ACCA模拟试题(2)_F6
ACCAF6模考题--11年6月
ACCAF6模考题--11年6月Supplementary Instructions1 Calculations and workings need only be made to the nearest ￡.2 All apportionments should be made to the nearest month.3 All workings should be shown.The following tax rates and allowances are to be used in answering the questionsIncome tax Normal Rates Dividend Rates% %Basic rate ￡1 –￡37,400 20 10Higher rate ￡37,401 –￡150,000 40 32.5 Additional rate ￡150,000 and over 50 42.5A starting rate of 10% applies to savings income where it falls within the first ￡2,440 of taxable income.Personal allowancePersonal allowance Standard ￡6,475 Personal allowance 65–74 ￡9,490 Personal allowance 75 and over ￡9,640 Income limit for standard personal allowances ￡100,000 Income limit for age related allowances ￡22,900Car benefit percentageThe base level of CO2 emissions is 130 grams per kilometer.For a petrol car with CO2 emissions of 75 grams per kilometer or less, the percentage is 5%.For a petrol car with CO2 emissions of between 76 and 120 grams per kilometer, the percentage is 10%.Car fuel benefitThe base figure for calculating the car fuel benefit is ￡18,000.Pension scheme limitsAnnual allowance ￡255,000 The maximum contribution that can qualify for tax relief without any earnings is ￡3,600.Capital allowancesPlant and machineryMain pool 20% Special rate pool 10% Motor cars (purchases since 6 April 2009(1 April 2009 for limited companies)) CO2emissions up to 110g per kilometer 100%CO2emissions between 111 and 160g per kilometer 20%CO2 emissions over 160g per kilometer 10%Annual investment allowanceFirst ￡100,000 of expenditure 100%Industrial buildings allowance 1%Corporation taxFinancial year 2008 2009 2010 Small profits rate 21% 21% 21% Main rate 28% 28% 28% Lower limit 300,000 300,000 300,000 Upper limit 1,500,000 1,500,000 1,500,000 Marginal relief fraction 7/400 7/400 7/400Marginal reliefStandard fraction x (Upper limit –Augmented profits) x Taxable total profits/Augmented profitsValue added tax ￡ Standard rate – up to 3 January 2011 17.5% –from 4 January 2011 onwards 20.0% Registration limit 70,000 Deregistration limit 68,000Capital gains taxLower rate 18% Higher rate 28% Annual exemption ￡10,100 Entrepreneurs’ relief– Lifetime limit ￡5,000,000– Rate of tax 10% Inheritance tax: tax rate￡1 –￡325,000 Nil Excess –Death rate 40%–Lifetime rate 20%Inheritance tax: taper reliefYears before death Percentage reduction% Over 3 but less than 4 years 20Over 4 but less than 5 years 40Over 5 but less than 6 years 60Over 6 but less than 7 years 80National insurance contributions% Class 1 Employee ￡1 –￡5,715 per year Nil￡5,716 –￡43,875 per year 11·0￡43,876 and above per year 1·0Class 1 Employer ￡1 –￡5,715 per year Nil￡5,716 and above per year 12·8 Class 1A 12·8 Class 2 ￡2·40 per weekClass 4 ￡1 –￡5,715 per year Nil￡5,716 –￡43,875 per year 8·0￡43,876 and above per year 1·0Rates of interestOfficial rate of interest: 4.00% Rate of interest on underpaid tax: 3.0% Rate of interest on overpaid tax: 0·5%ALL FIVE questions are compulsory and MUST be attempted1 On 31 December 2010 Joe Jones aged 40 resigned as an employee of Firstly plc and on 1 January2011 commenced employment with Secondly plc. Joe was employed by both companies as a financial analyst. The following information is available for the tax year 2010–11:Employment with Firstly plc(1) From 6 April 2010 to 31 December 2010 Joe was paid a salary of ￡11,400 per month. In additionto his salary, Joe was paid a bonus of ￡12,000 on 12 May 2010. He had become entitled to thisbonus on 22 March 2010.(2) Joe contributed 6% of his monthly gross salary of ￡11,400 into Firstly plc’s HM Revenue andCustoms’ registered occupational pension scheme.(3) On 1 May 2010 Firstly plc provided Joe with an interest free loan of ￡120,000 so that he couldpurchase a holiday cottage. Joe repaid ￡50,000 of the loan on 31 July 2010, and repaid thebalance of the loan of ￡70,000 when he ceased employment with Firstly plc on 31 December2010.(4) During the period from 6 April 2010 to 31 December 2010 Joe’s three-year-old daughter wasprovided with a place at Firstly plc’s workplace nursery. The total cost to the company of providing this nursery place was ￡11,400 (190 days at ￡60 per day).(5) During the period 6 April 2010 to 31 December 2010 Firstly plc paid gym membership fees of￡1,050 for Joe.(6) Firstly plc provided Joe with a home entertainment system for his personal use costing ￡4,400 on6 April 2010.The company gave the home entertainment system to Joe for free, when he left thecompany on 31 December 2010, although its market value at that time was ￡3,860.Employment with Secondly plc(1) From 1 January 2011 to 5 April 2011 Joe was paid a salary of ￡15,200 per month.(2) During the period 1 January 2011 to 5 April 2011 Joe contributed a total of ￡3,000 (gross) into apersonal pension scheme.(3) From 1 January 2011 to 5 April 2011 Secondly plc provided Joe with living accommodation. Theproperty has an annual value of ￡10,400 and is rented by Secondly plc at a cost of ￡2,250 permonth. On 1 January 2011 Secondly plc purchased furniture for the property at a cost of ￡16,320.The company pays for all of the running costs relating to the property, and for the period 1January 2011 to 5 April 2011 these amounted to ￡1,900.(4) During the period 1 January 2011 to 5 April 2011 Secondly plc provided Joe with 13 weeks ofchildcare vouchers costing ￡100 per week. Joe used the vouchers to provide childcare for histhree-year-old daughter at a registered nursery near to his workplace.(5) During the period 1 January 2011 to 5 April 2011 Joe used Secondly plc’s company gym which isonly open to employees of the company. The cost to Secondly plc of providing this benefit to Joe was ￡340.(6) During the period 1 January 2011 to 5 April 2011 Secondly plc provided Joe with a mobiletelephone costing ￡560. The company paid for all of Joe’s business and private telephone calls.Besides employment, Joe does not have any other income.Required:(a) Calculate Joe Jones’ income tax liability for the tax year 2010–11. (19 marks)(b) For each of the PAYE forms P45, P60 and P11D, briefly describe the circumstances in whichthe form will be completed, state who will provide it, theinformation to be included, and the dates by which they should have been provided to Joe for the tax year 2010–11. (6 marks)(25 marks)2 (a) Neung Ltd is a UK resident company that runs a business providing financial services. The company’s business is mainly based in the UK, but Neung Ltd also has two overseas branches. The company’s summarized income statement for the year ended 31 March 2011 is as follows: Note ￡ Operating profit 1 & 2 374,100Income from investmentsLoan interest 3 37,800Dividends 4 54,000 Profit before taxation 465,900Note 1 – Operating profitThe operating profit does not include the results from either of Neung Ltd’s two overseas branches.Depreciation of ￡11,830 and amortization of leasehold property of ￡7,000 have been deducted inarriving at the operating profit of ￡374,100.Note 2 – Overseas branchesNeung Ltd’s first overseas branch made a trading profit of ￡41,000 for the year ended 31 March 2011.No overseas corporation tax was paid on this profit.The second overseas branch made a trading loss of ￡15,700 for the year ended 31 March 2011.Note 3 – Loan interest receivableThe loan was made for non-trading purposes on 1 July 2010. Loan interest of ￡25,200 was received on31 December 2010, and interest of ￡12,600 was accrued at 31 March 2011.Note 4 – Dividends receivedNeung Ltd holds shares in four UK resident companies as follows:Percentageshareholding StatusSecond Ltd 25% TradingThird Ltd 60% TradingFourth Ltd 100% DormantFifth Ltd 100% Trading During the year ended 31 March 2011 Neung Ltd received a dividend of ￡37,800 from Second Ltd, anda dividend of ￡16,200 from Third Ltd. These figures were the actual cash amounts received.Additional informationLeasehold propertyOn 1 April 2010 Neung Ltd acquired a leasehold office building, paying a premium of ￡140,000 for the grant of a 20-year lease. The office building was used for business purposes by Neung Ltd throughout the year ended 31 March 2011.Plant and machineryOn 1 April 2010 the tax written down values of Neung Ltd’s plant and machinery were as follows:￡Main pool 4,800Motor car [1] 22,800Special rate pool 12,700 The company purchased the following assets during the year ended 31 March 2011: ￡19 July 2010 Motor car [2] 15,40012 December 2010 Motor car [3] 28,60020 December 2010 Ventilation system 112,000Motor car [1] purchased on 18 June 2008 has a CO2 emissionrate of 220 grams per kilometer. Motor car [2] purchased on 19 July 2010 has a CO2 emission rate of 242 grams per kilometer. Motor car [3] purchased on 12 December 2010 has a CO2 emission rate of 148 grams per kilometer.The ventilation system purchased on 20 December 2010 for ￡112,000 is integral to the freehold office building in which it was installed.Required:(i) State, giving reasons, which companies will be treated as being associated with Neung Ltdfor corporation tax purposes; (2 marks)(ii) Calculate Neung Ltd’s corporation tax liability for the year ended 31 March 2011. (15 marks) (iii) Advise Neung Ltd of the taxation disadvantages of converting its two overseas branches into 100% overseas subsidiary companies. (3 marks)(b) Note that in answering this part of the question you are not expected to take account of any ofthe information provided in part (a) above.The following information is available in respect of Neung Ltd’s value added tax (VAT) for the quarter ended 31 March 2011:(1) Invoices were issued for sales of ￡44,600 to VAT registered customers. Of this figure, ￡35,200 wasin respect of exempt sales and the balance in respect of standard rated sales. The standard rated sales figure is exclusive of VAT.(2) In addition to the above, on 1 March 2011 Neung Ltd issued a VAT invoice for ￡8,000 plus VAT of￡1,600 to a VAT registered customer. This was in respect of a contract for standard rated financial services that will becompleted on 15 April 2011. The customer paid for the contracted services in two installments of ￡4,800 on 31 March 2011 and 30 April 2011 respectively.