公司会计代写 BUSN7050代写 Company Accounting代写

BUSN7050Company Accounting

Mid-Semester

公司会计代写 Instructions To Students: · The examination paper consists of 5 sections (A, B, C, D, E) and 2 appendixes. · Answer ALL SECTION A questions

Instructions To Students:

· The examination paper consists of 5 sections (A, B, C, D, E) and 2 appendixes.

· Answer ALL SECTION A questions on the multiple choice answer sheet provided.

· Answer ALL SECTION B, C and D questions in the booklet provided.

· Answer SECTION E questions (a) and (c) in the booklet provided and SECTION E question (b) in the worksheet provided as the additional page.

· Record your student number in the space provided on the additional page with the worksheet, on the booklet provided and the multiple choice answer sheet.

· Examination multiple choice answer sheets, booklets and the additional page without student numbers will be deemed incomplete and FAILED.

· At the end of the examination, please place the multiple choice answer sheet and the additional page inside the examination booklet.

· Narrations are not required for general journal entries.

· You are required to show your workings and state your assumptions where appropriate.

· Amounts are to be rounded to the nearest dollar.

· Total marks on paper: 100 marks.

SECTION A. 公司会计代写

Multiple Choice Questions (1.5 marks each; 15 marks total; 15% total) – 18 minutes

You are required to answer all the questions in this section. Identify the best response to the questions and indicate the corresponding letter on the answer sheet provided.

1. A conceptual framework consists of a set of principles with the purpose to:

A. assist users in the interpretation of information in financial statements.

B. assist preparers of financial statements in the application of accounting standards and in dealing with topics that are not the subject of existing accounting standards.

C. assist standard setters to develop accounting standards.

D. all of the options are correct.

2. The application of International Financial Reporting Standards with additional disclosure where necessary is presumed to result in financial statements that:

A. will result in a fair presentation.

B. contain only material items.

C. are free from error and misstatement.

D. are unbiased.

3. The two fundamental qualitative characteristics of useful information are: 公司会计代写

A. materiality and relevance.

B. relevance and faithful representation.

C. comparability and verifiability.

D. timeliness and understandability.

4. Troubadour Limited had an existing asset revaluation surplus in respect to an item of plant that had been derecognised. An appropriate journal entry to transfer the surplus to retained earnings would include:

A. Dr Gain on revaluation.

B. Cr Asset revaluation surplus.

C. Dr Retained earnings.

D. None of the given answers.

5. A company has issued 50,000 options, fully paid at 20c. Each option entitled the holder to acquire two ordinary shares in the company at $1.40 per share, the amount payable on notification to exercise the option. As a result of exercising some of the options, 50,000 shares were issued. The combined journal entry to recognise the exercise of options will include the following line item:

A. Cr Share options $10,000.

B. Dr Share options $10,000.

C. Cr Share capital $75,000.

D. Cr Share capital $80,000.

6. Which of the following assets need to be tested for impairment every year:

I — intangible assets with indefinite useful lives

II — intangible assets not yet available for use

III — intangible assets accounted for under the revaluation method

IV — goodwill generated internally

A. I and II only.

B. II, III and IV only.

C. I, II and IV only.

D. I, III and IV only.

7. 公司会计代写

Which of the following is NOT correct in relation to the reversal of an impairment loss of an individual asset:

A. When reversing an impairment loss the carrying amount cannot be increased to an amount in excess of the carrying amount that would have been determined had no impairment loss been recognised.

B. For a depreciable asset there needs to be a calculation of carrying amount using the depreciation variables applied before the impairment loss to determine what the carrying amount would have been if there had been no impairment loss.

C. If the individual asset is recorded under the cost model, then the increase in the carrying amount is recognised immediately in profit or loss.

D. Where the recoverable amount is less than the carrying amount of an individual asset, the reversal of a previous impairment loss requires adjusting the carrying amount of the asset to recoverable amount.

