinary
shares five years ago and no shares have been issued since then.
Precise Co
Precise Co is another wholly owned subsidiary of Sysby Co. Precise Co
has issued share capital of 200,000 ordinary shares of $1 each and
100,000 20% redeemable preference shares of $1 each. During the year
ended 31 December 2017, Precise Co earned a gross profit of $1 million.
And the operating expenses were $200,000. Precise Co declared the
required dividend on preference shares and ordinary dividends of 50c
per share. The taxation rate is 30%.
Ridegy Co
Ridegy Co is an associate of Sysby Co. The net profit of Ridegy Co for
the year ended 31December 2016 and 31 December 2017 was $500,000
and $400,000 respectively. At the beginning of 2016, Ridegy Co had
100,000 shares in issue. The business made a 1 for 5 rights issue
on 1 April 2017 at a price of $2. The market value of each share before
issuance, with the knowledge of the rights, was $3.20.

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IPRO EDUCATION
Q26 Which of the following statements about earnings per share is / are
correct?
(1) All private and public limited companies are required to present EPS.
(2) If consolidated statements are presented, EPS must be calculated
separately for each individual company.
A) 1 only
B) 2 only
C) Both 1 and 2
D) Neither 1 nor 2
Q27 Calculate the earnings per share (EPS) of SeoBurn Co for the year
ended 31 December 2017.
A) $36.40
B) $38.00
C) $38.40
D) $40.00
Q28 Calculate the earnings per share (EPS) of Precise Co for the year
ended 31 December 2017.
A) $2.73
B) $2.86
C) $2.92
D) $2.23
Q29 Calculate the earnings per share (EPS) of Ridegy Co for 2017 and a
Corresponding figure of 2016. 2017 2016
A) $3.43 $4.69
B) $3.56 $4.69
C) $3.33 $5.00
D) $4.42 $5.00
Q30 Which of the following disclosures is not required as per IAS 33?
A) Reconciliation of numerators in EPS to profit or loss attributable to
parent entity.
B) Weighted average number of ordinary shares used as denominator.
C) Theoretical ex-rights price at the time of issuance of shares.
D) Information about all instruments that could potentially dilute basic EPS.

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SECTION C
BOTH questions are compulsory and MUST be attempted
On 1 April 2008, Appvar acquired 60% of the equity share capital of
Globany in a share exchange of two shares in Appvar for three shares in
Globany. The issue of shares has not yet been recorded by Appvar. At the
date of acquisition shares in Appvar had a market value of $6 each.
Below are the summarised draft financial statements of both companies.

Income statements for the year ended 30 September 2008

Appvar Globany
$’000 $’000
Revenue 85,000 42,000
Cost of sales (63,000) (32,000)
–––––––– ––––––––
Gross profit 22,000 10,000
Distribution costs (2,000) (2,000)
Administrative expenses (6,000) (3,200)
Finance costs (300) (400)
–––––––– ––––––––
Profit before tax 13,700 4,400
Income tax expense (4,700) (1,400)
–––––––– ––––––––
Profit for the year 9,000 3,000
–––––––– ––––––––
Statements of financial position as at 30 September 2008
Assets
Non-current assets
Property, plant and equipment 40,600 12,600
Current assets 16,000 6,600
–––––––– ––––––––
Total assets 56,600 19,200
–––––––– ––––––––

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Equity and liabilities

Equity shares of $1 each 10,000 4,000
Retained earnings 35,400 6,500
–––––––– ––––––––
45,400 10,500
Non-current liabilities
10% loan notes 3,000 4,000
Current liabilities 8,200 4,700
–––––––– ––––––––
Total equity and liabilities 56,600 19,200
The following information is relevant:
(i) At the date of acquisition, the fair values of Globany’s assets were
equal to their carrying amounts with the exception of an item of plant,
which had a fair value of $2 million in excess of its carrying amount. It
had a remaining life of five years at that date [straight-line depreciation
is used]. Globany has not adjusted the carrying amount of its plant as a
result of the fair value exercise.
(ii) Sales from Globany to Appvar in the post acquisition period were $8
million. Globany made a mark up on cost of 40% on these sales. Appvar
had sold $5·2 million (at cost to Appvar) of these goods by 30
September 2008.
(iii) Other than where indicated, income statement items are deemed to
accrue evenly on a time basis.
(iv) Globany’s trade receivables at 30 September 2008 include $600,000
due from Appvar which did not agree with Apvar’s corresponding trade
payable. This was due to cash in transit of $200,000 from
Appvar to Globany. Both companies have positive bank balances.
(v) Appvar has a policy of accounting for any non-controlling interest
at fair value. For this purpose the fair value of the goodwill attributable
to the non-controlling interest in Globany is $1·5 million. Consolidated
goodwill was not impaired at 30 September 2008.

