An original Thinka practice paper modelled on the structure and difficulty of the Jun 2024 (V2) Cambridge International A Level Accounting (9706) paper. Not affiliated with or reproduced from Cambridge.
卷一: 選擇題
Answer all thirty questions. Choose the correct option among A, B, C, or D for each question.
30 題目 · 30 分
題目 1 · 選擇題
1 分
Jenna, a sole trader, had a trade receivables balance of \( \$48,000 \) on 31 December 2023 before any year-end adjustments. She needs to write off an irrecoverable debt of \( \$2,000 \) and adjust the provision for doubtful debts to \( 5\% \) of the remaining trade receivables. The provision for doubtful debts balance on 1 January 2023 was \( \$1,800 \). What is the net trade receivables balance in the statement of financial position as at 31 December 2023, and what is the total expense for bad and doubtful debts in the income statement for the year ended 31 December 2023?
1. Write off the irrecoverable debt from trade receivables: \( \$48,000 - \$2,000 = \$46,000 \). 2. Calculate the new provision for doubtful debts: \( 5\% \times \$46,000 = \$2,300 \). 3. Calculate net trade receivables in the statement of financial position: \( \$46,000 - \$2,300 = \$43,700 \). 4. Calculate the income statement expense: Irrecoverable debt (\( \$2,000 \)) + Increase in provision (\( \$2,300 - \$1,800 = \$500 \)) = \( \$2,500 \).
評分準則
1 mark for the correct option. Method: Identify net trade receivables of \( \$43,700 \) and total income statement expense of \( \$2,500 \).
題目 2 · 選擇題
1 分
A company manufactures two products, X and Y, using the same machine. Total machine hours available are \( 4,000 \) hours. The following details are available: Product X: Selling price \( \$50 \), Variable cost \( \$30 \), Machine hours per unit \( 2 \) hours, Maximum demand \( 1,500 \) units. Product Y: Selling price \( \$90 \), Variable cost \( \$54 \), Machine hours per unit \( 3 \) hours, Maximum demand \( 1,000 \) units. Which production plan maximizes total contribution, and what is that maximum contribution?
A.\( 500 \) units of X and \( 1,000 \) units of Y; Contribution \( \$46,000 \)
B.\( 1,500 \) units of X and \( 333 \) units of Y; Contribution \( \$42,000 \)
C.\( 1,000 \) units of X and \( 667 \) units of Y; Contribution \( \$44,000 \)
D.\( 1,500 \) units of X and \( 1,000 \) units of Y; Contribution \( \$66,000 \)
查看答案詳解收起答案詳解
解題
1. Contribution per unit: Product X = \( \$50 - \$30 = \$20 \). Product Y = \( \$90 - \$54 = \$36 \). 2. Contribution per machine hour: Product X = \( \$20 / 2 = \$10 \). Product Y = \( \$36 / 3 = \$12 \). 3. Priority of production: Product Y is more profitable per machine hour and should be produced first. 4. Produce maximum demand of Y: \( 1,000 \text{ units} \times 3 \text{ hours} = 3,000 \text{ hours} \). Contribution from Y = \( 1,000 \times \$36 = \$36,000 \). 5. Remaining hours: \( 4,000 - 3,000 = 1,000 \text{ hours} \). Produce Product X: \( 1,000 \text{ hours} / 2 \text{ hours} = 500 \text{ units} \). Contribution from X = \( 500 \times \$20 = \$10,000 \). Total contribution = \( \$36,000 + \$10,000 = \$46,000 \).
評分準則
1 mark for the correct option. Method: Calculate contribution per limiting factor hour, rank products, allocate hours, and find total contribution.
題目 3 · 選擇題
1 分
The following financial information is available for a company: Revenue (all on credit) \( \$720,000 \); Cost of sales \( \$540,000 \); Trade receivables collection period \( 40 \) days; Inventory turnover period \( 60 \) days. Assume a \( 360 \)-day year is used for calculations. What are the average trade receivables and average inventory balances?
1 mark for the correct option. Method: Apply correct formulas for trade receivables collection period and inventory turnover period to find the average balances.
題目 4 · 選擇題
1 分
At 1 January 2023, a company's equity structure was as follows: Ordinary shares (\( \$0.50 \) each) \( \$200,000 \); Share premium \( \$80,000 \); Retained earnings \( \$150,000 \). On 1 March 2023, the company made a fully subscribed rights issue of \( 1 \) share for every \( 4 \) shares held at a price of \( \$1.20 \) per share. On 1 September 2023, the company made a bonus issue of \( 1 \) share for every \( 10 \) shares held, using the share premium account as far as possible to preserve reserves. What is the balance on the Share Premium account at 31 December 2023?
A.\( \$125,000 \)
B.\( \$130,000 \)
C.\( \$150,000 \)
D.\( \$200,000 \)
查看答案詳解收起答案詳解
解題
1. Number of shares at 1 January = \( \$200,000 / \$0.50 = 400,000 \) shares. 2. Rights issue of 1-for-4: \( 400,000 / 4 = 100,000 \) new shares. Rights price = \( \$1.20 \) (par \( \$0.50 \), premium \( \$0.70 \)). Premium received = \( 100,000 \times \$0.70 = \$70,000 \). Share premium balance becomes \( \$80,000 + \$70,000 = \$150,000 \). New total shares = \( 500,000 \) shares. 3. Bonus issue of 1-for-10: \( 500,000 / 10 = 50,000 \) shares. Bonus issue is funded at par value (\( \$0.50 \) per share) to preserve reserves. Cost of bonus issue = \( 50,000 \times \$0.50 = \$25,000 \). Share premium is reduced by \( \$25,000 \). New share premium balance = \( \$150,000 - \$25,000 = \$125,000 \).
評分準則
1 mark for the correct option. Method: Adjust share capital and share premium for the rights issue first, then apply the bonus issue using the correct share count and par value.
題目 5 · 選擇題
1 分
A company sells a single product with a selling price of \( \$15 \) per unit and variable costs of \( \$9 \) per unit. Total fixed costs are \( \$72,000 \), and expected sales are \( 15,000 \) units. What are the company's break-even point in units and its margin of safety as a percentage of expected sales?
