1、ACCA 考试 2010 年 12 月真题 F7（International）及答案解析(总分：99.99，做题时间：180 分钟)一、ALL FIVE questions a(总题数：5，分数：100.00)On 1 June 2010, Premier acquired 80% of the equity share capital of Sanford. The consideration consisted of two elements: a share exchange of three shares in Premier for every fi ve acquired shar
2、es in Sanford and the issue of a $100 6% loan note for every 500 shares acquired in Sanford. The share issue has not yet been recorded by Premier, but the issue of the loan notes has been recorded. At the date of acquisition shares in Premier had a market value of $5 each and the shares of Sanford h
3、ad a stock market price of $350 each. Below are the summarised draft fi nancial statements of both companies. Statements of comprehensive income for the year ended 30 September 2010 （分数：25.00）(1).(a) Prepare the consolidated statement of comprehensive income for Premier for the year ended 30 Septemb
4、er 2010.(9 marks) （分数：12.50）_(2).(b) Prepare the consolidated statement of fi nancial position for Premier as at 30 September 2010. The following mark allocation is provided as guidance for this question:(16 marks) （分数：12.50）_The following trial balance relates to Cavern as at 30 September 2010: （分数
5、：24.99）(1).(a) Prepare the statement of comprehensive income for Cavern for the year ended 30 September 2010.(11 marks) （分数：8.33）_(2).(b) Prepare the statement of changes in equity for Cavern for the year ended 30 September 2010.(5 marks) （分数：8.33）_(3).(c) Prepare the statement of fi nancial positio
6、n of Cavern as at 30 September 2010. Notes to the fi nancial statements are not required. The following mark allocation is provided as guidance for this question: (9 marks) （分数：8.33）_1.Hardy is a public listed manufacturing company. Its summarised fi nancial statements for the year ended 30 Septembe
7、r 2010 (and 2009 comparatives) are: Analyse and discuss the fi nancial performance and position of Hardy as portrayed by the above fi nancial statements and the additional information provided. Your analysis should be supported by profi tability, liquidity and gearing and other appropriate ratios (u
8、p to 10 marks available). (25 marks)（分数：25.00）_(1).(a) IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors contains guidance on the use of accounting policies and accounting estimates. Required: Explain the basis on which the management of an entity must select its accounting polic
9、ies and distinguish, with an example, between changes in accounting policies and changes in accounting estimates. (5 marks) （分数：7.50）_(2).(b) The directors of Tunshill are disappointed by the draft profi t for the year ended 30 September 2010. The companys assistant accountant has suggested two area
10、s where she believes the reported profi t may be improved: (i) A major item of plant that cost $20 million to purchase and install on 1 October 2007 is being depreciated on a straight-line basis over a fi ve-year period (assuming no residual value). The plant is wearing well and at the beginning of
11、the current year (1 October 2009) the production manager believed that the plant was likely to last eight years in total (i.e. from the date of its purchase). The assistant accountant has calculated that, based on an eight-year life (and no residual value) the accumulated depreciation of the plant a
12、t 30 September 2010 would be $75 million ($20 million/8 years x 3). In the fi nancial statements for the year ended 30 September 2009, the accumulated depreciation was $8 million ($20 million/5 years x 2). Therefore, by adopting an eight-year life, Tunshill can avoid a depreciation charge in the cur
13、rent year and instead credit $05 million ($8 million $75 million) to the income statement in the current year to improve the reported profit.(5 marks) (ii) Most of Tunshills competitors value their inventory using the average cost (AVCO) basis, whereas Tunshill uses the fi rst in fi rst out (FIFO) b
14、asis. The value of Tunshills inventory at 30 September 2010 (on the FIFO basis) is $20 million, however on the AVCO basis it would be valued at $18 million. By adopting the same method (AVCO) as its competitors, the assistant accountant says the company would improve its profi t for the year ended 3
15、0 September 2010 by $2 million. Tunshills inventory at 30 September 2009 was reported as $15 million, however on the AVCO basis it would have been reported as $134 million. (5 marks) Required: Comment on the acceptability of the assistant accountants suggestions and quantify how they would affect th
