Goods that are still in the production process would be in which account？ （)

the titles to the goods still belong to the principal.

(b) Misson has purchased goods from a foreign supplier for 8 million euros on 31 July 2006. At 31 October 2006,

the trade payable was still outstanding and the goods were still held by Misson. Similarly Misson has sold goods

to a foreign customer for 4 million euros on 31 July 2006 and it received payment for the goods in euros on

31 October 2006. Additionally Misson had purchased an investment property on 1 November 2005 for

28 million euros. At 31 October 2006, the investment property had a fair value of 24 million euros. The company

uses the fair value model in accounting for investment properties.

Misson would like advice on how to treat these transactions in the financial statements for the year ended 31

October 2006. (7 marks)

Required:

Discuss the accounting treatment of the above transactions in accordance with the advice required by the

directors.

(Candidates should show detailed workings as well as a discussion of the accounting treatment used.)

我们定点从绿色食品基地进货并进行特别检查

A.We’ll buy commodity from designated places and conduct a special test of the purchase

B.Even though we buy food from designated green food bases, still we take a test of the purchase

C.We’ll buy goods from designated green food bases and conduct a special test of the purchase

D.The food we buy are from designated green bases and we still conduct a test of the purchase

rnings were $200,000. During the year ended 31 March 2015, Zeta purchased goods from Wilmslow totalling $320,000. At 31 March 2015, one quarter of these goods were still in the inventory of Zeta. Wilmslow applies a mark-up on cost of 25% to all of its sales.

At 31 March 2015, the retained earnings of Wilmslow and Zeta were $450,000 and $340,000 respectively.

What would be the amount of retained earnings in Wilmslow’s consolidated statement of financial position as at 31 March 2015？

A.$706,000

B.$542,000

C.$498,000

D.$546,000

rce Majeure, which might occur during the process of manufacturing or in the course of loading or transit. The Seller shall advise the Buyer immediately of the occurrence mentioned above and within 15 days thereafter the Seller shall send a notice by courier to the Buyer for their acceptance of a certificate of the accident issued by the local chamber of commerce under whose jurisdiction the accident Occurs as evidence thereof. Under such circumstances,the Seller,however,are still under the obligation to make all necessary measures to hasten the delivery of the goods.In case the accident lasts for more than 30 days,the Buyer shall have the right to cancel the contract or ask the Seller to pay a penalty at the rate of per day 0.2%of the value of the goods involved in the late delivery, maximum 5%.Grace period 3 weeks.

Salt may seem rather a strange 【B1】 to use as money, 【B2】 in countries where the food of the people is mainly vegetable, it is often an 【B3】 necessity. Cakes of salt, stamped to show their 【B4】 , were used as money in some countries until recent 【B5】 and cakes of salt 【B6】 buy goods in Borneo and parts of Africa. Sea shells 【B7】 as money at some time 【B8】 another over the greater part of the Old World. These were 【B9】 mainly from the beaches of the Maldives Islands in the Indian Ocean, and were traded to India and China. In Africa, shells were traded right across the 【B10】 from East to West. Metal, valued by weight, 【B11】 coins in many parts of the world. Iron, in lumps, bars or rings, is still used in many countries 【B12】 paper money. It can either be exchanged 【B13】 goods, or made into tools, weapons, or ornaments. The early money of China, apart from shells, was of bronze, 【B14】 in flat, round pieces with a bole in the middle, called "cash". The 【B15】 of these are between three thousand and four thousand years old--older than the earliest coins of the easterr Mediterranean. Nowadays, coins and notes have 【B16】 nearly all the more picturesque 【B17】 of money, and 【B18】 in one or two of the more remote countries people still keep it for future use on ceremonial 【B19】 such as weddings and funerals, examples of 【B20】 money will soon be found only in museums.

【B1】

A．object

B．article

C．substance

D．category

Salt may seem rather a strange 【B1】 to use as money, 【B2】 in countries where the food of the people is mainly vegetable, it is often an 【B3】 necessity. Cakes of salt, stamped to show their 【B4】 , were used as money in some countries until recent 【B5】 and cakes of salt 【B6】 buy goods in Borneo and parts of Africa. Sea shells 【B7】 as money at some time 【B8】 another over the greater part of the Old World. These were 【B9】 mainly from the beaches of the Maldives Islands in the Indian Ocean, and were traded to India and China. In Africa, shells were traded right across the 【B10】 from East to West. Metal, valued by weight, 【B11】 coins in many parts of the world. Iron, in lumps, bars or rings, is still used in many countries 【B12】 paper money. It can either be exchanged 【B13】 goods, or made into tools, weapons, or ornaments. The early money of China, apart from shells, was of bronze, 【B14】 in flat, round pieces with a bole in the middle, called "cash". The 【B15】 of these are between three thousand and four thousand years old--older than the earliest coins of the easterr Mediterranean. Nowadays, coins and notes have 【B16】 nearly all the more picturesque 【B17】 of money, and 【B18】 in one or two of the more remote countries people still keep it for future use on ceremonial 【B19】 such as weddings and funerals, examples of 【B20】 money will soon be found only in museums.