(3) Invoices were issued for sales of ￡289,300 to non-VAT registered customers. Of this figure,￡247,300 was in respect of exempt sales and the balance in respect of standard rated sales. The standard rated sales figure is inclusive of VAT.(4) The managing director of Neung Ltd is provided with free fuel for private mileage driven in hercompany motor car. During the quarter ended 31 March 2011 this fuel cost Neung Ltd ￡260. The relevant quarterly scale charge is ￡348. Both these figures are inclusive of VAT.For the quarters ended 30 September 2009 and 30 June 2010 Neung Ltd was one month late insubmitting its VAT returns and in paying the related VAT liabilities. All of the company’s other VAT returns have been submitted on time.Required:(i) Calculate the amount of output VAT payable by Neung Ltd for the quarter ended 31 March2011, assuming that all the transactions incurs after 4 January 2011. (4 marks)(ii) Advise Neung Ltd of the default surcharge implications if it is one month late in submitting its VAT return for the quarter ended 31 March 2011. (3 marks)(iii) State the circumstances in which Neung Ltd is and is not required to issue a VAT invoice, and the period during which such an invoice should be issued. (3 marks)(30 marks)3 Lim Lam is the controlling shareholder and managing director of Mal-Mil Ltd, an unquoted tradingcompany that provides support services to the oil industry.Lim LamLim disposed of the following assets during the tax year 2010–11:(1) On 8 April 2010 Lim sold five acres of land to Mal-Mil Ltd for ￡260,000. The land had beenpurchased by Lim on 17 January 2003 for ￡182,000.(2) On 13 August 2010 Lim made a gift of 5,000 ￡1 ordinary shares in Oily plc, a quoted tradingcompany, to her sister. On that date the shares were quoted on the Stock Exchange at ￡7·40–￡7·56, with recorded bargains of ￡7·36, ￡7·38 and ￡7·60.Lim had originally purchased 1,000 shares in Greasy plc on 8 July 2003 for ￡18,200. On 23November 2003 Greasy plc was taken over by Oily plc. Lim received five ￡1 ordinary shares andtwo ￡1 preference shares in Oily plc for each ￡1 ordinary share held in Greasy plc. Immediatelyafter the takeover each ￡1 ordinary share in Oily plc was quoted at ￡3·50 and each ￡1 preference share was quoted at ￡1·25.Entrepreneurs’ relief and h oldover relief are not available in respect of this disposal.(3) On 22 March 2011 Lim sold 40,000 ￡1 ordinary shares in Mal-Mil Ltd for ￡280,000. She hadoriginally purchased 125,000 shares in the company on 8 June 2002 for ￡142,000, and hadpurchased a further 60,000 shares on 23 May 2004 for￡117,000. Mal-Mil Ltd has a total sharecapital of 250,000 ￡1 ordinary shares. Lim has made no previous disposals eligible forentrepreneurs’ relief.During the tax year 2010–11 Lim has a taxable income of ￡4,000.Mal-Mil LtdOn 20 December 2010 Mal-Mil Ltd sold two of the five acres of land that had been purchased from Lim on 8 April 2010. The sale proceeds were ￡162,000 and legal fees of ￡3,800 were incurred inconnection with the disposal. The market value of the unsold three acres of land as at 20 December 2010 was ￡254,000. During April 2010 Mal-Mil Ltd had spent ￡31,200 levelling the five acres of land.The relevant retail price indexes (RPIs) are as follows:April 2010 211·5December 2010 218·0Mal-Mil Ltd’s o nly other income for the year ended 31 December 2010 was a trading profit of ￡163,000.Required:(a) Explain why Lim Lam’s disposal of 40,000 ￡1 ordinary shares in Mal-Mil Ltd on 22 March2011 qualifies for entrepreneurs’ relief. (2 marks)(b) Calculate Li m Lam’s capital gains tax liability for the tax year 2010–11 and state by when thisshould be paid. (11 marks)(c) Calculate Mal-Mil Ltd’s corporation tax liability for the year ended 31 December 2010, andstate by when this should be paid. (7 marks)(20 marks)4Jing died on 21 January 2011. She had made the following lifetime gifts:3 March 2003 A gift of ￡126,000 to a trust.12 January 2006 A gift of ￡40,000 to her husband.10 May 2007 A gift of ￡200 to a nephew23 June 2007 A gift of ￡240,000 to her daughter.2 September 2007 A gift of ￡300,000 to a trust.Jing paid any IHT arising from the gifts to the trusts.Nil rate bands are as follows:￡2002-03 250,0002005-06 275,0002007-08 300,000Required:(a) State the advantages for inheritance tax purposes of making lifetime gifts of assets. (3marks)(b) Calculate the inheritance tax that will be payable as a result of Jing’s death. (12 marks)(15 marks)5 You should assume that today’s date is 20 March 2010.Sammi Smith is a director of Smark Ltd. The company has given her the choice of being provided witha leased company motor car or alternatively being paid additional director’s remuneration and thenprivately leasing the same motor car herself.Company motor carThe motor car will be provided throughout the tax year 2010–11, and will be leased by Smark Ltd at an annual cost of￡26,540. The motor car will be petrol powered, will have a list price of ￡92,000, and will have an official CO2 emission rate of 320 grams per kilometer.The lease payments will cover all the costs of running the motor car except for fuel. Smark Ltd will not provide Sammi with any fuel for private journeys.Additional director’s remunerationAs an alternative to having a company motor car, Sammi will be paid additional gross directo r’sremuneration of ￡26,000 during the tax year 2010–11. She will then privately lease the motor car at an annual cost of ￡26,540.Other informationThe amount of business journeys that will be driven by Sammi will be immaterial and can be ignored.Sammi’s current annual director’s remuneration is ￡100,000. The lease of the motor car will commence on 6 April 2010.Required:(a) Advise Sammi Smith of the income tax and national insurance contribution implications forthe tax year 2010–11 if she (1) is provided with the company motor car; (2) receivesadditional director’s remuneration of ￡26,000. Determine which is beneficial. (5 marks)(b) Advise Smark Ltd of the corporation tax and national insurance contribution implications forthe year ended 5 April 2011 if the company (1) provides Sammi Smith with the companymotor car; (2) pays Sammi Smith additional director’sremuneration of ￡26,000. Determine which is beneficial. (5 marks)(10 marks)End of Question Paper。
ACCA模拟试题(2)_F8
Paper F8 Audit and AssuranceJune 2010 Mock ExaminationTime allowedReading and planning 15 minutesWriting 3 hoursAll FIVE questions are compulsory and MUST be attemptedDo NOT open this paper until instructed by the supervisorDuring reading and planning time only the question paper may be annotated. You must NOT write in your answer booklet until instructed by the supervisor.ALL FIVE questions are compulsory and MUST be attemptedQuestion 1You are the senior in charge of the audit of Fitzgerald Co, which sells, services and repairs a wide range of agricultural machinery. Your notes for the purchases system include a number of points that need to be considered during the audit, and you have confirmed that they are still relevant for the year ending 31 December 2009.These are as follows.(1)Delivery notes accompanying goods received are checked on arrival by thestores department. Where there is no delivery note from the supplier, a goods received note is completed by stores. Delivery notes and goods received notes are listed by stores and passed to the buying department for checking against orders. Only the goods received notes are sequentially numbered.(2)Purchase invoices are received by various different parties. These are passedimmediately upon receipt to the buying department to check for receipt ofgoods and prices charged. If there is any query the buying department holds the invoice until the matter is resolved. Invoices are then passed to the accountsdepartment for input to the accounting system.(3)A grid stamp is made on purchase invoices to record the signatures of theindividuals performing the various checks. Occasionally the grid stamp itself is omitted but this is rarely identified by staff.(4)Invoices are approved for payment by the accounts department but, when acheque is prepared, the invoice is not marked as paid.(5)Reconciliation of suppliers' statements is not carried out on a regular basis; onlythe year end statements are retained for the audit.Required:(a)Identify and explain the responsibilities of auditors and of management in relationto the design and operation of internal control systems. (6 marks)(b)Identify the deficiencies in the above purchase system and explain the possibleconsequences to Fitzgerald Co. (10 marks)(c)Discuss the impact of these matters on the planning of the audit for the yearending 31 December 2009. (4 marks)(d)Recommend the audit procedures you would undertake in order to ensure that:•Trade payables are fairly stated in the financial statements for the year ending31 December 2009. (5 marks)•Cut-off in respect of purchases for the year-ended 31 December 2009 is accurate. (5 marks)(Total: 30 marks)In accordance with SSA 315, auditors are required to obtain an understanding of the entity and its environment so that they can identify, assess and respond to the risks of material misstatement that the entity faces.RequiredList five of the factors that the auditors should consider as they obtain their understanding of the entity and its environment(5 marks)SSA 540 Auditing Accounting Estimates deals with the way in which auditors identify, assess and respond to the risk of material misstatement in relation to accounting estimates.RequiredList three of the procedures the auditor can use to gather evidence in relation to accounting estimates (3 marks) SSA 230 Audit Documentation outlines the purpose of audit documentation. RequiredExplain the purpose of audit documentation(2 marks)(10 marks)You have been presented with the following draft financial information about Hivex, a very successful company that develops and licenses specialist computer software and hardware. Its non-current assets mainly consist of property, computer hardware and investments, and there have been additions to these during the year. The company is experiencing increasing competition from rival companies and there is