JAWABAN UAS 2018 FATA 2018

FINANCIAL ACCOUNTING TEACHING ASSISTANTS 2018

JAWABAN UAS AKUNTANSI KEUANGAN II 2018

Part I: True/False

1. False. The first step in revenue recognition process is to identify the contract.
2. True.
3. True. Deferred tax asset represents the increase in taxes refundable (or saved) in future
years as a result of deductible temporary differences existing at the end of the current
year.
4. False. Under the loss carryback approach, companies must apply the loss to the earlier
year first and then to the second year.
5. True.
6. True. If the classification error is found in the same period, an entry must be made to
reclassify the accounts.
7. False. The company reconciles net income to net cash flow from operating activities
when using the indirect method only.
8. False. Under the accrual basis of accounting, net income is not the same as net cash flow
from operating activities, because it only represents cash-based income from operating
activities.
9. True.
10. False. Companies must recognize the entire expected loss on an unprofitable contract in
the current period under both the percentage-of-completion method and the cost-
recovery method. (18-42)

Part II: Multiple Choice

1. D
2. D (18-30)
3. D. $1,500,000 + ($90,000 / 30%) = $1,800,000
4. A. $800,000 x 28% = $224,000
5. D.
6. A. $800,000 x (1 – 0.3) = $560,000

DANENDRA – MARGARETA – TITAN – WINONA FATA 2018

JAWABAN UAS 2018 FATA 2018

7. A. $37,500 x (1 – 0.3) = $26,250

8. B. (24-9)
9. D (18-31)
10. B

Part III: Theory

1.

a) Temporary difference. This is because for income tax purposes, the revenue recognition
is only deferred until cash is collected (timing difference).
b) Permanent difference. This is because the difference in pretax income and taxable
income will never reverse. U.S tax laws allow a company that owns stock in another
corporation to deduct 80% of the dividends it receives from that company. Taxes will not
be paid on those dividends deducted. However, this amount will not be deducted for
financial reporting purposes.
c) Temporary difference. Assuming the estimated warranty amount is valid, this will be a
temporary difference because eventually total amount deducted for accounting and tax
purposes will be the same over the three-year period (timing difference).

2.

a) Disclosed in the notes to financial statements as contingent liability. This is because the
likelihood of the event is unknown whether or not it is possible or probable and the
amount of settlement cannot be estimated.
b) Discontinued operations should not only be reported in the income statement, but also
disclosed in the notes to financial statements. Menurut PSAK 58: Aset Tidak Lancar
yang Dimiliki untuk Dijual dan Operasi yang Dihentikan, dalam penyajian operasi yang
dihentikan, entitas harus mengungkapkan:
 Suatu jumlah tunggal dalam laporan laba rugi komprehensif atas laba/rugi setelah
pajak dari operasi yang dihentikan dan dan yang diakui dalam mengukur nilai
wajar aset terkait operasi yang dihentikan
 Analisis terhadap jumlah tunggal terhadap pendapatan, beban, laba/rugi sebelum
pajak, beban pajak penghasilan dll

DANENDRA – MARGARETA – TITAN – WINONA FATA 2018

JAWABAN UAS 2018 FATA 2018

 Arus kas neto yang dapat diatribusikan ke aktivitas operasi, investasi, dan
pendanaan terkait operasi yang dihentikan
 Jumlah penghasilan dari operasi yang dilanjutkan dan yang dihentikan yang dapat
diatribusikan pada pemilik induk perusahaan
c) Disclosed in the notes to financial statements as contingent asset. Since the exact amount
of a potential gain is not known, it is not recorded in the financial statements. However, it
could be disclosed in the notes of a financial statements as the amount is significant.

Part IV: Essay

1.

A) 1. Since the change is in accounting estimate, so it must be implemented prospectively.

The change in estimates was done in 2016, so the company does not have to reduce the
2015 net income. In order to fix this mistake, the company should reverse the reduction
by adding $20,000 back to the 2015 net income.

2. Change in inventory method from average to FIFO is a change in accounting policy,

which should be implemented retrospectively. Since the change was done in 2018,
therefore the company must also adjust the effects of this change to the financial
statements of previous years.

3. a) The overstatement of inventory is an accounting error which should be

implemented retrospectively. The error was for 2017 ending inventory, and was
discovered in 2018, so both the 2017 and 2018 financial statements should be restated.

b) The tax settlement was correctly treated.

DANENDRA – MARGARETA – TITAN – WINONA FATA 2018

JAWABAN UAS 2018 FATA 2018

B)

2015 2016 2017 2018

Net Income (unadjusted) 280,000 320,000 410,000 552,000
1. BDE adjustment (20,000)
2. Inventory method adjustment 30,000 10,000 20,000 (32,000)
3. a) Inventory overstatement error (28,000) 28,000
Net Income (adjusted) 290,000 330,000 402,000 548,000

DANENDRA – MARGARETA – TITAN – WINONA FATA 2018

 JAWABAN UAS 2018 FATA 2018

SOAL TAMBAHAN

1. Grill Master Company sells total outdoor grilling solutions, providing gas and charcoal grills,
accessories, and installation services for custom patio grilling stations.

Instructions

Respond to the requirements related to the following independent revenue arrangements for Grill
Master products and services.

(a) Grill Master offers contract GM205, which is comprised of a free-standing gas grill for small
patio use plus installation to a customer’s gas line for a total price £800. On a standalone basis,
the grill sells for £700 (cost £425), and Grill Master estimates that the fair value of the
installation service (based on cost-plus estimation) is £150. Grill Master signed 10 GM205
contracts on April 20, 2015, and customers paid the contract price in cash. The grills were
delivered and installed on May 15, 2015. Prepare journal entries for Grill Master for GM205 in
April and May 2015.

