essay代写,作业代写,网课代考,英文论文代写

代寫 ACC322 Company Accounting

  • 100%原創包過,高質代寫&免費提供Turnitin報告--24小時客服QQ&微信:120591129
  • 代寫 ACC322 Company Accounting

    29/01/2016  Page 1 of 9
    School of Accounting and Finance
    Examination Session X, 2016
    SAMPLE EXAM PAPER
    ACC322 Company Accounting
    This paper is for Albury Campus, Bathurst Campus, Dubbo Campus, Distance Education (Distance), Port
    Macquarie Campus, Study Centre Sydney, Study Centre Melbourne and Wagga Campus students.
    EXAM CONDITIONS:
    This is an open book exam – Restricted Materials
    Non-programmable calculator permitted
    Notes are NOT permitted in the Exam
    Bilingual Dictionary permitted (printed copy only, unmarked and unannotated)
    The student may NOT retain the question paper
    WRITING TIME:  2 hours plus 10 minutes reading time
    Writing is permitted during reading time
    MATERIALS SUPPLIED BY UNIVERSITY:  1 x 12 page answer booklet
    1 x General purpose answer sheet (GPAS)
    MATERIALS PERMITTED IN EXAMINATION:
    Ruler - any type, 2B pencil/eraser
    Textbooks - as specified below (unannotated)
    2015 or 2016 CA ANZ Financial Reporting
    Handbook.
    Bound version only - loose leaf version not permitted. Unmarked except for highlighting, underlining or
    tagging. Brief captions allowed on tags only
    (No electronic aids are permitted e.g. laptops, phones)
    NUMBER OF QUESTIONS:  PART A – 10 Multiple Choice Questions
    PART B – 3 Problem Questions
    VALUE:  60%
    INSTRUCTIONS TO CANDIDATES:
    1. Enter your name and student number in the space provided at the bottom of this page and on
    your answer booklet.
    2. No written material, reference books or notes will be permitted in the exam, except for the
    materials permitted above.
    3. Part A consists of 10 Multiple Choice Questions. Answers should be marked on the GPAS
    provided.
    4. Part B consists of 3 problem questions. ALL questions must be attempted and answered in
    the answer booklet provided.
    代寫 ACC322 Company Accounting
     
