代写 ACC322 Company Accounting
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代写 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.
代写 ACC322 Company Accounting
STUDENT NAME: …………………………………………. STUDENT ID: ……………………….
SIGNATURE …………………………………………………………………………………………….
CALCULATOR USED (IF ANY) …………………...…………………………………………………
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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.
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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.
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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.
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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...
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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)
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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
代写 ACC322 Company Accounting
