F4 ACCA 2015 最新真题(有答案)
2015年6月ACCA考试《专业会计师》真题及详解
2015年6月ACCA考试《专业会计师》真题(总分：100，做题时间：120分钟)一、Section A – This ONE question is compulsory and MUST be attempted(总题数：1，分数：50.00)1.Lysus surgical supplies was founded 20 years ago by entrepreneur Simon Mara who has been the company’s chief executive since t he outset. Incorporated as a private company, Lysus began by importing small surgical devices such as syringes and bandages, and selling them to hospitals, clinics and medical facilities. But the company began to grow rapidly when Mr Mara realised the potential of a growing market in knee and hip joint replacements as the population in many countries was rapidly ageing due to the wider availability of more effective, low cost medicines.Fifteen years ago, he began to manufacture the surgical hip and knee joints used for most joint replacement surgery.As a company operating in the surgical supplies industry, Lysus has always been subject to regulation and must complete compliance reports every year to declare that it is using surgical grade materials for its manufacturing and also that it maintains the requisite level of hygiene in its processes. These reports are a legal compliance matter and must be signed by two directors. Lysus surgical supplies has been a private family (or ‘insider’) company throughout it s history. Owned jointly by Simon Mara, his wife and brother, Mr Mara owns 51% of the shares, his wife, 20% and his brother 29%. All three are directors of Lysus surgical supplies. As the company grew, they sought to employ members of the extended family as much as possible, partly to provide them with jobs and partly to ‘give a feeling of family’ in the company. It was often described as a ‘tight-knit’ culture with family members occupying the senior positions and with few appointments made from outside the company to important roles. When the company grew to a certain size, Mr Mara decided that he needed a qualified accountant on the board of directors to help with investment appraisals, costings, cash flow management, compliance issues and financial reporting. He eventually appointed Amy Tsang, a relatively inexperienced but ambitious person to the board. This was her first role as finance director. Simon Mara was known to be a strong and domineering person. Some former employees described him as a bully who was unable to discuss matters in a calm manner. He was described as quick to anger and capable of intimidating even his senior colleagues such that they would feel unable to challenge him at all. This was also the case with Amy Tsang, the new finance director. She found him overbearing and impossible to challenge. She always did as he asked,even when she felt uncomfortable with what she was being asked to do. When the joint replacement industry became more competitive, Mr Mara had the idea that he could reduce the company’s unit costs by switching some of the surgical-grade materials used in manufacture for a cheaper industrial grade instead. Such a switch would be undetectable to the surgeons using the artificial joints but did increase the risk of fracture and deterioration once the replacement joints were used in a patient. Mr Mara asked Amy Tsang, as an accountant and finance director, to produce detailed costing calculations for the switch and to forecast how this change would affect profits. She also calculated the costs of retooling the factory to allow the industrial grade material to be used. Later, on Mr Mara’s instruction, she approved the investment and oversaw the changes in manufacturing and the purchasing processes, in the full knowledge that such changes were both illegal and unethical. Mr Mara assumed that because many of the senior employees were family members, and that he could control Amy Tsang,that the switch toindustrial grade material would go undetected. The problem came to the public attention some time later when joints made from the inferior material began to deteriorate and immobilise previously mobile patients. The industrial grade material used in the joints often caused infection in patients and some vulnerable patients died of the effects of the product failure. John Qua was the investigative journalist who brought the problems at Lysus to national attention. He thought that the problems arose as a result of a probity risk and that the probity or integrity failure was on the part of Mr Mara and Amy Tsang. Mr Qua’s mother had received a Lysus hip joint and subsequently experienced a great deal of pain and distress when the joint deteriorated, producing some unfortunate side effects including blood poisoning. Although his mother was able to have the joint safely removed and replaced by a better quality artificial joint, John Qua researched further and found other patients who had not been so fortunate. It was John Qua’s investigations into Lysus which alerted the regulatory authorities to the use of the inferior materials in the joints. It soon emerged that the cause of the increased failure of the implants was the use of the inferior industrial-grade material. When the regulator responsible for the safety of surgical supplies disc overed, thanks to John Qua’s research, why the joints degraded, they investigated the use of the inferior materials. The legal officers investigating the case noted that two directors had signed the most recent compliance reports, certifying that the company was fully compliant with material usage and quality standards. These were Simon Mara and Amy Tsang. John Qua was angry with Lysus surgical supplies, because of how his mother and others had suffered. He was particularly angry with Simon Mara and Amy Tsang. As a business journalist, he often wrote articles on the behaviour and performance of listed companies. He became convinced that it was in the public interest for producers of surgical supplies, such as Lysus, to be subject to the regulatory requirements of listed companies. In a published article, he wrote: …whenever I look at company failures such as that at Lysus, I become increasingly convinced that robust ways of embedding risk awareness and risk management are essential in all companies and not just in listed companies. It was the fact that Mr Mara could get away with his offences that is most worrying. He bullied a young accountant,Miss Tsang, into highly unprofessional behaviour, and without the systems in place to enable the offence to be challenged internally, he initially got away with it. Had a whistleblowing system been in place, or a separation of roles at the head of the company, Mr Mara could not have done this terrible thing. Someone would have challenged him and told him not to be so unethical and arrogant. The result is that, with such a high impact business risk having been realised, innocent people working for Lysus may lose their jobs whilst patients may have to suffer the effects of this for many years. Once the case came to the public attention, Mr Mara was arrested and prosecuted for the illegal sale of non-compliant surgical materials. Amy Tsang was also prosecuted and then investigated by her professional accounting body. After an appeal, she was ‘struck off’, thereby preventing her from working as an accountant in the future. The company itself was wound up after sales declined, and all 130 employees lost their jobs. Patients continue to suffer the effects of the defective joint replacements and will do for several years into the future. Required:（分数：50.00）(1).(a) Distinguish between the governance of a family-owned company like Lysus anda publicly listed company,and explain how Mr Mara may not have committed the offences he did if Lysus had been a publicly listed company. (10 marks)（分数：12.50）_________________________________________________________________________________ _________正确答案：(Family and listed companies A family business, when incorporated as a company, is an example of a private limited company. This means that the shares are privately held and are not available for members of the investing public to buy and sell. This is in contrast to a public company, which is listed on a stock exchange and in which members of the public, including private and institutional shareholders, can purchase or sell shares. Being a public listed or public limited company carries a number of requirements,imposed either by statute or the stock exchange, which do not apply to private companies. These requirements include compliance with a number of corporate governance provisions which include the adoption of certain governance structures,adherence with internal control and internal audit standards, and the external reporting of some types of information. A private limited company, in contrast, must comply with company law and tax regulations, but is not subject to listing rules. Mr Mara’s behaviour was highly unethical and also illegal, given the regulatory regime controlling surgical supplies in the country in which he was based. His abuse of his office as CEO of Lysus was made possible by a number of failures, linked in part to the nature and culture of the company. The first such factor was the ‘tight-knit’ family culture which enabled the decision to be made and then go unchallenged among the senior management including his wife, brother and Amy Tsang. The unwillingness to appoint from outside meant that senior members of the company became familiar with Mr Mara’s management style and may, over time, have come to consider his behaviour as ‘normal’. The fact that Mr Mara was such a domineering figure may have become accepted rather than challenged by other directors, partly because of family ties and their prior knowledge of his character and management style. The fact that the company was family-dominated may have made it difficult for others to confront Mr Mara about his style as such an approach may have negatively affected family relationships. Being a family or ‘insider’ dominated business meant that the company did not have any external shareholders. This means that there was no need to account to public shareholders for either the performance of the company or its postures on such issues as ethics. External scrutiny of board performance was not present and Mr Mara was therefore not subject to questioning from anybody outside of the company who might have had a different view on his management than the other members of the company. Because it was not a listed company, there was no regulatory necessity for Lysus to employ governance structures and systems capable of detecting and challenging his irregular behaviour. Had Lysus had, for example, an internal control system which included a control over inbound materials or product design, the replacement of the surgical-grade material with industrial-grade would have been detected and an alert raised as it would have not have been in compliance with the regulations on surgical supplies. Likewise, a formal internal audit system would have been capable of investigating any regulatory non-compliance. This could have then been reported in internal reports and, if deemed necessary, to external authorities. A criticism common to many family-controlled companies is the lack of external expertise in the form of an effective non-executive presence. Although some companies employ non-executive directors (NEDs) on a voluntary and ‘best practice’basis, the private company status of Lysus usually means that there is no regulatory requirement to do so. The purposes of NEDs in a listed company are to represent the strategic interests of shareholders and to populate the main board committees.These committees, in turn, provide a level of assurance to shareholders of probity, transparency and robustness.)(2).(b) Criticise Amy Tsang’s behaviour as the finance director and a qualified。
2015年6月ACCA考试《财务报告(International)》真题及详解
2015年6月ACCA考试《财务报告（International）》真题(总分：100.00，做题时间：180分钟)一、Section A – ALL 20 questions are compulsory and MUST be attempted (总题数：20，分数：40.00)1.Faithful representation is a fundamental characteristic of useful information within the IASB’s Conceptual framework for financial reporting. Which of the following accounting treatments correctly applies the principle of faithful representation?（分数：2.00）A.Reporting a transaction based on its legal status rather than its economic substanceB.Excluding a subsidiary from consolidation because its activities are not compatible with those of the rest of the groupC.Recording the whole of the net proceeds from the issue of a loan note which is potentially convertible to equity shares as debt (liability)D.Allocating part of the sales proceeds of a motor vehicle to interest received even though it was sold with 0%(interest free) finance √解析：The substance is that there is no ‘free’ finance; its cost, as such, is built into the selling price.2.Which of the following statements relating to intangible assets is true? （分数：2.00）A.All intangible assets must be carried at amortised cost or at an impaired amount; they cannot be revaluedupwardsB.The development of a new process which is notexpected to increase sales revenues may still be recognised asan intangible asset √C.Expenditure on the prototype of a new engine cannot be classified as an intangible asset because the prototypehas been assembled and has physical substanceD.Impairment losses for a cash generating unit are first applied to goodwill and then to other intangible assets beforebeing applied to tangible assets解析：A new process may produce benefits (and therefore be recognised as an asset) other than increased revenues, e.g. it may reduce costs. 3.Each of the following events occurred after the reporting date of 31 March 2015, but before the financial statementswere authorised for issue.Which would be treated as a NON-adjusting event under IAS 10 Events After the Reporting Period?（分数：2.00）A.A public announcement in April 2015 of a formal plan to discontinue an operation which had been approved bythe board in February 2015 √B.The settlement of an insurance claim for a loss sustained in December 2014C.Evidence that $20,000 of goods which were listed as part of the inventory in the statement of financial positionas at 31 March 2015 had been stolenD.A sale of goods in April 2015 which had been held in inventory at 31 March 2015. The sale was made at aprice below its carrying amount at 31 March 2015解析：A board decision to discontinue an operation does not create a liability. A provision can only be made on the announcement of a formal plan (as it then raises a valid expectation that the discontinuance will be carried out). As this announcement occurs during the year ended 31 March 2016, this a non-adjusting event for the year ended 31 March 2015. 4.Metric owns an item of plant which has a carrying amount of $248,000 as at 1 April 2014. It is being depreciatedat 12?% per annum on a reducing balance basis. The plant is used to manufacture a specific product which has been suffering a slow decline in sales. Metric hasestimated that the plant will be retired from use on 31 March 2017. The estimated net cash flows from the use ofthe plant and their present values are: On 1 April 2015, Metric had an alternative offer from a rival to purchase the plant for $200,000. At what value should the plant appear in Metric’s statement of financial position as at 31 March 2015?（分数：2.00）A.$248,000B.$217,000C.$214,600 √D.$200,000解析：Is the lower of its carrying amount ($217,000) and recoverable amount ($214,600) at 31 March 2015. Recoverable amount is the higher of value in use ($214,600) and fair value less (any) costs of disposal ($200,000)). Carrying amount = $217,000 (248,000 – (248,000 x 12·5%)) Value in use is based on present values = $214,6005.Pact acquired 80% of the equity shares of Sact on 1 July 2014, paying $3·00 for each share acquired. Thisrepresented a premium of 20% over the market price of Sact’s shares at that date.Sact’s shareholders’funds (equity) as at 31 March 2015 were: The only fair value adjustment required to Sact’s net assets on consolidation was a $20,000 increase in the value of its land. Pact’s policy is to value non-controlling interests at fair value at the date of acquisition. For this purpose the marketprice of Sact’s shares at that date can be deemed to be representative of the fair value of the shares held by the non-controlling interest. What would be the carrying amount of the non-controlling interest of Sact in the consolidated statement offinancial position of Pact as at 31 March 2015? （分数：2.00）A.$54,000B.$50,000C.$56,000 √D.$58,000解析：Market price of Sact’s shares at acquisition was $2·50 (3·00 –(3·00 x 20/120)), therefore NCI at acq was $50,000 (100,000x 20% x $2·50). NCI share of the post-acq profit is $6,000 (40,000 x 9/12 x 20%). Therefore non-controlling interest as at 31 March 2015 is $56,000.6.The IASB’s Conceptual framework for financial reporting defines recognition as the process of incorporating in the financial statements an item which meets the definition of an element and satisfies certain criteria. Which of the following elements should be recognised in the financial statements of an entity in the mannerdescribed?（分数：2.00）A.As a non-current liability: a provision for possible hurricane damage to property for a company located in an area which experiences a high incidence of hurricanesB.In equity: irredeemable preference shares √C.As a trade receivable: an amount of $10,000 due from a customer which has been sold (factored) to a financecompany with no recourse to the sellerD.In revenue: the whole of the proceeds from the sale of an item of manufactured plant which has to be maintainedby the seller for three years as part of the sale agreement。
ACCA英国注册会计师(F4)Chapter 3题库大全
ACCA英国注册会计师（F4）Chapter 3题库大全姓名:_____________ 年级:____________ 学号:______________1、 Advertising an auction is an offer to sellATrueBFalse答案解析：False. Advertisements for auctions are not offers to sell.2、As a general rule, silence cannot constitute acceptance.ATrueBFalse答案解析：True. Generally, silence cannot constitute acceptance.3、Which of the following contracts must be in the form of a deed?AA conveyance (a transfer of a legal estate in land)BA transfer of sharesCA consumer credit contract答案解析：A conveyance must be in the form of a deed. A transfer of shares and a consumer credit contractmust be in writing.4、 In relation to contract law, which of the following describes an offer?AA statement of possible termsBDisplaying goods for sale in a supermarketCA verbal promise to be bound on specific terms答案解析：An offer is defined as a promise to be bound on specific terms and can be made in any form such as in writing or verbally. A statement of possible terms is a supply of information. Displaying goods for sale is an invitation to treat.5、In a sale by auction that is stated to be ‘without reserve’, at which point is an offer made?AWhen the auctioneer presents the goods being soldBWhen a bid is madeCWhen the auctioneer’s hammer falls答案解析：In a sale by auction that is stated to be ‘without reserve’, the auctione er presenting the goods for sale is the offer and a bid represents acceptance.6、In relation to contract law, how long will an offer remain open if no time period is set for its expiry?A1 dayB1 monthCFor a reasonable time答案解析：If no time period is set for its expiry, an offer will remain open for a reasonable time. What is reasonable will depend on the circumstances.7、 Which of the following will terminate an offer?APosting a letter of revocationBA request for informationCDeath of the offeree答案解析：The death of the offeree will terminate an offer. Posting a letter of revocation is not sufficient toterminate an offer, it must be received before acceptance is made in order to be effective. A requestfor information will also not terminate an offer.8、 Which of the following is NOT a valid method of acceptance?AThe offeree’s express wordsBThe offeree’s conductCSilence of the offeree答案解析：Acceptance may be made by express words or conduct of the offeree. Silence is not valid acceptance.9、Which of the following statements regarding the postal rule is correct?AAcceptance is effective once the letter of acceptance is writtenBAcceptance is effective once the letter of acceptance is postedCAcceptance is effective once the letter of acceptance is delivered答案解析：The postal rule states that acceptance is effective once the letter of acceptance is posted.10、 Which of the following is an example of a standard form contract?AA verbal agreement between two private individualsBA contract for the sale of a house between two private individualsCA contract for the supply of electricity between a utility company and a private individualDA contract of employment between a private individual and a small local shop答案解析：A standard form contract is a document set out by large organisations that states the terms that its customers will do business with it. There is no negotiation, either the customer accepts the terms or goes elsewhere. The contracts in the other options include scope for negotiation.11、12、Which of the following statements concerning the law and contracts is correct?AThe law seeks to ensure equal bargaining power between partiesBThe law will only interfere in contracts where one party abuses a stronger bargaining positionCThe law does not interfere in the formation of contractsDThe law seeks to maintain the bargaining power of parties in a contract答案解析：The law may interfere in the formation of contracts, but only to ensure that stronger parties do notabuse their position. The law does not seek to maintain or amend bargaining power.13、Which TWO of the following are examples of valid offers?(1) A person verbally stating to another person that they would like to sell their computer to them for £500 today(2) A newspaper advert that states a shop is selling shoes for £20(3) A person handing their shopping to a supermarket checkout operator(4) A business that circulates its price list to customersA1 and 2B1 and 3C2 and 3D2 and 4答案解析：An offer is a definite promise to be bound on specific terms and can be made in a number of forms. Therefore a verbal statement to sell something to another person is an offer. Newspaper adverts and price lists are examples of invitations to treat. At a supermarket checkout, the person handing their goods to the checkout operator is making an offer to buy the goods.14、Which of the following is an example of a valid offer?AA display of goods for saleBAn Internet shop that advertises products for saleCA newspaper advert that includes a specific statement, made to the world at large, offering areward for the return of a particular itemDAn invitation for potential suppliers to tender for the provision of services答案解析：Although newspaper adverts are usually considered invitations to treat, they will be regarded asoffers if they are made to the world at large and are sufficiently specific. The other options areexamples of invitations to treat.15、 Which of the following statements regarding counter-offers is correct?ACounter-offers may be accepted by the original offerorBCounter-offers do not terminate the original offerCA statement that enquires whether alternative terms would be acceptable is a counter-offer DA counter-offer is made by the original offeror to the original offeree答案解析：Counter-offers have the effect of terminating the original offer, but may be accepted by the original offeror. A statement that enquires whether alternative terms would be acceptable is a request for information, not a counter-offer. Counter-offers are made by the original offeree to the original offeror.16、In which of the following situations will an offer be terminated?AWhen a letter of revocation is posted。