16、e fi nancial statements if they were implemented under IFRS. Ignore taxation. Note: the mark allocation is shown against each of the two items above. （分数：7.50）_2.Manco has been experiencing substantial losses at its furniture making operation which is treated as a separate operating segment. The com
17、panys year end is 30 September. At a meeting on 1 July 2010 the directors decided to close down the furniture making operation on 31 January 2011 and then dispose of its non-current assets on a piecemeal basis. Affected employees and customers were informed of the decision and a press announcement w
18、as made immediately after the meeting. The directors have obtained the following information in relation to the closure of the operation: (i) On 1 July 2010, the factory had a carrying amount of $36 million and is expected to be sold for net proceeds of $5 million. On the same date the plant had a c
19、arrying amount of $28 million, but it is anticipated that it will only realise net proceeds of $500,000. (ii) Of the employees affected by the closure, the majority will be made redundant at cost of $750,000, the remainder will be retrained at a cost of $200,000 and given work in one of the companys
20、 other operations. (iii) Trading losses from 1 July to 30 September 2010 are expected to be $600,000 and from this date to the closure on 31 January 2011 a further $1 million of trading losses are expected. Required:Explain how the decision to close the furniture making operation should be treated i
21、n Mancos fi nancial statements for the years ending 30 September 2010 and 2011. Your answer should quantify the amounts involved. (10 marks)（分数：10.00）_ACCA 考试 2010 年 12 月真题 F7（International）答案解析(总分：99.99，做题时间：180 分钟)一、ALL FIVE questions a(总题数：5，分数：100.00)On 1 June 2010, Premier acquired 80% of the e
22、quity share capital of Sanford. The consideration consisted of two elements: a share exchange of three shares in Premier for every fi ve acquired shares in Sanford and the issue of a $100 6% loan note for every 500 shares acquired in Sanford. The share issue has not yet been recorded by Premier, but
23、 the issue of the loan notes has been recorded. At the date of acquisition shares in Premier had a market value of $5 each and the shares of Sanford had a stock market price of $350 each. Below are the summarised draft fi nancial statements of both companies. Statements of comprehensive income for t
24、he year ended 30 September 2010 （分数：25.00）(1).(a) Prepare the consolidated statement of comprehensive income for Premier for the year ended 30 September 2010.(9 marks) （分数：12.50）_正确答案：( Sanfords profi ts for the year ended 30 September 2010 of $39 million are $26 million (3,900 x 8/12) pre-acquisiti
25、on and $13 million (3,900 x 4/12) post-acquisition. )解析：(2).(b) Prepare the consolidated statement of fi nancial position for Premier as at 30 September 2010. The following mark allocation is provided as guidance for this question:(16 marks) （分数：12.50）_正确答案：( The 24 million shares (5,000 x 80% x 3/5
26、) issued by Premier at $5 each would be recorded as share capital of $24 million and share premium of $96 million. )解析：The following trial balance relates to Cavern as at 30 September 2010: （分数：24.99）(1).(a) Prepare the statement of comprehensive income for Cavern for the year ended 30 September 201
27、0.(11 marks) （分数：8.33）_正确答案：( )解析：(2).(b) Prepare the statement of changes in equity for Cavern for the year ended 30 September 2010.(5 marks) （分数：8.33）_正确答案：( )解析：(3).(c) Prepare the statement of fi nancial position of Cavern as at 30 September 2010. Notes to the fi nancial statements are not requi
28、red. The following mark allocation is provided as guidance for this question: (9 marks) （分数：8.33）_正确答案：( )解析：1.Hardy is a public listed manufacturing company. Its summarised fi nancial statements for the year ended 30 September 2010 (and 2009 comparatives) are: Analyse and discuss the fi nancial per
29、formance and position of Hardy as portrayed by the above fi nancial statements and the additional information provided. Your analysis should be supported by profi tability, liquidity and gearing and other appropriate ratios (up to 10 marks available). (25 marks)（分数：25.00）_正确答案：(Note: references to 2
30、009 and 2010 should be taken as being to the years ended 30 September 2009 and 2010 respectively. Profi tability: Income statement performance: Hardys income statement results dramatically show the effects of the downturn in the global economy; revenues are down by 18% (6,500/36,000 x 100), gross pr