1. Contribution per unit = \( \text{Selling price} - \text{Variable cost} = \$15 - \$9 = \$6 \). 2. Break-even point in units = \( \text{Fixed costs} / \text{Contribution per unit} = \$72,000 / \$6 = 12,000 \text{ units} \). 3. Margin of safety in units = \( \text{Expected sales} - \text{Break-even sales} = 15,000 - 12,000 = 3,000 \text{ units} \). 4. Margin of safety percentage = \( (3,000 / 15,000) \times 100\% = 20\% \).
評分準則
1 mark for the correct option. Method: Calculate contribution per unit, use it to find the break-even point, and then determine the margin of safety percentage.
題目 6 · 選擇題
1 分
Which statement correctly describes a feature of a limited company compared to a partnership?
A.A limited company is a separate legal entity from its owners, whereas a partnership is generally not.
B.Partners have limited liability for the partnership's debts, whereas shareholders have unlimited liability.
C.Financial statements of both limited companies and partnerships must be filed with a public registry and are available to the general public.
D.A limited company's capital is divided into shares which can always be freely traded on a public stock exchange, whereas partnership shares are not.
查看答案詳解收起答案詳解
解題
A limited company is incorporated and exists as a separate legal entity, meaning it can sue, be sued, and hold property in its own name. In contrast, an ordinary partnership does not have a separate legal identity. Shareholders have limited liability, while partners in an ordinary partnership have unlimited liability. Only public limited companies can trade shares on a stock exchange.
評分準則
1 mark for the correct option. Method: Identify correct characteristic regarding legal status of corporate entities vs partnerships.
題目 7 · 選擇題
1 分
A sales invoice for \( \$450 \) sent to a credit customer, T. Harrison, was correctly entered in the sales journal but posted to the debit of P. Harrison's account in the sales ledger. Which type of error has occurred, and what is the correcting journal entry?
A.Error of commission; Debit T. Harrison \( \$450 \), Credit P. Harrison \( \$450 \)
B.Error of principle; Debit T. Harrison \( \$450 \), Credit P. Harrison \( \$450 \)
C.Error of commission; Debit P. Harrison \( \$450 \), Credit T. Harrison \( \$450 \)
D.Error of omission; Debit Sales \( \$450 \), Credit T. Harrison \( \$450 \)
查看答案詳解收起答案詳解
解題
An error of commission occurs when an entry is posted to the wrong person's account but within the correct class of account (both are trade receivables). To correct the error, P. Harrison's account must be credited to remove the incorrect debit, and T. Harrison's account must be debited to record the sales invoice correctly.
評分準則
1 mark for the correct option. Method: Identify the error type as commission and construct the double-entry correction.
題目 8 · 選擇題
1 分
A business uses a predetermined overhead absorption rate of \( \$8.50 \) per direct labour hour. During a period, the following results were recorded: Actual direct labour hours worked: \( 14,200 \) hours; Budgeted direct labour hours: \( 15,000 \) hours; Actual production overheads incurred: \( \$124,500 \). What is the under- or over-absorption of overheads for the period?
1 mark for the correct option. Method: Determine absorbed overheads using actual hours, compare to actual overheads, and identify whether under- or over-absorbed.
題目 9 · 選擇題
1 分
A sole trader provides the following information for the year ended 31 December 2023: Opening inventory: $12,000; Purchases: $95,000; Goods taken by the owner for personal use (at cost): $3,000; Closing inventory at cost: $14,000. The closing inventory includes damaged items that cost $2,000. These items can only be sold for $800 after carrying out repairs costing $300. What is the cost of sales for the year ended 31 December 2023?
A.$90,000
B.$91,500
C.$93,000
D.$94,500
查看答案詳解收起答案詳解
解題
First, value the closing inventory at the lower of cost and net realisable value (NRV) in accordance with IAS 2: Cost of damaged items is $2,000. NRV of damaged items is Estimated selling price minus Estimated cost to complete repairs: $800 - $300 = $500. Since NRV ($500) is less than cost ($2,000), inventory must be written down by $1,500 ($2,000 - $500). Total closing inventory is valued at: $14,000 - $1,500 = $12,500. Next, calculate the cost of sales: Cost of Sales = Opening Inventory + Purchases - Goods Taken for Personal Use - Closing Inventory. Cost of Sales = $12,000 + $95,000 - $3,000 - $12,500 = $91,500.
評分準則
Award 1 mark for the correct answer B ($91,500). Award 0 marks for any other option.
題目 10 · 選擇題
1 分
A business manufactures two products, X and Y. The following information is available: Selling price per unit: Product X $30, Product Y $40; Variable cost per unit: Product X $18, Product Y $22; Machine hours required per unit: Product X 1.5 hours, Product Y 3.0 hours. Total machine hours are limited to 1,200 hours per period. The maximum market demand is 500 units for Product X and 300 units for Product Y. What is the maximum total contribution the business can achieve in the period?
A.$7,200
B.$8,700
C.$9,600
D.$10,800
查看答案詳解收起答案詳解
解題
First, calculate the contribution per unit: Product X: $30 - $18 = $12; Product Y: $40 - $22 = $18. Next, calculate the contribution per machine hour: Product X: $\frac{12}{1.5} = $8.00 per hour; Product Y: $\frac{18}{3.0} = $6.00 per hour. Rank the products: Product X is ranked first, Product Y is ranked second. Allocate the limiting factor (1,200 hours): Produce Product X to meet demand: 500 units \times 1.5 hours = 750 hours. Remaining machine hours = 1,200 - 750 = 450 hours. Use remaining hours to produce Product Y: $\frac{450}{3.0} = 150 units. Calculate the maximum total contribution: Contribution from Product X: 500 units \times $12 = $6,000; Contribution from Product Y: 150 units \times $18 = $2,700. Total Contribution = $6,000 + $2,700 = $8,700.
評分準則
Award 1 mark for the correct answer B ($8,700). Award 0 marks for any other option.
題目 11 · 選擇題
1 分
A company has a current ratio of 1.5:1 and an acid test ratio of 0.8:1. The company pays a trade payables balance of $10,000 in cash. What will be the immediate effect of this transaction on the current ratio and the acid test ratio?
