Sample Final Exam (Illustration only)
Started: Jun 11 at 1:23
Quiz Instructions
Instructions
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Quiz Instructions
EXAM READING & WRITING TIME: 2 hours 10 minutes Total Marks: 100
THIS IS A CLOSED BOOK EXAM
MATERIALS PERMITTED IN THIS EXAM:
Calculator – non-programmable only
INSTRUCTIONS TO STUDENTS:
This exam paper includes three (3) sections, with a total of 22 questions and 20 blank spaces for workings. All questions must be attempted. Blank spaces for workings will be provided for each multiple choice and numeric answer question. Answers in these spaces do not form part of your answer and will not be marked.
For this examination, you are not required to cite the specific provisions of the accounting standards to answer any questions.
All questions are standalone questions, i.e. they do not relate to another question, unless otherwise stated.
All questions assume an income tax rate of 30%, unless otherwise stated.
Any references to “profit” relate to “profit after tax”, unless otherwise stated (e.g. “profit before tax”).
Round all dollar amounts to the closest dollar without any decimal points (e.g. “10” instead of “9.99”). Round all percentage amounts to one decimal point (e.g. “10.1” instead of “10.09%”). Follow the formatting requirements in each of the numeric answer questions.
Note: this is a timed quiz. You may check the remaining time you have at any point while taking the quiz by pressing the keyboard combination SHIFT, ALT, and T… Again: SHIFT, ALT, and T…
Question 1 20 pts
THIS IS AN EXAMPLE OF AN APPLICATION QUESTION
In order to try to minimise its tax liabilities, the directors of (Siena) established a subsidiary, CI Ltd (CI) in the Cayman Islands. CI buys goods from the Chinese manufacturers, which invoice CI in USD. CI then sells the goods to Siena, who is invoiced in AUD. Sienna then sells the products through the retail stores it owns in Australia and . The goods are shipped directly from the Chinese manufacturer to Siena’s stores in Australia and and are not handled by CI. CI’s operating activities comprise solely of supplying goods to Siena. CI sells the goods with a mark-up to minimise the tax paid by the Australian parent.
The selling price charged by CI is based on an approximation of selling price in Australialess a small profit margin. CI’s other operating costs (including accounting costs and taxation) are paid in Cayman dollars (KYD).
Based on the information above, determine the functional currency of CI Ltd. Describe and explain the additional information you would seek to determine the functional currency of CI Ltd.
Your answer to all parts should consider the requirements of AASB 121 The Effects of Changes in Foreign Exchange Rates. You do not need to cite specific paragraphs from the standards, but your answers should demonstrate a clear understanding of the standards and their applica on to the facts of the case as presented above. Please also iden fy any missing informa on that could affect your determina on and state any assump ons you make.
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Question 2 20 pts
THIS IS AN EXAMPLE OF A DISCUSSION QUESTION
¡°The classifica on of joint arrangements under AASB 11 according to the contractual rights of such investments will, through its prescribed accoun ng methods, result in more useful financial informa on.¡±
Cri cally evaluate this statement. Your evalua on must specifically:
a) Outline the classifica on rules for joint arrangements under AASB 11;
b) Describe the accoun ng methods for joint arrangements under AASB 11;
c) Consider the decision usefulness of the classifica on and accoun ng rules for joint arrangements under AASB 11; and
d) Include a clear and persuasive conclusion to the stated view in this ques on that is accompanied by (1) one suppor ng reason.
Your answer to all parts should consider the requirements of AASB 11 Joint Arrangements. You do not need to cite specific paragraphs from the standards, but your answers should demonstrate a clear understanding of the standards and their applica on to the facts of the case as presented above. Please also iden fy any missing informa on that could affect your determina on and state any assump ons you make.
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Question 3 3 pts
THIS IS AN EXAMPLE FOR A MULTIPLE CHOICE QUESTION
Based on the following information extracted from the consolidated worksheet of the Group, calculate the amount of consolidated sales revenue and cost of goods sold (COGS) for the year ending 31 December 2010.
Sales 2,000,000
COGS 1,000,000
Babinda Ltd 1,200,000
Dr Ref Cr 100,000 (i)
50,000 (ii) 80,000
Consolidated
Sales revenue 3,100,000; COGS 1,770,000 Sales revenue 3,100,000; COGS 1,830,000 Sales revenue 3,300,000; COGS 1,830,000 None of the answer options are true.
Sales revenue 3,300,000; COGS 1,770,000
Question 4 0 pts
This blank space is provided for workings if needed. Any answers entered in this space will not be marked.
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Question 5 22 pts
This is an example of a short answer question:
Peach & Plum.pdf (h ps://canvas.sydney.edu.au/courses/39424/files/24321011/download?download_frd=1)
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