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ACCT2011
期中刷题课
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Week 6 – Provision and Ethics
解题步骤总结

若事件涉及到多个年份，看题目问的是哪个年份，或者每一个年份都要分析
Obligating event? --> legal / constructive obligation?
If Outflow of resources embodying economic benefits is unlikely --> No provision is recognized, but
need to disclose in the contingent liability
If outflow of … is probable & can be measured reliably. -->. Provision is recognized as liability in FS

Written Question 总结
1.考 provision/contingent liability/not disclose 的判断
2.考 ethical dilemma 以及涉及到的 ethical principle under APES110
3. "Making balanced professional judgments is an important part of recognising provisions and disclosing
contingent liabilities under AASB 137: Provisions, Contingent Liabilities and Contingent Assets." Required:
From an ethical perspective, develop one (1) argument point that supports this view. Ensure your response
contains an example.

- Probability of an outflow --> probable/possible/remote
- Measurement --> how do we reliably measure amounts
- Do we have a present obligation?
If provide：
Dr xx expense.
Cr Provision for xx

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Question 1[题目来源: Loftus et al., Financial Reporting, 3rd edition (2020)]Recognise a
provision
In each of the following scenarios, explain whether or not Omega Ltd would be required to recognise a
provision.
1. As a result of its plastics operations, Omega Ltd has contaminated the land on which it oper-
ates. There is no legal requirement to clean up the land, and Omega Ltd has no record of
cleaning up land that it has contaminated.
2. As a result of its plastics operations, Omega Ltd has contaminated the land on which it oper-
ates. There is a legal requirement to clean up the land.
3. As a result of its plastics operations, Omega Ltd has contaminated the land on which it oper-
ates. There is no legal requirement to clean up the land, but Omega Ltd has a long record of cleaning up land
that it has contaminated.

ANS:

Question 2[题目来源: Loftus et al., Financial Reporting, 3rd edition (2020)]Expected Value
Wizards Ltd manufactures tables. The financial controller has provided you with the following information in
relation to sales of tables and its provision for warranty calculation for the year ended 30 June 2020:
Estimated costs of minor defect repairs for total sales in the year ended 30 June 2020 $1,000,000
Estimated costs of major defect repairs for total sales in the year ended 30 June 2020 $6,000,000

Expected % of total products sold during y/e 30/06/2020 having no defects in the year
ended 30 June 2021
80%

Expected % of total products sold during y/e 30/06/2020 having minor defects in the
year ended 30 June 2021
15%

Expected % of total products sold during y/e 30/06/2020 having major defects in the
year ended 30 June 2021
5%

Expected timing of settlement of warranty payments - those with minor defects All before 30 June 2021
Expected timing of settlement of warranty payments - those with major defects 40% between 1 July 2020 and
30 June 2021, 60% between 1
July 2021 and 30 June 2022
Discount rate 6%
Wizards Ltd considers the time of money will be material in all accounting periods. The opening balance of
provision for warranty in Wizards Ltd’s financial statements at 1 July 2019 was nil.
Required:
a) Calculate the provision for warranty balance at 30 June 2020.
b) Prepare all necessary journal entries for the year ended 30 June 2020. Include all workings.

ANS:
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Question 3[题目来源: Loftus et al., Financial Reporting, 3rd edition (2020)]PV Calculation
On 1 July 2017 Quest Ltd relocated an item of plant to a factory site located in an area that is subject to strict
local government environmental protection laws. Consequently, Quest Ltd has a legal obligation to return the
area to its original condition when it closes the site, which is expected to be in 11 years’ time.
At 1 July 2017 the best estimate to return the site to its original condition on 30 June 2028 is $750,000.
The pre-tax rate that reflects the current market assessment of the time value of money and the risks specific
to the liability was 6% at 30 June 2018.

Required:
a) Calculate the provision for restoration costs balance at 1 July 2017.
b) Prepare all necessary journal entries for the year ended 30 June 2018. Include all workings.

ANS:



Question 4 [题目来源: Textbook H&P P26.3]
Pham Toan Vu is chief accountant for the Bank of Australia. Through vigorous marketing the bank has
grown rapidly, but there is some evidence of a decline in the quality of the loans it is making. The bank
seems to be getting business that is rejected by other banks. Because of strict credit control procedures, the
bank has had very few bad-debt problems in the past. It has traditionally maintained a provision for doubtful
debts of about 5% of loans receivable.
For the year ended 30 June 2018, however, Pham is convinced that this provision should be increased to
about 10% of loans receivable. If Pham’s advice is accepted, the doubtful debt expense will be about $200
million higher than normal. The managing director of the bank dismisses Pham’s opinion.
Pham is deeply hurt by the managing director’s personal attacks, but insists that the matter be considered by
the bank’s audit committee. The bank’s auditors, an international firm, express some concern about the
difference of opinion, but eventually decide to support the managing director on the ground of ‘his
experience in the banking industry’.
Pham, however, strongly believes that the bank’s financial statements will be misleading if the provision is
not increased. She is also fearful that the managing director’s lending policies are irresponsible, with
implications for the survival of the bank.