A.Current ratio: Increase / Acid test ratio: Decrease
B.Current ratio: Increase / Acid test ratio: Increase
C.Current ratio: Decrease / Acid test ratio: Increase
D.Current ratio: Decrease / Acid test ratio: Decrease
查看答案詳解收起答案詳解
解題
Assume initial balances: Current Assets (CA) = $150,000, Current Liabilities (CL) = $100,000 (Current Ratio = 1.5:1), and Liquid Assets (LA) = $80,000 (Acid Test Ratio = 0.8:1). When paying $10,000 trade payables in cash: CA decreases to $140,000, CL decreases to $90,000, and LA decreases to $70,000. New Current Ratio = $\frac{140,000}{90,000} \approx 1.56:1 (increase). New Acid Test Ratio = $\frac{70,000}{90,000} \approx 0.78:1 (decrease). Therefore, the current ratio increases and the acid test ratio decreases.
評分準則
Award 1 mark for the correct answer A. Award 0 marks for any other option.
題目 12 · 選擇題
1 分
A limited company provides the following information: Balances at 1 January 2023: Retained earnings: $145,000; Revaluation reserve: $40,000. During the year ended 31 December 2023: The profit for the year was $85,000; An interim dividend of $15,000 was paid; A final dividend of $25,000 was proposed by the directors on 15 December 2023; $20,000 was transferred from retained earnings to a general reserve; Land was revalued upwards by $30,000. What was the balance of retained earnings at 31 December 2023?
A.$170,000
B.$195,000
C.$210,000
D.$225,000
查看答案詳解收起答案詳解
解題
The closing balance of retained earnings is calculated as: Opening retained earnings ($145,000) + Profit for the year ($85,000) - Interim dividend paid ($15,000) - Transfer to general reserve ($20,000) = $195,000. Note that proposed dividends are not recognized as a liability or deducted from equity at the reporting date under IAS 10, and the land revaluation is credited directly to the revaluation reserve.
評分準則
Award 1 mark for the correct answer B ($195,000). Award 0 marks for any other option.
題目 13 · 選擇題
1 分
A company has fixed costs of $80,000. It sells a single product for $25 per unit with a variable cost of $15 per unit. The budgeted sales for the period are 12,000 units. Subsequently, fixed costs increase to $96,000 and the variable cost per unit increases to $17. The selling price remains unchanged. What is the new budgeted sales level (in units) required to maintain the original margin of safety in units?
A.12,000 units
B.14,000 units
C.16,000 units
D.20,000 units
查看答案詳解收起答案詳解
解題
1. Calculate original BEP and Margin of Safety: Original Contribution per unit = $25 - $15 = $10. Original Break-even point = $\frac{80,000}{10} = 8,000 units. Original Margin of safety = Budgeted sales - BEP = 12,000 - 8,000 = 4,000 units. 2. Calculate the new BEP: New Contribution per unit = $25 - $17 = $8. New Break-even point = $\frac{96,000}{8} = 12,000 units. 3. Calculate required budgeted sales: Required Sales = New BEP + Original Margin of safety = 12,000 + 4,000 = 16,000 units.
評分準則
Award 1 mark for the correct answer C (16,000 units). Award 0 marks for any other option.
題目 14 · 選擇題
1 分
Which of the following statements regarding a private limited company and a partnership are correct? 1. Both entities must have their annual financial statements audited by law. 2. Partners in a traditional partnership have unlimited liability, whereas shareholders of a private limited company have limited liability. 3. A partnership is a separate legal entity from its owners, whereas a private limited company is not. 4. Share transfers in a private limited company are subject to restrictions, unlike in a public limited company.
A.1 and 3
B.1 and 4
C.2 and 3
D.2 and 4
查看答案詳解收起答案詳解
解題
Statement 1 is incorrect because partnerships are not required to be audited, and many small companies are exempt. Statement 2 is correct because traditional partners have unlimited personal liability while shareholders have liability limited to any unpaid shares. Statement 3 is incorrect because a company is a separate legal entity, whereas a partnership is generally not separate. Statement 4 is correct because private company share transfers are restricted (subject to board approval), unlike public companies where shares can be traded freely on the stock market.
評分準則
Award 1 mark for the correct answer D (statements 2 and 4). Award 0 marks for any other option.
題目 15 · 選擇題
1 分
A company's cash book showed a bank balance of $4,500 debit. The following differences were identified upon comparing the cash book with the bank statement: Bank charges of $120 had not been entered in the cash book; A customer's cheque for $850, received and recorded in the cash book, was returned by the bank marked 'refer to drawer'; Cheques drawn but not yet presented to the bank amounted to $1,400; Receipts of $950 entered in the cash book had not yet been credited by the bank. What was the balance shown on the bank statement?
A.$3,080 credit
B.$3,530 credit
C.$3,980 credit
D.$4,950 credit
查看答案詳解收起答案詳解
解題
1. Correct the cash book balance: Adjusted cash balance = $4,500 Dr - $120 (bank charges) - $850 (dishonoured cheque) = $3,530 Dr. 2. Reconcile with bank statement: Bank statement balance (X) + Uncredited receipts ($950) - Unpresented cheques ($1,400) = Corrected cash book balance ($3,530). X - $450 = $3,530. X = $3,530 + $450 = $3,980. Since it represents a positive cash asset, the bank statement shows a credit balance of $3,980.
評分準則
Award 1 mark for the correct answer C ($3,980 credit). Award 0 marks for any other option.
題目 16 · 選擇題
1 分
A business has two production departments with the following budgeted and actual details: Machining Department (absorbed using machine hours): Budgeted overheads: $120,000, Budgeted machine hours: 15,000 hours, Actual overheads: $128,000, Actual machine hours: 15,500 hours; Assembly Department (absorbed using direct labour hours): Budgeted overheads: $80,000, Budgeted direct labour hours: 10,000 hours, Actual overheads: $76,000, Actual direct labour hours: 9,800 hours. What are the overhead absorption positions for each department?
Award 1 mark for the correct answer A. Award 0 marks for any other option.
題目 17 · 選擇題
1 分
A manufacturing company's total production cost for different levels of activity are as follows: 4,000 units have a total cost of $34,000; 6,500 units have a total cost of $49,000. At 6,500 units, the cost includes a step-up in total fixed costs of $3,000 which occurs when production exceeds 5,000 units. What is the variable cost per unit?
