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# 2008 FinalExam Answers - 1 University of New South Wales...

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1 University of New South Wales School of Accounting ACCT 3563 Issues in Financial Reporting and Analysis ACCT 3573 Issues in Financial Reporting and Analysis (Honours) Final Examination (With Answers) Session 1, 2008 . Time allowed: 3 hours writing time 10 minutes reading time Total number of questions: 26 All students must answer the 20 multiple choice questions in part A and Questions 21 to 24 in Part B; ACCT 3563 students answer question 25; ACCT 3573 (honours) students answer question 26. The 20 multiple choice questions must be answered on the Generalised Answer Sheet provided. There is no negative marking for questions 1-20. For each question choose the best answer from the alternatives given. Questions 1 to 20 are worth two marks each, total 40 marks. Questions 21 to 26 are worth 60 marks. They are NOT of equal marks. Answers to questions 21-26 must be written in ink. Pencils should be used for answering questions 1-20, and may be used for drawing, sketching or graphical work. Narrations are not required for journal entries. Electronic calculators will be provided. This paper may be retained by the candidate.

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2 Present Value Tables (extract): Years PV of \$1 @ PV of \$1 ordinary annuity @ PV of \$1 @ PV of \$1 ordinary annuity @ PV of \$1 @ PV of \$1 ordinary annuity @ 5% 5% 7% 7% 10% 10% 1 .9524 .9524 .9346 .9346 .9091 .9091 2 .9070 1.8594 .8734 1.8080 .8264 1.7355 3 .8638 2.7232 .8163 2.6243 .7513 2.4869 4 .8227 3.5460 .7629 3.3872 .6830 3.1699 5 .7835 4.3295 .7130 4.1002 .6209 3.7908 6 .7462 5.0757 .6663 4.7665 .5645 4.3553 7 .7107 5.7864 .6227 5.3893 .5132 4.8684 8 .6768 6.4632 .5820 5.9713 .4665 5.3349 9 .6446 7.1078 .5439 6.5152 .4241 5.7590 10 .6139 7.7217 .5083 7.0236 .3855 6.1446 If present values are needed in any questions, you must use the present values in the table above.
3 Part A Multiple Questions (2 marks each) 1) Your textbook Deegan on page 560 shows a diagram which lists nine points where revenue could be recognised in the earnings cycle. These nine points are: i. Devising an idea ii. Making purchases (e.g. of inventory) iii. Receipt of orders before commencing production iv. Commencing production v. Progressively throughout production vi. Completion of production vii. Receipt of orders after production viii. Delivery of goods to customers ix. Receipt of cash Which of the following are correct? Revenue is recognised: A) at (vi) for agricultural produce in standard AASB 141 Agriculture B) at (v) for biological assets in standard AASB 141 Agriculture C) at (v) for most long-term construction contracts in AASB 111 Construction Contracts D) at (viii) for most business transactions E) all of the above ANSWER 2) . Oopes Ltd signs a contract on 1 January 20X7 agreeing to build a warehouse for a customer by 31 December 20X9 at a fixed contact price of \$25m. Initially, the estimated total construction costs are \$18m or \$6m per year for 20X7, 20X8 and 20X9. During the 20X7 year Oopes Ltd incurs actual construction costs of \$9m and revises

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2008 FinalExam Answers - 1 University of New South Wales...

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