快速查題-ACCA英國注冊會計師試題

Doggard Co is a business that sells second hand cars. If a car develops a fault within 30 days of the sale, Doggard Co will

repair it free of charge.At 30 April 20X4 Doggard Co had made a provision for repairs of $2,500. At 30 April 20X5 Doggard

Co calculated that the provision should be $2,000.What entry should be made for the provision in Doggard Co's statement of

profit or loss for the year to 30 April 20X5?

Which of the following best describes a provision according to IAS 37 Provisions, contingent liabilities and contingent assets?

Which of the following items does the statement below describe?

“A possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or

non-occurrence of one or more uncertain future events not wholly within the entity's control”

Montague’s paint shop has suffered some bad publicity as a result of a customer claiming to be suffering from skin rashes

as a result of using a new brand of paint sold by Montague’s shop. The customer launched a court action against Montague

in November 20X3, claiming damages of $5,000.

Montague’s lawyer has advised him that the most probable outcome is that he will have to pay the customer $3,000.

What amount should Montague include as a provision in his financial statements for the year ended 31 December 20X3?

Mobiles Co sells goods with a one year warranty under which customers are covered for any defect that becomes apparent

within a year of purchase. In calendar year 20X4, Mobiles Co sold 100,000 units.The company expects warranty claims for

5% of units sold. Half of these claims will be for a major defect, with an average claim value of $50. The other half of these

claims will be for a minor defect, with an average claim value of $10.

What amount should Mobiles Co include as a provision in the statement of financial position for the year ended 31 December 20X4?

When a provision is needed that involves a number of outcomes, the provision is calculated using the expected value of

expenditure. The expected value of expenditure is the total expenditure of：

?X Co sells goods with a one year warranty and had a provision for warranty claims of $64,000 at 31 December 20X0. During

the year ended 31 December 20X1, $25,000 in claims were paid to customers. On 31 December 20X1, X Co estimated that

the following claims will be paid in the following year：

Scenario????????????????????????????????????????????Probability?????????????????Anticipated cost

Worst case???????????????????????????????????????? ?5%????????????????????????????????? $150,000

Best case?????????????????????????????????????????? ?20%????????????????????????????????$25,000

Most likely????????????????????????????????????????? ?75%????????????????????????????????$60,00

?What amount should X Co record in the statement of profit or loss for the year ended 31 December 20X1 in respect of the

provision?

W is registered for sales tax. The managing director has asked four staff in the accounts department why the output tax for the last quarter does not equal 20% of sales (20% is the rate of tax). Which one of the following four replies she received was not correct?

The following information relates to Eva Co's sales tax for the month of March 20X3:

??????????????????????????????????????????????????????? ??$

Sales (including sales tax)?????????? ?109,250

Purchases (net of sales tax)????????? 64,000

Sales tax is charged at a flat rate of 15%. Eva Co's sales tax account showed an opening credit balance of $4,540 at the

beginning of the month and a closing debit balance of $2,720 at the end of the month.

What was the total sales tax paid to regulatory authorities during the month of March 20X3?

Alana is not registered for sales tax purposes. She has recently received an invoice for goods for resale which cost $500

before sales tax, which is levied at 15%. The total value was therefore $575.

What is the correct entry to be made in Alana’s general ledger in respect of the invoice?