31、ofi t has fallen by 60% and a healthy after tax profi t of $35 million has reversed to a loss of $21 million. These are refl ected in the profi t (loss) margin ratios shown in the appendix (the as reported fi gures for 2010). This in turn has led to a 152% return on equity being reversed to a negati
32、ve return of 119%. However, a closer analysis shows that the results are not quite as bad as they seem. The downturn has directly caused several additional costs in 2010: employee severance, property impairments and losses on investments (as quantified in the appendix). These are probably all non-re
33、curring costs and could therefore justifi ably be excluded from the 2010 results to assess the companys underlying performance. If this is done the results of Hardy for 2010 appear to be much better than on fi rst sight, although still not as good as those reported for 2009. A gross margin of 278% i
34、n 2009 has fallen to only 231% (rather than the reported margin of 136%) and the profi t for period has fallen from $35 million (97%) to only $23 million (78%). It should also be noted that as well as the fall in the value of the investments, the related investment income has also shown a sharp decl
35、ine which has contributed to lower profi ts in 2010. Given the economic climate in 2010 these are probably reasonably good results and may justify the Chairmans comments. It should be noted that the cost saving measures which have helped to mitigate the impact of the downturn could have some unwelco
36、me effects should trading conditions improve; it may not be easy to re-hire employees and a lack of advertising may cause a loss of market share. Statement of fi nancial position: Perhaps the most obvious aspect of the statement of fi nancial position is the fall in value ($85 million) of the non-cu
37、rrent assets, most of which is accounted for by losses of $6 million and $16 million respectively on the properties and investments. Ironically, because these falls are refl ected in equity, this has mitigated the fall in the return of the equity (from 152% to 131% underlying) and contributed to a p
38、erhaps unexpected improvement in asset turnover from 16 times to 17 times. Liquidity: Despite the downturn, Hardys liquidity ratios now seem at acceptable levels (though they should be compared to manufacturing industry norms) compared to the low ratios in 2009. The bank balance has improved by $11
39、million. This has been helped by a successful rights issue (this is in itself a sign of shareholder support and confi dence in the future) raising $2 million and keeping customers credit period under control. Some of the proceeds of the rights issue appear to have been used to reduce the bank loan w
40、hich is sensible as its fi nancing costs have increased considerably in 2010. Looking at the movement on retained earnings (6,500 2,100 3,600) it can be seen that the company paid a dividend of $800,000 during 2010. Although this is only half the dividend per share paid in 2009, it may seem unwise g
41、iven the losses and the need for the rights issue. A counter view is that the payment of the dividend may be seen as a sign of confi dence of a future recovery. It should also be mentioned that the worst of the costs caused by the downturn (specifi cally the property and investments losses) are not
42、cash costs and have therefore not affected liquidity. The increase in the inventory and work-in-progress holding period and the trade receivables collection period being almost unchanged appear to contradict the declining sales activity and should be investigated. Although there is insuffi cient inf
43、ormation to calculate the trade payables credit period as there is no analysis of the cost of sales fi gures, it appears that Hardy has received extended credit which, unless it had been agreed with the suppliers, has the potential to lead to problems obtaining future supplies of goods on credit. Ge
44、aring: On the reported fi gures debt to equity shows a modest increase due to income statement losses and the reduction of the revaluation reserve, but this has been mitigated by the repayment of part of the loan and the rights issue. Conclusion: Although Hardys results have been adversely affected
45、by the global economic situation, its underlying performance is not as bad as fi rst impressions might suggest and supports the Chairmans comments. The company still retains a relatively strong statement of fi nancial position and liquidity position which will help signifi cantly should market conditions improve. Indeed the impairment of property and investments may well reverse in future. It would be a