pressure to advertise and to cut prices. You are the audit manager. You are planning the audit and conducting your preliminary analytical procedures and associated risk analysis for the year ended 30 September 2009. You have been provided with a summarised draft statement of comprehensive income and statement of financial position extracts, both of which have been produced very quickly.Statement of Comprehensive IncomeYear ended 30 September2009 2008$000 $000Revenue 15,206 13,524Cost of sales 3,009 3,007––––––– –––––––Gross profit 12,197 10,517Distribution costs 3,006 1,996 Administrative expenses 994 1,768Selling expenses 3,002 274––––––– –––––––Profit from operations 5,195 6,479Net interest receivable 995 395––––––– –––––––Profit before tax 6,190 6,874Corporation tax 3,104 1,452––––––– –––––––Net profit 3,086 5,422Dividends paid 1,469 1,439––––––– –––––––Retained profits 1,617 3,983––––––– –––––––Statement of Financial Position Extracts $000 $000Property, plant and equipment assets 2,500 1,900Intangible assets 1,100 650Cash assets 1,375 850Receivables 2,500 1,480Payables 1,000 5008% Loan – repayable June 2011 2,250 2,250Required:(a)State what is meant by the term ‘materiality’ and discuss the affect of materialityon the audit of historical financial information. Identify and explain an appropriate measure for materiality that could be used during the audit of Hivex. (5 marks) (b)Identify and explain the areas of Hivex’s audit that are subject to increased orsignificant audit risk. For each risk identified recommend an audit procedure to be performed in response to the risk.(15 marks)(Total: 20 marks)You work for a medium sized firm of auditors in Singapore. The firm’s largest client, in terms of fee income, is Mart, a private limited company that has grown steadily through a mixture of organic growth and the acquisition of companies in the same industry sector.Your firm has acted for this client since its incorporation 20 years ago and, in addition to the statutory audit, provides a range of non-audit services including tax planning and consultancy work in respect of Mart’s acquisition policy.Earlier this year, the finance director of Mart retired and was succeeded by a former member of your firm’s staff who had managed the audit of Mart for the preceding four years.Required:(a)Identify and explain the ethical issues that your audit firm faces in relation to theaudit of Mart, and state the safeguards that the audit firm should be implement to mitigate any threats to objectivity which might arise. (7 marks)You are the auditor of LALD, a limited liability company. The main activity of the company is the construction of buildings ranging in size from individual houses to large offices and blocks of flats.You are now reaching the end of the audit work for the year ended 30 September 2009. The largest non-current asset on LALD’s statement of financial position is the plant and machinery used in the construction of buildings. Due to the variety of different assets used, four different sub-classes of plant and machinery are recognised, each with its own rate of depreciation.The complicated method of calculating depreciation for plant and machinery appears to have resulted in depreciation being calculated incorrectly; with the result that depreciation may have been under-provided in the financial statements. Required:(b)Explain the additional audit procedures you should take regarding the possibleunder provision of depreciation.(7 marks)You have determined that the under provision is material to the financial statements and therefore need to modify the audit report. The directors have informed you that they do not intend to take any action regarding the under provision of depreciation. They also disagree with your action and have threatened to remove your company as the auditors of LALD unless you agree not to modify your report.Required:(c)Explain the procedures that the directors must follow in order to remove yourcompany as the auditors of LALD. (6 marks)(20 marks)Smithson Co provides scientific services to a wide range of clients. Typical assignments range from testing food for illegal additives to providing forensic analysis on items used to commit crimes to assist law enforcement officers.The annual audit is nearly complete. As audit senior you have reported to the engagement partner that Smithson is having some financial difficulties. Income has fallen due to the adverse effect of two high-profile court cases, where Smithson’s services to assist the prosecution were found to be in error. Not only did this provide adverse publicity for Smithson, but a number of clients withdrew their contracts. A senior employee then left Smithson, stating lack of investment in new analysis machines was increasing the risk of incorrect information being provided by the company.A cash flow forecast prepared internally shows Smithson requiring significant additional cash within the next 12 months to maintain even the current level of services. Smithson’s auditors have been asked to provide a negative assurance report on this forecast.Required:(a) Define ‘going concern’ and discuss the auditor’s responsibilities in respect ofgoing concern.(4 marks) (b) State the audit procedures that the auditors will carry out to determine whether ornot Smithson Co is a going concern.(8 marks) (c) Explain the implications for the audit report if the auditor has concluded thatSmithson Co is unlikely to be a going concern.(4 marks) (d) In the context of the cash flow forecast, define the term ‘negative assurance’ andexplain how this differs from the assurance provided by an audit report onstatutory financial statements. (4 marks)(20 marks)。
ACCA F6 mock exam answer (for 2010年6月、12月 )
ACCA Fundamentals Level Paper F6 (FA 2009) Taxation (UK)Question Day Final Mock ExaminationGuidance, Marking scheme and Suggested solutionsGuidance on improving your exam performanceWhich questions to do first?It is important for you to decide which order to attempt the questions. Each question will carry different marks so you may prefer to attempt the question with the most marks first or, instead, you may prefer to attempt the topic you are more confident about first. This means you will build up marks early on giving you a solid base to tackle the harder questions later.Whichever you choose, do not spend too long on the questions you are confident about as you need to spend an appropriate amount of time on them all. You can work out how much time you should spend on each by looking at the mark allocation and multiplying by 1.8 (as you have 1.8 minute per mark, not including reading time). For instance, you must not spend more than 18 minutes on a 10-mark question. Remember, you cannot pass the exam answering two or three questions well and the rest poorly.An alternative strategy is to answer all questions in strict order. You could use the time saved choosing the order by starting to plan your answers. You may prefer to use this method if you find yourself spending too long on your favourite questions as it forces you to spend an appropriate amount of time on each before moving on. StrategyMake sure your answers are easy to follow. The focus of the exam is computations, so make sure you use the correct proformas and show your workings, referenced in clearly.If there is a written element to a question do write full sentences, even if you are using bullet points.Time managementUse the reading time to make sure that you get as many of the marks as possible. This is your opportunity to brainstorm areas that you are less confident with and even to make a brief outline of the proformas you are going to use in your answers.Whatever notes/plans you make, use them when writing up your answer when the writing time begins. Tick off each item as you complete it. If you do not use your planning notes it was a waste of time doing them in the first place.Never overrun on any question; once the time is up move on to the next one.1 William WiseMarking schemeMarks(a)Net profit½Depreciation1Private use of light/heat1Private motor expenses1Legal fees1Personal tax1Private rent/rates1Repairs/renewals1Food hampers1Donation1Daughter’s salary1Goods for own use1Capital allowances2½14(b)Taxable income2Income tax2Class 4 NICs15(c)Salary½Bonus1Car1Fuel½Mobile – exempt½Use of private jet½Computer1Healthcare 1625 Suggested solutionChapter references. The income tax computation is in Chapter 2. Employment income is in Chapter 3 and taxable benefits are in Chapter 4. Trading income is dealt with in Chapter 7 with capital allowances covered in Chapter 8. National insurance is in Chapter 12.Top tips. In our answer we have made notes on why various adjustments were made. This is done for tutorial purposes. You did not need to give the explanations in the exam as they were not asked for.Always read the question.Easy marks. The calculation of the tax liability should provide a good opportunity to obtain easy marks – the bands are given to you in the tax rates and allowances tables.