    STUDENT NAME: …………………………………………. STUDENT ID: ……………………….
    SIGNATURE …………………………………………………………………………………………….
    CALCULATOR USED (IF ANY) …………………...…………………………………………………
    29/01/2016  Page 2 of 9
    PART A  10 marks
    Write down your answers (A, B, C or D) on the GPAS answer sheet provided.
    All questions are compulsory.
    1. Deductible temporary differences lead to the recognition of:
    A. Deferred tax liabilities.
    B. Current tax liabilities.
    C. Deferred tax revenues.
    D. Deferred tax assets.
    2. For which of the following is a tax deduction not allowed:
    A. Fines and penalties.
    B. Entertainment costs.
    C. Goodwill.
    D. All of the above.
    3. If a subsidiary had declared a $6,000 dividend prior to its shares being acquired by a parent, the
    consolidation elimination entry is:
    A. Dividend paid $6,000
    Dividend Payable  $6,000
    B. Dividend paid $6,000
    Dividend receivable  $6,000
    C. Dividend payable $6,000
    Dividend receivable  $6,000
    D. Dividend payable $6,000
    Dividend revenue  $6,000
    4. Wing Ltd has all its identifiable net assets recorded in its books at fair value. Chang Ltd acquired all
    of the issued share capital of Wing Ltd for $80,000. At the date of acquisition, the equity of Wing Ltd
    consisted of $40,000 share capital and $20,000 retained earnings. The amount of goodwill acquired
    is:
    A. $0.
    B. $20,000.
    C. $15,000.
    D. $40,000.
    29/01/2016  Page 3 of 9
    5. A parent company sells some inventory to its subsidiary for $6,000 during the financial year ended
    30 June 2014. The original cost of the inventory to the parent was $4,000. By the end of the
    financial year the subsidiary has sold half of the inventory outside the group. The tax rate is 30% at
    30 June 2014. The tax effect entry on 30 June 2014 is:
    A. Income tax expense  $150
    Deferred tax liability $150
    B. Deferred tax asset  $300
    Income tax expense $300
    C. Deferred tax asset  $600
    Income tax expense $600
    D. Income tax expense  $300
    Deferred tax liability $300
    6. A Ltd paid $110,000 for 80% of the shares of B Ltd on 1 July 2013. All identifiable assets and
    liabilities of B Ltd were recorded at fair value. At the date of acquisition, the equity of B Ltd was:
    Share Capital:  $100,000
    General reserve:  $20,000
    Retained earnings:  $10,000
    What is the total amount of goodwill?
    A. $6,000.
    B. $80,000.
    C. $15,000.
    D. $20,000.
    7. Peter Ltd has a 80% ownership interest in Anton Ltd. Anton Ltd has a 60% ownership interest in
    Vincent Ltd. As a result of these ownership interests, Peter Ltd has an indirect ownership interest
    in Vincent Ltd of:
    A. 48%.
    B. 56%.
    C. 70%.
    D. 0%.
    8. The currency of the primary economic environment in which the entity operates is known as the:
    A. Operational currency.
    B. Functional currency.
    C. Environment currency.
    D. Primary currency.
    29/01/2016  Page 4 of 9
    9. On 31 October, Ocker Ltd (an Australian company) sells some inventory on credit to the Uncle John
    Enterprises, a company in the United States for US$110,000. Uncle John will pay for the purchase
    in United States dollars. At this date, the exchange rate is A$1.00 = US$0.9856. The journal entry
    to record the sale in the books of Ocker Ltd is (to the nearest dollar):
    A. Accounts receivable $105,000
    Sales  $105,000
    B. Accounts receivable $111,607
    Sales  $111,607
    C. Cash  $111,607
    Accounts Receivable $111,607
    D. Accounts Receivable $95,560
    Sales  $95,560
    10. On 1 December 2015, Prestige Furniture Importers acquires furniture from a supplier in Europe.
    The furniture is shipped f.o.b. from Brussels on 1 December 2015. The cost of the furniture is
    €650,000. The amount has not been paid at 31 December 2015. Exchange rates are as follows (to
    the nearest dollar):
    1 December 2015: $A1.00 = €0.54
    31 December 2015: $A1.00 = €0.60
    What is the amount payable at 1 December 2015 and 31st December 2015 in Australian
    dollars?
    A. 1 December 2015 $324,000;  31 December 2015 $360,000.
    B. 1 December 2015 $1,203,703; 31 December 2015 $1,083,333.
    C. 1 December 2015 $1,083,333; 31 December 2015 $1,203,703.
    D. 1 December 2015 $280,000;  31 December 2015 $240,000.
    29/01/2016  Page 5 of 9
    PART B  50 marks
    All questions should be attempted. In questions that require journal entries to be prepared, please note
    narrations are not required. However, journal dates and any workings should be shown to support your
    answer.
    QUESTION 1  Accounting for company income tax  20 marks
    For the year ended 30 June 2016, Percussion Ltd recorded an accounting profit before tax of $25,000,
    and the financial statements for this year included the following:
    Statement of Profit or Loss and Other Comprehensive Income 
    2016
    $
    Annual leave expense  17,000
    Doubtful debt expense  4,000
    Grant revenue (exempt income)  80,000
    Rent revenue  50,000
    Depreciation - buildings  20,000
    Depreciation - plant & equipment  22,000
    Proceeds - sale of plant  25,000
    Carrying amount of plant sold  20,000
    Statement of Financial Position
    2016
    $
    2015
    $
    Accounts receivable  360,000  241,000
    Allowance for doubtful debts  2,000  17,000
    Deferred tax asset  ?  18,600
