2016年ACCA(F8)考试模拟题(7)
来源 :中华考试网 2016-02-01
中
Required:
(a)Prepare a consolidated statement of cash flows for the Jocatt Group using the indirect method under IAS 7'Statement of Cash Flows'.
Note:Ignore deferred taxation other than where it is mentioned in the question.(35 marks)
(b)Jocatt operates in the energy industry and undertakes complex natural gas trading arrangements,which involve exchanges in resources with other companies in the industry.Jocatt is entering into a long-term contract for the supply of gas and is raising a loan on the strength of this contract.The proceeds of the loan are to be received over the year to 30 November 2011 and are to be repaid over four years to 30 November 2015.Jocatt wishes to report the proceeds as operating cash flow because it is related to a long-term purchase contract.The directors of Jocatt receive extra income if the operating cash flow exceeds a predetermined target for the year and feel that the indirect method is more useful and informative to users of financial statements than the direct method.
(i)Comment on the directors'view that the indirect method of preparing statements of cash flow is more useful and informative to users than the direct method.(7 marks)
(ii)Discuss the reasons why the directors may wish to report the loan proceeds as an operating cash flow rather than a financing cash flow and whether there are any ethical implications of adopting this treatment.(6 marks)
Professional marks will be awarded in part(b)for the clarity and quality of discussion.(2 marks)
(50 marks)
(a)Prepare a consolidated statement of cash flows for the Jocatt Group using the indirect method under IAS 7'Statement of Cash Flows'.
Note:Ignore deferred taxation other than where it is mentioned in the question.(35 marks)
(b)Jocatt operates in the energy industry and undertakes complex natural gas trading arrangements,which involve exchanges in resources with other companies in the industry.Jocatt is entering into a long-term contract for the supply of gas and is raising a loan on the strength of this contract.The proceeds of the loan are to be received over the year to 30 November 2011 and are to be repaid over four years to 30 November 2015.Jocatt wishes to report the proceeds as operating cash flow because it is related to a long-term purchase contract.The directors of Jocatt receive extra income if the operating cash flow exceeds a predetermined target for the year and feel that the indirect method is more useful and informative to users of financial statements than the direct method.
(i)Comment on the directors'view that the indirect method of preparing statements of cash flow is more useful and informative to users than the direct method.(7 marks)
(ii)Discuss the reasons why the directors may wish to report the loan proceeds as an operating cash flow rather than a financing cash flow and whether there are any ethical implications of adopting this treatment.(6 marks)
Professional marks will be awarded in part(b)for the clarity and quality of discussion.(2 marks)
(50 marks)