快速查题-ACCA英国注册会计师试题

Which of the following correctly describe the entry in the sales account for a sale for a sales tax registered trader?

Wanda Co allows customers to return faulty goods within 14 days of purchase. At 30 November 20X5 a provision of $6,548

was made for sales returns. At 30 November 20X6, the provision was re-calculated and should now be $7,634

What should be reported in Wanda Co's statement of profit or loss for the year to 31 October 20X6 in respect of the

provision?

Doggard Co is a business that sells second hand cars. If a car develops a fault within 30 days of the sale, Doggard Co will

repair it free of charge.At 30 April 20X4 Doggard Co had made a provision for repairs of $2,500. At 30 April 20X5 Doggard

Co calculated that the provision should be $2,000.What entry should be made for the provision in Doggard Co's statement of

profit or loss for the year to 30 April 20X5?

Which of the following best describes a provision according to IAS 37 Provisions, contingent liabilities and contingent assets?

Which of the following items does the statement below describe?

“A possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or

non-occurrence of one or more uncertain future events not wholly within the entity's control”

Montague’s paint shop has suffered some bad publicity as a result of a customer claiming to be suffering from skin rashes

as a result of using a new brand of paint sold by Montague’s shop. The customer launched a court action against Montague

in November 20X3, claiming damages of $5,000.

Montague’s lawyer has advised him that the most probable outcome is that he will have to pay the customer $3,000.

What amount should Montague include as a provision in his financial statements for the year ended 31 December 20X3?

Mobiles Co sells goods with a one year warranty under which customers are covered for any defect that becomes apparent

within a year of purchase. In calendar year 20X4, Mobiles Co sold 100,000 units.The company expects warranty claims for

5% of units sold. Half of these claims will be for a major defect, with an average claim value of $50. The other half of these

claims will be for a minor defect, with an average claim value of $10.

What amount should Mobiles Co include as a provision in the statement of financial position for the year ended 31 December 20X4?

When a provision is needed that involves a number of outcomes, the provision is calculated using the expected value of

expenditure. The expected value of expenditure is the total expenditure of：

Which of the following statements about the requirements of IAS 37 Provisions, contingent liabilities and contingent assets

are correct?

1 A contingent asset should be disclosed by note if an inflow of economic benefits is probable.

2 No disclosure of a contingent liability is required if the possibility of a transfer of economic benefits arising is remote.

3 Contingent assets must not be recognised in financial statements unless an inflow of economicbenefits is virtually certain to arise

During 20X4, B, a limited liability company, paid a total of $60,000 for rent, covering the period from 1 October 20X3 to 31

March 20X5.

What figures should appear in the company's financial statements for the year ended 31 December 20X4?

comprehensive income financial position           Statement of profit or loss and other Statement of

 $                                                                                        $