Required:
Apply the AAA model of ethical decision making to this scenario. The analysis should include references to
the ‘Code of Ethics for Professional Accountants’ where appropriate.

ANS:





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Week 7 – Revenue
Question 1 [题目来源: Textbook H&P P15.2]
Ernst Ltd provides a bundled telecommunications service contract to Arthur Ltd. It charges Arthur Ltd
$35000 for the initial connection to its network and two ongoing services – access to the network for one year
and ‘on-call troubleshooting’ advice for that year. Arthur Ltd pays the $35 000 on 1 July 2016. Ernst Ltd
determines that, if it were to charge a separate fee for each service if sold separately, the fee would be:
Connection fee $5000
Access fee $12000
Troubleshooting $23000
The end of Ernst Ltd’s reporting period is 30 June each year.
Required:
Prepare the general journal entries to record this transaction in accordance with AASB 118 for the year ended
30 June 2017. Show all workings.

ANS:

Question 2 [题目来源: Textbook H&P P15.3] Contract Modification
Croc Constructions Ltd (Croc) entered into a two-year arrangement with Venice Ltd (Venice) to build a
manufacturing facility for $800 000. The construction of the facility is a single performance obligation. At
the end of the first year, Croc and Venice agree to modify the original design of the facility and this will
increase the transaction price by approximately $160 000 and the expected cost by approximately $81 000.
Required:
Applying AASB 15, does the modification represent a separate contract for Croc and how should it account
for the modification? (Lo3)

ANS:


Question 3[题目来源: Illustrative Example 15.1, Loftus et al., Financial Reporting, 3rd
edition (2020)] Significant financing component
Chaise Ltd sells furniture and offers an interest free period of 12 months to certain qualifying customers.
Customer G qualified for the interest free period and purchased furniture from Chaise Ltd on 29 June 2019.
The current cash sales price of the furniture at 29 June 2019 is $20,000 and according to the contract,
customer G will pay $20,000 on 30 June 2020.
Chaise Ltd determines the appropriate rate for imputing interest to this transaction is 4% per year.
Chaise Ltd has a 30 June year-end balance date.

(a) Using the following criteria, identify whether there is a significant financing component in this contract.

(b) Prepare the journal entries in Chaise Ltd’s financial statements at 30 June 2019. Show all workings.

(c) Prepare the journal entries in Chaise Ltd’s financial statements at 30 June 2020 . Show all workings.
Narrations are not required.

Question 4 Identify the contract 见周课/考点课课件
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Week 8 – Accounting for Income Taxes
Question 1[题目来源: Textbook H&P P9.2]
Lourens Ltd commenced business on 1 July 2017. Before consideration of the items below, profit in its first
year of operation was $300000. (There were no differences between the accounting and tax treatments in
arriving at that figure.) The following items have yet to be taken into account:
• Property, plant and equipment was acquired on 1 July 2017 at a cost of $500000. Depreciation is 20% per
annum straight-line for accounting purposes and 30% reducing-balance for tax purposes.
• The company recognised warranty expenses of $25 000, but warranty payments were only $5000.
• Accounts receivable at 30 June 2018, $300 000, doubtful debts expense, $15 000, and bad debts written
off during the period, $2 500.
• Employee benefits (annual leave and long-service leave) expense, $25 000; employee benefits liability as
at 30 June 2018, $21 000.
• The tax rate is 30%.
Required:
Using the statement of financial position approach to tax allocation in AASB 112:
(a) Calculate taxable income and prepare the general journal entry to record current income tax expense; and
(b) Identify any temporary differences, determine the amount of any resulting deferred tax asset or deferred
tax liability, and prepare the general journal entry to record deferred tax expense. (Lo6)
ANS:
Question 2[题目来源: Textbook H&P P9.7]Revaluation
On 1 July 2017, Koala Ltd acquired a depreciable asset at a cost of $500 000. The asset is to be depreciated for
accounting purposes over a useful life of four years using the straight- line method and a zero residual value.
For tax purposes, depreciation is deductible at the rate of 40% per annum on the reducing balance. For the year
ended 30 June 2018, taxable income of Koala Ltd was $250000.
On 1 July 2018, Koala Ltd revalued the asset to a carrying amount of $420000. For accounting purposes,
depreciation will now be calculated on a three-year remaining useful life and a zero residual value. For the year
ended 30 June 2019, taxable income of Koala Ltd was $320000.
On 1 July 2019, Koala Ltd disposed of the asset for $125 000 cash. The tax rate is 30% throughout this period.
Required
(a) Determine the carrying amount, tax base and any related deferred tax in relation to this asset as at 30 June
2018 and 30 June 2019. Show all workings.
(b) Show the general journal entries to record current and deferred income tax for the reporting periods ended
30 June 2018 and 30 June 2019.
(c) Showthegeneraljournalentries(includinganydeferredtaxconsequences)torevalue the asset on 1 July 2018 and
dispose of it on 1 July 2019.
ANS:

