CPA Financial Reporting FR题库.pdfVIP

s@lm@n CPA Exam FR Financial Reporting Version: 6.0 [ Total Questions: 80 ] 买题库 QQ:860424807 CPA FR : Practice Test Question No : 1 NORMAN plc has one subsidiary. On 1 January 2012 NORMAN plc purchased 30% of the ordinary share capital of SEA Ltd for $12 million. Thesummarizedstatement of financial position of SEA Ltd as at 31 December 2012 was as follows. $m Net asset (at carrying amount)30 Ordinary share capital ($1 share)10 Retained earnings 1 January 201215 Net profit for the year ended 31 December 20125 30 At 1 January 2012 the fair value of the net assets of SEA Ltd was $5 million greater than their carrying amount. The difference, which has not been recorded in SEA Ltds books, relates to land which is still owned by SEA Ltd at 31 December 2012. At what amount should the investment in SEA Ltd be included in NORMAN plcs consolidated statement of financial position as at 31 December 2012? A. $12 million B. $13.5 million C. $17 million D. $9 million Answer: B Question No : 2 Bony plc purchased equipment on 1 April 2010 for $100,000. The equipment was depreciated using the reducing balance method at 25% per annum. Bony plc prepares accounts to 31 March annually. Depreciation was charged up to and including 31 March 2012. At that date, the recoverable amount of this equipment was $42,000. According to IAS 36 Impairment of Assets, what was the impairment loss on this equipment calculated on 31 March 2012? 2 买题库 QQ:860424807 CPA FR : Practice Test A. Nil B. $8,000 C. $14,250 D. $25,000 Answer: C Question No : 3 The aim of IAS 7 is to provide information to users of fin