1104_actb407f_sepcimenexampaper

1104_actb407f_sepcimenexampaper - SPECIMEN EXAMINATION...

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SPECIMEN EXAMINATION PAPER Important: This specimen examination paper serves solely as an illustration of the types of questions which may be contained in the examination. Students should not construe these questions as the actual examination questions nor part of the actual examination paper. In addition, this specimen examination paper does not purport to represent the complete scope or coverage of the course and the distribution of the topics to be examined. © The Open University of Hong Kong
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ACT B407 F (1104) Specimen Exam Paper Page 2 of 10
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ACT B407 F (1104) Specimen Exam Paper Page 3 of 10 This examination is divided into TWO (2) sections. You must answer ALL two sections. The total marks for this paper are 100. You have THREE HOURS to complete this examination. Write all the answers in the answer book provided unless otherwise specified. Section A: Answer TWO (2) COMPULSORY questions. Total marks for Section A are 50 marks. Section B: Answer any TWO (2) of the three questions. Each question is worth 25 marks and total marks for Section B are 50 marks. Section A (50 marks) This section is COMPULSORY . Answer ALL questions in this section. Question 1 (40 marks) Read the article of “ P Limited ”, and answer question 1 and 2. P Limited P Ltd, a listed company in Hong Kong, involved in textiles, manufacturing and retailing. To achieve growth, P Ltd purchased 1,200,000 shares in S Ltd and 720,000 shares in A Ltd on 1 January 2010. Mr. Ivan Lee, the junior accountant of P Limited is now preparing the annual financial report for P Limited group and he has received the following three sets of financial statements for the year ended 31 December 2010: Statement of Income as at 31 December 2010 P Ltd $000 S Ltd $000 A Ltd $000 Sales 2,800 1,800 1,200 Cost of sales (1,200) ( 800) (500) Gross profit 1,600 1,000 700 Expenses (200) (100) (100) Profit before tax 1,400 900 600
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ACT B407 F (1104) Specimen Exam Paper Page 4 of 10 Profits tax (236) (420) (250) Profit after tax 1,164 480 350 Statements of Financial Position as at 31 December 2010 P Ltd $ 000 S Ltd $000 A Ltd $000 Property, plant and equipment 2,000 2,500 3,200 Loan to A Ltd 400 Investment at cost in S Ltd 2,100 In A Ltd 1,100 Current assets 2,000 1,200
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