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1、FundamentalsLevelKnowledgeModuleTimeallowed:2hoursThispaperisdividedintotwosections:SectionAALL35questionsarecompulsoryandMUSTbeattemptedSectionBBOTHquestionsarecompulsoryandMUSTbeattemptedDoNOTopenthispaperuntilinstructedbythesupervisor.Thisquestionpapermustnotberemovedfromtheexaminationhall.PaperF
2、3FinancialAccountingSpecimenExamapplicablefromJune2014TheAssociationofCharteredCertifiedAccountantsSectionAALL35questionsarecompulsoryandMUSTbeattemptedPleaseusethespaceprovidedontheinsidecoveroftheCandidateAnswerBooklettoindicateyourchosenanswertoeachmultiplechoicequestion.Eachquestionisworth2marks
3、.1Whichofthefollowingcalculatesasoletradersnetprofitforaperiod?AClosingnetassets+drawingscapitalintroducedopeningnetassetsBClosingnetassetsdrawings+capitalintroducedopeningnetassetsCClosingnetassetsdrawingscapitalintroducedopeningnetassetsDClosingnetassets+drawings+capitalintroducedopeningnetassets2
4、Whichofthefollowingexplainstheimprestsystemofoperatingpettycash?AWeeklyexpenditurecannotexceedasetamountBTheexactamountofexpenditureisreimbursedatintervalstomaintainafixedfloatCAllexpenditureoutofthepettycashmustbeproperlyauthorisedDRegularequalamountsofcasharetransferredintopettycashatintervals3Whi
5、chofthefollowingstatementsareTRUEoflimitedliabilitycompanies?(1)Thecompanysexposuretodebtsandliabilityislimited(2)Financialstatementsmustbeproduced(3)AcompanycontinuestoexistregardlessoftheidentityofitsownersA1and2onlyB1and3onlyC2and3onlyD1,2and34Annieisasoletraderwhodoesnotkeepfullaccountingrecords
6、.Thefollowingdetailsrelatetohertransactionswithcreditcustomersandsuppliersfortheyearended30June20X6:$Tradereceivables,1July20X5130,000Tradepayables,1July20X560,000Cashreceivedfromcustomers686,400Cashpaidtosuppliers302,800Discountsallowed1,400Discountsreceived2,960Contrabetweenpayablesandreceivablesl
7、edgers2,000Tradereceivables,30June20X6181,000Tradepayables,30June20X684,000WhatfigureshouldappearforpurchasesinAnniesstatementofprofitorlossfortheyearended30June20X6?A$325,840B$330,200C$331,760D$327,76025WhichTWOofthefollowingerrorswouldcausethetotalofthedebitcolumnandthetotalofthecreditcolumnofatri
8、albalancenottoagree?(1)Atranspositionerrorwasmadewhenenteringasalesinvoiceintothesalesdaybook(2)Achequereceivedfromacustomerwascreditedtocashandcorrectlyrecognisedinreceivables(3)Apurchaseofnon-currentassetswasomittedfromtheaccountingrecords(4)RentreceivedwasincludedinthetrialbalanceasadebitbalanceA
9、1and2B1and3C2and3D2and46At31December20X5thefollowingrequireinclusioninacompanysfinancialstatements:(1)On1January20X5thecompanymadealoanof$12,000toanemployee,repayableon1January20X6,charginginterestat2%peryear.Ontheduedatesherepaidtheloanandpaidthewholeoftheinterestdueontheloantothatdate.(2)Thecompan
10、ypaidanannualinsurancepremiumof$9,000in20X5,coveringtheyearending31August20X6.(3)InJanuary20X6thecompanyreceivedrentfromatenantof$4,000coveringthesixmonthsto31December20X5.Fortheseitems,whattotalfiguresshouldbeincludedinthecompanysstatementoffinancialpositionasat31December20X5?ACurrentassets$10,000C
11、urrentliabilities$12,240BCurrentassets$22,240Currentliabilities$nilCCurrentassets$10,240Currentliabilities$nilDCurrentassets$16,240Currentliabilities$6,0007Acompanysstatementofprofitorlossfortheyearended31December20X5showedanetprofitof$83,600.Itwaslaterfoundthat$18,000paidforthepurchaseofamotorvanha
12、dbeendebitedtothemotorexpensesaccount.Itisthecompanyspolicytodepreciatemotorvansat25%peryearonthestraightlinebasis,withafullyearschargeintheyearofacquisition.Whatwouldthenetprofitbeafteradjustingforthiserror?A$106,100B$70,100C$97,100D$101,6008Xenahasthefollowingworkingcapitalratios:20X920X8Currentra
13、tio12:115:1Receivablesdays75days50daysPayablesdays30days45daysInventoryturnover42days35daysWhichofthefollowingstatementsiscorrect?AXenasliquidityandworkingcapitalhasimprovedin20X9BXenaisreceivingcashfromcustomersmorequicklyin20X9thanin20X8CXenaissufferingfromaworseningliquiditypositionin20X9DXenaist
14、akinglongertopaysuppliersin20X9thanin20X83P.T.O.9Whichofthefollowingstatementsis/arecorrect?(1)Astatementofcashflowspreparedusingthedirectmethodproducesadifferentfiguretonetcashfromoperatingactivitiesfromthatproducediftheindirectmethodisused(2)Rightsissuesofsharesdonotfeatureinastatementofcashflows(
15、3)Asurplusonrevaluationofanon-currentassetwillnotappearasaniteminastatementofcashflows(4)Aprofitonthesaleofanon-currentassetwillappearasanitemundercashflowsfrominvestingactivitiesinthestatementofcashflowsA1and3onlyB3and4onlyC2and4onlyD3only10Acompanyreceivesrentfromalargenumberofproperties.Thetotalr
16、eceivedintheyearended30April20X6was$481,200.Thefollowingweretheamountsofrentinadvanceandinarrearsat30April20X5and20X6:30April20X530April20X6$Rentreceivedinadvance28,70031,200Rentinarrears(allsubsequentlyreceived)21,20018,400Whatamountofrentalincomeshouldappearinthecompanysstatementofprofitorlossfortheyearended30April20X6?A$486,500B$460,900C$501,500D$475,90011Whichofthefollowingaredifferencesbetweensoletradersandlimitedliabilitycompanies?(1)Asoletradersfinancialstatementsareprivateandnevermadeav