2015年6月ACCA考试《高级审计与认证业务(International)》真题及答案
2015年6月ACCA考试《高级审计与认证业务（International）》真题(总分：100，做题时间：180分钟)一、Section A – BOTH questions are compulsory and MUST be attempted(总题数：2，分数：60.00)1.You are a manager in the audit department of Craggy & Co, a firm of Chartered Certified Accountants, and you have just been assigned to the audit of Ted Co, a new audit client of your firm, with a financial year ended 31 May 2015.Ted Co, a newly listed company, is a computer games designer and developer, and has grown rapidly in the last few years. The audit engagement partner, Jack Hackett, has sent you the following email: Notes from meeting with Len Brennan Ted Co was formed ten years ago by Dougal Doyle, a graduate in multimedia computing. The company designs,develops and publishes computer games including many highly successful games which have won industry awards.In the last two years the company invested $100m in creating games designed to appeal to a broad, global audience and sales are now made in over 60 countries. The software used in the computer games is developed in this country,but the manufacture of the physical product takes place overseas. Computer games are largely sold through retail outlets, but approximately 25% of Ted Co’s revenue is generated through sales made on the company’s website. In some countries Ted Co’s products are distributed under licences which give the licence holder the exclusive right to sell the products in that country. The cost of each licence to the distributor depends on the estimated sales in the country to which it relates, and licences last for an average of five years. The income which Ted Co receives from the sale of a licence is deferred over the period of the licence. At 31 May 2015 the total amount of deferred income recognised in Ted Co’s statement of financial position is $18 million. As part of a five-year strategic plan, Ted Co obtained a stock market listing in December 2014. The listing and related share issue raised a significant amount of finance, and many shares are held by institutional investors. Dougal Doyle retains a 20% equity shareholding, and a further 10% of the company’s shares are held by his family members. Despite being listed, the company does not have an internal audit department, and there is only one non-executive director on the board. The se problems, which Ted Co’s management is hoping to resolve in the next few months, are explained in the company’s annual report, as required by the applicable corporate governance code. Recently, a small treasury management function was established to man age the company’s foreign currency transactions, which include forward exchange currency contracts. The treasury management function also deals with short-term investments. In January 2015, cash of $8 million was invested in a portfolio of equity shares held in listed companies, which is to be held in the short term as a speculative investment. The shares are recognised as a financial asset at cost of $8 million in the draft statement of financial position. The fair value of the shares at 31 May 2015 is $6 million. As a listed company, Ted Co is required to disclose its earnings per share figure. Dougal Doyle would like this to be based on an adjusted earnings figure which does not include depreciation or amortisation expenses. The previous auditors of Ted Co, a small firm called Crilly & Co, resigned in September 2014. The audit opinion on the financial statements for the year ended 31 May 2014 was unmodified. Extract of draft financial statements and results of preliminary analytical review Statement of profit or loss(extract) Required: Respond to the email from the audit partner. (31 marks) Note: The split of the mark allocation is shown in the partner’s email. Professional marks will be awarded for the presentation, clarity of explanations and logical flow of the briefing notes. (4 marks)（分数：35.00）_________________________________________________________________________________ _________正确答案：(Briefing notes To: Jack Hackett, audit partner From: Audit manager Regarding: Audit planning of Ted Co Introduction These briefing notes are prepared for the use of the audit team in planning the audit of Ted Co, our firm’s new audit client which develops and publishes computer games. The briefing notes discuss the planning matters in respect of this being an initial audit engagement; evaluate the audit risks to be considered in planning the audit; and recommend audit procedures in respect of short-term investments and the earnings per share figure disclosed in the draft financial statements. (a)In an initial audit engagement there are several factors which should be considered in addition to the planning procedures which are carried out for every audit. ISA 300 Planning an Audit of Financial Statements provides guidance in this area. ISA 300 suggests that unless prohibited by laws or regulation, arrangements should be made with the predecessor auditor,for example, to review their working papers. Therefore communication should be made with Crilly & Co to request access to their working papers for the financial year ende d 31 May 2014. The review of the previous year’s working papers would help Craggy & Co in planning the audit, for example, it may highlight matters pertinent to the audit of opening balances or an assessment of the appropriateness of Ted Co’s accountingpo licies. It will also be important to consider whether any previous years’ audit reports were modified, and if so, the reason for the modification. As part of the client acceptance process, professional clearance should have been sought from Crilly & Co. Any matters which were brought to our firm’s attention when professional clearance was obtained should be considered for their potential impact on the audit strategy. There should also be consideration of the matters which were discussed with Ted Co’s manage ment in connection with the appointment of Craggy & Co as auditors. For example, there may have been discussion of significant accounting policies which may impact on the planned audit strategy. Particular care should be taken in planning the audit procedures necessary to obtain sufficient appropriate audit evidence regarding opening balances, and procedures should be planned in accordance with ISA 510 Initial Audit Engagements – Opening Balances. For example, procedures should be performed to determine whether the opening balances reflect the application of appropriate accounting policies and determining whether the prior period’s closing balances have been correctly brought forward into the current period. With an initial audit engagement it is particularly important to develop an understanding of the business, including the legal and regulatory framework applicable to the company. This understanding must be fully documented and will help the audit team to perform effective analytical review procedures and to develop an appropriate audit strategy. Obtaining knowledge of the business will also help to identify whether it will be necessary to plan for the use of auditors’ experts. Craggy & Co may have quality control procedures in place for use in the case of initial engagements, for example, the involvement of another partner or senior individual to review the overall audit strategy prior to commencing significant audit procedures. Compliance with any such procedures should be fully documented. Given that this is a new audit client, that it is newly listed, and because of other risk factors to be discussed in the next part of these briefing notes, whendeveloping the audit strategy consideration should be given to using an experienced audit team in order to reduce detection risk. (b)Management bias The first audit risk identified relates to Ted Co becoming a listed entity during the year. This creates an inherent risk at the financial statement level and is caused by the potential for management bias. Management will want to show good results to the new shareholders of the company, in particular the institutional shareholders, and therefore there is an incentive for the overstatement of revenue and profit. The analytical review shows a significant increase in pro fit before tax of 48•1%,indicating potential overstatement. There is a related risk of overstatement due to Dougal Doyle and his family members retaining a 30% equity interest in Ted Co, which is an incentive for inflated profit so that a high level of dividend can be paid. It appears that governance structures are not strong, for example, there are too few non-executive directors, and therefore Dougal Doyle is in a position to be able to dominate the board and to influence the preparation of the financial statements.This increases the risk of material misstatement due to management bias. There is also a risk that management lacks knowledge of the reporting requirements specific to listed entities, for example, in relation to the calculation and disclosure of earnings per share which is discussed later in these briefing notes. E-commerce With 25% of revenue generated through the company’s website, this represents a significant revenue stream, and the income generated through e-commerce is material to the financial statements. E-commerce gives rise to a number of different audit risks, including but not limited to the following. For the auditor, e-commerce can give rise to detection risk, largely due to the paperless nature of the transactions and the fact there is likely to be a limited audit trail, making it difficult to obtain audit evidence. For the same reason, control risk is increased, as it can be hard to maintain robust controls unless they are embedded into the software which records the transaction. The auditor may find it difficult to perform tests on the controls of the system unless audit software is used, as there will be few manual controls to evaluate. A risk also arises in terms of the recognition of sales revenue, in particular cut-off can be a problem where sales are made online as it can be difficult to determine the exact point at which the revenue recognition criteria of IAS 18 Revenue have been met. Hence, over or understatement of revenue is a potential risk to be considered when planning the audit. Ted Co also faces risks relating to the security of the system, for example, risks relating to unauthorised access to the system,and there is an increased risk of fraud. All of these risks mean that there is high audit risk in relation to the revenue generated from the company’s website. Licence income The licence income which is deferred in the statement of financial position represents 13•4% of total assets and is therefore material. There is a risk that the accounting treatment is not appropriate, and there are two separate risks which need to be considered.First, it may be the case that the revenue from the sale of a licence should not be deferred at all. The revenue recognition criteria of IAS 18 need to be applied to the transaction, and if, for example, it were found that Ted Co has no ntinuing management involvement and that all risk and reward had been transferred to the buyer, then the revenue should be recognised immediately and not deferred. This would mean a significant understatement of revenue and profit. Second, if it is appropriate that the revenue is deferred, for example, if Ted Co does retain managerial involvement and has retained the risk and reward in relation to the licence arrangement, then the period over which the revenue is recognised could be inappropriate, resulting in over or understated revenue in the accounting period. Foreign exchange transactions Ted Co’s products sell in over 60 countries and the products are manufactured overseas, so the。
ACCAF4考试-公司法与商法(基础阶段)历年真题精选及详细解析1109-50
4 (a) According to the Enterprise Bankruptcy Law, where a creditor is indebted with their debtor before the bankruptcy application is accepted by the court, they may claim for debts’ offset to the bankruptcy administrator. Since the rental for the year of 2014 was due and the two quarters of service fees occurred before the acceptance of the application by the court, Stine’s debt might be offset from his credit.
In June 2014, Mering was declared bankrupt by a court which designated a bankruptcy administrator responsible for the liquidation. The bankruptcy administrator found that Mering had failed to pay the rental for 2014. Stine claimed the rental due for the year of 2014 as his credit and requested to offset the meal service fees for the first and second quarters of 2014. Stine also declared dissolution of the leasing agreement between the two parties.
2015年6月ACCA F4考试真题答案
AnswersFundamentals Level –Skills Module, Paper F4 (CHN)Corporate and Business Law (China)June 2015 Answers Section B1(a)The real estate contract was a valid one even if the Bank disagrees with the transaction between Mr Dong and Ms Lee.According to the Property Law, if a contract to create, modify, assign and terminate rights in immovables, it shall take effect upon conclusion of the contract; the fact that no registration has been made shall not affect the validity of such contract.(b)The relevant government authority could lawfully refuse to register the real estate contract, even though Ms Lee promised torepay the outstanding amount of the loan. According to the Property Law, if a mortgagor transfers the mortgaged property during the mortgage term, it shall receive the consent of the mortgagee or the transferee pays off the debts. Since the Bank refused to give consent and Ms Lee merely promised to pay off the debts, the conditions to transfer a mortgaged property were not satisfied.(c)Since Ms Lee repaid the outstanding amount of the loan and extinguished the mortgage, the government authority shouldregister the contract, as the conditions to transfer the mortgaged property have been satisfied.2(a)The legal nature of the fax sent by Food Shop was an invitation to offer, not an effective offer, since this fax contained only the name and quantity of the goods, lacking the essential and necessary factor for an effective offer, i.e. the price of the goods.Hence, it was only an invitation to offer.(b)The legal nature of taking delivery of the goods by Food Shop was an acceptance. Since the delivery of the goods by SanyiFarm indicated its expression to enter into a contract with Food Shop in the way of action, it constituted an offer. According to the Contract Law, an offeree may take various ways to accept the offer, such as written form, oral form or action. In this case Food Shop took delivery of the goods; it was an acceptance in the form of action.(c)There was a contract between Sanyi Farm and Food Shop. According to relevant provisions of the Contract Law, the formationof a contract takes place by way of offer and acceptance. Where an acceptance made by the offeree reaches the offeror, a contract is formed. In this case Sanyi Farm delivered the goods, which was an offer. Food Shop, as an offeree, took over the goods and resold the goods. This meant Food Shop accepted the offer by Sanyi Farm. Therefore, a contract was formed.3(a)According to the Company Law, when a shareholder intends to transfer their shares, under equal conditions the other shareholders shall have priority to purchase. Where two or more shareholders fail to reach an agreement as to the respective proportion of purchase, they shall exercise the priority in proportion to their respective shares. Hence, Zhao and Sun would share the shares from Qian 50% each.(b)According to Article 75 of the Company Law, any shareholder of a limited liability company may require the company topurchase their shares with a reasonable price if they meet any one of the circumstances as set. Since Lee’s request did not fall within any circumstance prescribed by the Law, his request should not be upheld by the court if he brought a law suit.(c)Qian was entitled to transfer his shares. Zhao agreed with transfer; Lee failed to give a reply within 30 days upon receipt ofthe notice, which should be deemed as a consent to the transfer. Sun intended to exercise his right of priority but offered a lower price than that of the listed company. Therefore, Qian has met all the conditions to transfer his shares to the listed company.4(a)According to the Enterprise Bankruptcy Law, where a creditor is indebted with their debtor before the bankruptcy application is accepted by the court, they may claim for debts’ offset to the bankruptcy administrator. Since the rental for the year of 2014 was due and the two quarters of service fees occurred before the acceptance of the application by the court, Stine’s debt might be offset from his credit.(b)According to the law, after the court accepts a bankruptcy application, the bankruptcy administrator shall decide to terminateor continue to perform the contract and notify the decision to the other parties concerned. Mering was declared bankrupt and lost its capacity, so it would be impossible to continue the leasing contract. Therefore the request of Stine to terminate the leasing contract was in conformity with the law.(c)By way of offsetting, Stine might reduce his losses in the liquidation process. Since Mering was unable to settle its debts due,it meant that the credits of all creditors could not be repaid fully at the end of liquidation. Therefore the debts owed to Mering should be settled in full by Stine.5(a)Mr Ding’s act of accepting bribery violated the criminal law and the relevant rules of the Company Law as well. Besides the criminal charges, he should be liable for his fraudulent behaviour of damaging the interests of Daqing and its shareholders.Therefore, Ms Huang was entitled to bring a law suit against general manager Mr Ding on the ground that his acts caused her loss of interests.(b)With respect to Daqing’s damage, Ms Huang should first request the board of directors or supervisory board to take legalaction against Everbright Co. Where these two bodies refuse to take reasonable actions, Ms Huang might, in her own name but for the interests of the company, bring a shareholder representative litigation against Everbright Co. On the other hand, she might also bring a direct litigation against Everbright Co on the ground that the connected transactions caused indirect damage to the shareholder’s interests.Fundamentals Level –Skills Module, Paper F4 (CHN)Corporate and Business Law (China)June 2015 Marking Scheme Section B1(a) 1 mark for the correct conclusion and 1 mark for the reasons.(b) 1 mark for the correct conclusion and 1 mark for the reasons for the denial of the government to register the contract.(c) 1 mark for the correct conclusion and 1 mark for the reasons.2(a) 1 mark for the correct conclusion as to the legal nature of the fax sent by Food Shop, 1 mark for the reasons.(b) 1 mark for the correct conclusion, 1 mark for the reasons to explain the conclusion.(c) 1 mark for the correct conclusion as to the formation of the contract, 1 mark for the reasons that a contract was formed byway of offer and acceptance.3(a) 1 mark for the correct conclusion, 1 mark for the reasons to explain such a conclusion.(b) 1 mark for the correct conclusion, 1 mark for the reasons. The conditions for a shareholder to request the company topurchase their shares are not needed.(c) 1 mark for the correct conclusion, 1 mark for the reasons.4(a) 1 mark for the correct conclusion, 1 mark for the reasons.(b) 1 mark for the correct conclusion, 1 mark for the reasons.(c) 1 mark for the correct conclusion, 1 mark for the reasons to explain the reasons why offset should be in Stine’s interests.5(a) 1 mark for the correct conclusion, 1 mark for the reasons.(b) 2 marks for the shareholder’s representative litigation in Ms Huang’s own name but for the interests of the company and2 marks for the direct litigation in Ms Huang’s own name for her own interests.。
2015ACCA考6月F4考试模拟题