【B1】

A．object

B．article

C．substance

D．category

y parts of the world today．Salt may seem rather a strange(19)_______to use as money，(20)_______in countries where the food of the people is mainly vegetable，it is often an(21)_______necessity．Cakesb of salt，stamped to show their(22)_______，were used as money in some countries until recent(23)_______ ，and cakes of salt(24)_______buy goods in Borneo and parts of Africa． Sea shells(25)_______as money at some time(26)_______another over the greater part of the Old world．These were(27)_______mainly from the beaches of the Maldives Islands in the Indian Ocean，and were traded to India and China．In Africa，shells were traded tight acrossthe(28)_______from East to West． Metal，valued by weight，(29)_______ coins in many parts of the world．Iron，in lumps，bars or rings，is still used in many countries(30)_______paper money．It Can either be exchanged(31)_______goods，or made into tools，weapons，or ornaments．The early money of China，apart from shells，was of bronze，(32) _______in flat，round pieces with a hole in the middle，called“cash”．The(33) _______of these are between three thousand and four thousand years old older than the earliest coins of the eastern Mediterranean． Nowadays，coins and notes have replaced nearly all the more picturesque forms of money，and while in one or two of the more remote countries people still hold it for future use on ceremonial occasions such as weddings and funerals，examples of primitive money will soon be found only in museums．

A.object

B.article

C.substance

D.category

ars ago. It must be lasting and easy to recognize, to divide, and to carry about. When we think of money today, we picture it either as round, flat pieces of metal which we call coins, or as printed paper notes. But there are still parts of the world today where coins and notes are of no use .A traveler there might starve if he had none of the particular ‘ local money ’.

Among isolated peoples ,who are not often reached by traders from outside ,commerce usually means barter ,which is a direct exchange of goods .Perhaps it is fish for vegetables or meat for baskets .For this kind of simple trading, money is not needed ,but there is often something that everyone wants ,such as salt to flavor food, shells for necklaces ,or iron and copper to make into tools. These things — salt ,shells or metals — are still used as money in out-of-the-way parts of the world today.

Salt may seem rather a strange material to use as money ,but in countries where the food of the people is mainly vegetables ,it is often an absolute necessity .Cakes of salt ,stamped to show their value ,were used as money in Tibet until recent times, and they can still buy goods in parts of Africa.

Cowrie seashells have been used as money at some time or another over the greater part of the Old World. These were collected mainly from the beaches of the Maldive Islands in the Indian Ocean ,and were traded to India and China. In Africa ,cowries were traded right across the continent from East to West .Four or five thousand went for one Maria Theresa dollar ,an Australian silver coin which was once accepted as currency (货币) in many parts of Africa.

Metal was used as money in many parts of the world .Iron ,in lumps ,bars or rings is still used in many countries instead of money .It can either be exchanged for goods ,or made into tools or weapons. The early money of China ,apart from shells ,was of bronze ,often in flat ,round pieces with a hole in the middle ,called ‘ cash ’.The earliest of these are between three thousand and four thousand years old — older than the earliest coins of the eastern Mediterranean.

Nowadays ,coins and notes have supplanted nearly all the more picturesque forms of money ,and although in one or two of the more remote countries people still store it for future use ,primitive money will soon be found only in museums.

1.Nowadays we think of money as() .

A.pieces of metal or metallic paper

B.made of either metal or paper

C.some printed notes and papers

D.round and flat sheets of paper

2.In some parts of the world a traveler might go hungry() .

A.even if his money was of the local kind

B.even if he had no coins or notes

C.if he did not know the local rate of exchange

D.even if he had plenty of ready money

3.What can we infer from the passage？

A.Isolated peoples exchange goods by means of barter.

B.Salt cakes are taking the place of picturesque forms.

C.Seashells could be traded with Maria Theresa dollars.

D.The Chinese were among the earliest users of metal ‘ cash ’.

4.Primitive types of money will be used ().

A.to replace more picturesque forms

B.as exhibits to be shown in public

C.at local country markets and shops

D.as entrance tickets in museums