(a)£ £ Net profit30,200Add: Depreciation4,760Private light and heat (40%)610Private motor expenses (75%)3,540Legalfees1,200Personaltax250Private rent and rates (40%)1,560Repairsandrenewals1,050Foodhampers640Donation100Daughter’s salary (excessive amount)4,500Goods for own use 65018,860 Less: Capital allowances (W1)(25,245) Taxable trading profit 23,815Notes1 The legal fees incurred in connection with the clothing shop are not allowable since theyrelate to a capital item.2 Personal or private expenses are not allowable.3 The £2,200 spent on repairs in June 2009 is allowable because the shop was in a fit stateto use on purchase.4 Giftsoffood are not allowable. However, the gifts of pens are allowable because the pens carry a conspicuous advertisement for the business and cost less than £50 each.5 A donation to a national charity is not allowable. The donation to the local charity can beallowed as it carried an advertisement for the business and could be said to be made forthe purposes of the trade.6 Goods taken for own use must be brought into the profit and loss account at selling price.7 The excessive part of William's wife's salary is not allowable.Workings1 Capital allowancesPrivate useAIA General pool Car (25%)Allowances£ £ £ £ Additions 24,620 20,000AIA (100%) AIA (10/12 x 50K) (24,620)–24,620WDA x 10/12 (2,500) x 25% 62517,500 25,245(b)Non- savings Dividendincome income££Taxable trading profit (1.6.09 – 31.3.10) 23,815Dividends (× 100/90)7,500Net Income23,8157,500Less: personal allowance(6,475)Taxable Income 17,3307,500£24,830 Tax on non-savings income £ £17,330 × 20%3,466 Tax on dividend income£7,500 × 10% 7504,216 Class 4 NICs:(£23,815 – £5,715) × 8%£1,448 Note: You were not told that a Gift Aid declaration had been made in respect of the gift to the national charity.Mary’s total taxable employment income for the year is as follows:£ Salary80,000 Bonus – receipts basis20,000 Use of company car: 25% × £19,200 (W)4,800 Private fuel: 25% × £16,900 (W)4,225 Use of private jet: 20% × £750,000 ×1/1212,500 Computer: £3,000× 20%600 Private healthcare: (marginal cost to employer) 250 Total employment income122,375 WorkingCar and fuel benefit percentage5135187−= 10% + 15%25% Note: The provision of one mobile phone is an exempt benefit2 Eagle LtdMarking schemeMarks(a)IBAsQualifying expenditure1Offices not qualifying12% allowance1Land not qualifying1CAs:Expensive car120% WDA1FYA 1AIA1Adjusted trading profitPatent royalties 19(b)Trading income1Property income: warehouse 1222 warehouseChargeable gain: 1Gift aid donation1Franked investment income1Divide CT limits1Marginal relief company2CT liability1Due date113(c)Associates 1Group relief group 1Gains group 2Current year in Wing Ltd 1Set against income before charges 1Loss of period since joined group1Effect on gift aid donations 1830 Suggested solutionChapter references. Calculating PCTCT and the corporation tax liability is dealt with in Chapters 18 and19. Groups are in Chapter 22 and losses in Chapter 21. Capital allowances are covered in Chapter 8.Top tips. Try and keep your calculations in separate workings then make sure you reference them into your main answer clearly.(a) Easy marks. If you had learnt your capital allowances proforma you should have been able topick up some easy marks simply by filling in the figures given to you in the question)Tax adjusted trading profit£Trading profit per accounts229,900Less: Patent royalties payable(20,000) Industrial buildings allowances (W1)(3,800)(W2) (48,940)allowancesCapitalcomputation – y/e 31.3.10(b) CT£ Trading income 157,160 Property income (W3) 49,950 Chargeable gain (W4) 22,932230,042 Less: gift aid donation (3,000) PCTCT 227,042 FII (£27,000 × 100/90) 30,000 ‘profits’ 257,042 Tax @ 28% (W5)63,571 Less: marginal relief227,042(7,619) 7/400× (£750,000 – 257,042) ×257,042CT due by 1 January 2011 55,952 (c) Group relationships between Eagle Ltd and Wing Ltd(i) Associates – as Eagle Ltd controls Wing Ltd (ie owns > 50%) the two companies areassociated for corporation tax purposes. Consequently the CT limits are divided by 2.(ii) Group relief group – as Eagle Ltd has at least a 75% shareholding the two companies can surrender trading (and certain other) losses of the current period between each othei)Gains group – as Eagle Ltd has at least a 75% shareholding the two companies are in agains group. This means that assets can be transferred between them at no gain/no lossfor chargeable gains purposes, that they form one ‘unit’ for rollover relief purposes, andthat where an asset is sold to a third party an election may be made to treat the gain/lossas transferred to the other company in the group.Use of Wing Ltd’s lossWing Ltd has a small amount of interest income in the year. This is partly covered by the gift aid donation, and the balance will be taxable at the small companies’ rate of 21%. If it uses its loss in the current year this will be set off before charges and would only save tax at 21% and waste the gift aid donation.As it is in a group relief group with Eagle Ltd, it could surrender its trading loss to that company where this would save tax at 29.75%.However, as Wing Ltd did not join the group until 1 September 2009, only the loss thatcorresponds to the period that it has been in the group may be surrendered. As both companies prepare accounts to 31 March there is no need to further consider corresponding periods.The maximum group relief that could be surrendered to Eagle Ltd would be £30,392 (W6).It is probable that Wing Ltd would not make the current year claim but instead carry forward the remainder of the loss automatically to set against future trade profits.Working1 Industrial buildings allowances£ Factory141,000Canteen32,000Site preparation12,000Archit’ct's fees 5,000190,000 Note. The cost of the general offices does not qualify as it exceeds 25% of the total cost(72,500/262,500 = 27.6%). Always exclude the cost of land.Therefore IBAS @ 2% = £3,82Capital allowancesExpensiveAIA FYA General pool Motor car Allowances£££££TWDV b/f64,70014,700Disposals(12,400)Addition11,300FYA 10% (11,300)2,30011,300WDA @ 20%–(12,940)12,940Balancing allowance(2,300)2,300Addition22,400AIA (100%)(22,400)22,40051,76048,940 -3 Property income£ Warehouse 1Premium (£50,000 – (2% × £50,000 × 7))43,000Rent (£12,600 × 9/12)9,450Warehouse 2Rent (£8,400 × 9/12)6,300Bad debt (8,400 x 3/12) (2,100)Repairs to roof (6,700)49,9504 Capital gain£Proceeds156,000Less: cost(112,800)43,200 Less: indexation(20,268)22,932 Note. Companies are entitled to indexation until the date of disposal of an asset.5 CT limitsAs Wing Ltd becomes an associate part way through the period, the CT limits must be divided by two.££1,500,000 ÷ 2 750,000£300,000 ÷ 2150,000Eagle Ltd’s ‘profits’ are between these limits so marginal relief applies.6 Available trading loss£Loss of y/e 31.3.1052,100Period since joined group: 1.9.09 – 31.3.10 = 7 months ie 7/12 × £52,10030,3923 Yvonne, Sally, Joanne and BelindaMarking schemeMarks(a)Match with shares bought in next 30 days1Gain1Match with Share pool shares1Bonus issues issue 1Gain1Total gain 16(b)Gain on building sold 1Calculation of taxable now1Rolled over amount1Base cost of new asset 14(c)Calculation of gain1Entrepreneurs relief1Annual exemption 1 Taxgain 1on4(d)LandPart disposal calculation 2VaseChattels rule to restrict loss 2Offset loss against gain 1Annual exemption 1620 Suggested solutionChapter references. The basics of calculating chargeable gains are in Chapters 13 . Chattels arecovered in Chapter 14 with shares and securities in Chapter 16. Business reliefs are covered in Chapter15.Top tips. Work through each asset separately, making sure you start with the easier disposals.Easy marks. Part disposal calculations and disposals of chattels have always been common topics in the exam. They are relatively straightforward topics so make sure you know how to deal with them.(a) The sale of Yvonne's shares is initially matched with the shares bought in the next 30 days.£ Proceeds (1,000/5,000 × £23,000)4,600Less: cost (28.3.10)(4,400)Chargeable gain 200Then the shares are matched with the Share pool.£ Disposal proceeds (4,000/5,000)18,400Less: cost (w1)(5,867)12,533 Yvonne's total gain before the annual exemption is £12,733.(W1)No. Cost £ 18.8.97 Purchase 3,000 6,000 19.9.06 Purchase 2,000 5,0005,000 11,000Bonus issue 1:2 2,5007,500 11,000 Disposal (4,000) (5,867) 3,500 5,133(b)Office £ Proceeds 442,800 Less: Cost (187,200)Gain 255,600 Taxable in 09/10 (£442,800 - £400,000) (2,800) Gain rolled over 252,800Base cost of new asset £ Price paid440,000 Less: gain rolled over (252,800)(c)Entrepreneurs’ relief £Proceeds 580,000 Less Costs (325,000)Gain 255,000 Less Entrepreneurs’ relief (255,000 x 4/9) (113,333) Gain 141,667 Annual exemption (10,100) Taxable gain 131,567 Tax at 18% 23,682 (d)Part disposal of land£ Proceeds15,000Less: costB A A + ie 65,00015,00015,000+× £24,000 (4,500) Chargeable gain 10,500 Vase – chattels rules£ Proceeds (deemed) 6,000 Less: cost (10,000) Loss(4,000)Taxable gain£ Gain 10,500 Less: loss (4,000) Gain 6,500£ Gain 6,500 Less: annual exemption(10,100) Taxable gain Nil4 Mr MurphyMarking schemeMarks 2004/05Profits – actual basis12005/06Profits – first 12 months2Overlap profits1½ 2006/07Current year basis profits12007/08Current year basis profits12008/09Profits of gap period2Overlap relief1½2009/10Current year basis to new date 111 Payment dates for 2009/10– Payments on account1– Based on previous year1– Balancing payment & 1st POA1– Once actual tax calculated1415 Suggested solutionChapter references. The basis period rules are in Chapter 9. Self-assessment for individuals is covered in Chapter 18.Top tips. You must set out the tax years that you are dealing with in order to pick up all of the available marks – simply stating ‘1st tax year’ is not enough.Easy marks. Stating payment dates should provide a good opportunity to pick up easy marks so long as you have learnt the material.(a)2004/05 Actual basis 1.8.04 – 5.4.05× £13,000£10,400 8/102005/06 First 12 months’ profit 1.8.04 – 31.7.0531.5.05£13,0001.8.04–1.6.05 – 31.7.05 2/12 × £36,000£ 6,000£19,000 2006/07 Current year basis31.5.06£36,0001.6.05–Overlap profits£1.8.04 – 5.4.05 8 months10,40031.7.052 months 6,0001.6.05–10 months16,4002007/08 Current year basis31.5.07£44,000–1.6.062008/09 19 months to new accounting date£1.6.07 – 31.5.08 (12 months)38,0001.6.08 – 31.12.08 (7 months) 16,00054,000 Overlap relief for 7 months profits7/10 x £16,400 (11,480)£42,520 2009/10 Current year basis–31.12.09£40,0001.1.09Overlap profits to carry forward = 3 months11,480)£4,920 (16,400–(b) Payment dates for 2009/10Two payments on account (POA) will have been made as follows:1st on 31 January 20102nd on 31 July 2010Based on 2008/09 liability (½ paid each time)Balancing payment to be made 31 January 2011 once final liability has been calculated, along with the first POA for 2010/11.5 Confused Ltd and Puzzled LtdMarking schemeMarks(a)(i)Training2(ii)Transport2(iii)Air ambulance services26(b)Errors up to £10,0002Errors over £10,0002410Suggested solutionChapter references. VAT is in Chapters 25 and 26.Top tips. You must allocate sufficient time to deal with both parts of the requirement. You only had 18minutes for this question, so do not allow yourself to overrun.Easy marks. Easy marks can be obtained simply by calculating the VAT on a VAT exclusive figure using17.5% or a VAT inclusive figure at 7/47, so read the question carefully to ensure you are using the correctrate.(a) (i) TrainingConfused Ltd will be required to register for VAT as it will be making taxable supplies inexcess of the registration threshold.Output tax£Sales (£75,000 × 17½%)13,125Less: input tax (£10,000 × 7/47) (1,489)VAT due11,636(ii) TransportConfused Ltd will be required to notify HMRC of a need to register for VAT but because itis making only zero-rated supplies it may ask HMRC's permission not to register for VAT.The advantage of registration is that input VAT of £1,489 per month will be reclaimable.£Output tax NILLess: input tax(1,489)VAT repayment due (1,489)(iii) Air ambulance servicesIf exempt supplies only are made the company will not be permitted to register for VAT. NoVAT will be due or reclaimable.(b) Errors on a VAT return of up to £10,000 (net under declaration minus over declaration) may becorrected on the next VAT return without giving rise to either a common penalty or default interest.Other errors may be voluntarily disclosed separately to HMRC. Default interest and, in certaincircumstances, the common penalty, will apply in respect of these errors.BPP House, Aldine Place, London W12 8AA Tel: 0845 0751 100 (for orders within the UK) Tel: +44 (0)20 8740 2211Fax: +44 (0)20 8740 1184。