A.$4.80
B.$6.00
C.$6.40
D.$7.54
查看答案詳解收起答案詳解
解題
At 4,000 units, the total cost is \(F + 4,000V = \$34,000\). At 6,500 units, there is a step-up of $3,000 in fixed costs, so the total cost is \((F + \$3,000) + 6,500V = \$49,000\), which simplifies to \(F + 6,500V = \$46,000\). Subtracting the first equation from the second gives: \(2,500V = \$12,000\). Thus, \(V = \$4.80\) per unit.
評分準則
1 mark for the correct calculation of variable cost per unit of $4.80.
題目 18 · 選擇題
1 分
A sole trader did not keep proper accounting records. The following information is available for the year ended 31 December 2022: Net assets at 1 January 2022 were $42,500; Net assets at 31 December 2022 were $48,900. During the year, the owner introduced a personal motor vehicle valued at $8,000 into the business. He also took drawings of $350 cash per month and goods for personal use costing $1,200. What was the profit or loss for the year ended 31 December 2022?
A.$3,800 profit
B.$3,800 loss
C.$5,400 profit
D.$14,200 profit
查看答案詳解收起答案詳解
解題
Using the accounting equation for opening and closing net assets: \(\text{Closing Net Assets} = \text{Opening Net Assets} + \text{Profit} - \text{Drawings} + \text{Capital Introduced}\). Total drawings for the year = \((350 \times 12) + 1,200 = \$5,400\). Substituting the values: \(\$48,900 = \$42,500 + \text{Profit} - \$5,400 + \$8,000\). Therefore, \(\$48,900 = \$45,100 + \text{Profit}\), which gives \(\text{Profit} = \$3,800\).
評分準則
1 mark for the correct profit calculation of $3,800.
題目 19 · 選擇題
1 分
A company manufactures and sells a single product. The following standard budget details are available: Selling price per unit of $25; Variable cost per unit of $15; Budgeted fixed overheads of $60,000 per month; Budgeted production of 8,000 units per month. In a month where actual production was 8,500 units and actual sales were 7,800 units, what is the value of closing inventory of finished goods under marginal costing? (There was no opening inventory).
A.$10,500
B.$15,750
C.$17,500
D.$22,500
查看答案詳解收起答案詳解
解題
Closing inventory in units = \(\text{Production} - \text{Sales} = 8,500 - 7,800 = 700\text{ units}\). Under marginal costing, inventory is valued only at the variable cost per unit. Value of closing inventory = \(700 \times \$15 = \$10,500\).
評分準則
1 mark for the correct calculation of marginal costing inventory value of $10,500.
題目 20 · 選擇題
1 分
The following financial information is extracted from the books of a retailer: Revenue (all on credit) of $480,000; Cost of sales of $360,000; Trade receivables at start of year of $32,000; Trade receivables at end of year of $48,000. Using a 365-day year, what was the trade receivables turnover (in days)?
1 mark for the correct calculation of trade receivables turnover of 30.4 days.
題目 21 · 選擇題
1 分
A company has the following equity structure at 1 January 2022: Ordinary shares ($0.50 nominal value) of $200,000; Share premium of $80,000; Retained earnings of $120,000. On 1 April 2022, the company made a 1-for-4 bonus issue of ordinary shares, using the share premium account as far as possible. On 1 October 2022, the company made a rights issue of 1 ordinary share for every 5 held at a price of $0.80 per share. This issue was fully subscribed. What was the balance on the share premium account at 31 December 2022?
A.$30,000
B.$60,000
C.$90,000
D.$110,000
查看答案詳解收起答案詳解
解題
Initial shares = \(\frac{\$200,000}{\$0.50} = 400,000\text{ shares}\). Bonus issue = \(\frac{400,000}{4} = 100,000\text{ shares}\). Nominal value of bonus shares = \(100,000 \times \$0.50 = \$50,000\). Remaining share premium = \(\$80,000 - \$50,000 = \$30,000\). Total shares after bonus issue = \(500,000\text{ shares}\). Rights issue = \(\frac{500,000}{5} = 100,000\text{ shares}\). Premium per rights share = \(\$0.80 - \$0.50 = \$0.30\). Total premium from rights issue = \(100,000 \times \$0.30 = \$30,000\). Balance on share premium account at 31 December 2022 = \(\$30,000 + \$30,000 = \$60,000\).
評分準則
1 mark for the correct calculation of final share premium of $60,000.
題目 22 · 選擇題
1 分
A company manufactures and sells a single product for $40 per unit. The contribution to sales (C/S) ratio is 45%. The company's total fixed costs are $117,000 per year. What is the margin of safety in units if the company plans to achieve a target profit of $45,000?
A.2,500 units
B.4,000 units
C.6,500 units
D.9,000 units
查看答案詳解收起答案詳解
解題
Contribution per unit = \(\$40 \times 45\% = \$18\). Break-even point = \(\frac{\text{Fixed Costs}}{\text{Contribution per Unit}} = \frac{\$117,000}{\$18} = 6,500\text{ units}\). Planned sales to achieve target profit = \(\frac{\text{Fixed Costs} + \text{Target Profit}}{\text{Contribution per Unit}} = \frac{\$117,000 + \$45,000}{\$18} = 9,000\text{ units}\). Margin of safety in units = \(\text{Planned Sales} - \text{Break-even Sales} = 9,000 - 6,500 = 2,500\text{ units}\).
評分準則
1 mark for the correct calculation of margin of safety of 2,500 units.
題目 23 · 選擇題
1 分
Which of the following statements is correct regarding the comparison between a traditional partnership and a limited company?
A.Both partnerships and limited companies must publish their audited accounts annually.
B.Interest on partner drawings is an expense in the partnership's income statement, whereas dividends are an expense in the company's income statement.
C.In a traditional partnership, partners have unlimited liability for the debts of the business, whereas shareholders in a limited company have liability limited to the capital they agreed to contribute.
D.Both partnerships and limited company shares can be easily transferred to third parties without the consent of other owners.
查看答案詳解收起答案詳解
解題
In a traditional partnership, partners have unlimited liability for the business debts, meaning their personal assets can be used to pay creditors. In a limited company, shareholders have limited liability, restricted to the amount unpaid on their shares or their agreed contribution.