1Which of the following statements would NOT be binding on a later court?One which was part of an obiter dictumOne made by a previous court with superior statusOne based on a proposition of law rather than a question of fact2Which TWO of the following statements regarding legislation are correct?Those who draft statute cannot anticipate every case which may ariseCourts may strike out any legislation which is contrary to theEuropean Convention on Human RightsAn Act always comes into operation immediately after it receivesRoyal AssentThe electoral system means that the statute-making process respondsto public opinion3When interpreting statute,a judge may give words meanings which deviate from their ordinary,everyday meanings,in recognition of the problem the statute was written to address.Which rule of statutory interpretation does this statement describe?The mischief ruleThe golden ruleThe contextual rule4For each of the following statements regarding human rights,indicate whether it is true or false..True FalseThe government can never enact new legislation which isincompatible with the European Convention on Human RightsExisting legislation must be interpreted in a way which iscompatible with the European Convention on Human Rights5Under the tort of negligence,to whom do the auditors of a public company owe a duty of care?The company itselfExisting shareholders considering increasing their investmentThe public at large6Which of the following statements regarding the tort of negligence is correct?The claimant need not have suffered actual injury,damage or lossA duty of care will only exist if the harm suffered was reasonablyforeseeableThe duty of care is the same whatever the seriousness of the riskA duty of care is breached even if the cost to eliminate the dangerfar exceeds the risk7Indicate whether the following statements regarding defences to negligence are true or false..True FalseIf a claimant contributed to their own injury or loss,thiswill not affect damages awardedA defendant will have a defence if the conduct of theclaimant implied consent to the risk8Which of the following statements regarding summary dismissal is correct?It is permissible whenever an employee has breached their contractIt means termination of employment with the statutory minimum noticeWithout justification,it allows a claim for wrongful dismissal9Which of the following statements regarding redundancy pay is correct?To be entitled to a redundancy payment,an employee must have had continuous employment for one yearAn employee aged40will receive one week’s pay for each year of serviceThe length of service used in the calculation is subject to a maximum of25years10Which of the following correctly describes constructive dismissal?Dismissal due to the employer's inability to continue with theemploymentBreach of contract by the employee,causing the employer to dismiss them without noticeBreach of contract by the employer,which causes the employee to resignDismissal that cannot be justified by the employer11Which of the following statements regarding a partner’s authority is correct?They can only bind the firm if they have been given express authority to do soThey can bind the firm if a third party genuinely believes they have authority to do soThey can only bind the firm within the limits of the partnership agreement12In relation to the Limited Partnerships Act1907,which of the following statements about a limited partnership is true?There must be at least one general partner with unlimited liabilityThe partners all have limited liability for the debts of thepartnershipThe partners must enter into a written partnership agreement13According to the Companies Act2006,which of the following is NOT allowed to act as an auditor of a company?An employee of the companyA shareholder in the companyA creditor of the company14Which of the following statements concerning the personal liability of an agent on contracts is correct?An agent is liable on a contract if it is usual business practice for them to be liableAn agent who acts on their own behalf but purports to be acting for their principal will not be liable on a contractAn agent will not be liable even if they intend to take personal liability15Which of the following is NOT a feature of criminal law?The burden of proof lies with the claimantThe standard of proof is beyond reasonable doubtIt aims to punish wrongdoers16Which of the following is NOT an indicator of self-employed status?Use of substitute labourProvision of own toolsIntegration with co-workers17Which of the following is NOT a duty owed by an employee?To exercise reasonable skill and careTo indemnify their employerTo account for all money and property received18Which TWO of the following courts can hear an appeal directly from a criminal case heard in the magistrates’court?Divisional Court of the Queen’s BenchCrown CourtCourt of AppealCourt of Justice of the European Union19Which of the following factors indicates self-employed status?Working as part of an inter-dependent teamArranging substitute labour to cover illness and holidaysReceiving payments net of taxable contributionsWearing a company uniform20Which TWO of the following statements apply to a creditors’voluntary liquidation?The members’choice of liquidator will prevailA liquidation committee is formedThe company will be solventA meeting of members will be called21Badtimes Ltd is experiencing cashflow problems,and the directors believe that unless radical action is taken,insolvency may be unavoidable.The company has been contacted by a floating chargeholder concerned that the company may default on its forthcoming interest payments.The directors have also been contacted by other unsecured creditors to discuss the possibility of putting the company into administration.For each of Badtimes Ltd’s creditors,indicate whether or not they need a court order to place the company into administration..Floatingchargeholder Unsecured creditorsWith a court orderWithout a court order22For each of the following roles of officers involved in financially distressed companies,indicate whether it is carried out by an administrator or a liquidator..Administrator LiquidatorTo rescue the company as a going concernTo realise and distribute23Which of the following is NOT a type of term?RepresentationWarrantyCondition24Which TWO of the following companies CANNOT lawfully be created?A public limited company with just one memberA public company limited by guaranteeA public limited company without share capitalA private limited company without share capital25For each of the following,indicate whether it is an offer or an invitation to treat..Offer Invitationto treatGoods displayed in a shop windowGoods taken to the cash desk at a self-service shop26Which of the following statements about consideration is true?It must be adequateIt must be performance of an existing contractual dutyIt must be sufficientIt can be performance of a public duty27In which of the following situations is it NOT possible for a third party to enforce an obligation?Where the subject matter of the agreement is a gratuitous promiseWhere the contract expressly confers the right for a third party to gain enforcement rightsWhere there has been an assignment of the benefit of the contract28Joel and Kerry are the son and daughter of Marion.Marion has asked them to clean their rooms,ready for their grandparents’visit.She said she would give them each£10for doing so.Which TWO of the following statements are true?Joel,Kerry and Marion do not have the requisite intention to createlegal relationsDomestic or family arrangements are usually informal and so thecourt will be willing to overlook the usual requirements for the formation of a contractThis arrangement cannot amount to a contractual agreement becauseit is not made in a commercial contextThere is a lack of mutuality about this arrangement,which meansthat it will be unenforceable as a contract29Fred has contracted with Burt for an extension to be built to his house. Once the work commenced,Fred and his wife found that they were expecting a baby,so it was essential for the work to be completed on time.Fred offered Burt an extra£2,000as an incentive to do so.Which of the following statements is true?Fred and Burt cannot re-negotiate terms once performance has begunBurt cannot claim the extra£2,000because he has provided noadditional considerationAs Fred benefited from the work being completed on time,Burt will be able to claim the extra£2,000The original contract has come to an end and a new one exists in its place30Which of the following statements about specific performance is NOT true?It can be granted at the court’s discretionIt can be ordered where the court can supervise the orderIt can be ordered where damages would be inadequateIt is not available where an injunction would be a more appropriate remedy31Which types of company must hold an annual general meeting?Public companies onlyPrivate companies onlyBoth private and public companies32Which of the following documents is NOT required to be registered in order to form a company?Memorandum of associationThe details of the first auditorStatement of initial capital33Which of the following will a successful claim for damages for a breach of contract compensate the claimant for?Normal loss,and abnormal consequences of which the defendant has knowledge at the time of the contractLoss foreseeable by the injured party at the time of the contractNormal loss,and abnormal consequences irrespective of whether the defendant has knowledge34Nico owns18%of the preference shares in Velvet Ltd.In a recent class meeting of the preference shareholders,78%voted in favour of varying the rights attached to those shares.Nico strongly disagrees with the proposed alteration to preference shares rights.Which of the following statements relating to the alteration of class rights is correct?The decision of the meeting cannot be contested as more than75% voted in favourNico can petition the court to set aside the variation in class rights as she holds more than15%of the preference sharesThe decision of the meeting cannot be contested as more than50% voted in favourThe class rights cannot be varied,as more than15%of the preference shareholders did not vote in favour of the resolution35Janine is a cashier at a bank branch.A customer is angry with her as she has delayed making a transaction,because in Janine's opinion it is an unusual transaction for this customer to make.Janine has called her manager,but he is busy with another client.As the customer begins to shout and become aggressive,Janine tells him that she has to make proper checks because the law requires her to validate unusual transactions.What offence has Janine potentially committed under the Proceeds of Crime Act2002?Money launderingDisclosureFailure to report her suspicionTipping off36Sophia works for TM Ltd.The board of the company treat her as a director, and hold her out as such to the outside world,even though she has never been properly appointed.Which of the following describes Sophia's position as a director?De facto directorAlternate directorShadow directorDe jure director37In contract law,if acceptance is made by means of a letter sent through the post,when is it effective?When the letter is readWhen the letter is postedWhen the letter arrives38For each of the following duties of an employer,indicate whether it is a statutory or a common law duty.Statutory .CommonlawTo pay a minimum wageTo indemnify the employee against expenses and lossesTo provide work for apprenticesTo provide time off work to undertake trade unionduties39Which TWO of the following statements concerning the distribution of a company’s dividends are true?In all cases,the net assets must be no less than the aggregate ofits called-up share capital and distributable reserves at the time of the distributionNo distribution may come from the capital redemption reserveIn all cases,the distribution must come from accumulated realisedprofits,less accumulated realised lossesEven after a dividend is declared and due for payment,there is noobligation for the company to make the distribution40Andrew is an investment fund manager.He has invested substantially in Greenbat plc,whose shares are not doing very well.He logs on to an investment website under another name and posts false information about Greenbat plc being subject to a takeover.The share price increases dramatically.Jane is also a fund manager.She buys a large amount of Greenbat plc shares at the end of the trading day in order to increase the share price.The following day,other investors follow this behaviour and Jane sells her shares at a large profit.Whose behaviour amounts to the offence of market abuse?Jane’s onlyBoth Andrew’s and Jane’sNeither Andrew’s nor Jane’sAndrew’s only41Which of the following statements in relation to criminal offences is correct?A criminal matter is dealt with under the multi-track procedureA summary offence is a minor criminal offenceThe county court has jurisdiction in relation to criminal offences42Which of the following describes a vital term in a contract?GuaranteeConditionWarranty43Which TWO of the following statements regarding contractual terms are correct?The breach of a warranty entitles the injured party to claim damagesonlyThe breach of a condition entitles the injured party to claim damagesonlyThe breach of a warranty entitles the injured party to treat thecontract as discharged onlyThe breach of a condition entitles the injured party to treat thecontract as discharged,and to claim damages44For each of the following statements regarding contractual terms, indicate whether it is true or false..True FalseA representation is a statement which induces the formationof a contract but does not become a term of the contractA term can be implied into a contract by the courts in orderto make the contract work in practice45Jasper is the manager of a sports shop.Ravan,the shop owner,allows Jasper to order running equipment but has told him he must not order any other sports equipment.However,Jasper decides to place an order for cycling accessories.Ravan refuses to pay the cycling supplier. Based on the laws of agency,who is liable to the cycling supplier,and for what reason?Ravan is liable because Jasper exercised his express authority as store managerRavan is liable because he gave Jasper responsibility for ordering stockJasper is liable because he acted without authorityRavan is liable because Jasper acted within his implied authority as store manager46BackgroundThe board of directors of ACF Ltd are concerned about a small group of shareholders who are carrying on a business in competition with ACF Ltd.The directors have asked the members to pass a resolution to alter the articles of association.The alteration would give the directors the power to compulsorily purchase the shares of any shareholder who competes with ACF Ltd.Task12marks Which TWO of the following statements regarding the alteration to ACF Ltd’s articles of association are correct?ACF Ltd can alter its articles by passing a written resolutionACF Ltd must submit a copy of its amended articles to the RegistrarA resolution to alter ACF Ltd’s articles requires a simple majorityvoteACF Ltd must hold a general meeting to alter its articlesTask22marks The members passed the resolution,giving the directors the power requested.Which of the following statements about the validity of the alteration made to ACF Ltd’s articles is correct,and for what reason?It is valid as it is bona fide in the interests of the company asa wholeIt is not valid as it is unjustified discrimination against the minorityIt is not valid because it forces a shareholder to sell his shares back to ACF LtdIt is valid because it benefits the majority of ACF’s shareholdersTask32marks For each of the following alterations to a company's articles of association,identify whether it is true or false..True FalseDirectors whose contract of employment are contained in thearticles can obtain an injunction against the company fromaltering the articles to remove them from officeA company's articles can be amended to compel an existingmember to subscribe for additional shares in the company47BackgroundACB Ltd is a building maintenance company.Its board of directors comprises three directors,Fred,Paul and Jason.Fred and Paul are in poor health and leave the running of the company's business to Jason.They know that Jason acts as ACB Ltd's managing director although he has never actually been appointed to that position.Jason decides that it is time for the company to expand.On behalf of the company,Jason instructs a surveyor to report on the suitability of a plot of land for the construction of an apartment block.Fred and Paul are unhappy about this and refuse to pay the surveyor's fees.Task12marks Which of the following statements regarding liability for the surveyor's fees is correct?Jason is personally liable to pay the surveyor's fees because he instructed the reportJason and his fellow directors are jointly and severally liable for the surveyor's feesJason and ACB Ltd,are jointly and severally liable for thesurveyor's feesACB Ltd is liable for the surveyor's fees as the board of directors allowed Jason to act as its managing directorTask22marks What type of authority was Jason exercising when he entered into the contract with the surveyor?ImpliedExpressActualApparentTask32marksFor each of the following statements regarding directors'powers, indicate whether it is true or false..True FalseDirectors'powers can be restricted by the company'sarticles of associationThe directors must exercise their powers in the bestinterest of the members48BackgroundRebecca bought a home computer for personal use from a sole trader,trading as Computers to Go.When she got the computer home she found that it didn't work.She returned the computer to the shop,but the retailer refused to refund her money and pointed to a sign placed above the door inside the shop,which she had not seen and which stated:‘All products must be inspected before any sale is concluded.In the event of any defect,no liability will be accepted and refunds will not be given.’Task14marksFor each of the following statements,identify whether it is true or false..True FalseThe exclusion clause has been incorporated into the contractwith RebeccaRebecca is dealing as a consumerThe exclusion clause would need to be reasonable to beeffectiveThe law relating to unfair contract terms will not applyComputers to Go as it is a sole traderTask22marksAssuming that the exclusion clause is invalid,which of the following actions can Rebecca take?Sue for specific performance of the contract and claim damagesTerminate the contract and claim damagesTreat the contract as discharged,owing to the anticipatory breachSue for specific performance of the contract only49BackgroundIn March20X2,Jaygee plc is seeking to raise capital and therefore allots 100,000ordinary shares,each with a nominal value of£2,for£4.50each in cash,giving rise to the share premium of£250,000.Task12marksWhich TWO of the following statements about the share premium are true?It can be used for a dividend payment in the same yearIt can be used for a dividend payment in the following yearIt can be used for the expenses of previous share issuesIt can be used for an issue of bonus shares in the futureTask22marksIn March20X3,the board of Jaygee plc considers an allotment of more£2 ordinary shares.The shares will be partly-paid but carry a premium of £2.50.What minimum payment for the shares will the purchasers have to make?50%of the nominal value,plus50%of the premium50%of the nominal value,plus the full premium25%of the nominal value,plus the full premium25%of the nominal value,plus25%of the premiumTask32marksMalcolm wishes to offer a warehouse that he owns in return for a substantial number of the shares to be allotted.Indicate whether the following statements about Malcolm’s offer are true or false..True FalseThe number of shares which could be purchased in return forthe warehouse would be determined by an independentvaluation of the buildingMalcolm would need to give an undertaking to transfer theproperty by March20X850BackgroundEXL Ltd is a company which sources designer bathroom products from both UK-based and overseas suppliers.Most of EXL Ltd’s overseas business is carried out by local agents on its behalf.Adam,the managing director of EXL Ltd,wants to be sure that the company is complying with the requirements of the Bribery Act2010.The following matters have come to his attention and he has asked for your advice:1)Ravi,a director of EXL Ltd wasrecently invited to an event hostedby a potential supplier,PNK plc.EXL Ltd is in the process ofconsidering proposals from PNK plcand two other companies and willaward a lucrative contract to one ofthem.During the event,it wasannounced that Ravi had won a newcar in a free prize draw.Anemployee of PNK plc joked with Ravithat winning the car should help PNKplc win the EXL Ltd contract.At theboard meeting which followed,Ravicast his vote in favour of PNK plcbeing awarded the contract.2)One of the company’s agentsoverseas is making payments togovernment officials in order toexpedite export licences for goodssent to the UK.Task12marksWhich of the following statements regarding the car won by Ravi is correct?Both PNK plc and Ravi have committed a bribery offenceOnly PNK plc has committed a bribery offenceNeither PNK plc nor Ravi have committed a bribery offenceOnly Ravi has committed a bribery offenceTask22marksWhich of the following statements regarding the actions of EXL Ltd’s agent overseas is correct?No offence has been committed by EXL Ltd,since the events occurred overseas and not in the UKNo offence has been committed by EXL Ltd,since its contact overseas is an agent and not an employeeEXL Ltd has potentially committed the offence of bribing a foreign public officialEXL Ltd has potentially committed the offence of failure to prevent briberyTask32marksFor each of the following statements regarding bribery,indicate whether it is true or false..True FalseThe directors of a company found guilty of bribery can besued for compensation for failing to maintain adequateproceduresA partnership cannot be guilty of the offence of corporatefailure to prevent bribery。
2015年6月ACCA F5考试真题答案
A 38·80 104·64
9·28 144·00 ––––––––– 296·72 –––––––––
1,200 800
––––––––– 2,296·72 –––––––––
B 58·20 209·28 37·12 288·00 ––––––––– 592·60 –––––––––
2,640 1,620 ––––––––– 4,852·60 –––––––––
A 14,600 14,600 350,400 14,600
B 22,400 33,600 1,075,200 89,600
Total 37,000 48,200 1,425,600 104,200
Cost driver rates
Administrative costs – $1,870,160/48,200 = $38·80 per admin hour
Overhead allocation per procedure Procedure
Administrative costs Nursing costs Catering costs General facility costs
Add direct costs: Surgical Anaesthesia Total cost per procedure
Answers
Fundamentals Level – Skills Module, Paper F5 Performance Management
Section A
1C
Divisional profit before depreciation = $2·7m x 15% = $405,000 per annum. Less depreciation = $2·7m x 1/50 = $54,000 per annum. Divisional profit after depreciation = $351,000 Imputed interest = $2·7m x 7% = $189,000 Residual income = $162,000.