ACCA F6 2006年6月考题
P a p e r F 6 ( U K )This is a blank page.The question paper begins on page 3.2SUPPLEMENTARY INSTRUCTIONS1.Calculations and workings need only be made to the nearest £.2.All apportionments should be made to the nearest month.3.All workings should be shown.TAX RATES AND ALLOWANCESThe following tax rates and allowances are to be used in answering the questions.Income tax% Basic rate£1 – £37,40020 Higher rate£37,401 and above40 A starting rate of 10% applies to savings income where it falls within the first £2,440 of taxable income.Personal allowancePersonal allowance Standard £6,475 Personal allowance65 – 74£9,490 Personal allowance75 and over£9,640 Income limit for age related allowances£22,900Car benefit percentageThe base level of CO2emissions is 135 grams per kilometre. A lower rate of 10% applies to petrol cars with CO2emissions of 120 grams per kilometre or less.Car fuel benefitThe base figure for calculating the car fuel benefit is £16,900.Pension scheme limitsAnnual allowance£245,000The maximum contribution that can qualify for tax relief without any earnings is £3,600.Authorised mileage allowances: carsUp to 10,000 miles40pOver 10,000 miles25p3[P.T.O.Capital allowances: rate of allowances% Plant and machineryMain pool–First year allowance40–Writing down allowance20 Special rate pool10The first-year allowance of 40% applies to expenditure during the period 6 April 2009 to 5 April 2010 (1 April 2009 to 31 March 2010 for limited companies).Motor carsCO2emissions up to 110 grams per kilometre100CO2emissions between 111 and 160 grams per kilometre20CO2emissions over 160 grams per kilometre10Annual investment allowanceFirst £50,000 of expenditure100Industrial buildingsWriting-down allowance2Corporation taxFinancial year200720082009Small companies rate20%21%21%Full rate30%28%28%Lower limit300,000300,000300,000Upper limit1,500,0001,500,0001,500,000Marginal relief fraction1/407/4007/400Marginal relief(M – P) x I/P x Marginal relief fractionExtended loss reliefExtended loss relief is capped at a maximum of £50,000. For limited companies it applies to loss making accounting periods ending between 24 November 2008 and 23 November 2010.Value added tax (VAT)Standard rate–Up to 31 December 200915·0%–From 1 January 2010 onwards17·5% Registration limit£68,000 Deregistration limit£66,000Capital gains taxRate of tax18%Annual exemption£10,100 Entrepreneurs’ relief–Lifetime limit£1,000,000–Relief factor 4/9ths4National insurance contributions(Not contracted out rates)%Class 1Employee£1 – £5,715 per year Nil£5,716 – £43,875 per year11·0£43,876 and above per year11·0Class 1Employer£1 – £5,715 per year Nil£5,716 and above per year12·8Class 1A12·8Class 2£2·40 per weekClass 4£1 – £5,715 per year Nil£5,716 – £43,875 per year8·0£43,876 and above per year1·0Rates of interest (assumed)Official rate of interest 4·75%Rate of interest on underpaid tax 2·5%Rate of interest on overpaid tax0·0%5[P.T.O.ALL FIVE questions are compulsory and MUST be attempted1Auy Man and Bim Men have been in partnership since 6 April 2000 as management consultants. The following information is available for the tax year 2009–10:Personal informationAuy is aged 32. During the tax year 2009–10 she spent 190 days in the United Kingdom. Bim is aged 56. During the tax year 2009–10 she spent 100 days in the United Kingdom. Bim has spent the same amount of time in the United Kingdom for each of the previous five tax years.Profit and loss account for the year ended 5 April 2010The partnership’s summarised profit and loss account for the year ended 5 April 2010 is as follows:Note££Sales1142,200Expenses2Depreciation3,400Motor expenses34,100Other expenses41,800Wages and salaries550,900–––––––60,200––––––––Net profit82,000––––––––(1)The sales figure of £142,200 is exclusive of output value added tax (VAT) of £21,600.(2)The expenses figures are exclusive of recoverable input VAT of:Motor expenses£180Other expenses£140(3)The figure of £4,100 for motor expenses includes £2,600 in respect of the partners’ motor cars, with 30% ofthis amount being in respect of private journeys.(4)The figure of £1,800 for other expenses includes £720 for entertaining employees. The remaining expenses areall allowable.(5)The figure of £50,900 for wages and salaries includes the annual salary of £4,000 paid to Bim (see the profitsharing note below), and the annual salary of £15,000 paid to Auy’s husband, who works part-time for the partnership. Another part-time employee doing the same job is paid a salary of £10,000 per annum.Plant and machineryOn 6 April 2009 the tax written down values of the partnership’s plant and machinery were as follows:£Main pool3,100Motor car [1]18,000Motor car [2]14,000The following transactions took place during the year ended 5 April 2010:Cost/(Proceeds)£8 May 2009Sold motor car [2](13,100)8 May 2009Purchased motor car [3]11,60021 November 2009Purchased motor car [4]14,20014 January 2010Purchased motor car [5]8,700Motor car [1] has a CO2emission rate of 185 grams per kilometre. It is used by Auy, and 70% of the mileage is forbusiness journeys.6Motor car [2] had a CO2emission rate of 145 grams per kilometre. It was used by Bim, and 70% of the mileage wasfor business journeys. Motor car [3] purchased on 8 May 2009 has a CO2emission rate of 105 grams per kilometre.It is used by Bim, and 70% of the mileage is for business journeys.Motor car [4] purchased on 21 November 2009 has a CO2emission rate of 135 grams per kilometre. Motor car [5]purchased on 14 January 2010 has a CO2emission rate of 200 grams per kilometre. These two motor cars are usedby employees of the business.Profit sharingProfits are shared 80% to Auy and 20% to Bim. This is after paying an annual salary of £4,000 to Bim, and interest at the rate of 5% on the partners’ capital account balances. The capital account balances are:£Auy Man56,000Bim Men34,000VATThe partnership has been registered for VAT since 6 April 2000. However, the partnership has recently started invoicing for its services on new payment terms, and the partners are concerned about output VAT being accounted for at the appropriate time.Required:(a)Explain why both Auy Man and Bim Men will each be treated for tax purposes as resident in the UnitedKingdom for the tax year 2009–10. (2 marks) (b)Calculate the partnership’s tax adjusted trading profit for the year ended 5 April 2010, and the tradingincome assessments of Auy Man and Bim Men for the tax year 2009–10.Note: Your computation should commence with the net profit figure of £82,000, and should also list all of the items referred to in notes (2) to (5) indicating by the use of zero (0) any items that do not require adjustment.(15 marks)(c)Calculate the class 4 national insurance contributions payable by Auy Man and Bim Men for the tax year2009–10.(3 marks)(d)(i)Advise the partnership of the VAT rules that determine the tax point in respect of a supply of services;(3 marks)(ii)Calculate the amount of VAT paid by the partnership to HM Revenue & Customs throughout the year ended 5 April 2010;Note: you should ignore the output VAT scale charges due in respect of fuel for private journeys.(2 marks)(iii)Advise the partnership of the conditions that it must satisfy in order to join and continue to use the VAT flat rate scheme, and calculate the tax saving if the partnership had used the flat rate scheme to calculate the amount of VAT payable throughout the year ended 5 April 2010.Note: you should assume that the relevant flat rate scheme percentage for the partnership’s trade was 11% throughout the whole of the year ended 5 April 2010.