評分準則
1 mark for identifying the correct comparative statement.
題目 24 · 選擇題
1 分
A manufacturing company uses absorption costing with a predetermined overhead absorption rate based on direct labour hours. The following data is available for a month: Budgeted direct labour hours of 12,000 hours; Budgeted overhead expenditure of $180,000; Actual direct labour hours worked of 11,500 hours; Actual overhead expenditure incurred of $176,000. What was the under- or over-absorption of overheads for the month?
A.Under-absorbed by $3,500
B.Over-absorbed by $3,500
C.Under-absorbed by $4,000
D.Over-absorbed by $4,000
查看答案詳解收起答案詳解
解題
Predetermined overhead absorption rate = \(\frac{\text{Budgeted Overheads}}{\text{Budgeted Hours}} = \frac{\$180,000}{12,000} = \$15\text{ per hour}\). Overheads absorbed = \(\text{Actual Hours} \times \text{Rate} = 11,500 \times \$15 = \$172,500\). Actual overheads incurred = \(\$176,000\). Since absorbed overheads ($172,500) are less than actual overheads ($176,000), there is an under-absorption of \(\$176,000 - \$172,500 = \$3,500\).
評分準則
1 mark for the correct under-absorbed overhead calculation of $3,500.
題目 25 · multiple_choice
1 分
On 1 July 2023, a sole trader had a provision for doubtful debts of \(\$2,400\). On 30 June 2024, trade receivables stood at \(\$86,000\). This balance included an irrecoverable debt of \(\$3,200\) which needs to be written off. The provision for doubtful debts is to be adjusted to 4% of the remaining trade receivables. What is the total net charge to the statement of profit or loss for the year ended 30 June 2024 in respect of these adjustments?
A.\(\$3,200\)
B.\(\$3,312\)
C.\(\$4,112\)
D.\(\$4,240\)
查看答案詳解收起答案詳解
解題
1. Write off the irrecoverable debt: \(\$3,200\). 2. Calculate the adjusted trade receivables: \(\$86,000 - \$3,200 = \$82,800\). 3. Calculate the required closing provision: 4% of \(\$82,800 = \$3,312\). 4. Compare with the opening provision of \(\$2,400\) to find the increase: \(\$3,312 - \$2,400 = \$912\). 5. Calculate the total net charge to the statement of profit or loss: Irrecoverable debt written off + Increase in provision = \(\$3,200 + \$912 = \$4,112\).
評分準則
1 mark for the correct option C. Deduct the irrecoverable debt from trade receivables before calculating the new provision, and sum the bad debt written off and the net increase in provision.
題目 26 · multiple_choice
1 分
A company manufactures two products, X and Y. The following information is available: Product X: Selling price per unit \(\$40\), Variable cost per unit \(\$22\), Machine hours per unit 3 hours. Product Y: Selling price per unit \(\$55\), Variable cost per unit \(\$31\), Machine hours per unit 4 hours. The company has a maximum of 12,000 machine hours available. The maximum market demand is 3,000 units for Product X and 2,000 units for Product Y. What is the maximum contribution the company can achieve?
A.\(\$66,000\)
B.\(\$72,000\)
C.\(\$84,000\)
D.\(\$102,000\)
查看答案詳解收起答案詳解
解題
1. Calculate contribution per unit: Product X = \(\$40 - \$22 = \$18\); Product Y = \(\$55 - \$31 = \$24\). 2. Calculate contribution per machine hour (the limiting factor): Product X = \(\$18 / 3 \text{ hours} = \$6\); Product Y = \(\$24 / 4 \text{ hours} = \$6\). 3. Total machine hours required to meet maximum demand is 17,000 hours (3,000 * 3 + 2,000 * 4), which exceeds the 12,000 hours available. 4. Since the contribution per machine hour is equal for both products (\(\$6\)), any combination of production that fully utilizes the 12,000 available hours up to the demand limits will yield the same maximum contribution: 12,000 hours * \(\$6\) per hour = \(\$72,000\).
評分準則
1 mark for the correct option B. Identify machine hours as the limiting factor, determine that both products have equal contribution per key factor, and multiply total available hours by this contribution rate.
題目 27 · multiple_choice
1 分
The following draft details are available for a company at 31 December 2023: Inventory \(\$45,000\) (includes \(\$5,000\) obsolete items with nil scrap value), Trade receivables \(\$38,000\), Cash at bank \(\$4,000\), Trade payables \(\$32,000\), Accrued expenses \(\$3,000\). What is the liquid (acid test) ratio at 31 December 2023?
A.1.09 : 1
B.1.20 : 1
C.1.31 : 1
D.2.34 : 1
查看答案詳解收起答案詳解
解題
1. Liquid ratio is calculated as (Current Assets - Inventory) / Current Liabilities. 2. Current Liabilities = Trade payables + Accrued expenses = \(\$32,000 + \$3,000 = \$35,000\). 3. Liquid Assets (Current Assets excluding inventory) = Trade receivables + Cash at bank = \(\$38,000 + \$4,000 = \$42,000\). Note that the obsolete inventory does not affect this ratio because inventory is completely excluded from the liquid assets calculation. 4. Liquid Ratio = \(\$42,000 / \$35,000 = 1.20 : 1\).
評分準則
1 mark for the correct option B. Exclude all inventory from liquid assets and correctly include accrued expenses inside current liabilities.
題目 28 · multiple_choice
1 分
At 1 January 2023, a company's equity was: Ordinary share capital (\(\$0.50\) shares) \(\$400,000\); Share premium \(\$150,000\). On 1 March 2023, the company made a rights issue of 1 ordinary share for every 4 shares held at \(\$1.20\) per share, which was fully subscribed. On 1 October 2023, the company made a 1-for-5 bonus issue using the share premium account to the maximum extent. What are the balances on the ordinary share capital and share premium accounts at 31 December 2023?
