MOCK Final exam paper ACCT3102 2009

MOCK Final exam paper ACCT3102 2009 - 3 ACCT3102 External...

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3 ACCT3102 External Reporting Issues, Mock Final Exam Paper INTERNAL STUDENTS SURNAME: _____________________________ FIRST NAME: ____________________________ STUDENT NO: ___________________________ THE UNIVERSITY OF QUEENSLAND THIS PAPER MUST NOT BE REMOVED FROM THE EXAMINATION ROOM. MOCK FINAL EXAM PAPER NOTE: NONE OF THESE QUESTIONS WILL APPEAR IN THE ACTUAL FINAL EXAM PAPER. ALSO NOTE THAT THERE ARE MORE QUESTIONS ON THIS PAPER THAN COULD BE EXPECTED TO BE COMPLETED IN 2 HOURS – THIS IS TO PROVIDE ADDITIONAL PRACTICE QUESTIONS First Semester, June 2009 ACCT3102 External Reporting Issues St Lucia and Ipswich Time: 2 Hours for working Ten minutes for perusal ALL QUESTIONS TO BE ANSWERED ANNUITY TABLES AND PRESENT VALUE TABLES ARE ATTACHED CANDIDATES ARE NOT PERMITTED TO USE ALPHA NUMERIC CALCULATORS IN THE EXAMINATION ROOM THIS EXAM IS WORTH 65% OF THE COURSE
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4 ACCT3102 External Reporting Issues, Mock Final Exam Paper Question 1 ABC Ltd operates a large almond orchard where the trees are valued at $5 000 000 on 30 June 2006 (fair value less point of sale costs). During the ended 30 June 2007, the almond grove produced almonds with an estimated net realisable value of $600 000. The cost of knocking the almonds, grading them and packaging them was $140 000. The almonds were sold for a total of $520 000 cash. One 30 June 2006, the trees were valued at $5 100 000 (fair value less point of sale costs). Required: (a) Prepare general journal entries in accordance with the requirements of AASB 141 ‘Agriculture’ to record these events (b) What profit did ABC Ltd make from the almond grove in the year ended 30 June 2007? Question 2 Manuka Ltd has 5 employees who are entitled to long service leave (LSL). The LSL can be taken after 15 years of service, at which time the employee is entitled to 13 weeks’ leave. After 10 years the employee is entitled to a pro rata cash payment on leaving the company. For example, this means that if an employee works for 13 out of 15 years, they are unconditionally entitled to a cash payment equal to 13/15 x their long service leave entitlement. Information about the employees is set out below: No. of employees Current salary per employee Projected salary per employee when LSL vests Years of service Probability % that LSL will be paid 3 60 000 66 245 5 35 2 70 000 --- 12 100 Other information collected: Periods to maturity Government bond rate (%) Risk-adjusted discount rate for Manuka Ltd (%) 8 7.00 9.00 5 6.00 8.00 4 5.00 7.25 1 4.00 5.50 Required: Based on the information provided, what should be the balance of the long service leave provision account calculated in accordance with the requirements of AASB 119 ‘Employee Benefits’ (round to the nearest dollar)?
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5 ACCT3102 External Reporting Issues, Mock Final Exam Paper Question 3 On 1 April 2007, Monte Ltd has shares it intends to sell on 31 August 2007.
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MOCK Final exam paper ACCT3102 2009 - 3 ACCT3102 External...

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