2015ACCA考试公司与商法复习题及答案(1)
2015ACCA考试公司与商法平时练习题（1）Question:(a) In relation to the English legal system, explain the meaning of:(i) criminal law;(ii) civil law.(b) Explain the hierarchy of courts dealing with criminal law.Answer:(a) (i) Criminal law relates to conduct which the State considers with disapproval and which it seeks to control. Criminal law involves the enforcement of particular forms of behaviour, and the State, as the representative of society, acts positively to ensure compliance. Thus, criminal cases are brought by the State in the name of the Crown and cases are reported in the form of Regina v … (Regina is simply Latin for ‘queen’ and case references are usually abbreviated to R v ...). In criminal law the prosecutor prosecutes a defendant (or ‘the accused’) and is required to prove that the defendant is guilty beyond reasonable doubt. The Companies Act (CA) 006 sets out many potential criminal offences, which may be committed by either the company itself, or its officers or other individuals. An example of this which may be cited is s.993, which relates to the criminal offence of fraudulent trading and applies to any person, not just directors or members, who is knowingly a party to the carrying on of a business with the intent to defraud creditors. The potential penalty on conviction is imprisonment for a maximum period of 10 years, or a fine or both.(ii) Civil law, on the other hand, is a form of private law and involves the relationships between individual citizens. It is the legal mechanism through which individuals can assert claims against others and have those rights adjudicated and enforced. The purpose of civil law is to settle disputes between individuals and to provide remedies; it is not concerned with punishment as such. The role of the State in relation to civil law is to establish the general framework of legal rules and to provide the legal institutions to operate those rights, but the activation of the civil law is strictly a matter for the individuals concerned.Contract, tort and property law are generally aspects of civil law.Civil cases are referred to by the names of the parties involved in the dispute, for example, Smith v Jones. In civil law, a claimant sues (or ‘brings a claim against’) a defendant and the degree of proof is on the balance of probabilities. In relation to theCA 006, the duties owed to companies by directors set out in ss.171–177 may be cited as examples of civil liability, and directors in breach are liable to recompense the company for the consequences of their failure to comply with those duties, as is set out in s.178.In distinguishing between criminal and civil actions, it has to be remembered that the same event may give rise to both. For example, where the driver of a car injures someone through their reckless driving, they will be liable to be prosecuted under the Road Traffic legislation, but at the same time, they will also be responsible to the injured party in the civil law relating to the tort of negligence. Similarly, a director may fall foul of both the criminal regulation of fraudulent trading (s.993 CA 006) as well as breaching their duty to the company under one of the provisions of ss.171–177 CA 006.(b) The essential criminal trial courts are the magistrates’ courts and Crown Courts. I n serious offences, known as indictable offences, the defendant is tried by a judge and jury in a Crown Court. For less serious offences, known as summary offences, the defendant is tried by magistrates; and for ‘either way’ offences, the defendant can be tried by magistrates if they agree but the defendant may elect for jury trial.Criminal appeals from the magistrates go to the Crown Court or to the Queen’s Bench Division (QBD) Divisional Court ‘by way of case stated’ on a point of law or that the magistrates went beyond their proper powers.Further appeal is to the Court of Appeal (Criminal Division) and then to the Supreme Court on a significant point of law.。
2015年6月ACCA P4考试真题
The Association of Chartered Certified Accountants
Paper P4
Section A – This ONE question is compulsory and MUST be attempted 1 Yilandwe Yilandwe, whose currency is the Yilandwe Rand (YR), has faced extremely difficult economic challenges in the past 25 years because of some questionable economic policies and political decisions made by its previous governments. Although Yilandwe’s population is generally poor, its people are nevertheless well-educated and ambitious. Just over three years ago, a new government took office and since then it has imposed a number of strict monetary and fiscal controls, including an annual corporation tax rate of 40%, in an attempt to bring Yilandwe out of its difficulties. As a result, the annual rate of inflation has fallen rapidly from a high of 65% to its current level of 33%. These strict monetary and fiscal controls have made Yilandwe’s government popular in the larger cities and towns, but less popular in the rural areas which seem to have suffered disproportionately from the strict monetary and fiscal controls. It is expected that Yilandwe’s annual inflation rate will continue to fall in the coming few years as follows: Year 1 2 3 onwards Inflation rate 22·0% 14·7% 19·8%
2015年6月ACCA考试《高级财务管理》真题及答案
2015年6月ACCA考试《高级财务管理》真题(总分：100，做题时间：180分钟)一、Section A – This ONE question is compulsory and MUST be attempted(总题数：1，分数：50.00)1.Yilandwe Yilandwe, whose currency is the Yilandwe Rand (YR), has faced extremely difficult economic challenges in the past 25 years because of some questionable economic policies and political decisions made by its previous governments.Although Yilandwe’s population is generally poor, its people are nevertheless well-educated and ambitious. Just over three years ago, a new government took office and since then it has imposed a number of strict monetary and fiscal controls, including an annual corporation tax rate of 40%, in an attempt to bring Yilandwe out of its difficulties. As a result, the annual rate of inflation has fallen rapidly from a high of 65% to its current level of 33%. These strict monetary and fiscal controls have made Yilandwe’s government popular in the larger cities and towns, but less popular in the rural areas which seem to have suffered disproportionately from the strict monetary and fiscal controls. It is expected that Yilandwe’s annual inflation rate will continue to fall in the coming few years as follows: Yilandwe’s government has decided to continue the progress made so far, by encouraging foreign direct investment into the country. Recently, government representatives held trade shows internationally and offered businesses a number of concessions, including: (i) zero corporation tax payable in the first two years of operation; and (ii) an opportunity to carry forward tax losses and write them off against future profits made after the first two years. The government representatives also promised international companies investing in Yilandwe prime locations in towns and cities with good transport links. Imoni Co Imoni Co, a large listed company based in the USA with the US dollar ($) as its currency, manufactures high tech diagnostic components for machinery, which it exports worldwide. After attending one of the trade shows, Imoni Co is considering setting up an assembly plant in Yilandwe where parts would be sent and assembled into a specific type of component, which is currently being assembled in the USA. Once assembled, the component will be exported directly to companies based in the European Union (EU). These exports will be invoiced in Euro (€). Assembly plant in Yilandwe: financial and other data projections It is initially assumed that the project will last for four years. The four-year project will require investments of YR21,000 million for land and buildings, YR18,000 million for machinery and YR9,600 million for working capital to be made immediately. The working capital will need to be increased annually at the start of each of the next three years by Yilandwe’s inflation rate and it is assumed t hat this will be released at the end of the project’s life. It can be assumed that the assembly plant can be built very quickly and production started almost immediately. This is because the basic facilities and infrastructure are already in place as the plant will be built on the premises and grounds of a school. The school is ideally located, near the main highway and railway lines. As a result, the school will close and the children currently studying there will be relocated to other schools in the city. The government has kindly agreed to provide free buses to take the children to these schools for a period of six months to give parents time to arrange appropriate transport in the future for their children. The current selling price of each component is €700 and this price is likely to increase by the average EU rate of inflation from year 1 onwards. The number of components expectedto be sold every year are as follows: The parts needed to assemble into the components in Yilandwe will be sent from the USA by Imoni Co at a cost of $200 per component unit, from which Imoni Co would currently earn a pre-tax contribution of $40 for each component unit. However, Imoni Co feels that it can negotiate with Yilandwe’s government and increase the transfer price to $280 per component unit. The variable costs related to assembling the components in Yilandwe are currently YR15,960 per component unit. The current annual fixed costs of the assembly plant are YR4,600 million. All these costs, wherever incurred, are expec ted to increase by that country’s annual inflation every year from year 1 onwards. Imoni Co pays corporation tax on profits at an annual rate of 20% in the USA. The tax in both the USA and Yilandwe is payable in the year that the tax liability arises. A bilateral tax treaty exists between Yilandwe and the USA. Tax allowable depreciation is available at 25% per year on the machinery on a straight-line basis. Imoni Co will expect annual royalties from the assembly plant to be made every year. The normal annual royalty fee is currently $20 million, but Imoni Co feels that it can negotiate this with Yilandwe’s government and increase the royalty fee by 80%. Once agreed, this fee will not be subject to any inflationary increase in the project’s four-year period. If Imoni Co does decide to invest in an assembly plant in Yilandwe, its exports from the USA to the EU will fall and it will incur redundancy costs. As a result, Imoni Co’s after-tax cash flows will reduce by the following amounts: Imoni Co normally uses its cost of capital of 9% to assess new projects. However, the finance director suggests that Imoni Co should use a project specific discount rate of 12% instead. Required:（分数：50.00）(1).(a) Discuss the possible benefits and drawbacks to Imoni Co of setting up its own assembly plant in Yilandwe,compared to licensing a company based in Yilandwe to undertake the assembly on its behalf. (5 marks)（分数：25.00）_________________________________________________________________________________ _________正确答案：(Benefits of own investment as opposed to licensing Imoni Co may be able to benefit from setting up its own plant as opposed to licensing in a number of ways. Yilandwe wants to attract foreign investment and is willing to offer a number of financial concessions to foreign investors which may not be available to local companies. The company may be able to control the quality of the components more easily, and offer better and targeted training facilities if it has direct control of the labour resources. The company may also be able to maintain the confidentiality of its products, whereas assigning the assembly rights to another company may allow that company to imitate the products more easily. Investing internationally may provide opportunities for risk diversification, especially if Imoni Co’s shareholders are not well-diversified internationally themselves. Finally, direct investment may provide Imoni Co with new opportunities in the future, such as follow-on options. Drawbacks of own investment as opposed to licensing Direct investment in a new plant will probably require higher, upfront costs from Imoni Co compared to licensing the assembly rights to a local manufacturer. It may be able to utilise these saved costs on other projects. Imoni Co will most likely be exposed to higher risks involved with international investment such as political risks, cultural risks and legal risks. With licensing these risks may be reduced somewhat. The licensee, because it would be a local company, may understand the operational systems of doing business in Yilandwe better. It will therefore be able to get off-the-ground quicker. Imoni Co, on the other hand, will need to become familiar with the local systems and culture, which may take time and make it less efficient initially. Similarly, investing directly inYilandwe may mean that it costs Imoni Co more to train the staff and possibly require a steeper learning curve from them. However, the scenario does say that the country has a motivated and well-educated labour force and this may mitigate this issue somewhat. (Note: Credit will be given for alternative, relevant suggestions))解析：(2).(b) Prepare a report which: (i) Evaluates the financial acceptability of the investment in the assembly plant in Yilandwe; (21 marks) (ii) Discusses the assumptions made in producing the estimates, and the other risks and issues which Imoni Co should consider before making the final decision; (17 marks) (iii) Provides a reasoned recommendation on whether or not Imoni Co should invest in the assembly plant in Yilandwe.(3 marks) Professional marks will be awarded in part (b) for the format, structure and presentation of the report.(4 marks) （分数：25.00）_________________________________________________________________________________ _________正确答案：(Report on the proposed assembly plant in Yilandwe This report considers whether or not it would be beneficial for Imoni Co to set up a parts assembly plant in Yilandwe. It takes account of the financial projections, presented in detail in appendices 1 and 2, discusses the assumptions made in arriving at the projections and discusses other non-financial issues which should be considered. The report concludes by giving a reasoned recommendation on the acceptability of the project. Assumptions made in producing the financial projections It is assumed that all the estimates such as sales revenue, costs, royalties, initial investment costs, working capital, and costs of capital and inflation figures are accurate. There is considerable uncertainty surrounding the accuracy of these and a small change in them could change the forecasts of the project quite considerably.A number of projections using sensitivity and scenario analysis may aid in the decision making process. It is assumed that no additional tax is payable in the USA for the profits made during the first two years of the project’s life when the company will not pay tax in Yilandwe either. This is especially relevant to year 2 of the project. No details are provided on whether or not the project ends after four years. This is an assumption which is made, but the project may last beyond four years and therefore may yield a positive net present value. Additionally, even if the project ceases after four years, no details are given about the sale of the land, buildings and machinery. The residual value of these non-current assets could have a considerable bearing on the outcome of the project. It is assumed that the increase in the transfer price of the parts sent from the USA directly increases the contribution which Imoni Co earns from the transfer. This is probably not an unreasonable assumption. However, it is also assumed that the negotiations with Yilandwe’s government will be successful with respect to increasing the transfer price and the royalty fee.Imoni Co needs to assess whether or not this assumption is realistic. The basis for using a cost of capital of 12% is not clear and an explanation is not provided about whether or not this is an accurate or reasonable figure. The underpinning basis for how it is determined may need further investigation. Although the scenario states that the project can start almost immediately, in reality this may not be possible and Imoni Co may need to factor in possible delays. It is assumed that future exchange rates will reflect the differential in inflation rates between the respective countries. However,it is unlikely that the exchange rates will move fully in line with the inflation rate differentials. Other risks and issues Investing in Yilandwe may result in significant political risks. The scenario states that the current political party is not very popular。
2015年6月ACCA考试《财务管理》真题及详解
2015年6月ACCA考试《财务管理》真题(总分：100，做题时间：120分钟)一、Section A – ALL 20 questions are compulsory and MUST be attempted (总题数：20，分数：40.00)1.Which of the following statements is/are correct? (1)Monetary policy seeks to influence aggregate demand by increasing or decreasing the money raised through taxation (2)When governments adopt a floating exchange rate system, the exchange rate is an equilibrium between demand and supply in the foreign exchange market (3)Fiscal policy seeks to influence the economy and economic growth by increasing or decreasing interest rates （分数：2.00）A.2 only √B.1 and 2 onlyC.1 and 3 onlyD.1, 2 and 32.Which of the following statements are correct? (1)The general level of interest rates is affected by investors’ desire for a real return (2)Market segmentation theory can explain kinks (discontinuities) in the yield curve (3)When interest rates are expected to fall, the yield curve could be sloping downwards（分数：2.00）A.1 and 2 onlyB.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 3 √3.The following information relates to a company: Which of the following statements is correct?（分数：2.00）A.The dividend payout ratio is greater than 40% in every year in the periodB.Mean growth in dividends per share over the period is 4%C.Total shareholder return for the third year is 26%D.Mean growth in earnings per share over the period is 6% per year √4.Which of the following statements is correct?（分数：2.00）A.One of the problems with maximising accounting profit as a financial objective is that accounting profit can bemanipulated √B.A target for a minimum level of dividend cover is a target for a minimum dividend payout ratioC.The welfare of employees is a financial objectiveD.One reason shareholders are interested in earnings per share is that accounting profit takes account of risk5.Which of the following statements is NOT correct?（分数：2.00）A.Return on capital employed can be defined as profit before interest and tax dividedby the sum of shareholders’funds and prior charge capitalB.Return on capital employed is the product of net profit margin and net asset turnoverC.Dividend yield can be defined as dividend per share divided by the ex dividend share priceD.Return on equity can be defined as profit before interest and tax divided by shareholders’ funds √6. Which of the following statements are correct? (1)The sensitivity of a project variable can be calculated by dividing the project net present value by the present value of the cash flows relating to that project variable (2)The expected net present value is the value expected to occur if an investment project with several possible outcomes is undertaken once (3)The discounted payback period is the time taken for the cumulative net present value to change from negative to positive（分数：2.00）A.1 and 2 onlyB.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 37.Which of the following statements is/are correct? (1)The asset beta reflects both business risk and financial risk (2)Total risk is the sum of systematic risk and unsystematic risk (3)Assuming that the beta of debt is zero will understate financial risk when ungearing an equity beta（分数：2.00）A.2 only √B.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 38.Which of the following statements are correct? (1)Share option schemes always reward good performance by managers (2)Performance-related pay can encourage dysfunctional behaviour (3)Value for money as an objective in not-for-profit organisations requires the pursuit of economy, efficiency and effectiveness（分数：2.00）A.1 and 2 onlyB.1 and 3 onlyC.2 and 3 only √D.1, 2 and 39.Which of the following are financial intermediaries? (1)Venture capital organisation (2)Pension fund (3)Merchant bank（分数：2.00）A.2 onlyB.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 3 √10.A company has in issue loan notes with a nominal value of $100 each. Interest on the loan notes is 6% per year,payable annually. The loan notes will be redeemed in eight years’ time at a 5% premium to nominal value. The before-tax cost of debt of the company is 7% per year. What is the ex interest market value of each loan note?（分数：2.00）A.$94•03B.$96•94 √C.$102•91D.$103•10Market value = (6 x 5•971) + (105 x 0•582) = 35•83 + 61•11 = $96•9411.Which of the following statements are correct? (1)Capital market securities are assets for the seller but liabilities for the buyer (2)Financial markets can be classified into exchange and over-the-counter markets (3)A secondary market is where securities are bought and sold by investors（分数：2.00）A.1 and 2 onlyB.1 and 3 onlyC.2 and 3 only √D.1, 2 and 312.Which of the following statements are correct? (1)A certificate of deposit is an example of a money market instrument (2)Money market deposits are short-term loans between organisations such as banks (3)Treasury bills are bought and sold on a discount basis （分数：2.00）A.1 and 2 onlyB.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 3 √13.A company is evaluating an investment project with the following forecast cash flows: Using discount rates of 15% and 20%, what is the internal rate of return of the investment project?（分数：2.00）A.15•8%B.17•2%C.17•8% √D.19•4%14.Which of the following statements are correct? (1)Interest rate options allow the buyer to take advantage of favourable interest rate movements (2)A forward rate agreement does not allow a borrower to benefit from a decrease in interest rates (3)Borrowers hedging against an interest rate increase will buy interest rate futures now and sell them at a future date（分数：2.00）A.1 and 2 only √B.1 and 3 onlyC.2 and 3 only。
2015年6月ACCA P4考试真题答案
Professional Level – Options Module, Paper P4 Advanced Financial Management
June 2015 Answers
1 (a) Benefits of own investment as opposed to licensing Imoni Co may be able to benefit from setting up its own plant as opposed to licensing in a number of ways. Yilandwe wants to attract foreign investment and is willing to offer a number of financial concessions to foreign investors which may not be available to local companies. The company may be able to control the quality of the components more easily, and offer better and targeted training facilities if it has direct control of the labour resources. The company may also be able to maintain the confidentiality of its products, whereas assigning the assembly rights to another company may allow that company to imitate the products more easily. Investing internationally may provide opportunities for risk diversification, especially if Imoni Co’s shareholders are not well-diversified internationally themselves. Finally, direct investment may provide Imoni Co with new opportunities in the future, such as follow-on options.