1. Number of shares at 1 January 2023 = \(\$400,000 / \$0.50 = 800,000\) shares. 2. Rights issue (1 for 4): 200,000 new shares issued. Par value = \(\$0.50\), Premium = \(\$0.70\). Increase in Share Capital = 200,000 * \(\$0.50 = \$100,000\). Increase in Share Premium = 200,000 * \(\$0.70 = \$140,000\). Balances after rights issue: Share Capital = \(\$500,000\) (1,000,000 shares), Share Premium = \(\$290,000\). 3. Bonus issue (1 for 5): 1,000,000 / 5 = 200,000 bonus shares. Par value of bonus shares = 200,000 * \(\$0.50 = \$100,000\). Funded from Share Premium: Share Capital increases by \(\$100,000\) to \(\$600,000\); Share Premium decreases by \(\$100,000\) to \(\$190,000\).
評分準則
1 mark for the correct option A. Convert share values into quantities of shares, correctly record the split of par value and premium on the rights issue, and apply the par value of the bonus shares as a deduction from the share premium reserve.
題目 29 · multiple_choice
1 分
A business has a selling price of \(\$15\) per unit, variable cost of \(\$9\) per unit, and annual fixed costs of \(\$45,000\). Budgeted sales are 10,000 units. If the selling price is reduced by 10%, variable cost per unit remains unchanged, and budgeted sales remain at 10,000 units, what must the new fixed costs be to maintain the same margin of safety in units?
A.\(\$33,750\)
B.\(\$37,500\)
C.\(\$40,500\)
D.\(\$45,000\)
查看答案詳解收起答案詳解
解題
1. Initial contribution = \(\$15 - \$9 = \$6\) per unit. 2. Initial Break-even point = \(\$45,000 / \$6 = 7,500\) units. 3. Initial margin of safety in units = Budgeted sales - Break-even sales = 10,000 - 7,500 = 2,500 units. 4. New selling price = \(\$15 * 0.9 = \$13.50\). New contribution per unit = \(\$13.50 - \$9 = \$4.50\). 5. To maintain the same margin of safety of 2,500 units, the new break-even point must remain at 7,500 units (10,000 - 2,500). 6. New fixed costs = Target break-even units * New contribution per unit = 7,500 * \(\$4.50 = \$33,750\).
評分準則
1 mark for the correct option A. Find the initial margin of safety in units, deduce the required break-even level under the new price, and calculate the corresponding fixed cost with the revised contribution per unit.
題目 30 · multiple_choice
1 分
Two sole traders decide to form a partnership. Later, they convert the partnership into a private limited company. Which of the following statements correctly identifies a change that occurs upon conversion from a partnership to a private limited company?
A.The owners' liability for the business's debts becomes unlimited.
B.The company's shares can be offered for sale directly to the general public.
C.The partners' capital accounts are replaced by share capital and reserves.
D.The requirement to prepare annual financial statements is completely removed.
查看答案詳解收起答案詳解
解題
When a partnership is converted into a limited company, the partners' capital and current accounts are closed, and the equity of the business is restructured into ordinary share capital and reserves (such as share premium and retained earnings). The liability of the owners becomes limited (making option A incorrect), a private limited company is not legally permitted to offer shares directly to the public (making option B incorrect), and companies must still prepare annual financial statements by law (making option D incorrect).
評分準則
1 mark for the correct option C. Apply understanding of the legal and structural distinctions between partnership accounting and limited company equity structures.
卷二: Fundamentals of Accounting
Answer all questions. Present all accounting statements in good style and show your workings.
4 題目 · 90 分
題目 1 · Structured Problem Solving & Statements
22.5 分
Sanjay is a sole trader who sells electronic components. He has prepared the following trial balance at 31 December 2023:
Additional information at 31 December 2023: 1. Closing inventory was valued at \(\$19,600\). 2. Sanjay took goods costing \(\$1,200\) for personal use. No entry has been made in the books. 3. Rent and rates includes a prepaid amount of \(\$1,600\). 4. Wages and salaries accrued but unpaid at 31 December 2023 amounted to \(\$1,800\). 5. A trade receivable of \(\$600\) is deemed irrecoverable and is to be written off. The allowance for doubtful debts is to be adjusted to 5% of trade receivables. 6. Depreciation is to be charged on equipment at 20% per annum using the reducing balance method.
Required: (a) Prepare Sanjay's Statement of Profit or Loss for the year ended 31 December 2023. [12 marks] (b) Prepare Sanjay's Statement of Financial Position at 31 December 2023. [10.5 marks]
查看答案詳解收起答案詳解
解題
(a) Statement of Profit or Loss for the year ended 31 December 2023:
Revenue: \(\$245,000\) Less Cost of Sales: Opening Inventory: \(\$18,400\) Adjusted Purchases (\(\$138,000\) - \(\$1,200\) drawings): \(\$136,800\) Less Closing Inventory: (\(\$19,600\)) Cost of Sales: (\(\$135,600\)) Gross Profit: \(\$109,400\)
Expenses: Wages and salaries (\(\$29,500\) + \(\$1,800\)): \(\$31,300\) Rent and rates (\(\$14,400\) - \(\$1,600\)): \(\$12,800\) General expenses: \(\$8,800\) Bad debt written off: \(\$600\) Increase in allowance for doubtful debts: \(\$220\) Depreciation - equipment: \(\$7,800\) Total Expenses: (\(\$61,520\)) Profit for the year: \(\$47,880\)
(b) Statement of Financial Position at 31 December 2023:
Non-Current Assets: Equipment at cost: \(\$65,000\) Less Accumulated Depreciation (\(\$26,000\) + \(\$7,800\)): (\(\$33,800\)) Net Book Value: \(\$31,200\)
Current Assets: Inventory: \(\$19,600\) Trade receivables (\(\$24,600\) - \(\$600\) - \(\$1,200\) allowance): \(\$22,800\) Prepayments: \(\$1,600\) Total Current Assets: \(\$44,000\) Total Assets: \(\$75,200\)
Capital: Opening Capital: \(\$24,420\) Add Profit for the year: \(\$47,880\) Less Drawings (\(\$15,000\) cash + \(\$1,200\) goods): (\(\$16,200\)) Closing Capital: \(\$56,100\)
Current Liabilities: Trade payables: \(\$14,200\) Bank overdraft: \(\$3,100\) Accruals: \(\$1,800\) Total Current Liabilities: \(\$19,100\) Total Capital and Liabilities: \(\$75,200\)
