ACCA F7（International）历年试题大全（2002年-2008年）

ACCA F7（International）历年试题大全（2002年-2008年）

包含（2002年-2008年）ACCA F7（International）历年考试真题及答案，文件列表如下：
Dec-2002.PDF、Dec-2003.PDF、Dec-2004.PDF、Dec-2005.PDF、Dec-2006.PDF、Dec-2007.PDF、Dec-2008.PDF；
June-2003.PDF、June-2004.PDF、June-2005.PDF、June-2006.PDF、June-2007.PDF、June-2008.PDF；

Fundamentals Level – Skills Module
Financial Reporting
(International)

Time allowed
Reading and planning: 15 minutes
Writing: 3 hours
ALL FIVE questions are compulsory and MUST be attempted.
Do NOT open this paper until instructed by the supervisor.
During reading and planning time only the question paper may
be annotated. You must NOT write in your answer booklet until
instructed by the supervisor.
This question paper must not be removed from the examination hall.

ALL FIVE questions are compulsory and MUST be attempted
1 On 1 August 2007 Patronic purchased 18 million of a total of 24 million equity shares in Sardonic. The acquisition
was through a share exchange of two shares in Patronic for every three shares in Sardonic. Both companies have
shares with a par value of $1 each. The market price of Patronic’s shares at 1 August 2007 was $5·75 per share.
Patronic will also pay in cash on 31 July 2009 (two years after acquisition) $2·42 per acquired share of Sardonic.
Patronic’s cost of capital is 10% per annum. The reserves of Sardonic on 1 April 2007 were $69 million.
Patronic has held an investment of 30% of the equity shares in Acerbic for many years.
The summarised income statements for the three companies for the year ended 31 March 2008 are:
Patronic Sardonic Acerbic
$’000 $’000 $’000
Revenue 150,000 78,000 80,000
Cost of sales (94,000) (51,000) (60,000)
——– ——- ——-
Gross profit 56,000 27,000 20,000
Distribution costs (7,400) (3,000) (3,500)
Administrative expenses (12,500) (6,000) (6,500)
Finance costs (note (ii)) (2,000) (900) nil
——– ——- ——-
Profit before tax 34,100 17,100 10,000
Income tax expense (10,400) (3,600) (4,000)
——– ——- ——-
Profit for the period 23,700 13,500 6,000
——– ——- ——-
The following information is relevant:
(i) The fair values of the net assets of Sardonic at the date of acquisition were equal to their carrying amounts with
the exception of property and plant. Property and plant had fair values of $4·1 million and $2·4 million
respectively in excess of their carrying amounts. The increase in the fair value of the property would create
additional depreciation of $200,000 in the consolidated financial statements in the post acquisition period to
31 March 2008 and the plant had a remaining life of four years (straight-line depreciation) at the date of
acquisition of Sardonic. All depreciation is treated as part of cost of sales.
The fair values have not been reflected in Sardonic’s financial statements.
No fair value adjustments were required on the acquisition of Acerbic.
(ii) The finance costs of Patronic do not include the finance cost on the deferred consideration.
(iii) Prior to its acquisition, Sardonic had been a good customer of Patronic. In the year to 31 March 2008, Patronic
sold goods at a selling price of $1·25 million per month to Sardonic both before and after its acquisition. Patronic
made a profit of 20% on the cost of these sales. At 31 March 2008 Sardonic still held inventory of $3 million
(at cost to Sardonic) of goods purchased in the post acquisition period from Patronic.
(iv) An impairment test on the goodwill of Sardonic conducted on 31 March 2008 concluded that it should be written
down by $2 million. The value of the investment in Acerbic was not impaired.
(v) All items in the above income statements are deemed to accrue evenly over the year.
(vi) Ignore deferred tax.