(5 marks)(30 marks)7[P.T.O.2(a)You should assume that today’s date is 28 March 2010.Mice Ltd commenced trading on 1 July 2006 as a manufacturer of computer peripherals. The company prepares accounts to 31 March, and its results for the first three periods of trading were as follows:Period ended Year ended Year ended31 March31 March31 March200720082009£££T rading profit83,20024,70051,200Property business profit2,8007,10012,200Gift aid donations(1,000)(1,500)–The following information is available in respect of the year ended 31 March 2010:Trading lossMice Ltd expects to make a trading loss of £180,000.Business property incomeMice Ltd lets out three office buildings that are surplus to requirements.The first office building is owned freehold. The property was let throughout the year ended 31 March 2010 at a quarterly rent of £3,200, payable in advance. Mice Ltd paid business rates of £2,200 and insurance of £460 in respect of this property for the year ended 31 March 2010. During June 2009 Mice Ltd repaired the existing car park for this property at a cost of £1,060, and then subsequently enlarged the car park at a cost f £2,640.The second office building is owned leasehold. Mice Ltd pays an annual rent of £7,800 for this property, but did not pay a premium when the lease was acquired. On 1 April 2009 the property was sub-let to a tenant, with Mice Ltd receiving a premium of £18,000 for the grant of an eight-year lease. The company also received the annual rent of £6,000 which was payable in advance. Mice Ltd paid insurance of £310 in respect of this property for the year ended 31 March 2010.The third office building is also owned freehold. Mice Ltd purchased the freehold of this building on 1 January 2010, and it will be empty until 31 March 2010. The building is to be let from 1 April 2010 at a monthly rent of £640, and on 15 March 2010 Mice Ltd received three months rent in advance. On 1 January 2010 Mice Ltd paid insurance of £480 in respect of this property for the year ended 31 December 2010, and during February 2010 spent £680 on advertising for tenants. Mice Ltd paid loan interest of £1,800 in respect of the period 1 January 2010 to 31 March 2010 on a loan that was taken out to purchase this property.Loan interest receivedOn 1 July 2009 Mice Ltd made a loan for non-trading purposes. Loan interest of £6,400 was received on31 December 2009, and £3,200 will be accrued at 31 March 2010.Overseas dividendOn 15 October 2009 Mice Ltd received a dividend of £7,400 (net) from a 3% shareholding in U SB Inc, a company that is resident overseas. Withholding tax was withheld from this dividend at the rate of 7·5%.Chargeable gainOn 20 December 2009 Mice Ltd sold its 3% shareholding in USB Inc. The disposal resulted in a chargeable gain of £10,550, after taking account of indexation.Required:(i)Calculate Mice Ltd’s property business profit for the year ended 31 March 2010;(8 marks)(ii)Assuming that Mice Ltd claims relief for its trading loss as early as possible, calculate the company’s profits chargeable to corporation tax for the nine-month period ended 31 March 2007, and each of theyears ended 31 March 2008, 2009 and 2010.(7 marks)8(b)Mice Ltd has owned 100% of the ordinary share capital of Web-Cam Ltd since it began trading on 1 April 2009.For the three-month period ended 30 June 2009 Web-Cam Ltd made a trading profit of £28,000, and is expected to make a trading profit of £224,000 for the year ended 30 June 2010. Web-Cam Ltd has no other taxable profits or allowable losses.Required:Assuming that Mice Ltd does not make any loss relief claim against its own profits, advise Web-Cam Ltd as to the maximum amount of group relief that can be claimed from Mice Ltd in respect of the trading loss of £180,000 for the year ended 31 March 2010.(3 marks) (c)Mice Ltd has surplus funds of £75,000 which it is planning to spend before 31 March 2010. The company willeither purchase new equipment for £75,000, or alternatively it will purchase a new ventilation system for £75,000, which will be installed as part of its factory.Mice Ltd has not made any other purchases of assets during the year ended 31 March 2010, and neither has its subsidiary company Web-Cam Ltd.Required:Explain the maximum amount of capital allowances that Mice Ltd will be able to claim for the year ended31 March 2010 in respect of each of the two alternative purchases of assets.Note: You are not expected to recalculate Mice Ltd’s trading loss for the year ended 31 March 2010, or redo any of the calculations made in parts (a) and (b) above.(4 marks) (d)Mice Ltd is planning to pay its managing director a bonus of £40,000 on 31 March 2010. The managing directorhas already been paid gross director’s remuneration of £80,000 during the tax year 2009–10, and the bonus of £40,000 will be paid as additional director’s remuneration.Required:Advise the managing director as to the additional amount of income tax and national insurance contributions (both employee’s and employer’s) that will be payable as a result of the payment of the additional director’s remuneration of £40,000.Note: You are not expected to recalculate Mice Ltd’s trading loss for the year ended 31 March 2010, or redo any of the calculations made in parts (a) and (b) above.(3 marks)(25 marks)9[P.T.O.3Problematic Ltd sold the following assets during the year ended 31 March 2010:(1)On 14 June 2009 16,000 £1 ordinary shares in Easy plc were sold for £54,400. Problematic Ltd had originallypurchased 15,000 shares in Easy plc on 26 June 1994 for £12,600. On 28 September 2006 Easy plc madea 1 for 3 rights issue. Problematic Ltd took up its allocation under the rights issue in full, paying £2·20 for eachnew share issued. The relevant retail prices indexes (RPIs) are as follows:June 1994144·7September 2006200·1June 2009213·0(2)On 1 October 2009 an office building owned by Problematic Ltd was damaged by a fire. The indexed cost of theoffice building on that date was £169,000. The company received insurance proceeds of £36,000 on10 October 2009, and spent a total of £41,000 during October 2009 on restoring the office building.Problematic Ltd has made a claim to defer the gain arising from the receipt of the insurance proceeds. The office building has never been used for business purposes.(3)On 28 January 2010 a freehold factory was sold for £171,000. The indexed cost of the factory on that date was£127,000. Problematic Ltd has made a claim to holdover the gain on the factory against the cost of a replacement leasehold factory under the rollover relief (replacement of business assets) rules. The leasehold factory has a lease period of 20 years, and was purchased on 10 December 2009 for £154,800. The two factory buildings have always been used entirely for business purposes.(4)On 20 February 2010 an acre of land was sold for £130,000. Problematic Ltd had originally purchased fouracres of land, and the indexed cost of the four acres on 20 February 2010 was £300,000. The market value of the unsold three acres of land as at 20 February 2010 was £350,000. Problematic Ltd incurred legal fees of £3,200 in connection with the disposal. The land has never been used for business purposes.Problematic Ltd’s only other income for the year ended 31 March 2010 is a tax adjusted trading profit of £108,055.Required:(a)Calculate Problematic Ltd’s profits chargeable to corporation tax for the year ended 31 March 2010.(16 marks)(b)Advise Problematic Ltd of the carried forward indexed base costs for capital gains purposes of any assetsincluded in (1) to (4) above that are still retained at 31 March 2010.(4 marks)(20 marks)104You should assume that today’s date is 30 June 2011.You are a trainee Chartered Certified Accountant and are dealing with the tax affairs of Ernest Vader.Ernest’s self-assessment tax return for the tax year 2009–10 was submitted to HM Revenue & Customs (HMRC) on15 May 2010, and Ernest paid the resulting income tax liability by the due date of 31 January 2011. However, youhave just discovered that during the tax year 2009–10 Ernest disposed of a freehold property, the details of which were omitted from his self-assessment tax return. The capital gains tax liability in respect of this disposal is £18,000, and this amount has not been paid.Ernest has suggested that since HMRC’s right to raise an enquiry into his self-assessment tax return for the tax year 2009–10 expired on 15 May 2011, no disclosure should be made to HMRC of the capital gain.Required:(a)Briefly explain the difference between tax evasion and tax avoidance, and how HMRC would view thesituation if Ernest Vader does not disclose his capital gain.(3 marks)(b)Briefly explain from an ethical viewpoint how you, as a trainee Chartered Certified Accountant, should dealwith the suggestion from Ernest Vader that no disclosure is made to HMRC of his capital gain.(3 marks)(c)State the action HMRC will take should they wish to obtain information from Ernest Vader regarding hiscapital gain.(1 mark)(d)Explain why, even though the right to raise an enquiry has expired, HMRC will still be entitled to raise anassessment should they discover that Ernest Vader has not disclosed his capital gain. (2 marks)(e)Assuming that HMRC discover the capital gain and raise an assessment in respect of Ernest Vader’s capitalgains tax liability of £18,000 for the tax year 2009–10, and that this amount is then paid on 31 July 2011:(i)Calculate the amount of interest that will be payable;Note: you should assume that the rates for the tax year 2009–10 continue to apply.(2 marks) (ii)Advise Ernest Vader as to the amount of penalty that is likely to be charged as a result of the failure to notify HMRC, and how this could have been reduced if the capital gain had been disclosed.(4 marks)(15 marks)11[P.T.O.5For the year ended 31 January 2010 Quagmire plc had profits chargeable to corporation tax of £1,200,000 and franked investment income of £200,000. For the year ended 31 January 2009 the company had profits chargeable to corporation tax of £1,600,000 and franked investment income of £120,000.Quagmire plc’s profits accrue evenly throughout the year.Quagmire plc has one associated company.Required:(a)Explain why Quagmire plc will have been required to make quarterly instalment payments in respect of itscorporation tax liability for the year ended 31 January 2010. (3 marks)(b)Calculate Quagmire plc’s corporation tax liability for the year ended 31 January 2010, and explain how andwhen this will have been paid.(3 marks)(c)Explain how your answer to part (b) above would differ if Quagmire plc did not have an associated company.Your answer should include a calculation of the revised corporation tax liability for the year ended 31 January 2010. (4 marks)(10 marks)End of Question Paper12。
acca f6 2014年12月真题答案
Inheritance tax: taper relief
Percentage reduction
% 20 40 60 80
Rates of tax – Lower rate – Higher rate
Annual exempt amount Entrepreneurs’ relief – Lifetime limit
Lower limit Upper limit
Standard fraction
Corporation tax
2011 20% 26%
£300,000 £1,500,000
3/200
2012 20% 24%
£300,000 £1,500,000
1/100
2013 20% 23%
£300,000 £1,500,000
£1 – £32,010 £32,011 – £150,000 £150,001 and over
Normal rates % 20 40 45
Dividend rates % 10 32·5 37·5
A starting rate of 10% applies to savings income where it falls within the first £2,790 of taxable income.