2015年12月ACCA考试F5业绩管理真题SB部分_真题(含答案与解析)-交互
2015年12月ACCA考试F5业绩管理真题（SectionB部分）(总分60, 做题时间195分钟)Section BThe Chemical Free Clean Co (C Co) provides a range ofenvironmentally-friendly cleaning services to business customers, often providing a specific service to meet a client's needs. Its customers range from large offices and factories to specialist care wards at hospitals, where specialist cleaning equipment must be used and regulations adhered to. C Co offers both regular cleaning contracts and contracts for one-off jobs. For example, its latest client was a chain of restaurants which employed them to provide an extensive clean of all their business premises after an outbreak of food poisoning.The cleaning market is **petitive, although there are only a small number of companies providing a chemical free service. C Co has always used cost-plus pricing to determine the prices which it charges to its customers but recently, the cost of the cleaning products C Co uses has increased. This has meant that C Co has had to increase its prices, resulting in the loss of several regular customers to competing service providers.The finance director at C Co has heard about target costing and is considering whether it could be useful at C Co.Required:SSS_TEXT_QUSTI(a) Briefly describe the main steps involved in deriving a target cost.该题您未回答:х该问题分值: 3答案:Target costing stepsDeriving a target costStep 1: A product or service is developed which is perceived to be needed by customers and therefore will attract adequate sales volumes.Step 2: A target price is then set based on the customers' perceived value of the product. This will therefore be a market based price. Step 3: The required target operating profit per unit is then calculated. This may be based on either return on sales or return oninvestment.Step 4: The target cost is derived by subtracting the target profit from the target price.Step 5: If there is a cost gap, attempts will be made to close the gap. Techniques such as value engineering may be performed, which looks at every aspect of the value chain business functions with an objective of reducing costs while satisfying customer needs.Step 6: Negotiation with customers may take place before deciding whether to go ahead with the project.SSS_TEXT_QUSTI(b) Explain any difficulties which may be encountered and any benefits which may arise when implementing target costing at C Co.该题您未回答:х该问题分值: 7答案:Application at C CoDifficulties in implementation– C Co is a **pany and in **panies, it is often more difficult to find a precise definition for some of the services. In order for target costing to be useful, it is necessary to define the service being provided. C Co actually provides a range of services toclients including specialist care wards at hospitals. This meansthat the definition of the services being provided will vary. Different target costs will need to be derived for the different services provided.– C Co has two types of clients: regular clients and one-off clients. Since the service for regular clients is being repeated, it should be relatively easy to set a target cost for these jobs. However, for the one-off jobs, there may not be **parative data available and therefore setting the target cost will be difficult. – Similarly, some of the work available is very specialist. For example, cleaning restaurants and kitchens after an outbreak of food poisoning will require specialist techniques and adherence to a set of regulations with which C Co may not be familiar. It may be difficult to establish the market price for a service like this, thus making it difficult to derive a target cost.Benefits to C Co– Target costing is useful in competitive markets where a companyis not dominant in the market and therefore has to accept a marketprice for their products. C Co is operating in a competitive market and whilst the service offered by C Co is more specialist, it is clear from the recent drop in sales that price increases do lead to loss of customers. C Co cannot therefore ignore the market price for cleaning services and simply pass on cost increases as it has done. Target costing would therefore help C Co to focus on the marketprice of similar services provided by competitors, where this information is available.– If after calculating a target cost C Co finds that a cost gap exists, it will then be forced to examine its internal processes and costs more closely. It should establish why the prices of the products it uses have increased in the first place. If it cannot achieve any reduction in these prices, it should consider whether it can source cheaper non-chemical products from alternative suppliers. So, target costing will benefit C Co by helping it to focus on cost reduction and consequently customer retention.Note: More points could be made and would earn marks.Bus Co is a large bus operator, operating long-distance bus services across the country. There are two other national operators in the country. Bus Co's mission is to ‘be the market leader in long-distance transport providing a greener, cleaner service for passengers nationwide’. Last month, an independent survey of 40,000 passengers was carried out, the results of which are shown in the table below:Table: Bus passenger satisfaction % by national operator* denotes that the percentage has not yet been calculated.The ‘overall satisfaction’ percentages, which have not yet been inserted into the table, are calculated using a weighted average which reflects the importance customers place on each of the other three criteria above. The weightings used are as follows:The managing director (MD) of Bus Co has said: ‘Independent research has shown that our customers are the most satisfied of any national bus operator. We are now leading the way on what matters most to customers –value for money and punctuality.’Required:SSS_TEXT_QUSTI(a) Calculate the ‘overall satisfaction’ percentage for each operator.该题您未回答:х该问题分值: 2答案:CalculationsBus: (0·4 × 0·67) + (0·32 × 0·8) + (0·28 × 0·82) = 75·36%. Prime: (0·4 × 0·58) + (0·32 × 0·76) + (0·28 × 0·83) = 70·76%.Express: (0·4 × 0·67) + (0·32 × 0·76) + (0·28 × 0·89) = 76·04%.SSS_TEXT_QUSTI(b) Taking into account all the data in the table and your calculations from part (a), discuss whether the managing director's statement is true.该题您未回答:х该问题分值: 4答案:Accuracy of statementThe MD's statement says that Bus Co's customers are the mostsatisfied of any national bus operator. However, this is not quite the case since, when the ‘overall satisfaction’ levels are calculated, Express's level is 76·04% compared to Bus Co's 75·36%. So, the first part of the MD's statement is untrue.The MD then goes on to say that Bus Co is leading the way on what matters most to customers – value for money and punctuality. Given the weightings attached to these two criteria, it appears true to say that these are the factors which matter most to customers. Similarly, it is true to say that Bus Co is leading as regards punctuality, being 4 percentage points ahead of Prime and Express on this criterion. However, given that Express also has the same level of satisfaction as regards offering value for money, Bus Co is only leading ahead of Prime on this criterion, not ahead of Express. Therefore, whilst it can say that it is the leader on punctuality, it can only say that it is the joint leader on value for money.SSS_TEXT_QUSTI(c)When measuring performance using a ‘value for money’ approach, the criteria of economy, efficiency and effectiveness can be used. Required:Briefly define ‘efficiency’ and ‘effectiveness’ and suggest one performance measure for EACH, which would help Bus Co assess the efficiency and effectiveness of the service it provides.该题您未回答:х该问题分值: 4答案:VFM‘Efficiency’ focuses on the relationship between inputs and outputs, considering whether the maximum output is being achieved for the resources used.Performance measure:Occupancy rate of buses.Utilisation rate for buses.(utilisation rate = hours on theroad/total hours available)Utilisation rate for drivers.(Many others could be given too but only one was asked for.)‘Effectiveness’ focuses on the relationship between anorganisation's objectives and outputs, considering whether the objectives are being met.Possible performance measures:Percentage of customers satisfied with cleanliness of buses. Percentage of carbon emissions relative to target set.(Many others could be given too but only one was asked for.)The Organic Bread Company (OBC) makes a range of breads for sale direct to the public. The production process begins with workers weighing out ingredients on electronic scales and then placing themin a machine for mixing. A worker then manually removes the mix from the machine and shapes it into loaves by hand, after which the bread is then placed into the oven for baking.All baked loaves are then inspected by OBC's quality inspector before they are packaged up and made ready for sale. Any loaves which fail the inspection are donated to a local food bank.The standard cost card for OBC's ‘Mixed Bloomer’, one of its most popular loaves, is as follows:Budgeted production of Mixed Bloomers was 1,000 units for the quarter, although actual production was only 950 units. The total actual quantities used and their actual costs were:Required:SSS_TEXT_QUSTI(a) Calculate the total material mix variance and the total material yield variance for OBC for the last quarter.该题您未回答:х该问题分值: 7答案:Variance calculationsMix variancePer question, total g of materials per standard batch = 610 g. Therefore standard quantity to produce 950 units = 950 × 610 g = 579·5 kgPer question, actual total kg of materials used to produce 950 units = 570·5 kgAlternative yield calculation570·5 kg should yield (÷ 0·61 kg) = 935·25 loaves570·5 kg did yield = 950 loavesDifference = 14·75 FValued a t standard material cost = 14·75F × $1·34 = $19·77FSSS_TEXT_QUSTI(b) Using the information in the question, suggest THREE possible reasons why an ADVERSE MATERIAL YIELD variance could arise at OBC.该题您未回答:х该问题分值: 3答案:Material yield varianceThree reasons why an adverse material yield variance may arise:– The mix may not be **pletely out of the machine, leaving some mix behind.– Since the loaves are made by hand, they may be made slightly too large, meaning that fewer loaves can be baked.– Errors or changes in the mix may cause some loaves to be sub-standard and therefore rejected by the quality inspector.– The loaves might be baked at the wrong temperature and therefore be rejected by the quality inspector.Note: Many more reasons could be given.Cardio Co manufactures three types of fitness equipment: treadmills (T), cross trainers (C) and rowing machines (R). The budgeted sales prices and volumes for the next year are as follows:The standard cost card for each product is shown below.Labour costs are 60% fixed and 40% variable. General fixed overheads excluding any fixed labour costs are expected to be $55,000 for the next year.Required:SSS_TEXT_QUSTI(a) Calculate the weighted average contribution to sales ratio for Cardio Co.该题您未回答:х该问题分值: 4答案:Weighted average C/S ratioWeighted average contribution to sales ratio (WA C/S ratio) = total contribution/total sales revenue.WA C/S ratio = ($408,240 + $433,600 + $330,220)/($672,000 + $720,000 + $532,000)= $1,172,060/$1,924,000 = 60·92%.SSS_TEXT_QUSTI(b) Calculate the margin of safety in $ revenue for Cardio Co.该题您未回答:х该问题分值: 3答案:Margin of safetyMargin of safety = budgeted sales – breakeven salesBudgeted sales revenue = $1,924,000Fixed labour costs = {(420 × $220) + (400 × $240) + (380 × $190)} × 0·6 = $156,360k.Therefore total fixed costs = $156,360 + $55,000 = $211,360. Breakeven sales revenue = fixed costs/weighted average C/S ratio= $211,360/60·92% = $346,947Therefore margin of safety = $1,924,000 – $346,947 = $1,577,053.SSS_TEXT_QUSTI(c) Using the graph paper provided and assuming that the products are sold in a CONSTANT MIX, draw a multi-product breakeven chart for Cardio Co. Label fully both axes, any lines drawn on the graph and the breakeven point.该题您未回答:х该问题分值: 6答案:Multi-product breakeven chartWorkingsTotal revenue = $1,924,000.Total variable costs = $1,924,000 – $1,172,060 = $751,940. Therefore total costs = $211,360 + $751,940 = $963,300.SSS_TEXT_QUSTI(d) Explain what would happen to the breakeven point if the products were sold in order of the most profitable products first.Note: You are NOT required to demonstrate this on the graph drawn in part (c).该题您未回答:х该问题分值: 2答案:BEP if products sold in order of profitabilityIf the more profitable products are sold first, this means that**pany will cover its fixed costs more quickly. Consequently, the breakeven point will be reached earlier, i.e. fewer sales will need to be made in order to break even. So, the breakeven point will be lower.Cardale Industrial Metal Co (CIM Co) is a large supplier ofindustrial metals. **pany is split into two divisions: Division F and Division N. Each division operates separately as an investment centre, with each one having full control over its non-current assets. In addition, both divisions are responsible for their own current assets, controlling their own levels of inventory and cash and having full responsibility for the credit terms granted to customers and the collection of receivables balances. Similarly, each division has full responsibility for its current liabilities and deals directly with its own suppliers.Each divisional manager is paid a salary of $120,000 per annum plus an annual performance-related bonus, based on the return on investment (ROI) achieved by their division for the year. Each divisional manager is expected to achieve a minimum ROI for their division of 10% per annum. If a manager only meets the 10% target, they are not awarded a bonus. However, for each whole percentage point above 10% which the division achieves for the year, a bonus equivalent to 2% of annual salary is paid, subject to a maximum bonus equivalent to 30% of annual salary.The following figures relate to the year ended 31 August 2015:/During the year ending 31 August 2015, Division N invested $6·8m in new equipment including a technologically advanced cutting machine, which is expected to increase productivity by 8% per annum. Division F has made no investment during the year, although **puter system is badly in need of updating. Division F's manager has said that he hasalready had to delay payments to suppliers (i.e. accounts payables) because of limited cash and **puter system ‘will just have to wait’, although the cash balance at Division F is still better than that of Division N.Required:SSS_TEXT_QUSTI(a) For each division, for the year ended 31 August 2015, calculate the appropriate closing return on investment (ROI) on which the payment of management bonuses will be based. Briefly justify the figures used in your calculations.Note: There are 3 marks available for calculations and 2 marks available for discussion.该题您未回答:х该问题分值: 5答案:Division FControllable profit = $2,645k.Total assets less trade payables = $9,760k + $2,480k – $2,960k = $9,280k.ROI = 28·5%.Division NControllable profit = $1,970k.Total assets less trade payables = $14,980k + $3,260k – $1,400k = $16,840k.ROI = 11·7%.In both calculations controllable profit has been used to reflect profit, rather than net profit. This is because the managers do not have any control over the Head Office costs and responsibility accounting deems that managers should only be held responsible for costs which they control. The same principle is being applied in the choice of assets figures being used. The current assets and current liabilities figures have been taken into account in the calculation because of the fact that the managers have full control over both of these.SSS_TEXT_QUSTI(b) Based on your calculations in part (a), calculate each manager's bonus for the year ended 31 August 2015.该题您未回答:х该问题分值: 3答案:BonusBonus to be paid for each percentage point = $120,000 × 2% = $2,400. Maximum bonus = $120,000 × 0·3 = $36,000.Division F:ROI = 28·5% = 18 whole percentage points above minimum ROI of 10%.18 × $2,400 = $43,200.Therefore manager will be paid the maximum bonus of $36,000.Division N: ROI = 11·7% = 1 whole percentage point above minimum. Therefore bonus = $2,400.SSS_TEXT_QUSTI(c) Discuss whether ROI is providing a fair basis for calculating the managers' bonuses and the problems arising from its use at CIM Co for the year ended 31 August 2015.该题您未回答:х该问题分值: 7答案:Discussion– The manager of Division N will be paid a far smaller bonus than the manager of Division F. This is because of the large asset base on which the ROI figure has been calculated. Total assets ofDivision N are almost double the total assets of Division F. This is largely attributable to the fact that Division N invested $6·8m in new equipment during the year. If this investment had not been made, net assets would have been only $10·04m and the ROI for Division N would have been 19·62%. This would have led to the payment of a $21,600 bonus (9 × $2,400) rather than the $2,400 bonus. Consequently, Division N's manager is being penalised for making decisions which are in the best interests of his division. It is very surprising that he did decide to invest, given that he knewthat he would receive a lower bonus as a result. He has actedtotally in the best interests of **pany. Division F's manager, onthe other hand, has benefitted from the fact that he has made no investment even though it is badly needed. This is an example ofsub-optimal decision making.– Division F's trade payables figure is much higher than DivisionN's. This also plays a part in reducing the net assets figure on which the ROI has been based. Division F's trade payables are over double those of Division N. In part, one would expect this because sales are over 50% higher (no purchases figure is given). However,it is clear that it is also because of low cash levels at Division F. The fact that the manager of Division F is then being rewardedfor this, even though relationships with suppliers may be adversely affected, is again an example of sub-optimal decision making.– If the co ntrollable profit margin is calculated, it is 18·24%for Division F and 22·64% for Division N. Therefore, if capital employed is ignored, it can be seen that Division N is performing better. ROI is simply making the division's performance look worse because of its investment in assets. Division N's manager is likely to feel extremely demotivated by **paratively small bonus and, in the future, he may choose to postpone investment in order to increase his bonus. Managers not investing in new equipment and technology will mean that **pany will not keep up with industry changes and affect its overall **petitiveness.– To summarise, the use of ROI is leading to sub-optimal decision making and a lack of goal congruence, as what is good for the managers is not good for **pany and vice versa. Luckily, the manager at Division N still appears to be acting for the benefit of **pany but the other manager is not. The fact that one manager is receiving a much bigger bonus than the other is totally unfair here and may lead to conflict in the long run. This is not good for **pany, particularly if **es a time when the divisions need to work together.1。