Question 3[见 self-study question – excel worksheet]课上讲解
Question 4[题目来源: Textbook H&P Q9.12]
What are the advantages and disadvantages of the statement of financial position approach to tax allocation?
In your opinion, should the tax allocation method be used in Australia? Justify your answer.
ANS:
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Week 9 – Accounting for Financial Instrument
Question 1[题目来源: Textbook H&P P13.11]Method Choice
High Performance Investment Fund holds two main portfolios of debt securities. Both portfolios provide cash
flows that meet the test of being solely payments of interest and principal in IFRS 9. Securities held in portfolio
A are sold on a regular basis based on movements in the prices of the securities in the portfolio. Securities held
in portfolio B are also sold, but only when there has been a decline in the credit rating of the relevant issuer OR
in certain other limited circumstances.
How should High Performance account for portfolios A and B in accordance with AASB 9?

ANS:

Question 2[见 comprehensive self-study question – workpaper] 课上讲解

Week 10 – Accounting for Equity
Question 1[题目来源: Textbook H&P P13.2]
In order to expand its business, Zest Ltd issued 30000 convertible notes with a face value of $27 million for a
term of four years on 30 June 2016. Each of the 30000 notes was issued at its face value of $900. The coupon
interest rate is 6.7% per annum. Except for the interest rate and the conversion feature, all the terms of the
convertible note are the same as the terms of outstanding issues of otherwise comparable non-convertible
debt. The market interest rate for otherwise comparable non-convertible debt is 10% per annum.
Required
(a) Prepare the general journal entry to record the issue of convertible notes in accordance with the
requirements of AASB 132.

ANS:

(b) Assume that the notes are converted into ordinary shares at the end of the first year ending 30 June 2017
(after receiving interest payments). Prepare any necessary general journal entries in accordance with AASB
132.
ANS:

Question 2[题目来源: Textbook H&P P13.3]
On 30 June 2016, Green Ltd issued 55000 convertible notes with a face value of $55 million for a term of
five years. The coupon interest rate is 8% per annum, while the market interest rate for comparable non-
convertible debt is 12% per annum. Due to its falling share price, Green Ltd expects that note holders will not
exercise the note options and convert the debt outstanding under the convertible note issue to equity
instruments.

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(a) Prepare an effective interest schedule and distinguish between the allocation of interest payments and
interest expense for each reporting period during the term of the note issue.

(b) Prepare the general journal entry to record the non-exercise of the conversion options in accordance with
AASB 132.

ANS:

Question 3[题目来源: Textbook H&P P13.12]
MegsKate Ltd issued preference shares that are redeemable at the option of the issuer. Explain how MegsKate
should classify the preference shares under each of the following scenarios at 30 June.
(a) The company had made no plan to redeem the shares.
(b) The company announced its intention to redeem the shares.
(c) The company had written to the holders of the preference shares informing them that the company intended
to redeem the shares.

ANS:

Question 4[题目来源: Textbook H&P P13.13]
MegsKate Ltd issued preference shares that are redeemable at the option of the holder. Explain how MegsKate
should classify the preference shares under each of the following scenarios at 30 June.
(a) It was probable the holders would seek redemption of the shares.
(b) It was not probable the holders would seek redemption of the shares.
(c) The holders had requested that the company redeem the shares.

ANS:

Week 11 – Accounting for Extractive Industry

Question 1[题目来源: Textbook H&P P19.1]答案见 excel worksheet
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Question 2[题目来源: Textbook H&P P19.2]

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ANS:
Question 3[题目来源: Textbook H&P Q19.2]
Briefly outline the four broad approaches to accounting for pre-production costs, identifying the approach
advocated in AASB 6.

ANS:

Question 4[题目来源: Textbook H&P Q19.13]
Should capitalised pre-production costs be amortised on a units-of-production or straight- line basis? Provide
a justification for your answer.

ANS:

Week 12 – Presentation of Financial Statements

Question 1 Statement of Changes in Equity见考点课/期末知识点速讲

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