Past Paper of F3

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Fundamentals Pilot Paper – Knowledge module Financial Accounting (International) Time allowed: 2 hours ALL FIFTY questions are compulsory and MUST be attempted. Do NOT open this paper until instructed by the supervisor. This question paper must not be removed from the examination hall. The Association of Chartered Certified Accountants Paper F3 (INT) ALL 50 questions are compulsory and MUST be attempted Please use the Candidate Registration Sheet provided to indicate your chosen answer to each multiple choice question. 1 Should details of material adjusting or material non-adjusting events after the balance sheet date be disclosed in the notes to financial statements according to IAS 10 Events After the Balance Sheet Date? A B…show more content…
A B C D $106,100 $70,100 $97,100 $101,600 (2 marks) 10 Should dividends paid appear on the face of a company’s income statement? A B Yes No (1 mark) 11 The following control account has been prepared by a trainee accountant: Receivables ledger control account $ Opening balance 308,600 Credit sales 154,200 Cash sales 88,100 Contras against credit balances in payables ledger 4,600 Cash received from credit customers Discounts allowed to credit customers Interest charged on overdue accounts Bad debts written off Allowance for receivables Closing balance $ 147,200 1,400 2,400 4,900 2,800 396,800 555,500 555,500 What should the closing balance be when all the errors made in preparing the receivables ledger control account have been corrected? A B C D $395,200 $304,300 $309,500 $307,100 (2 marks)  12 At 31 December 2004 Q, a limited liability company, owned a building that cost $800,000 on 1 January 1995. It was being depreciated at two per cent per year. On 1 January 2005 a revaluation to $1,000,000 was recognised. At this date the building had a remaining useful life of 40 years. What is the depreciation charge for the year ended 31 December 2005 and the revaluation reserve balance as at 1 January 2005? Depreciation charge for year ended 31 December 2005 $ A 25,000 B C D 25,000 20,000 20,000 Revaluation reserve as at 1 January 2005 $ 200,000 360,000 200,000 360,000 (2 marks) 13 P and Q are in partnership, sharing profits equally. On 30 June 2005, R joined the
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