FR
FR Revision Mock Exam
This FR test simulates Sections A and B of the FR exam exam. Section A consists of 15 multiple choice questions, and Section B consists of 3 scenarios each having 5 multiple choice questions. All questions are worth 2 marks and all questions should be attempted. (The real exam will also contain a Section C consisting of 2 long-form questions) Please read the following carefully before attempting the test:
- The time allowed is 108 minutes
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- You can attempt the test as many times as you like – the questions are drawn at random from a bank of questions and so each test will be different (although obviously sometimes some questions will be repeated).
- After you have finished the test, you will be given your mark (as a %) and will be given the option to review your answers so that you can see which questions you got right and which wrong. (Please note that you will not be shown the workings for the correct answer. If you are unsure as to how the answer is arrived at then please ask in the “Ask the ACCA Tutor Forum” BUT please copy and paste the question so that we know which question you are referring to. (Simply giving the question number is not sufficient because each test has different questions))
- If you choose to attempt another test, then a window will appear with ‘yes’ and ‘no’ buttons and a question mark! You should click on ‘no’ to start a new test.
How do you arrive at a pup of $56,000
In that case it's -5.4m (o/b) + 22.8m (CY) + 4m (def tax CY increase)
That at least matches to the answer.. I picked 32.2 which is of course out by 5.4x2.
There are 1,000,000×3/5=600,000 shares before right issue,
and 600,000×5/6=500,000 shares before bonus issue.
6/5 is bonus issue fraction
market price just before right issue was $1.9
exercise price is $1.5
TERP=(3×$1.9+2×$1.5)/5=$1.74
market price/TERP=$1.9/$1.74 is right issue fraction
Can somebody help me with Question 19.
Thanks
Thank you. Please advice, as only a week is left for exam, and now I am rethinking my preparation methods, please guide.
is there a mistake or is it something i missed.
Flyscreen an entity that is in the final stages of preparing its financial statements for the year ended 30 June 2016.
Flyscreen's retail department has been asked to give some thought to the likelihood of goods sold being returned. Historically this has not been a problem - over the previous 25 years returns have consistently been around the 7% - 8% mark and a provision in anticipation of 7.5% of retail sales had been made.
This year, following much stricter quality control methods being applied in the production department, it is improbable that returns will exceed 2% of sales and could be as low as 1% of sales and even those returns will more than likely be able to be resold.
Last years' revenues were $24, 000,000. Probably as a result of the improvement in Flyscreen's reputation for quality goods, the sales figure this year has risen to $32,000,000 and gross profit margin improved from 20% to 25%.
What figure will appear in the statement of profit or loss for the movement in Flyscreen's provision for sales returns.
24000000*20%*7.5%=360,000
this years provision is
32000000*25%*2%=160,000
so the difference between both is 200000.
and it is an income so it is credited.
Thus,it's deducted from from profit as it is not a cash item.
The amount received in the disposal, is what is taken to investing activities.
Can anyone help on how we got to the answer in the question below.
Promulgate's trial balance as at 31 December, 2015 showed credit amounts of $500,000,000 and $80,000,000 against the $1 equity shares and the share premium account respectively. On 1 September, 2015 Promulgate had correctly accounted for a fully subscribed 1 for 4 rights issue at an exercise price of $1.20 each
Promulgate had paid two dividends in the year. The first dividend payment of 4 cents per share was in March and the second dividend payment of 2.5 cents per share was paid in November
What was the total dividend payment made by Promulgate during the year ended 31 December,2015
$28, 500, 000
Incorrect
Second dividend relates to 500 000 after rights issue, 500 000× 2.5cents= 12 500
When you add the two you get 28 500
Thank you
trial balance 31/12/15 deferred tax cr 38.4mil
current tax cr 5.4mill
during the year tax temporary difference increase by $20mil , where $12mil is due to revaluation
Income tax rate 20%
no provision made, estimated tax liability based on this year's profit excluding valuation is 22.8mil
(-) 5,400 trial balane (cr) which rep over provision(given)
(+)Temp difference (20,000*.20)=4,000
(=)21,400
ony one week left
what is your advice to me
when i go through the the review answers
i found out my mistake
while i also learn alot
please i need clearification on question 26,19,20 and 28.
i still don't understand after going through the review answer.
thanks very much.
payment made o1 feb 15 to 28 feb 15 so its 1 month right?
why computed as 2 month?
thx
total impairment 565 - 450= 115
we first exclude current assets from impairment
further we deduct first goodwill in full amount - 60 and the brand by 25 and we arrive at 115 - 60 - 25 = 30 left to allocate further between motor and PPE which we apportion by as in below:
motor 30 * 115/(115+240) = 9.72
carrying amount after impairment for motor will be 115 - 9.72 = 105.282 as per solution
Shares at 31 March I calculated 400*8/12*1.2/1.04 @.04c = $12 307 692
Shares at November I calculated 500*4/12 + 400*8/12 *1.2/1.04* .025c
Please advise how 28.5m is arrived at?
x + x/4 = 500m thus, x=400m shares before rights issue
dividend for March (before rights issue) = 400m * 0.04 $/share = 16m
dividend for November (after rights issue) = 500 * 0.025 $/share = 12.5 m,
total 28.5 m
i don,t understand the computaion of purchase in question 7. can you help me please?
thank you!