8. An extract of a company’s draft statement of financial position at 30 June 2015 discloses the following:

Plant (at cost) $500,000

Less accumulated depreciation  300,000   $200,000

The company assessed the fair value of the plant to be $350,000. If the company uses the gross method of revaluation, the revaluation journal entry will include the following line:

A. Dr Accumulated depreciation $75,000.

B. Cr Accumulated depreciation $225,000.

C. Dr Accumulated depreciation $300,000.

D. Cr Accumulated depreciation $300,000.

9. 公司会计代写

Hayfield Limited recognised an impairment loss of $200 against a cash-generating unit containing the following assets: goodwill $100; buildings $500; roads $300; equipment $600.

The net carrying amount of the roads after allocation of the impairment loss is:

A. $100.

B. $260.

C. $279.

D. $300.

10. Snowy River Ltd is a lessee to two lease arrangements. Lease A is non-cancellable, contains a bargain purchase option and the lease term is equal to 75% of the economic life of the asset. Lease B is cancellable, lease term is less than 60% of the economic life of the asset and the minimum lease payment represents 98% of the fair value of the leased asset.

How should Snowy River Ltd classify Lease A and Lease B respectively in accordance with AASB 117 Leases?

A. Lease A: operating lease; Lease B: operating lease.

B. Lease A: operating lease; Lease B: finance lease.

C. Lease A: finance lease; Lease B: finance lease.

D. Lease A: finance lease; Lease B: operating lease.

SECTION B 公司会计代写

Answer the following two questions in the examination booklet (14 marks, 14% total) – 17 minutes

(a) List and briefly discuss the arguments of the two different perspectives regarding the need for accounting regulation (i.e. the free market perspective versus the pro-regulation perspective). (7 marks) – 8.5 minutes

(b) Define what are the events after the reporting period according to AASB 110 Events after the Reporting Period. Discuss the two different types, focusing on their characteristics and accounting and disclosure requirements. Please provide two

different examples for each of the two types (i.e. four examples in total). (7 marks) – 8.5 minutes

SECTION C

There is one problem in this section and you are required to answer ALL questions in the examination booklet. (21.75 marks; 21.75% total) – 26 minutes

The following events occurred during the years ended 30 June 2015 and 30 June 2016 for Christina Ltd (ignore the tax effects):

1 January 2015

Christina Ltd acquired a machinery for $125,000. Additional costs involved in making the machinery ready to be used in the company amounted to $5,000. The machinery has an estimated economic life of 5 years and residual value of $30,000. Christina Ltd uses straight line depreciation.

30 June 2015

After recording depreciation, Christina Ltd revalued the machinery to its fair value of $144,000, with no change in the remaining economic life. The residual value was estimated to be $36,000. The company uses the net method of revaluation.

1 October 2015 公司会计代写

Christina Ltd issued a prospectus offering 300,000 ordinary shares at an issue price of $1.80 per share, payable $1 on application and 80c on allotment. The closing date for applications was 31 October 2015.

31 October 2015

Applications were received for 375,000 shares.

5 November 2015

The directors allotted shares on a pro-rata basis, with allotment money due by 30 November 2015. In accordance with the constitution, surplus application money was transferred to allotment. The issue was underwritten at a commission of $5,000 that was paid now.

30 November 2015

Allotment money owing on 280,000 shares was received by this date.

5 December 2015

The shares on which the allotment money was unpaid were forfeited. The constitution states that the money previously received from the shareholders who had their shares forfeited will be kept by the company.

30 June 2016 公司会计代写

After recording the depreciation of the machinery for the year ended 30 June 2016, the fair value of the machinery was estimated to be $81,000. The costs to sell were estimated to be $1,000, while the value in use is estimated to be $90,000. Assume that impairment loss, if detected, will be recognised by way of a credit directly to the

machinery account.