2015ACCA考试公司与商法复习题及答案(2)
2015ACCA考试公司与商法复习题及答案（2）Question：In relation to the law of contract,explain the rules relating to：(a)acceptance of an offer;(b)revocation of an offer.Answer：This question requires an explanation of the rules relating to the acceptance and revocation of offers in contract law.(a)Acceptance is necessary for the formation of a contract. Once the offeree has accepted the terms offered, a contract comes into effect. Both parties are bound：the offeror can no longer withdraw their offer, nor can the offeree withdraw their acceptance. The rules relating to acceptance are：(i)Acceptance must correspond with the terms of the offer. Thus, the offeree must not seek to introduce new contractual terms into their acceptance (Neale v Merrett (1930)).(ii)A counter-offer does not constitute acceptance (Hyde v Wrench (1840)). Analogously, a conditional acceptance cannot create a contractual relationship (Winn v Bull (1877)).(iii)Acceptance may be in the form of express words, either oral or written. Alternatively, acceptance may be implied from conduct (Brogden v Metropolitan Railway Co (1877)).(iv)Generally, acceptance must be communicated to the offeror. Consequently, silence cannot amount to acceptance (Felthouse v Bindley (1863)).(v)Communication of acceptance is not necessary, however, where the offeror has waived the right to receive communication. Thus in unilateral contracts, such as Carlill v Carbolic Smoke Ball Co (1893), acceptance occurredwhen the offeree performed the required act. Thus, in the Carlill case, Mrs Carlill did not have to inform the Smoke Ball Co that she had used their treatment.(vi)Where acceptance is communicated through the postal service, then it is complete as soon as the letter, properly addressed and stamped, is posted. The contract is concluded even if the letter subsequently fails to reach the offeror(Adams v Lindsell(1818)). However, the postal rule will only apply where it is in the contemplation of the parties that the post will be used as the means of acceptance. If the parties have negotiated either face to face, in a shop, for example, or over the telephone, then it might not be reasonable for the offeree to use the post as a means of communicating their acceptance and they would not gain the benefit of the postal rule.The postal rule applies equally to telegrams (Byrne v Van Tienhoven (1880)). It does not apply, however, when means of instantaneous communication are used (Entores v Miles Far East Corp (1955)).In order to expressly exclude the operation of the postal rule, the offeror can insist that acceptance is only to be effective on receipt (Holwell Securities v Hughes(1974)). The offeror can also require that acceptance be communicated in a particular manner. Where the offeror does not insist that acceptance can only be made in the stated manner, then acceptance is effective if it is communicated in a way no less advantageous to the offeror (Yates Building Co v J Pulleyn& Sons (1975)).(b)Revocation is the technical term for the cancellation of an offer and occurs when the offeror withdraws their offer. The rules relating to revocation are：(i)An offer may be revoked at any time before acceptance. However, once revocation has occurred, it is no longer open to the offeree to accept the original offer (Routledge v Grant (1828)).(ii)Revocation is not effective until it is actually received by the offeree. This means that the offeror must make sure that the offeree is made aware of the withdrawal of the offer, otherwise it might still be open to the offeree to accept the offer(Byrne v Tienhoven (1880)).(iii)Communication of revocation may be made through a reliable third party. Where the offeree finds out about the withdrawal of the offer from a reliable third party, the revocation is effective and the offeree can no longer seek to accept the original offer (Dickinson v Dodds (1876)).(iv)A promise to keep an offer open is only binding where there is a separate contract to that effect. Such an agreement is。
2015ACCA考试公司与商法复习题及答案(3)
ACCA考试公司与商法复习题及答案（3）Question:In relation to the TORT OF NEGLIGENCE, explain:(a)the standard of care owed by one person to another;(b)remoteness of damage.Answer:(a)The law does not require unreasonable steps to be taken to avoid breaching a duty of care. In legal terms, a breach of duty of care occurs if the defendant fails:'…… to do something which a reasonable man, guided upon those considerations which ordinarily regulate the conduct of human affairs, would do; or doing something which a prudent and reasonable man would not do.' (Blyth v BirminghamWaterworks Co (1856))Thus the fact that the defendant has acted less skilfully than the reasonable person would expect will usually result in a breach being established. This is the case even where the defendant is inexperienced in their particular trade or activity. For example, a learner driver must drive in the manner of a driver of skill, experience and care (Nettleship v Weston (1971)). However, the standard of care expected from a child may be lower than that of an adult (Mullin v Richards (1998)).Clearly the degree, or standard, of care to be exercised by such a reasonable person will vary depending on circumstances, but the following factors will be taken into consideration in determining the issue:(i)The seriousness of the riskThe degree of care must be balanced against the degree of risk involved if the defendant fails in their duty. It follows, therefore, that the greater the risk of injury or the more likely it is to occur, the more the defendant will have to do to fulfil their duty. The degree of care to be exercised by the defendant may be increased if the claimant is very young, old or less able bodied in some way. The rule is that 'you must take your victim as you find him' (this is known as the egg-shell skull rule).In Haley v London Electricity Board (1965) the defendants, in order to carry out repairs, had made a hole in the pavement. The precautions taken by the Electricity Board were sufficient to safeguard a sighted person, but Haley, who was blind, fell into the hole, striking his head on the pavement, and became deaf as a consequence. It was held that the Electricity Board was in breach of its duty of care to pedestrians. It had failed to ensure that the excavation was safe for all pedestrians, not just sighted persons. It was clearly not reasonably safe for blind persons, yet it was foreseeable that they might use the pavement.The degree of risk has to be balanced against the social utility and importance of the defendant's activity. For example, in Watt v Hertfordshire CC (1954), the injury sustained by the plaintiff, a fireman, whilst getting to an emergency situation, was not accepted as being the result of a breach of duty of care as, in the circumstances, time was not available to take the measures which would have removed the risk.(ii)Cost and practicabilityAny foreseeable risk has to be balanced against the measures necessary to eliminate it. If the cost of these measures far outweighs the risk, the defendant will probably not be in breach of duty for failing to carry out those measures (Latimer v AEC Ltd (1952)).(iii)Skilled personsIndividuals who hold themselves out as having particular skills are not judged against the standard of the reasonable person, but the reasonable person possessing the same professional skill as they purport to have (Roe v Minister of Health (1954)).(b)The position in negligence is that the person ultimately liable in damages is only responsible to the extent that the loss sustained was considered not to be too remote. The test for remoteness was established in The Wagon Mound (No 1) (1961).The defendants negligently allowed furnace oil to spill from a ship into Sydney harbour, which subsequently caused a fire, which spread to, and damaged, the plaintiff's wharf. Although the defendants were held to be in breach of their duty of care, they were only liable for the damage caused to the wharf and slipway through the fouling of the oil. They were not liable for the damage caused by fire because damage by fire was at that time unforeseeable (the oil had a high ignition point and it could not be foreseen that it would ignite on water).。
2015年6月ACCA考试《商务分析》真题及详解
2015年6月ACCA考试《商务分析》真题(总分：100，做题时间：180分钟)一、Section A – This ONE question is compulsory and MUST be attempted(总题数：1，分数：50.00)1 Introduction 2Tel is one of the largest mobile network operators in the world. It has grown mainly through significant acquisitionsand it has extensive experience in buying companies and integrating them into the group. 2Tel continually investssubstantial funds in research into network technologies. Like all global mobile network operators, it is constantlylooking for technical opportunities for making its networks quicker, more reliable and, if possible, cheaper to installand maintain. A business opportunity has arisen in The Federated States (TFS) where network operator licences are about to berenewed. 2Tel is currently evaluating this opportunity and is considering either bidding directly for a licence (as 2Tel)or acquiring a current licensee and bidding through this company. 2Tel is interested in entering the highly regulatedmobile network market in TFS, even though most of its acquisitions to date have been in countries where there is littleor no government regulation of the mobile network operators. The Federated States (TFS) The Federated States is a densely populated country with a population of 70 million people. The country hasexperienced five years of economic decline, characterised by high unemployment, falling incomes, and rising personaland government debt. Crime rates are also increasing. A year ago, a new government was elected with a mandate totackle the economic problems of the country. Its priority has been to reduce the national debt and to help achieve thisaim, it has introduced higher taxes and cut welfare benefits. The removal of these welfare benefits provoked civildisturbance and rioting, where shops were looted and burnt and mass demonstrations, usually ending in violence,were held in the streets of major cities. TFS is an increasingly socially fragmented country with vocal minority groups representing a wide range of pressuregroups and communities. It has a comprehensive and complex legal system, presided over by senior judges who werelargely appointed by the previous government. The current government has suggested that many recent judgementsmade by these judges are politically-motivated and are designed to hold back the government’s reforms. Theemployment laws of TFS make it relatively expensive to employ people (there are minimum wages laws) and alsodifficult to dismiss them (employment protection laws). Legal proceedings are often time-consuming and expensive. A report into the riots and demonstrations highlighted the role mobile phones and social networks played in co-ordinating attacks on shops and people. The report acknowledged that such communication devices had long beena widely used tool in organised crime in TFS, but that it had now also become a significant factor in organising massdisobedience. In an effort to prosecute offenders, the government asked mobile phone network operators to give itinformation about text messages and the timing and duration of phone calls which possible offenders had sent andreceived during the period of the riots. The information provided was used as supporting evidence in court, and helpedconvict a number of people. The releasing of this information to the government has proved controversial. The network operators have beencriticised by civil liberties organisations which believe that this is personal, confidential information and, under theterms of the Data Protection Act of TFS, should not have been released without the p erson’s consent. On the otherhand, the government has praised the network operators for their good citizenship and believes thatthe data providedis exempt from the Act as the Act allows data to be exempt if it is used ‘for the detection and prevention of crime’. Aninfluential newspaper, whilst recognising the contribution of the networks to the successful prosecution of offenders,felt that ‘instead of helping catch offenders, the networks, by making their services unavailable might have preventedthe offenc es in the first place’. One of the current network licensees, Z-Tel, is being sued for damages by people whoclaim that their confidential information has been illegally released to the government. The case has yet to bepresented to a court, but lawyers for both sides are confident of success. Licensing arrangements in TFS Communication network licences are granted to mobile network operators for an eight-year period. Licences areallocated to bidding companies on the basis that the companies meet a certain number of criteria. This includesfinancial criteria, such as liquidity and gearing, and environmental criteria. Successive governments of TFS haveenacted environmental regulations and set environmental targets (such as carbon emissions and recycling rates)which all companies operating in TFS have to achieve. Beyond these minimum criteria, the licences are allocated to the highest bidders, the companies which offer the mostmoney for a licence. There are four current licensees and these were the four highest bidders in 2009, the last time that the licences were granted. During the licence period, no new network operators can enter the market. All fourlicensees are of a similar size, although their profitability varies (see Table one). The government is keen to ensurethat no one network provider dominates the market. Table one: Comparative data (2014) for the four licensees The licences are due for renewal in three years’ time. At present, the rules for licence granting are exactly the sameas for the previous licence allocation –four licences given to the four applicants who fulfil the minimum criteria andmake the four highest bids. However, some government ministers are unhappy about this and are lobbying for achange which favours bids from current licensees. The government has already stated that any of the current licenseeswhich fail to be reallocated a licence will be paid a $100m exit fee to help the losing company adjust to the loss ofits licence. This will be paid for by the company which is replacing them, and is in addition to the contract fee paidby the successful bidder to the government. Some government ministers feel this bias towards current licenseesshould go further. One government minister recently suggested that ‘the help provided to us during th e recent riotsshould be acknowledged in some way’. There has also been a suggestion that there should be more than fourlicensees. This would increase competition and would also raise more money for national debt repayments. However,except for introducing an exit fee, the government has not yet officially stated any changes to the rules on licenceallocation. The network operators are monitored by a regulator, Ofnet, appointed by the government. In general, Ofnet has beensupportive of the four current mobile network operators and it has openly praised their attitude and service on anumber of occasions. Ofnet’s primary focus is on pricing, service availability and service transfer. All prices are agreedin a series of meetings between the regulator and the licensees. As a result, the prices set by the four operators arevery similar and are slightly less than the operators would like them to be. The companies, therefore, have to competeon branding, service support and network quality. In many geographical locations, one of the networks often providesa better signal quality and network speed, and indeed poor signal coverage is the most often cited reason forcustomers changing service operators. It is already possible for subscribers to move to a different service provider, butOfnet believes, that this should be made even easier, and so is bringing in regulations to enable this. Licensees whodo not comply with these regulationswill be fined. The licensees are unconvinced of the demand for moving provider.One commente d ‘most subscribers move due to poor network service, and they can already do this! Mobile devices in TFS Despite the economic decline of the last five years, mobile devices are seen as essential to most people within TFS.The demand for mobile devices and the networks which support them has increased dramatically in the last fiveyears.Furthermore, mobile devices are particularly prized by the young, who see having the latest up-to-date technology asan important status symbol. Consequently, the manufacturers of mobile devices continually update the features andfunctionality of their devices. This has had an important effect on the mobile networks. Demand for services hasincreased not only due to an increase in calls, messages and web browsing but also due to the increasing demandwhich improved services place on network availability, bandwidth and speed. Thus the network operators have tocontinually upgrade the technologies and configurations which support their service networks. Most people in TFSrent their phones as part of a contract with the network provider. The minimum contract period is for one year,although many people tie themselves in for longer periods to take advantage of lower prices. Most people upgradetheir phones when they renew their contract, to ensure that they have the device with the latest features. Old phonesare returned by customers to their network provider, who, in turn, sends them back to the original manufacturer. Theenvironmentally-friendly disposal of these mobile phones is a continual problem for the mobile phone manufacturers. Research into the tendering process 2Tel has commissioned research from Professor Tan of Midshire University, an acknowledged expert in probabilistic decision making, into the TFS bidding process. Here are some of his conclusions. He has determined probabilities using a bid price of $550m and the probabilities are based on four licences being available. (1)If the bidding rules are not changed before the next licence allocation, then every bidder has a 0•4 prob ability of being granted a licence if their bid is for $550m. (2)If the bidding rules are changed before the next licence allocation to favour current licence holders, then a current licence holder has a 0•6 probability of being granted a licence if they b id $550m for the licence. A new bidderhas only a 0•2 chance of being allocated a licence if they bid $550m for the licence. These probabilities arebased on research in other countries where bidding is biased towards the current licence holders. (3)It will cost current licence holders $10m to prepare a bid for a licence. New bidders, because of their unfamiliarity with the bid process, will incur a cost of $20m to prepare their bid. 2Tel is particularly interested in acquiring T-Me, the smallest of the current licensees. Their research suggests thatthey can implement efficiency gains which will generate $100m net profit per annum for the final two years of thecurrent contract. This compares with T-Me’s current net profit levels of $80m per year. Further efficiency gains andincreased usage will lead to $120m net profit per year for the eight years of the contract, should the offer for T-Mebe successful. An initial approach to T-Me has suggested that an offer of $400m for T-Me would be accepted. The same net profitability for the contract (eight years at $120m per annum) is also expected if 2Tel decides not toacquire T-Me and is successful in a direct bid for a licence. Before entering any market (or industry), 2Tel commissions an independent briefing paper from a business analystwhich considers both the external environment of that market or industry (the wider macro-environment which themarket or industry works within) and the competitive environment of the market or industry itself (the market orindustry the proposed company will work within). These briefing papers conclude with a brief summary of theopportunities and threats posed by the environment. These briefing papers are used。