    Plant & equipment - at cost  310,000  340,000
    Accumulated depreciation  66,000  54,000
    Buildings - at cost  400,000  400,000
    Accumulated depreciation  80,000  60,000
    Rent receivable  7,000  11,000
    Provision for annual leave  18,000  15,000
    Deferred tax liability  ?  5,700
    Additional Information:
    a) The income tax rate is 30%.
    b) Depreciation of buildings is calculated at 5% for accounting purposes and 2.5% for
    tax purposes.
    c) The carrying amount of the plant sold for tax purposes was $24,000.
    d) Depreciation of plant and equipment for the current year for tax purposes was $23,000.
    e) Accumulated depreciation on plant and equipment for tax purposes was $79,000 at
    30 June 2016 and $62,000 at 30 June 2015.
    Question continues over page...
    29/01/2016  Page 6 of 9
    Required:
    1. Calculate the taxable income and current tax liability for the year ended 30 June 2016.  (7 marks)
    2. Calculate the deferred tax assets and deferred tax liabilities for the year ended
    30 June 2016 using an appropriate worksheet.  (10 marks)
    3. Explain the meaning of the term ‘tax base for an asset’. How is the ‘tax base for an asset’ different
    from the asset’s ‘carrying amount’? Provide one example.  (3 marks)
    29/01/2016  Page 7 of 9
    QUESTION 2  Consolidated Financial Statements -  20 marks
    Non-Controlling Interest
    On the 1 January 2012, Parent Ltd acquired 65% of the share capital of Sub Ltd for $3,600,000. At
    acquisition date, Sub Ltd's balance sheet included:
    $
    Share capital  5,000,000
    Retained profits  350,000
    General reserve  50,000
    At acquisition date, all of Sub Ltd's net assets were recorded at fair value except for:
    Carrying Amount  Fair Value
    Equipment (cost $67,000)  $50,000  $58,000
    Additional information:
    a) Parent Ltd adopts the partial goodwill method.
    b) The re-valued equipment was still held at 30 June 2016, being depreciated on the straight-line
    basis over 5 years.
    c) On the 1 of January 2015, Sub Ltd sold an item of equipment to Parent Ltd, recognising a gain of
    $22,000 on the sale. This equipment was still held at 30 June 2016 and at the time of the sale it
    was estimated that it would have a further useful life of 10 years.
    d) During the year ended 30 June 2016, Sub Ltd sold a quantity of inventory to Parent Ltd for $28,000.
    Sub Ltd received a gain of $8,500 on the sale and Parent Ltd still held 50% of this inventory at
    30 June 2016.
    e) During the year ended 30 June 2016, Parent Ltd sold an item of plant to Sub Ltd at a gain of
    $80,000. This machinery was held as inventory in the books of Sub Ltd at 30 June 2016.
    f) All of the dividends declared by Sub Ltd during the year ended 30 June 2016 were from pre-
    acquisition profits.
    Question continues over page...
    29/01/2016  Page 8 of 9
    g) Financial statements for the year ended 30 June 2016 are reproduced below:
    Parent Ltd $  Sub Ltd $
    Sales  3,300,000  1,800,000
    Cost of goods sold  (1,490,000)  (1,460,000)
    Gross profit  1,810,000  340,000
    Depreciation expense  (320,000)  (240,000)
    Gain on sale of plant  80,000
    Other expenses  (180,000)  (130,000)
    Profit (loss) before income tax  1,390,000  (30,000)
    Income tax expense/income  (440,000)  10,000
    Profit (loss) after tax  950,000  (20,000)
    Retained earnings at 01.07.15  1,100,000  600,000
    Dividends paid  (500,000)
    Dividend declared  (25,000)
    Trans. from general reserve  15,000
    Retained earnings at 30.06.16  1,550,000  570,000
    Share capital  7,000,000  5,000,000
    General reserve  35,000
    Total Equity  8,550,000  5,605,000
    Income tax payable  480,000
    Other liabilities  960,000  855,000
    Borrowings  1,500,000
    Deferred tax liability 
    Total Liabilities  1,440,000  2,355,000
    Total liabilities and equity  9,990,000  7,960,000
    Inventory  420,000  543,750
    Other current assets  930,000  2,180,000
    Property, plant and equipment  4,210,000  1,992,500
    Accumulated depreciation  (1,050,000)  (800,000)
    Investments  5,400,000  3,583,750
    Deferred tax asset  80,000  460,000
    Total assets  9,990,000  7,960,000
    Required:
    1. Prepare an acquisition analysis at acquisition date.  (5 marks)
    2. Prepare all journal entries required for consolidation purposes at 30 June 2016.  (15 marks)
    29/01/2016  Page 9 of 9
    QUESTION 3  Foreign currency transactions  10 marks
    Maria Ltd, an Australian company, sells goods on credit to Michael Ltd, a New Zealand company. The
    contract, dated 3 January 2016, is denominated in New Zealand dollars and the contract amounts to
    NZ$150,000. Michael Ltd settles the contract on 29 July 2016. Relevant exchange rates are as
    follows:
    3 January 2016:  A$1.00 = NZ$1.29
    30 June 2016:  A$1.00 = NZ$1.27
    29 July 2016:  A$1.00 = NZ$1.35
    Required:
    1. In accordance with AASB 121, prepare all of the entries of Maria Ltd that relate to the foreign
    currency sale of goods. Show all workings and round to the nearest dollar.  (6 marks)
    2. Explain the terms ‘functional currency’ and ‘presentation currency.’  (4 marks)
    END OF EXAMINATION

    代寫 ACC322 Company Accounting
     

    在線客服

    售前咨詢
    售后咨詢
    微信號
    Essay_Cheery
    微信

    在線客服

    售前咨詢
    售后咨詢
    微信號
    Essay_Cheery
    微信