3/400
Marginal relief Standard fraction x (U – A) x N/A
Standard rate Registration limit Deregistration limit
Value added tax (VAT)
20% £79,000 £77,000
£1 – £325,000 Excess – Death rate
ACCA考试F6mock答案
Answer to Section A:1. B2. A￡ 3,000 700 Home to client travel Professional subscription Allowance deductions 3,7003. A(£30,000 – £7,956) x 12% = £2,645 4. A5. A22,000=22,500+3,700-4,2006. BProceeds100,000 (80,000) 20,000Cost of the land (200,000*100,000/ (100,000+150,000)) Chargeable capital gain 7. AB,C,D 所指的期间如果加上”proceeded and followed by the actual occupation period” 才可以确定是 deemed occupation period.8. D这是生前对个人的赠送，属于 PET ，在赠送时不会产生 IHT 。
9. COutput VAT=5,000×(1-3%)×20%+220×20%=1014 10. ACease date 是在2015年4月5日之前，所以可以合并上期利润里一同申报在2014－15 This amount can then be reduced by the unused overlap profit. (£15,000 + £6,000) – £4,000 = £17,00011. AInterest from Individual Savings Accounts within the overall investment limit of £15,000 is an exempt income. 12. D 13. D 14. C 15. DIHT liability = (800,000 – 3,000 – 3,000 – 325,000) x 20% /0.8 = £117,250 付遗产税时要在原来计算的基础上除以 0.8由捐赠者Answer to Section B1. Flick Pick (TX 06/12 Q1)Answer: all figures are in one pound, unless indicated otherwise (a)Other income (Total income)Trading profit (W2)(W3)(W4) Employment income (W1) Property income (W5) Total (net) income8,220 34,388 5,940 48,548 -10,000 38,548Less: Personal allowance (W6) Taxable incomeWorking 1 Employment income Salary 25,665 Benefit:-accommodation benefit (W1.1) -furniture benefit 9,400*0.2 Total6,843 1,880 34,388 Working 1.1 accommodation benefit basic rate: annual value4,600 2,243 6,843additional charge: (144,000-75,000)*3.25% taxable benefit:Working 2 tax -adjusted trading profitYear ended 30 April 2015=29,700- 300 (W2.1) =29,400 Working 2.1 capital allowanceprivate -used carsBusiness use %Capital allowanceTWDV B/D addition 0 18,750 18,750 -500 Balance WDA (8%*4/12) Total60%300 30018,250Working 3 Partnership profit allocationFlickArtTotalTotal29,400 (W2)-2,000less: salary to art Remaining 6,000*4/12=2,00016,44027,400 profit sharing10,960-27,400ratio(4:6) Total10,960 18,440 Working 4 sole trader basis tax year Basis periodProfit2014/15from 1/1/2015-6/4/201510,960 (W3)*3/4=8,220Working 5 property income Rental 660*12 7,920 council tax -1,320 -660 W&T allowance Total(7,920-1,320)*10%5,940Working 6 Personal allowances Adjusted net income= 49,065Born on or after 6 April 1948, so the standard PA of 10,000 should be used(b)3D Ltd will be responsible for paying class 1 NIC (both primary and secondary contributions) in respect of Flick’s salary.3D Ltd will be responsible for paying class 1A NIC in respect of Flick’s taxable benefits. Flick will be responsible for paying class 2 NIC in respect of her trading income. Flick will be responsible for paying class 4 NIC in respect of her trading income Tutorials:1.第一个税务年度所对应的 basis period 应该为公司成立日至第一个税务年度日(06/04/20XX) 2. For accommodation benefit, since the property was acquired more than 6 years before being provided to Flick, the market value at the date it was provided to her is used as the cost of providing the benefit, instead of the original cost.3. Cost of replacing furniture 和 wear & tear allowance 只能选其一抵减,本题中 flick 选择 使用 wear & tear allowance.4.对于求 trading income 的综合题，必须按照规定步骤按顺序计算：1.先求 tax -adjusted trading profit. 2. Partnership profit allocation 3. Basis period assessment.2. Neung Ltd （a ） Associates● ● Second Ltd and Fourth Ltd are not associated companies as Neung Ltd has ashareholding of less than 50% in Second Ltd, and Fourth Ltd is dormant. Third Ltd and Fifth Ltd is associated companies as Neung Ltd has ashareholding of over 50% in each case, and both are trading companies.（b ） Neung Ltd – Corporation tax computation for the year ended 31 March 2015£Trading profit(W1) 358,766(25,200 + 12,600) 37,800396,566Interest income Taxable total profitFranked investment income Augmented profits(37,800/90%) 42,000438,566Corporation tax at marginal rate £396,566 at 21% 83,279(139) Marginal relief1/400 * (500,000 – 438,566) x396,566/438,566 Corporation tax liability83,140(W1) Trading profit£622,536 11,830 Operating profit Depreciation Amortisation7,000 Less: Deduction for lease premium (w2) Capital allowances (w3) Trading profit(4,340) (278,260) 358,766(W2) Deduction for lease premium£140,000 (53,200 86,800 4,340Premium paidLess: £140,000*2%*(20-1)) Assessment on landlordAllowable deduction per year(£86,800/20)(W3) Capital allowancesMain poolSpecial rate poolAllowanceTWDV b/f4,80012,700Additional (no AIA ) Motor car (1) Motor car (2) Additional ( with AIA)15,40028,600 Ventilation system Less: AIA 270,000 (270,000) 28,100 270,000Balance 33,400 (6,012) WDA (18%) WDA (8%) 6,012 2,248 (2,248) 25,852TWDV C/F Total allowance27,388278,260 (W4) Corporation tax rateNeung Ltd has two associated companies; therefore there are three associated companies in total. £ 500,000 100,000Upper limit (£1,500,000/3) Lower limit (£ 300,000/3)3. TomOrdinary shares in Kapook plc(W1)Ordinary shares in Jooba Ltd (no gain no loss transfer between spouses) Antique table (W2)13,600- 3,500- UK Government securities (exempt) Chargeable gains 17,100 (6,100) 11,000 (11,000)Less: losses b/f (W3) Net chargeable gainsLess: annual exempt amount Taxable gainsTom therefore has a nil liability to capital gains tax in 2014/15 and capital losses carried forward of £ (15,900 – 6,100) = £9,800.(w1) The shares in Kapook plc are valued at the lower of: (a) 3.70 + ¼ × (3.90 – 3.70) = 3.75; (b) (3.60 + 3.80)/2 = 3.70The disposal is first matched against the purchase on 24 July 2014 (this is within the following 30 days) and then against the shares in the share pool. The cost of the shares disposed of is, therefore, £23,400 (5,800 + 17,600).No. of sharesCost£ £ Purchase 19 February 2004 Purchase 6 June 20098,000 6,00016,200 14,600 30,800 (17,600) 13,20014,000 (8,000) 6,000 Disposal 20 July 2014 £30,800 × 8,000/14,000 Balance c/f£ Deemed proceeds (10,000 × £3.70) Less: cost 37,000 (23,400) 13,600Chargeable gains(w2) The antique table is a non -wasting chattel. £ proceeds 8,700 (5,200) 3,500Less: cost Chargeable gainsThe maximum gain is 5/3 × £(8,700 − 6,000) = £4,500. The chargeable gain is the lower of £3,500 and £4,500, so it is £3,500.(w3)The set off of the brought forward capital losses is restricted to £6,100 (17,100 – 11,000) so that chargeable gains are reduced to the amount of the annual exempt amount.4. IHT£CLT (20/06/2007) 280,000 Less annual exemption - - 2007/08 2006/07 (3,000) (3,000) 274,000IHT liability274,000 x 0% = 0£PET (05/10/2013)255,000 Less annual exemption - - 2013/14 2012/13(3,000) (3,000) 249,000The PET is initially exemption from IHT liability.Death date: 12/03/2015CLT (20/06/2007) was made more than 7 years ago, so there is no additional IHT liability incurred.£PET (05/10/2013)249,0000 422,500 (W1) – 274,000 = 148,500 x 0% 249,000 – 148,500 = 100,500 x 40% IHT liability40,200 40,200Value of death estate£850,000 460,000 275,000 PropertyBuilding society depositsProceeds of life assurance policy Less Funeral cost(18,000) 1,567,000422,500 – 249,000 = 173,500 x 0%1,567,000 – 173,500 = 1,393,500 x 40%557,400557,400IHT liability(W1)Nil rate band for Nicola in tax year 2014/15 is 325,000 + 325,000 x (1 – 70%) = £422,500. 5.(a) (1) Wind can use both schemes because its expected taxable turnover for the next 12month does not exceed £1,350,000 exclusive of VAT; in addition, for both of the schemes the company is up to date with its VAT returns.(2) With the cash accounting scheme, output VAT will be accounted for one monthlater than at present since the scheme will result in the tax point becoming the date that payment is received from customers and the recovery of input VAT will not be affected as these are paid in cash.(3) With the annual accounting scheme, the reduced administration in only having tofile one VAT return each year should have save overtime costs.此处的考点为special scheme，注意三种不同的scheme的使用条件以及各自的优缺点，在回答优缺点时注意结合题目所给具体条件答题(b) (1) from suppliers situated outside EUWind Ltd will have to pay VAT of £8,000 (40,000×20%) to HM Revenue and Customs at the time of importation, and this will be reclaimed as input VAT on the VAT return for the period during which the equipment is imported.(2) From supplier situated within EUVAT will have to be accounted for according to the date of acquisition. This will be the Earlier of date that a VAT invoice is issued or the 15th day of the month following the Month in which the equipment transported to UK.The VAT charged of £8,000 will be declared on Wind Ltd’ VAT return as output VAT, But will then be reclaimed as input VAT on the same VAT return.6.(a) Sophie Shape – Schedule of tax paymentsDue date Tax year Payment £31 July 20152014–15Second payment on account 3,240 6,480 (5,240 + 1,240) x 50%31 January 20162014–15Balancing payment 5,98012,460 (6,100 + 1,480 + 4,880) – 6,480 (3,240 x 2)31 January 20162015–16First payment on account 3,790 7,580 (6,100 + 1,480) x 50%(b) (1) If Sophie’s payments on account for 2014–15 were reduced to nil, then she would be charged intereston the payments due of £3,240 from the relevant due date to the date of payment.(2) A penalty based on the amount of underpaid tax will be charged as the claim to reduce the payments on account to nil would appear to be made fraudulently or negligently.(c) (1) Unless the return is issued late, the latest date when Sophie can file a paperself-assessment tax return for 2014–15 is 31 October 2015.(d) (1) If HM Revenue and Customs (HMRC) intend to carry out a compliance check into Sophie’s 2014-15 tax return they will have to notify her within 12 months of the date when they receive the return.(2) HMRC has the right to carry out a compliance check as regards the completeness and accuracy of any return, and such a check may be made on a completely random basis.(3) However, compliance checks are generally carried out because of a suspicion that income has been undeclared or because deductions have been incorrectly claimed. For example, where accounting ratios are out of line with industry norms.X。
ACCA F6(UK)2016.9