評分準則
(a) Statement of Profit or Loss [Total: 12 marks] - Adjusted Purchases (\(\$136,800\)): 1 mark (method/accuracy) - Cost of Sales (\(\$135,600\)): 1 mark - Gross Profit (\(\$109,400\)): 1 mark - Wages and Salaries (\(\$31,300\)): 1.5 marks (including accrual) - Rent and Rates (\(\$12,800\)): 1.5 marks (including prepayment) - Bad debt written off (\(\$600\)): 1 mark - Allowance adjustment (\(\$220\)): 2 marks (working: 5% of \(\$24,000\) = \(\$1,200\); increase of \(\$220\)) - Depreciation on equipment (\(\$7,800\)): 2 marks (working: 20% of \(\$39,000\)) - Profit for the year (\(\$47,880\)): 1 mark (OF)
(b) Statement of Financial Position [Total: 10.5 marks] - Equipment NBV (\(\$31,200\)): 1.5 marks - Closing Inventory (\(\$19,600\)): 0.5 marks - Net Trade Receivables (\(\$22,800\)): 2 marks (receivables net of bad debt and new allowance) - Prepayments (\(\$1,600\)): 0.5 marks - Closing Capital (\(\$56,100\)): 3 marks (including cash and goods drawings) - Trade Payables (\(\$14,200\)): 0.5 marks - Bank Overdraft (\(\$3,100\)): 0.5 marks - Accrued Wages (\(\$1,800\)): 1 mark - Balance check/Style: 1 mark
題目 2 · Structured Problem Solving & Statements
22.5 分
Zeta Limited manufactures three products: X, Y, and Z. The budget for the upcoming period is as follows:
Product X: - Selling price: \(\$50\) - Direct materials (at \(\$4\) per kg): \(\$12\) (3 kg) - Direct labor (at \(\$12\) per hour): \(\$18\) (1.5 hours) - Variable overhead: \(\$4\) - Maximum demand: 2,500 units
Product Y: - Selling price: \(\$75\) - Direct materials (at \(\$4\) per kg): \(\$20\) (5 kg) - Direct labor (at \(\$12\) per hour): \(\$24\) (2 hours) - Variable overhead: \(\$6\) - Maximum demand: 1,800 units
Product Z: - Selling price: \(\$90\) - Direct materials (at \(\$4\) per kg): \(\$16\) (4 kg) - Direct labor (at \(\$12\) per hour): \(\$36\) (3 hours) - Variable overhead: \(\$8\) - Maximum demand: 1,200 units
Fixed costs for the period are \(\$45,000\). The availability of direct materials is limited to 15,000 kg for the period.
Required: (a) Calculate the contribution per unit for each product. [4.5 marks] (b) Calculate the contribution per kg of limiting factor for each product and rank them in order of priority. [6 marks] (c) Determine the production plan that will maximize profit, and calculate the maximum profit for the period. [9 marks] (d) State three advantages of using marginal costing for decision-making compared to absorption costing. [3 marks]
(b) Contribution per kg of limiting factor (materials): - Product X: \(\$16 / 3 \text{ kg} = \$5.33\) per kg - Product Y: \(\$25 / 5 \text{ kg} = \$5.00\) per kg - Product Z: \(\$30 / 4 \text{ kg} = \$7.50\) per kg
Ranking: 1. Product Z (\(\$7.50\) per kg) 2. Product X (\(\$5.33\) per kg) 3. Product Y (\(\$5.00\) per kg)
(c) Optimal Production Plan: Total material available = 15,000 kg.
1. Product Z (1st): Produce 1,200 units (maximum demand). Material used: \(1,200 \times 4 \text{ kg} = 4,800\) kg. Remaining material: \(15,000 - 4,800 = 10,200\) kg. Contribution: \(1,200 \times \$30 = \$36,000\).
2. Product X (2nd): Produce 2,500 units (maximum demand). Material used: \(2,500 \times 3 \text{ kg} = 7,500\) kg. Remaining material: \(10,200 - 7,500 = 2,700\) kg. Contribution: \(2,500 \times \$16 = \$40,000\).
3. Product Y (3rd): Produce remaining units from left over material. Units of Y = \(2,700 \text{ kg} / 5 \text{ kg per unit} = 540\) units. Contribution: \(540 \times \$25 = \$13,500\).
(d) Advantages of marginal costing: 1. Avoids arbitrary apportionment of fixed overheads to units of product. 2. Profits are not affected by changes in inventory levels (no over/under absorption of overheads). 3. It aligns with cost-volume-profit relationship which is crucial for short-term decisions like special orders and make-or-buy.
評分準則
(a) Contribution calculations [Total: 4.5 marks] - 1.5 marks per correct product contribution (X, Y, and Z).
(b) Limiting factor and Ranking [Total: 6 marks] - 1.5 marks per product contribution per kg calculation (4.5 marks total). - 1.5 marks for correct ranking (Z, X, Y).
(c) Production plan and maximum profit [Total: 9 marks] - 2 marks for Z units and materials usage. - 2 marks for X units and materials usage. - 2 marks for Y remaining units calculation. - 3 marks for calculation of maximum profit (OF applies based on contribution and plan).
(d) Advantages [Total: 3 marks] - 1 mark for each valid advantage stated up to a maximum of 3.
題目 3 · Structured Problem Solving & Statements
22.5 分
Velo-Parts, a retail business, provided the following financial information for the years ended 31 December 2022 and 31 December 2023:
Required: (a) Calculate the following ratios for both 2022 and 2023 (show all workings and round to 2 decimal places): (i) Gross profit margin [2 marks] (ii) Profit margin [2 marks] (iii) Acid test ratio [3 marks] (iv) Trade receivables turnover (days) [2 marks] (b) Analyze and comment on the change in profitability of the business over the two years, suggesting two possible reasons for the trend. [6 marks] (c) Analyze and comment on the liquidity position of the business, suggesting two ways the owner could improve liquidity. [5.5 marks] (d) State two limitations of using financial ratios for analyzing business performance. [2 marks]
(b) Analysis of profitability: - Both the Gross Profit margin (fell from 30.00% to 26.00%) and the Profit margin (fell from 12.00% to 8.00%) have declined. - Interestingly, operating expenses as a % of revenue remained constant at 18% (2022: \(\$57,600 / \$320,000 = 18\%\); 2023: \(\$68,400 / \$380,000 = 18\%\)). - This means the fall in net profitability is driven entirely by the decline in gross profitability. - Possible reasons for the decline in gross profit margin: increased cost of goods from suppliers not passed on to customers; discount sales offered to boost volume; or high inventory wastage/theft.