(b) A local shire is planning major renovations in its parks during 2015 and enters into a contract
with Grill Master to purchase 400 durable, easy maintenance, standard charcoal grills during
2015. The grills are priced at £200 each (with a cost of £160 each), and Grill Master provides a
6% volume discount if the shire purchases at least 300 grills during 2015. On April 17, 2015,
Grill Master delivered and received payment for 280 grills. Based on prior experience with the
shire’s renovation projects, the delivery of this many grills makes it certain that the shire will
meet the discount threshold. Prepare the journal entries for Grill Master for grills sold on April
17, 2015.

(c) Grill Master sells its specialty combination gas/wood-fired grills to local restaurants. Each
grill is sold for £1,000 (cost £550) on credit with terms 3/30, net/90. Prepare the journal entries
for the sale of 20 grills on September 1, 2015, and upon payment, assuming the customer paid on
(1) September 25, 2015, and (2) October 15, 2015. Assume the company records sales net.

(d) On October 1, 2015, Grill Master sold one of its super deluxe combination gas/charcoal grills
to a local builder. The builder plans to install it in one of its “Parade of Homes” houses. Grill
Master accepted a 3-year, zero-interest-bearing note with face amount of £5,324. The grill has an

DANENDRA – MARGARETA – TITAN – WINONA FATA 2018

JAWABAN UAS 2018 FATA 2018

inventory cost of £2,700. An interest rate of 10% is an appropriate market rate of interest for this
customer. Prepare the journal entries on October 1, 2015, and December 31, 2015.

Solutions:
a. Revenue Allocation
$ 700
Grill = x $ 800=$ 658.82353 /unit
$ 850

= $ 658.82353 x 10 unit=$ 6,688.2353

$ 150
Installation = x $ 800=$ 141.17647 /unit
$ 850

= $ 141.17647 x 10 unit=$ 1,411.7647

Journal Entries

Apr 20, 2019 Cash ($800 x 10 units) $ 8,000

Unearned Sales Revenue (Grill) $6,588.2353
Unearned Service Revenue (Installation) $1,411.7647
Cost of Goods Sold ($425 x 10 units) $4,250
Inventory $4,250
May 15, 2019 Unearned Sales Revenue (Grill) $6,588.2353
Unearned Sales Revenue (Installation) $1,411.7647
Sales Revenue (Grill) $6,588.2353
Sales Revenue (Installation) $1,411.7647

b. Journal Entries

Apr 17, 2019 Cash $ 52,640

Sales Revenue $52,640
(280*$200-(6%*280*$200))
Cost of Goods Sold $44,800
Inventory $44,800
(280*$160)

DANENDRA – MARGARETA – TITAN – WINONA FATA 2018

JAWABAN UAS 2018 FATA 2018

c. Journal Entries

Sept 1, 2019 Accounts Receivable $19,400

Sales Revenue $19,400
(20*$1000 – (3%*20*$1,000))
Cost of Goods Sold $11,000
Inventory $11,000
(20*$550)

(1) if paid on September 25, 2019 (within discount period)

Sept 25, 2019 Cash $ 19,400

Accounts Receivable $19,400

(2) if paid on October 15, 2019 (no within discount period)

Oct 15, 2019 Cash $ 20,000

Accounts Receivable $19,400
Sales Discount Fortfeid $ 600

d. Journal Entries

Oct 1,2019 Notes Receivable $5,324

Sales Revenue $5,324
Cost of Goods Sold $2,700
Inventory $2,700
Dec 31, 2019 Notes Receivable $133.1
3 $133.1
Interest Revenue ( x 10 % x $ 5,324 ¿
12

DANENDRA – MARGARETA – TITAN – WINONA FATA 2018

 JAWABAN UAS 2018 FATA 2018

2. SAK adalah suatu kerangka dalam prosedur pembuatan laporan keuangan agar terjadi
keseragaman dalam penyajian laporan keuangan. Standar akuntansi diperlukan untuk
memudahkan penyusunan laporan keuangan dan memudahkan penggunanya untuk
menginterpretasikan dan membandingkan laporan keuangan entitas yang berbeda-beda. SAK
dibuat oleh DSAK. SAK terdiri dari SAK umum berbasis IFRS, SAK Entitas Tanpa
Akuntabilitas Publik (ETAP), SAK Syariah, dan SAK Entitas Mikro Kecil Menengah (EMKM).

3. Perbedaan PSAK dan SAK ETAP

No. Elemen PSAK SAK ETAP

1. Laporan laba rugi Terdiri dari laporan laba rugi Hanya laporan laba rugi
komprehensif
2. Laporan arus kas Terdapat metode direct dan Hanya menggunakan
indirect metode indirect
3. Laporan keuangan Diatur dalam PSAK 65 Tidak diatur
konsolidasi dan terpisah
4. Investasi pada perusahaan Menggunakan metode biaya, Hanya menggunakan
asosiasi dan entitas anak metode ekuitas, dan metode nilai metode ekuitas
wajar
5. Properti investasi Menggunakan model nilai wajar Hanya menggunakan
dan model biaya model biaya
6. Biaya pinjaman Dapat dikapitalisasi Langsung dibebankan
7. Penurunan nilai aset terdapat aturan terkait Tidak diatur impairment
impairment pada goodwill pada goodwill

DANENDRA – MARGARETA – TITAN – WINONA FATA 2018