REQUIRED:

(a) Prepare journal entries to record the transactions and any other accrual accounting adjustments for Christina Ltd during the year ended 30 June 2015. (5.25 marks) – 6 minutes

(b) Prepare journal entries to record the transactions and any other accrual accounting adjustments for Christina Ltd during the year ended 30 June 2016. (16.5 marks) – 20 minutes

SECTION D 公司会计代写

There is one problem in this section and you are required to answer ALL questions in the examination booklet. (21.5 marks; 21.5% total) – 26 minutes

On 30 June 2016, Adeline Ltd purchased a machinery for its fair value of $42,500 and then leased it to Christina Ltd. Christina Ltd incurred $349 in costs to negotiate the lease agreement. The machine is expected to have an economic life of 5 years, after which time it will have a residual value of $2,500. The lease agreement details are as follows:

All insurance and maintenance costs are paid by Adeline Ltd and amount to $2,000 per year and will be reimbursed by Christina Ltd by being included in the annual lease payment of $12,000. The machinery will be depreciated on a straight-line basis. It is expected that Christina Ltd will return the machinery at the end of the lease to Adeline Ltd.

REQUIRED:

(a) Calculate the initial direct costs incurred by Adeline Ltd to negotiate the lease agreement. (3.5 marks) – 4 minutes

(b) Describe why the lease can be considered as a finance lease, giving at least three reasons for your answer. (1.5 marks) – 2 minutes

(c) Prepare the journal entries to account for the lease in the books of Christina Ltd for the years ended 30 June 2016 and 30 June 2017. (10.5 marks) – 13 minutes

(d) Prepare the journal entries to account for the lease in the books of Adeline Ltd for the year ended 30 June 2017 using the net method. (6 marks) – 7 minutes

SECTION E 公司会计代写

There is one problem in this section and you are required to answer questions (a) and (c) in the examination booklet and question (b) in the worksheet provided as an additional paper to this examination paper. (27.75 marks; 27.75% total) – 33 minutes

The profit before tax, as reported in the statement of profit and loss for Adeline Ltd for the year ended 30 June 2016, amounted to $100,000, including the following revenue and expense items:

The draft statements of financial position of Adeline Ltd at 30 June 2015 and 30 June 2016 showed the following assets and liabilities:

Additional information:

· In the year ended 30 June 2015, Adeline Ltd had a tax loss of $65,000 that it carried over in the deferred tax asset. In June 2016, the company received an amended assessment for the year ended 30 June 2015 from the ATO, indicating that an amount of $5,000 claimed as a deduction has been disallowed. Adeline Ltd has not yet adjusted its accounts to reflect the amendment.

· Amounts received from sales, including those on credit terms, are taxed at the time the sale is made. All other general taxation rules apply.

· The movement in the equipment account is caused by the sale of the equipment on 1 March 2016. Adeline Ltd has purchased the equipment on 1 July 2014 (with an estimated useful life of 2 years and no residual value) and for taxation purposes it claimed its full cost as a deduction at 30 June 2015.

· The plant is depreciated on a straight line basis over 10 years for accounting purposes, but over 5 years for taxation purposes. The plant is not expected to have any residual value.

· All research and development expenses were paid in cash during the year ended 30 June 2016.

· The company tax rate is assumed to be 30% for the year ended 30 June 2015 and 28% for the year ended 30 June 2016. The balances of the deferred tax accounts at 30 June 2015 are still reflecting the 30% tax rate.

REQUIRED: 公司会计代写

(a) Determine the taxable profit for the year ended 30 June 2016, starting from the

accounting profit before tax and showing the adjustments for differences between

taxation and accounting rules. (10 marks) – 12 minutes

(b) Complete the worksheet on the additional page provided to determine the movements in the deferred tax accounts for the year ended 30 June 2016. (14 marks) – 17 minutes

(c) Prepare the journal entries to recognise the current tax liability and the final deferred tax adjustments for the year ended 30 June 2016 (excluding the movements during the year due to carry-forward tax loss and change in tax rate). Adeline Ltd does not set off the deferred tax accounts against each other. (3.75 marks) – 4 minutes

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