F4ACCA2015最新真题（有答案）
F4ACCA2015最新真题（有答案）1.Which TWO of the following are used to distinguish between terms andrepresentation?A.The timing of the statementB.The importance that the buyer attached to the statementC.Whether the buyer had any specialist knowledgeD.Whether the statement was added to a later written agreement2. A judge is hearing a case which involves the interpretation of legislation that wasenacted before the Human Rights Act 1998(HRA 1998)was passed .There is a previous interpretation of this legislation but that interpretation is now incompatible with the HRA1998.Which action should the judge take?A.Declare the old legislation invalidB.Follow the previous interpretationC.Refer the matter to the Supreme CourtD.Create a new interpretation that is compatible with HRA19983.Which of the following in relation to the creditor of an ordinary partnership is true?A.They can sue one partner and if there is still money outstanding, they can sue theother partners for the remainderB.They must sue one partner only for the whole debtC.They must sue all partners for an equal share of the debtD.They can only sue the partner who entered into the contract on behalf of thepartnership4.What is the liability of the members in a limited liability partnership for thepartnership’s debts?A.All the members are jointly liability to creditors for partnership debtsB.The members’ liability is limited to the amount of capacity they have investedC.At least one member has unlimited liability to creditors for partnership debts5.Which of the following is able to convert to a public company?A. A private company with share capital of ￡50000B. A company limited by guaranteeC.An unlimited company6.Which of the following are required procedure in order for a company to commence amember’s voluntary liquidation?7.Which TWO of the following statements about remedies in contract law are correct?A. Equitable remedies are only available at the discretion of the courtB. The aim of an injunction is to restore the parties to their exact pre-contractual position （Rescission才是）C. Rescission is a common law remedy (是equity)D. Specific performance requires someone to complete their part of the contract8.For each of the following decision regarding a company auditor, is an ordinaryresolution or a special resolution required?9.In March Pushpa was hired to be a tour guide for five weeks in July. However in May,the tour company contact Pushpa to cancel the agreement. Which statement is NOT correct as to Pushpa’s rights on hearing of the cancellation in May?A. She must accept the cancellation and claim damagesB. She may treat the contract as valid, complete her side of the bargain and then sue for damagesC. She may treat the contract as discharged and sue for damages immediately10.Which of the following is NOT an allowable use of the share premium account?A. To write off the expense of issuing bonus sharesB. To write off the commissions paid on bonus shares issuedC. To write off any discount on bonus shares issuedD. To issue fully paid-up bonus shares11.Which TWO of the following are requirements of the postal rule in contract law?A. The use of postal acceptance must be in the contemplation of both partiesB. The offer must have been made via the postC. The offeree has stated that the post is the prescribed method of acceptanceD. The letter of acceptance must be correctly addressed12.Under the Insolvency Act 1986, which TWO of the following are the possible groundson which a petition for a compulsory winding up order can be made?A. A public company has not been issued with a trading certificate within one year of incorporationB. A director has breached a statutory dutyC. A company has not commenced business within one year of being incorporatedD. A minority shareholder has been unfairly treated13.In the event that the shareholders wish to remove a director, what type of resolution isrequired?A. Ordinary resolutionB. Written resolutionC. Special resolution14.Are each of the following attributes of criminal law or civil law?15.For each of the following, is it a ground on which a compulsory winding up order maybe granted?16.Otis goes on an activity weekend and decides to do a bungee jump. Before taking partin the jump. Otis signs a waiver of liability stating that the organizers of the weekendare not responsible for any injury to Otis. Unfortunately in making the jump Otis breaks his ankle. Which of the following defences could be used by the organizers in any claim by Otis for negligence?A. Volenti non fit injuriaB. Novus actus interveniensC. Contributory negligenceD. Res ipsa loquitur17.For each of the following contractual terms, is it a condition or a warranty that is beingdescribed?18.Are each of the following statement regarding the distribution of dividends true orfalse?19.A client mentions to his accountant, who was preparing the client’s account, that hehas also done some work ‘cash in hand’This work is not accounted for in the company’s books. Which liability would the accountant avoid by disclosing the tax evasion to the National Crime Agency?A. Fraudulent tradingB. Market abuseC. Insider dealingD. Money laundering20.Ashraf was employed by Theta Ltd. In the last few weeks Theta Ltd has asked Ashrafto take abnormal risks in the way he works in order to be more efficient. In every situation, Ashraf has refused and relations with the management have deteriorated to such an extent that Ashraf has now resigned. In what manner has Ashraf left his employment?A. He has been unfairly dismissedB. He has been constructively dismissedC. He has been summarily dismissedD. He has not been dismissed21.Which of the following would be used as a method of determining if an individual wasan employee or self employed?A. Vicarious testB. The multiple(economic reality)testC. Contractual test22.Which of the following is correct in relation to limited companies?A. Both private limited companies and public limited companies can be established with a sole directorB. Both private limited companies and public limited companies must appoint a company secretaryC. Both private limited companies and public limited companies can be established with a sole member23.A business makes use of employees and self-employed contractors. Do each of thefollowing statements apply to an employee or a self-employed individual?24.Which of the following decision can be taken in a general meeting by the passing of anordinary resolution?A. Change the company’s nameB. Amend the company’s articles of associationC. Authorise an increase in share capital25.Which of the following statements correctly describes private law?A. It is concerned with the law enforced between individualsB. It is solely concerned with business relationshipsC. It relates to state action against individuals26.Niall is providing services for Gamma plc. The contract between Niall and Gamma plcfor the provision of these services contains the following two clauses:⑴Niall is permitted to provide substitute⑵The work must be carried out at Gamma plc’s premises using its computersIn deciding whether Niall is an employee of Gamma plc, does each of the above clauses indicate a contract of service or a contract for services?27.For each of the following types of contract must they be in writing?28.A director of a company has received information from a debtor that the debtor can nolonger pay in full when asked by the auditor about the value of debtors, the debtor says that he has not received any information that would lead to the need to write down the value of debtors. Which of the following statements is correct in respect of the facts above?A. The director has committed the offence of providing misleading information to an auditorB. This is an example of fraudulent trading on behalf of the directorC. This is an example of wrongful trading on behalf of the directorD. The director has committed no offence as it is the duty of an auditor to find out such information29.BackgroundWaddell is based in Manchester and faxed an offer to Xavier in Houston making an offer to sell goods to him. Xavier immediately faxed back and accept the offer. Even though the fax was received in Waddell’s office during normal business hours, she did not read it. Waddell, having no knowledge that Xavier had sent a fax then received a letter from Yaull offering to buy Waddell’s goods. The letter stated that if he did not hear anything, Yaull would assume the goods were his.Waddell, not agreeing with the tone of Yaull’s letter, instead offered to sell the goods to Zang. Zang posted a letter of acceptance which Waddell did not receive. Waddell had never indicated to Zang that post was an accepted made of communications as past negotiations have always taken place face-to-face.Task-1Is there a contract between Waddell and Xavier, and for what reason?A.No,because acceptance has to be effectively communicated and Waddell did notread the acceptanceB.No,because acceptance by fax is not recognized in the law of contractC.Yes,because even though the fax has not been read, effective communication ofacceptance has taken placeD.Yes,because Waddell has made an offer to Xavier and is obliged to sell to himTask-2Is there a contract between Waddell and Yaull, and for what reason?A.Yes,because Yaull has offered to buy the goods and Waddell is obliged to acceptB.Yes,because Waddell has effectively accepted the offerC.No,because Waddell had not made an offer to YaullD.No,because silence cannot be effective acceptanceTask-3Is there a contract between Waddell and Zang,and for what reason?A.Yes,because Waddell has not withdrawn the offer so it can be accepted at any timeB.No,because acceptance must be communicated and Waddell did not receive theletterC.Yes,because acceptance by post takes place immediately the letter is postedD.No,because acceptance by post was not a reasonable method of communication inthis situation30.BackgroundJohn, Fran and Stan have purchased an off –the –shelf company, XYZ Ltd, from their solicitor. Their solicitor has advised them to change the name to make it more meaningful in relation to their film production business. The solicitor has also advised them to consider which of the company’s articles of association require changing?Task-1Which of the following CANNOT be changed, in relation to the company‘s articles of association?A.The procedure for declaring dividendsB.The requirement for the company’s shares to be fully paid-up at the time they areissuedC.The name of the companyD.The procedure for changing the company’s articlesTask-2Jan, Fran and Stan pass a shareholder resolution to change the company name to Films-4-Us Ltd at a general meeting convened for that purpose. Which TWO of the following statements are true?A.They had to wait 14 days before the general meeting could be heldB.The meeting had to be called in the name of XYZ LtdC.They had to notify the Registrar of Companies within 21 days of passing theresolutionD. A 75% majority vote was needed for this resolution31.BackgroundKatia has purchased 100 preference shares in ZZZ Ltd, each with a nominal value of gdp100. She does not have ordinary shares or debentures in the comoany. ZZZ Ltd has adopted the model articles of association.Lenny has purchased 100 debentures in ZZZ Ltd, each with a nominal value of gdp100. He does not own any shares in the company.Task-1Which TWO of the following benefits will Katia normally be entitled to?A.The right to vote at general meetings of shareholdersB. A right to receive a fixed dividendC.Repayment before ordinary shareholders on liquidationD.Payment of dividends before debentures’ interestTask-2Which of the following benefits will Lenny NOT be entitled to?A.Payment regardless of financial performanceB. A right to vote at general meeting of shareholdersC. A right to a fixed returnD.Payment of return before shareholders interest32.BackgroundBill, Fazil and Jill are the three directors of a company, Cheer Ltd, which supplies a huge range of products and equipment for parties. Although he has never been appointed as managing director, Bill often makes the day-to-day decisions needed for running Cheer Ltd, since he is most often based in the office. However, Cheer Ltd’s articles of association stipulate that all three directors are needed to constitute a quorum.Fazil is the sales and marketing manager and Jill works as the company secretary.The following contracts have been made in Cheer Ltd’s name.(1)Jill has negotiated a discount in Cheer Ltd’s name on some new office furniture. She pays for this furniture using Cheer Ltd’s bank account and sends the company lorry to collect the furniture, but installs it at her home address(2)It had been agreed by the company to diversify the business into selling party goods. However, when Bill’s negotiations for this new contract failed. Bill took it upon himself to negotiate a supplier of beauty products instead. Jill and Fazil were aware of Bill’s negotiations for the beauty products but did nothing to stop him from placing a large order.Task-1Which TWO of the following types of directors have the power to bind the company into contracts?A.The board of directorsB.De facto directorsC.Non-executive directorsD.Executive directorsTask-2For each of the contract, indicates whether or not Cheer Ltd will be liable.Task-3In relation to directors’ duties, which of the following statements is NOT true?A.Bill has acted outside his powersB.Jill has allowed her interests to conflict with those of the companyC.Jill has failed to promote the success of the companyD.Bill has failed to exercise independent judgment33.BackgroundAmit is employed by STU&Co which is a firm of accountants and the auditors of XYZ plc. As part of his work, he discovers that there is a danger that XYZ plc may become insolvent within a few months.The next day, whilst at the golf club, Amit tells his friends Burton and Chen that XYZ plc made a significant financial loss in the previous year.Subsequently, Burton tells his stockbroker to dispose of all shares in XYZ plc. He also went home and told his wife the details of the conservation. She subsequently told her brother, Fred to sell his shares in XYZ plc.Chen had already spoken to his stockbroker about selling his shares in XYZ plc before going to the golf club. When he gets home he disposes of his shares in XYZ plc via the internet.Task-1In terms of the law relating to insider dealing, are each of the following people insiders?A.BurtonB.FredTask-2Which insider dealing offences have been committed by Amit and Burton?Amit:(1)Dealing Only (2)Disclosure Only (3)Both Dealing and DisclosureBurton:(1)Dealing Only (2)Disclosure Only (3)Both Dealing and DisclosureTask-3Which TWO of the following could be used as defence by Chen if he is prosecuted with offences relating to insider dealing?A.He did not disclose the information to anybody elseB.He did not expect to avoid a loss or make a profitC.The disclosure made by Amit was too vague to act uponD.He would have done the same thing even without the information。
F4(中国)-2015-6月-Section_B_试题