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IPRO EDUCATION
(a) Prepare the consolidated income statement for Appvar for the year
ended 30 September 2008. (6 marks)
(b) Prepare the consolidated statement of financial position for Appvar
as at 30 September 2008. (14 marks)
Note: a statement of changes in equity is not required.
( 20 marks)
Q32 The following trial balance relates to Thuzz as at 30 September 2012:
$’000 $’000
Revenue (note (i)) 213,500
Cost of sales 136,800
Distribution costs 12,500
Administrative expenses (note (ii)) 19,000
Loan note interest and dividend paid
(notes (ii) and (iii)) 20,700
Investment income 400
Equity shares of 25 cents each 60,000
6% loan note (note (ii)) 25,000
Retained earnings at 1 October 2011 18,500
Land and buildings at cost (land
element $10 million) (note (iv)) 50,000
Plant and equipment at cost (note (iv)) 83,700
Accumulated depreciation at
1 October 2011: buildings 8,000
plant and equipment 33,700
Equity financial asset investments
(note (v)) 17,000
Inventory at 30 September 2012 24,800
Trade receivables 28,500
Bank 2,900
Current tax (note (vi)) 1,100
Deferred tax (note (vi)) 1,200
Trade payables 36,700
–––––––– ––––––––
397,000 397,000
–––––––– ––––––––

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The following notes are relevant:

(i) On 1 October 2011, Thuzz sold one of its products for $10 million
(included in revenue in the trial balance). As part of the sale agreement,
Thuzz is committed to the ongoing servicing of this product until 30
September 2014 (i.e. three years from the date of sale). The value of this
service has been included in the selling price of $10 million. The
estimated cost to Thuzz of the servicing is $600,000 per annum and
Thuzz’s normal gross profit margin on this type of servicing is 25%. Ignore
discounting.
(ii) Thuzz issued a $25 million 6% loan note on 1 October 2011. Issue
costs were $1 million and these have been charged to administrative
expenses. The loan will be redeemed on 30 September 2014 at a
premium which gives an effective interest rate on the loan of 8%.
(iii) Thuzz paid an equity dividend of 8 cents per share during the year
ended 30 September 2012.
(iv) Non-current assets:
Thuzz had been carrying land and buildings at depreciated cost, but due
to a recent rise in property prices, it decided to revalue its property on 1
October 2011 to market value. An independent valuer confirmed the
value of the property at $60 million (land element $12 million) as at that
date and the directors accepted this valuation. The property had a
remaining life of 16 years at the date of its revaluation. Thuzz will make a
transfer from the revaluation reserve to retained earnings in respect of
the realisation of the revaluation reserve. Ignore deferred tax
on the revaluation. Plant and equipment is depreciated at 15% per
annum using the reducing balance method. No depreciation has yet been
charged on any non-current asset for the year ended 30 September 2012.
All depreciation is charged to cost of sales.
(v) The investments had a fair value of $15·7 million as at 30 September
2012. There were no acquisitions or disposals of these investments
during the year ended 30 September 2012.

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(vi) The balance on current tax represents the under/over provision

of the tax liability for the year ended 30 September 2011. A
provision for income tax for the year ended 30 September 2012 of
$7·4 million is required. At 30 September 2012, Thuzz had taxable
temporary differences of $5 million, requiring a provision for
deferred tax. Any deferred tax adjustment should be reported in the
income statement. The income tax rate of Quincy is 20%

(a) Prepare the statement of comprehensive income for Thuzz for the
year ended 30 September 2012. ( 9 marks)
(b) Prepare the statement of changes in equity for Thuzz for the year
ended 30 September 2012. (4 marks)
(c) Prepare the statement of financial position for Thuzz as at 30
September 2012. (7 marks)
Notes to the financial statements are not required.

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