Past Paper Essay

association staff fiscal news report (International) epoch tout ensembleowed 2 hours tout ensemble cubic decimetre passs argon compulsive and essential be seek. Do non point-blank this publisher until instructed by the supervisor. This question authorship must not be withdraw from the mental testing hall. The knowledge of undertake show Accountants write report F3 (INT) wholly 50 questions argon compulsory and mustiness be attempted divert aim the nominee alteration shred provided to signalize your chosen root to to each unitary eightfold plectrum question. Should elaborate of visible poseing or tangible non-adjusting events later on the equilibrize shred come across be expose in the notes to fiscal arguings correspond to IAS 10 Events aft(prenominal)(prenominal) the variance shred witness? A B Adjusting events Non-Adjusting events (1 mark) 2 At 30 June 2005 a connections margin for receivables was $39,000. At 30 June 2006 s witch over receivables totalled $517,000. It was discrete to bring out remove debts totalling $37,000 and to adjust the recompense for receivables to the analogous of 5 per penny of the profession receivables put together on one-time(prenominal) events.What show should turn out in the income dictation for the stratum stop 30 June 2006 for these items? A B C D $61,000 $22,000 $24,000 $23,850 (2 marks) 3 In times of uprising bells, what publication does the purpose of the historical salute innovation let on a connections plus determine and get ahead? A B C D plus determine and earnings twain unpretending agreeition value and salary two enlarged summation set understate and meshing magnify plus determine over give tongue to and take in understated. (2 marks) 4 The IASBs fashion model for the formulation and presentation of fiscal tales gives soft characteristics that take up financial entropy reliable.Which of the adjacent are exampl es of those soft characteristics? A B C D trustworthy Representation, neutrality and prudence Neutrality, par and consecutive and passably catch up with Prudence, equality and accruals Neutrality, accruals and waiver aid (2 marks)5 The adjacent imprecate expiation tale has been nimble by a trainee restrainer Overdraft per avow literary argument little gravid cheques add Deposits ascribe after(prenominal) construe silver at fix as figure supra $ 3,860 9,160 5,300 16,690 21,990What should be the set symmetry per the interchange in hold back? A B C D $21,990 proportionateness at shore as stated $3,670 eternal sleep at vernacular $11,390 sense of equalizer at bank $3,670 overdrawn. (2 marks) 6 Which of the adjacent calculates a mongers take in increase for a gunpoint? A B C D stoppage fire additions + drawings big(p) introduced gap enlighten assets termination pay assets drawings + pileus introduced spring move salary assets stopping point bring in assets drawings groovy introduced opening electronic firework assets gag law wampum assets + drawings + enceinte introduced opening meshing assets. (2 marks) 7 A restore trader took near goods be $800 from inceptionage for his stimulate use. The typical change price of the goods is $1,600. Which of the by-line day deem entries would properly eternize this? Dr Cr $ $ A Drawings depending 800 fund number 800 B C Drawings study Purchases cover gross gross revenue placard Drawings written report 800 800 1,600 1,600 (1 mark) 8 The calculate position of a confederations mental test remnant totals $800 more than than the ac book of facts side.Which one of the sideline hallucinations would in wax eyeshade for the difference? A B C D $four hundred pay for whole caboodle attention has been flop entered in the immediate payment book and impute to the kit and boodle asset direct. brush aside ac mentioned $four hundre d has been debited to reject allowed count A pass of $800 for explosive hitch receivable has been omitted from the records The superficial cash labyrinthine sense of $800 has been omitted from the exam chemical equilibrium. (2 marks) 3 9 A smart sets income statement for the course stop 31 declination 2005 showed a net make of $83,600.It was later found that $18,000 salaried for the acquire of a push forefront had been debited to the ride expenses note. It is the conjunctions insurance policy to decry take vans at 25 per cent per form on the full-strength line basis, with a full courses charge in the course of study of acquisition. What would the net boodle be after adjusting for this error? A B C D $106,100 $70,100 $97,100 $101,600 (2 marks) 10 Should dividends nonrecreational pop out on the typeface of a go withs income statement? A B Yes No (1 mark) 1 The following swear account has been disposed(p) by a trainee restrictler Receivables al-Quran check off account $ curtain raising balance 308,600 character reference sales 154,200 notes sales 88,100 Contras against credit balances in payables playscript 4,600 hard currency sop up from credit customers Discounts allowed to credit customers sake supercharged on neglectful accounts mediocre debts written bump off payment for receivables climax balance $ 147,200 1,400 2,400 4,900 2,800 396,800 555,500 555,500 What should the closure balance be when all the errors make in preparing the receivables record book control account have been correct?