(c) Analysis of liquidity: - The liquidity position has deteriorated considerably. The acid test ratio fell from a very safe 1.60:1 to 1.01:1. - Cash at bank was depleted from \(\$12,000\) surplus to a bank overdraft of \(\$1,500\). - Much of the cash is tied up in slow-paying trade receivables (which increased to 36.5 days) and rising inventories (which increased from \(\$35,000\) to \(\$45,000\)). - Ways to improve liquidity: enforce tighter credit limits on trade receivables (e.g., offer cash discounts for prompt payments); or sell slow-moving inventories at a discount to raise cash.
(d) Limitations of using financial ratios: 1. Use of historical cost data which does not reflect current market conditions or future expectations. 2. Ratios do not capture qualitative elements like customer loyalty, quality of management, and employee training.
評分準則
(a) Calculations [Total: 9 marks] - (i) GP margin: 1 mark for 2022, 1 mark for 2023. - (ii) Profit margin: 1 mark for 2022, 1 mark for 2023. - (iii) Acid test: 1 mark for 2022, 2 marks for 2023 (as bank overdraft must be classified under current liabilities). - (iv) Receivables days: 1 mark for 2022, 1 mark for 2023.
(b) Profitability analysis [Total: 6 marks] - 2 marks for noting the dual decline of GP and Profit margins. - 2 marks for analyzing that expenses stayed at 18% of revenue (identifying GP margin as the root cause). - 2 marks for two reasonable causes of decline.
(c) Liquidity analysis [Total: 5.5 marks] - 1.5 marks for discussing the decline in acid test ratio and change in bank balance. - 2 marks for identifying that cash is tied up in higher receivables and inventory. - 2 marks for two practical suggestions to improve liquidity.
(d) Limitations [Total: 2 marks] - 1 mark for each valid limitation stated (max 2).
題目 4 · Structured Problem Solving & Statements
22.5 分
On 1 January 2023, the equity of Apex PLC was as follows: - Ordinary shares of \(\$0.50\) each: \(\$200,000\) (400,000 shares) - Share premium: \(\$40,000\) - Revaluation reserve: \(\$30,000\) - Retained earnings: \(\$85,000\)
During the year ended 31 December 2023, the following transactions took place: 1. On 1 March 2023, the company made a rights issue of 1 new share for every 4 existing shares held at a price of \(\$0.80\) per share. The issue was fully subscribed. 2. On 1 June 2023, a final dividend of \(\$0.05\) per share on all shares in issue at that date was paid. 3. On 1 September 2023, the company made a bonus issue of 1 share for every 10 existing shares held. The directors decided to utilize the share premium account as much as possible to preserve revenue reserves. 4. On 1 November 2023, the company revalued its premises upwards by \(\$25,000\). 5. The profit for the year ended 31 December 2023 was \(\$48,000\). 6. On 15 December 2023, an interim dividend of \(\$0.02\) per share was paid on all shares in issue at that date.
Required: (a) Prepare the Statement of Changes in Equity for Apex PLC for the year ended 31 December 2023. [14.5 marks] (b) Explain the difference between a rights issue and a bonus issue of shares. [4 marks] (c) State four reserves that may appear on a limited company's Statement of Financial Position, classifying each as either a revenue reserve or a capital reserve. [4 marks]
查看答案詳解收起答案詳解
解題
(a) Statement of Changes in Equity for Apex PLC for the year ended 31 December 2023:
Workings: - Rights Issue: \(400,000 / 4 = 100,000\) shares. Nominal value = \(100,000 \times \$0.50 = \$50,000\). Premium = \(100,000 \times \$0.30 = \$30,000\). Total cash = \(\$80,000\). - Final Dividend: Paid on 500,000 shares in issue. \(500,000 \times \$0.05 = \$25,000\). - Bonus Issue: \(500,000 / 10 = 50,000\) shares. Nominal value = \(50,000 \times \$0.50 = \$25,000\). Paid out of Share Premium. - Interim Dividend: Paid on 550,000 shares. \(550,000 \times \$0.02 = \$11,000\).
(b) Difference between Rights Issue and Bonus Issue: - Rights Issue is an offering of new shares to existing shareholders at a discounted price for CASH. It raises additional funding for the company. - Bonus Issue is a free issue of shares to existing shareholders in proportion to their holding. It does NOT raise any cash; instead, it converts reserves into share capital (capitalization of reserves).
(c) Reserve Classification: 1. Share Premium - Capital Reserve 2. Revaluation Reserve - Capital Reserve 3. Retained Earnings - Revenue Reserve 4. General Reserve - Revenue Reserve
評分準則
(a) Statement of Changes in Equity [Total: 14.5 marks] - Opening balances: 0.5 marks - Rights issue (Share capital \(\$50,000\); Share premium \(\$30,000\)): 2 marks - Final dividend (Retained earnings \(\$25,000\)): 2 marks - Bonus issue (Share capital \(\$25,000\); Share premium \(-\$25,000\)): 2 marks - Revaluation (Revaluation reserve \(\$25,000\)): 1.5 marks - Profit for the year (Retained earnings \(\$48,000\)): 1.5 marks - Interim dividend (Retained earnings \(\$11,000\)): 2 marks - Closing balances columns: 2.5 marks (0.5 marks per correct column, OF applies) - Balance sheet style / Total column: 0.5 marks
(b) Rights vs Bonus Issue [Total: 4 marks] - 2 marks for explaining rights issue characteristics (cash raised, options for shareholders). - 2 marks for explaining bonus issue characteristics (no cash raised, free, capitalization of reserves).
(c) Reserve Classifications [Total: 4 marks] - 1 mark for each reserve correctly named and classified (e.g., Share Premium - Capital [1], Retained Earnings - Revenue [1] etc.).
想知道自己有幾分把握？
Thinka 是 DSE 學生用的 AI 練習應用程式，有無限量練習題、即時自動批改和詳細解題步驟。逾 100,000 名學生用它確認自己真的識，而不只是「以為識」。