P a p e r F 4 ( C H N )Section B –ALL FIVE questions are compulsory and MUST be attemptedPlease write your answers to all parts of these questions on the lined pages within the Candidate Answer Booklet.1Mr Dong, the majority shareholder of Lide Company, provided his residential house as a mortgage for a loan agreement between Lide Company and the Bank. Both parties appropriately registered the loan agreement and the mortgage agreement with the relevant government agent.Before the loan agreement matured, Mr Dong intended to sell the mortgaged house to Ms Lee and disclosed to Ms Lee the fact that the house had been mortgaged. Mr Dong also notified the Bank with respect to the transaction between Ms Lee and himself. Mr Dong and Ms Lee entered into a sales contract of real estate to proceed with the transaction. However, their application for registration was denied by the relevant government authority, because the Bank did not give consent in writing to this transaction.Required:In accordance with the relevant provisions of the Property Law:(a)State whether the real estate contract was a valid one if the Bank disagrees with the transaction betweenMr Dong and Ms Lee.(2 marks)(b)Explain whether the government authority should register the contract if Ms Lee promises to repay theoutstanding amount of the loan, even though the Bank did not give consent to this transaction.(2 marks)(c)State whether the government authority should register the contract if Ms Lee repaid the outstanding amountof the loan, even though the Bank refused to give consent to this transaction.(2 marks)(6 marks) 2Food Shop sent a fax to Sanyi Farm to inquire about the price of tomatoes as follows: ‘100,000 kg of tomatoes is urgently needed. Reply as soon as possible.’Upon receipt of the fax, Sanyi Farm shipped 100,000 kg of tomatoes to Food Shop. The latter took delivery of the goods without any objection. On selling the goods Food Shop found that the quality of tomatoes did not meet the standard required and had to sell the goods at a 20% discount. Food Shop considered that there was no contract between the two parties, since its fax to Sanyi Farm did not contain the price, which was one of the essential factors to be an effective offer.Required:In accordance with the Contract Law:(a)Explain the legal nature of the fax sent by Food Shop.(2 marks)(b)Describe the legal nature of the act to take delivery of the goods by Food Shop.(2 marks)(c)Explain whether there was a contract between the two parties.(2 marks)(6 marks)3Zhao, Qian, Sun and Lee were four shareholders of a limited liability company specialising in bio-technology, each holding 25% of the shares of the company.Several months later Qian intended to transfer his shares to a listed company for profit and sent notices to the other three shareholders asking for their consent. Zhao agreed and also expressed his willingness to buy Qian’s shares if the price was reasonable. Sun disagreed and claimed his right of priority to buy Qian’s shares. However, Zhao and Sun could not reach an agreement as to the proportion of shares to buy. Lee kept silent upon receipt of the notice.Since Sun offered a price lower than that of the listed company, Qian entered into a contract to sell his shares to the listed company, which caused a dispute among the four shareholders. Under such circumstances, Lee decided to leave the company and requested the company to purchase his shares.Required:In accordance with the relevant provisions of the Company Law:(a)State how Zhao and Sun’s failure to reach an agreement on the proportion of shares to purchase should bedealt with. (2 marks)(b)State whether Lee’s request for the company to purchase his shares should be upheld if the dispute wasbrought to court. (2 marks)(c)State whether Qian was entitled to transfer his shares to the listed company.(2 marks)(6 marks) 4Stine, the owner of an office building, and Mering concluded a three-year leasing agreement in January 2012. Mering would use the first floor to open a restaurant. The annual rental should be paid on the first of each month.In 2013 Stine and Mering entered into a service agreement, by which Mering would provide meals to the employees of Stine. The service fees would be paid on a quarterly basis.In June 2014, Mering was declared bankrupt by a court which designated a bankruptcy administrator responsible for the liquidation. The bankruptcy administrator found that Mering had failed to pay the rental for 2014. Stine claimed the rental due for the year of 2014 as his credit and requested to offset the meal service fees for the first and second quarters of 2014. Stine also declared dissolution of the leasing agreement between the two parties.Required:In accordance with the Enterprise Bankruptcy Law:(a)State whether Stine’s request to offset the meal service fees was in conformity with the law.(2 marks)(b)State how to deal with Stine’s request to dissolve the leasing contract.(2 marks)(c)State what benefit Stine could have if its request to offset was accepted.(2 marks)(6 marks)5Ms Huang, a shareholder of the Daqing Limited Liability Company (Daqing), found that the general manager, Mr Ding, had accepted bribes from several suppliers, which materially caused losses to Daqing, and adversely affected the interests of all shareholders.Further examination, through a Certified Public Accountant firm, disclosed that there were a lot of affiliated transactions between Daqing and Everbright Co, which was the majority shareholder of Daqing. Mr Ding was recommended by Everbright Co and appointed by Daqing’s board of directors, which was substantially influenced by Everbright Co. With a series of such transactions Daqing transferred huge profits to Everbright Co and adversely affected Daqing.Required:(a)State whether Ms Huang was entitled to take legal action against Mr Ding for his illegal behaviour ofaccepting bribes which adversely affected all the shareholders.(2 marks)(b)State TWO different legal actions Ms Huang was entitled to take to protect the rights of Daqing and itsshareholders due to the affiliated transactions with Everbright Co.(4 marks)(6 marks)End of Question Paper。
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1.Which TWO of the following are used to distinguish between terms andrepresentation?A.The timing of the statementB.The importance that the buyer attached to the statementC.Whether the buyer had any specialist knowledgeD.Whether the statement was added to a later written agreement2. A judge is hearing a case which involves the interpretation of legislation that wasenacted before the Human Rights Act 1998(HRA 1998)was passed .There is a previous interpretation of this legislation but that interpretation is now incompatible with the HRA1998.Which action should the judge take?A.Declare the old legislation invalidB.Follow the previous interpretationC.Refer the matter to the Supreme CourtD.Create a new interpretation that is compatible with HRA19983.Which of the following in relation to the creditor of an ordinary partnership is true?A.They can sue one partner and if there is still money outstanding, they can sue theother partners for the remainderB.They must sue one partner only for the whole debtC.They must sue all partners for an equal share of the debtD.They can only sue the partner who entered into the contract on behalf of thepartnership4.What is the liability of the members in a limited liability partnership for thepartnership’s debts?A.All the members are jointly liability to creditors for partnership debtsB.The members’ liability is limited to the amount of capacity they have investedC.At least one member has unlimited liability to creditors for partnership debts5.Which of the following is able to convert to a public company?A. A private company with share capital of £50000B. A company limited by guaranteeC.An unlimited company6.Which of the following are required procedure in order for a company to commence amember’s voluntary liquidation?7.Which TWO of the following statements about remedies in contract law are correct?A. Equitable remedies are only available at the discretion of the courtB. The aim of an injunction is to restore the parties to their exact pre-contractual position （Rescission才是）C. Rescission is a common law remedy (是equity)D. Specific performance requires someone to complete their part of the contract8.For each of the following decision regarding a company auditor, is an ordinaryresolution or a special resolution required?9.In March Pushpa was hired to be a tour guide for five weeks in July. However in May,the tour company contact Pushpa to cancel the agreement. Which statement is NOT correct as to Pushpa’s rights on hearing of the cancellation in May?A. She must accept the cancellation and claim damagesB. She may treat the contract as valid, complete her side of the bargain and then sue for damagesC. She may treat the contract as discharged and sue for damages immediately10.Which of the following is NOT an allowable use of the share premium account?A. To write off the expense of issuing bonus sharesB. To write off the commissions paid on bonus shares issuedC. To write off any discount on bonus shares issuedD. To issue fully paid-up bonus shares11.Which TWO of the following are requirements of the postal rule in contract law?A. The use of postal acceptance must be in the contemplation of both partiesB. The offer must have been made via the postC. The offeree has stated that the post is the prescribed method of acceptanceD. The letter of acceptance must be correctly addressed12.Under the Insolvency Act 1986, which TWO of the following are the possible groundson which a petition for a compulsory winding up order can be made?A. A public company has not been issued with a trading certificate within one year of incorporationB. A director has breached a statutory dutyC. A company has not commenced business within one year of being incorporatedD. A minority shareholder has been unfairly treated13.In the event that the shareholders wish to remove a director, what type of resolution isrequired?A. Ordinary resolutionB. Written resolutionC. Special resolution14.Are each of the following attributes of criminal law or civil law?15.For each of the following, is it a ground on which a compulsory winding up order maybe granted?16.Otis goes on an activity weekend and decides to do a bungee jump. Before taking partin the jump. Otis signs a waiver of liability stating that the organizers of the weekendare not responsible for any injury to Otis. Unfortunately in making the jump Otis breaks his ankle. Which of the following defences could be used by the organizers in any claim by Otis for negligence?A. Volenti non fit injuriaB. Novus actus interveniensC. Contributory negligenceD. Res ipsa loquitur17.For each of the following contractual terms, is it a condition or a warranty that is beingdescribed?18.Are each of the following statement regarding the distribution of dividends true orfalse?19.A client mentions to his accountant, who was preparing the client’s account, that hehas also done some work ‘cash in hand’This work is not accounted for in the company’s books. Which liability would the accountant avoid by disclosing the tax evasion to the National Crime Agency?A. Fraudulent tradingB. Market abuseC. Insider dealingD. Money laundering20.Ashraf was employed by Theta Ltd. In the last few weeks Theta Ltd has asked Ashrafto take abnormal risks in the way he works in order to be more efficient. In every situation, Ashraf has refused and relations with the management have deteriorated to such an extent that Ashraf has now resigned. In what manner has Ashraf left his employment?A. He has been unfairly dismissedB. He has been constructively dismissedC. He has been summarily dismissedD. He has not been dismissed21.Which of the following would be used as a method of determining if an individual wasan employee or self employed?A. Vicarious testB. The multiple(economic reality)testC. Contractual test22.Which of the following is correct in relation to limited companies?A. Both private limited companies and public limited companies can be established with a sole directorB. Both private limited companies and public limited companies must appoint a company secretaryC. Both private limited companies and public limited companies can be established with a sole member23.A business makes use of employees and self-employed contractors. Do each of thefollowing statements apply to an employee or a self-employed individual?24.Which of the following decision can be taken in a general meeting by the passing of anordinary resolution?A. Change the company’s nameB. Amend the company’s articles of associationC. Authorise an increase in share capital25.Which of the following statements correctly describes private law?A. It is concerned with the law enforced between individualsB. It is solely concerned with business relationshipsC. It relates to state action against individuals26.Niall is providing services for Gamma plc. The contract between Niall and Gamma plcfor the provision of these services contains the following two clauses:⑴Niall is permitted to provide substitute⑵The work must be carried out at Gamma plc’s premises using its computersIn deciding whether Niall is an employee of Gamma plc, does each of the above clauses indicate a contract of service or a contract for services?27.For each of the following types of contract must they be in writing?28.A director of a company has received information from a debtor that the debtor can nolonger pay in full when asked by the auditor about the value of debtors, the debtor says that he has not received any information that would lead to the need to write down the value of debtors. Which of the following statements is correct in respect of the facts above?A. The director has committed the offence of providing misleading information to an auditorB. This is an example of fraudulent trading on behalf of the directorC. This is an example of wrongful trading on behalf of the directorD. The director has committed no offence as it is the duty of an auditor to find out such information29.BackgroundWaddell is based in Manchester and faxed an offer to Xavier in Houston making an offer to sell goods to him. Xavier immediately faxed back and accept the offer. Even though the fax was received in Waddell’s office during normal business hours, she did not read it. Waddell, having no knowledge that Xavier had sent a fax then received a letter from Yaull offering to buy Waddell’s goods. The letter stated that if he did not hear anything, Yaull would assume the goods were his.Waddell, not agreeing with the tone of Yaull’s letter, instead offered to sell the goods to Zang. Zang posted a letter of acceptance which Waddell did not receive. Waddell had never indicated to Zang that post was an accepted made of communications as past negotiations have always taken place face-to-face.Task-1Is there a contract between Waddell and Xavier, and for what reason?A.No,because acceptance has to be effectively communicated and Waddell did notread the acceptanceB.No,because acceptance by fax is not recognized in the law of contractC.Yes,because even though the fax has not been read, effective communication ofacceptance has taken placeD.Yes,because Waddell has made an offer to Xavier and is obliged to sell to himTask-2Is there a contract between Waddell and Yaull, and for what reason?A.Yes,because Yaull has offered to buy the goods and Waddell is obliged to acceptB.Yes,because Waddell has effectively accepted the offerC.No,because Waddell had not made an offer to YaullD.No,because silence cannot be effective acceptanceTask-3Is there a contract between Waddell and Zang,and for what reason?A.Yes,because Waddell has not withdrawn the offer so it can be accepted at any timeB.No,because acceptance must be communicated and Waddell did not receive theletterC.Yes,because acceptance by post takes place immediately the letter is postedD.No,because acceptance by post was not a reasonable method of communication inthis situation30.BackgroundJohn, Fran and Stan have purchased an off –the –shelf company, XYZ Ltd, from their solicitor. Their solicitor has advised them to change the name to make it more meaningful in relation to their film production business. The solicitor has also advised them to consider which of the company’s articles of association require changing?Task-1Which of the following CANNOT be changed, in relation to the company‘s articles of association?A.The procedure for declaring dividendsB.The requirement for the company’s shares to be fully paid-up at the time they areissuedC.The name of the companyD.The procedure for changing the company’s articlesTask-2Jan, Fran and Stan pass a shareholder resolution to change the company name to Films-4-Us Ltd at a general meeting convened for that purpose. Which TWO of the following statements are true?A.They had to wait 14 days before the general meeting could be heldB.The meeting had to be called in the name of XYZ LtdC.They had to notify the Registrar of Companies within 21 days of passing theresolutionD. A 75% majority vote was needed for this resolution31.BackgroundKatia has purchased 100 preference shares in ZZZ Ltd, each with a nominal value of gdp100. She does not have ordinary shares or debentures in the comoany. ZZZ Ltd has adopted the model articles of association.Lenny has purchased 100 debentures in ZZZ Ltd, each with a nominal value of gdp100. He does not own any shares in the company.Task-1Which TWO of the following benefits will Katia normally be entitled to?A.The right to vote at general meetings of shareholdersB. A right to receive a fixed dividendC.Repayment before ordinary shareholders on liquidationD.Payment of dividends before debentures’ interestTask-2Which of the following benefits will Lenny NOT be entitled to?A.Payment regardless of financial performanceB. A right to vote at general meeting of shareholdersC. A right to a fixed returnD.Payment of return before shareholders interest32.BackgroundBill, Fazil and Jill are the three directors of a company, Cheer Ltd, which supplies a huge range of products and equipment for parties. Although he has never been appointed as managing director, Bill often makes the day-to-day decisions needed for running Cheer Ltd, since he is most often based in the office. However, Cheer Ltd’s articles of association stipulate that all three directors are needed to constitute a quorum.Fazil is the sales and marketing manager and Jill works as the company secretary.The following contracts have been made in Cheer Ltd’s name.(1)Jill has negotiated a discount in Cheer Ltd’s name on some new office furniture. She pays for this furniture using Cheer Ltd’s bank account and sends the company lorry to collect the furniture, but installs it at her home address(2)It had been agreed by the company to diversify the business into selling party goods. However, when Bill’s negotiations for this new contract failed. Bill took it upon himself to negotiate a supplier of beauty products instead. Jill and Fazil were aware of Bill’s negotiations for the beauty products but did nothing to stop him from placing a large order.Task-1Which TWO of the following types of directors have the power to bind the company into contracts?A.The board of directorsB.De facto directorsC.Non-executive directorsD.Executive directorsTask-2For each of the contract, indicates whether or not Cheer Ltd will be liable.Task-3In relation to directors’ duties, which of the following statements is NOT true?A.Bill has acted outside his powersB.Jill has allowed her interests to conflict with those of the companyC.Jill has failed to promote the success of the companyD.Bill has failed to exercise independent judgment33.BackgroundAmit is employed by STU&Co which is a firm of accountants and the auditors of XYZ plc. As part of his work, he discovers that there is a danger that XYZ plc may become insolvent within a few months.The next day, whilst at the golf club, Amit tells his friends Burton and Chen that XYZ plc made a significant financial loss in the previous year.Subsequently, Burton tells his stockbroker to dispose of all shares in XYZ plc. He also went home and told his wife the details of the conservation. She subsequently told her brother, Fred to sell his shares in XYZ plc.Chen had already spoken to his stockbroker about selling his shares in XYZ plc before going to the golf club. When he gets home he disposes of his shares in XYZ plc via the internet.Task-1In terms of the law relating to insider dealing, are each of the following people insiders?A.BurtonB.FredTask-2Which insider dealing offences have been committed by Amit and Burton?Amit:(1)Dealing Only (2)Disclosure Only (3)Both Dealing and DisclosureBurton:(1)Dealing Only (2)Disclosure Only (3)Both Dealing and DisclosureTask-3Which TWO of the following could be used as defence by Chen if he is prosecuted with offences relating to insider dealing?A.He did not disclose the information to anybody elseB.He did not expect to avoid a loss or make a profitC.The disclosure made by Amit was too vague to act uponD.He would have done the same thing even without the information。