Fundamentals Level – Skills Module, Paper F6 (UK)September 2016 Answers Taxation (United Kingdom)and Marking Scheme Section A Marks1A£50,000 minus the balance of the 2015–16 AE of £1,000 (3,000 – 2,000 PET) minus the balance of the2014–15 AE of £500 (3,000 – 2,500) = £48,500.2C168 – (72 – 18) = 114 months.3C£40,000 (2015–16) + 2012–13 £0 (contribution exceeds £50,000) + 2013–14 £13,000 (50,000 – 37,000)+ 2014–15 £12,000 (40,000 – 28,000) = £65,000.4B47,700 x 90%/9 = £4,7705BLili Ltd can deduct the research into competitors incurred on 6 June 2010 (£12,000) and the donation to thelocal school on 15 December 2014 (£2,000), i.e. a total of £14,000. It cannot deduct the initial market researchas it was incurred more than seven years before the commencement of trade, nor the costs of entertainingcustomers and suppliers as this is disallowable expenditure under the normal rules.6D((42,385 – 8,060) x 9%) + ((48,000 – 42,385) x 2%) = £3,2017BCorporation tax is a tax on the profits of companies, not the turnover. Inheritance tax is an tax on the transfer ofassets not income. VAT is an indirect tax not a direct tax.8CIf a taxpayer submits a paper return on time, they can ask HMRC to calculate the tax due. T ax returns submittedelectronically automatically calculate the tax due.9AEric – less than 46 days and not previously resident.Fran – resident during the previous three years, so to be automatically not resident she must be in the UK for lessthan 16 days.10DThe market value when first made available less the taxable benefit in respect of the private use in 2014–15(2,000 – (2,000 x 20%) = £1,600), as this is higher than the market value at the date of transfer (£1,400).11C190,000 ((500,000 – 25,000 (325,000 – 300,000)) at 40%) less 40% (4 – 5 years) = £114,000Interest will be charged from 1 February 2017 to 30 June 2017:1,200 x 3% x 5/12 = £15A penalty will be imposed since the payment is more than 30 days late:1,200 x 5% = £6013A102,800 – 10,100 – 79,400 – 6,800 = £6,50014BThe CGT due date will be the same whether the asset is split between spouses (or civil partners) or not.15D4,840/2 = £2,420–––2 marks each30–––Section B16D325,000 + (325,000 x 80%) = £585,00017A220,000 + 43,700 = £263,70018CIt will be the personal representatives of someone’s estate who will be responsible for paying any IHT on the deathestate and this must be done by six months after the END OF THE MONTH of death19C£0. Neither gift would have made any difference to the amount payable.20B(650,000 at 40%) – 52,250 = £207,75021C(138,600 + 23,400) x 0·413 (258·0 – 182·6)/182·6 = £66,90622A272,000 – (120,700 – (364,000 – 272,000)) = £243,30023DThe gain will crystallise at the latest of the date the replacement is disposed of, the date the replacement ceasesto be used for trade purposes and ten years from the date of the replacement’s acquisition. This is therefore tenyears from the date of the replacement’s acquisition on 30 September 2016.(90,000 + (90,000 x 2/3 x 6·40)) x 20,000/(90,000 + (90,000 x 2/3)) = £63,20025D((27,900 – 11,100) at 28%) + (142,200 at 10%) = £18,92426B((7,500 + 10,000) x 4) + 13,500 = £83,500.The historic test is met by 30 September 2015. Alisa should therefore have notified HMRC by 30 October 2015,with registration effective from 1 November 2015.27D((240 x 20/120) + (180 x 20%)) x 6 = £45628C(456 + 624) x 20/120 = £18029BAll businesses must make their VAT payments electronically and this must be done no later than one month andseven days after the end of the quarter, i.e. 7 May 2016.30AA customer’s VAT registration number is not required to be included on a valid VAT invoice.–––2 marks each30–––Section C Marks 31JoeProfits withdrawn entirely as director’s remuneration(1)Joe’s income tax liability 2015–16:£Director’s remuneration59,859Personal allowance(10,600)½–––––––T axable income49,259–––––––Income tax£31,785 at 20%6,357½17,474 at 40%6,990½–––––––49,259––––––––––––––Income tax liability13,347–––––––(2)Joe’s employee class 1 national insurance contributions (NIC) for 2015–16 are £4,468 (((42,385 – 8,060)at 12%) + (59,859 – 42,385) at 2%)).1½(3)There is no corporation tax liability for OK-Joe Ltd as the profits are entirely withdrawn as director’sremuneration.½Profits withdrawn as a mix of director’s remuneration and dividends(1)Joe’s income tax liability 2015–16:£Director’s remuneration8,000Dividends (45,600 x 100/90)50,6671–––––––58,667 Personal allowance(10,600)½–––––––T axable income48,067–––––––Income tax£31,785 at 10% 3,178½16,282 at 32·5%5,292½–––––––48,067––––––––––––––Income tax liability8,470T ax suffered at source (48,067 at 10%) (4,807)½–––––––Income tax payable3,663–––––––(2)There will be no class 1 NIC for either Joe or OK-Joe Ltd as the earnings of £8,000 are below the NIC lowerthresholds.1(3)OK-Joe Ltd corporation tax liability for the year ended 5 April 2016:£T rading profit65,000½Director’s remuneration (8,000)½–––––––T axable total profits57,000–––––––Corporation tax (57,000 at 20%)11,400½–––––––(4)The overall tax and NIC saving if Joe extracts profits using a mix of director’s remuneration and dividends is£7,893 (22,956 (13,347 + 4,468 + 5,141) – 15,063 (3,663 + 11,400)).1–––10–––Tutorial note:The dividends tax credit deduction is restricted to 10% of taxable income, so only £4,807 of thetax credit of £5,067 (50,667 at 10%) can be deducted.Marks 32(a)(1)The application of the basis period rules is more straightforward.(2)There will be no overlap profits.(3)The basis period in the year of cessation will be a maximum of 12 months in length, rather than thepotential 23 months which could arise with a 30 April year end.1 mark per point to a maximum of2–––(b)Ashura – Trading loss for the nine-month period ended 5 April 2016£T rading loss(3,300)Advertising expenditure(800)1 Use of office (4,350 x 1/5)(870)1 Capital allowances (working)(2,960)W½––––––Revised trading loss(7,930)––––––Working – Capital allowancesMain pool Motor car Allowances£££AdditionsLaptop computer2,600½Motor car19,200½AIA – 100%(2,600)2,6001 WDA – 8% x 9/12(1,152) x 2,500/8,0003601½––––––––––––––––––––WDV carried forward0 18,048 2,960–––––––––––––––––––––––6–––Tutorial notes:(1)The advertising expenditure incurred during January 2015 is pre-trading, and is treated as incurredon 1 July 2015. An adjustment is therefore required.(2)Ashura’s motor car has CO2emissions over 130 grams per kilometre, and therefore only qualifies forwriting down allowances at the rate of 8%.(3)The laptop computer purchased on 10 June 2015 is pre-trading capital expenditure, and is thereforetreated as incurred on 1 July 2015.(c)(1)The loss of £7,930 would be relieved against total income for 2012–13 to 2014–15, earliest year first.1(2)Ashura’s total income for 2012–13 of £10,400 is already covered by her personal allowance of£10,600, so a loss relief claim against this year would not result in any tax saving.1–––2–––Marks(d)Ashura – Taxable income 2015–16£Employment incomeSalary56,200½Mileage allowance (3,400 at 10p (55p – 45p))3401Pension contributions– Occupational(2,800)½–Personal pension0½Subscriptions– Professional(320)½–Health club0½–––––––53,420 Loss relief(7,930)1–––––––45,490 Personal allowance(10,600)½–––––––T axable income34,890––––––––––5–––15–––Tutorial notes:(1)The personal pension scheme contribution does not affect the calculation of taxable income, but willinstead extend Ashura’s basic rate tax band by £3,400.(2)The health club subscription is not an allowable deduction because membership is not necessary forAshura to carry on her employment.(3)The loss relief cap does not apply because Ashura’s trading loss is less than the greater of £50,000and 25% of her total income.33(a)Tenth Ltd – Taxable total profits for the four-month period ended 31 July 2015£T rading profit52,400½Balancing charge (working 1)15,300W1 ½–––––––Revised trading profit67,700Property business income (working 2)1,500W2 Chargeable gain (180,300 – 164,500)15,8001–––––––85,000 Qualifying charitable donations(800)½–––––––T axable total profits84,200–––––––Working 1 – Balancing chargeMain pool Charge££WDV brought forward12,400½Addition1,8001 Proceeds (28,200 + 1,300)(29,500)1–––––––(15,300)Balancing charge15,300(15,300)½––––––––––––––Working 2 – Property business income£Rent receivable (1,200 x 4)4,800½Impairment loss(1,200)½Running costs (6,300 x 1/3)(2,100)½––––––Property business income1,500–––––––––7–––Marks (b)Eleventh Ltd – Tax adjusted trading profit for the six-month period ended 31 March 2016£Operating profit122,900½Depreciation2,580½Amortisation2,000½Deduction for lease premium (working 1) (1,440)W1 ½Interest payable (100,000 x 5% x 6/12)(2,500)1 Capital allowances (working 2)(14,334)W2––––––––T rading profit109,206––––––––Working 1 – Deduction for lease premium£Premium paid60,000Less:60,000 x 2% x (15 – 1)(16,800)–––––––Amount assessed on the landlord as income43,2001–––––––Deduction (43,200/15 years x 6/12)1,4401–––––––Working 2 – Capital allowancesMain pool Allowances£££Addition – Motor car [1]12,600½WDA – 18% x 6/12 (1,134)1,1341 Addition qualifying for FYAMotor car [2] 13,200½FYA – 100%(13,200)13,2001––––––––––––––WDV carried forward11,466––––––––––––––T otal allowances14,334––––––––––8–––15–––Tutorial notes:(1)The first motor car has CO2emissions between 76 and 130 grams per kilometre, and thereforequalifies for writing down allowances at the rate of 18%.(2)The second motor car has CO2emissions up to 75 grams per kilometre, and therefore qualifies for the100% first year allowance. The private use of the motor car is irrelevant because there are no private use adjustments in respect of a company.Additional marking guide for section C Marks available Marks awarded 31JoeProfits withdrawn as director’s remunerationIncome tax1½NIC1½Corporation tax½Profits withdrawn as a mix of director’s remuneration and dividendsIncome tax3NIC1Corporation tax1½Saving1–––Total marks10–––32Ashura(a)Advantages of basis periodT wo advantages2–––2–––(b)Trading lossT rading loss2½Capital allowances3½–––6–––(c)Early year loss reliefLoss relief2–––2–––(d)Taxable incomeSalary½Mileage1Pension1Subscriptions1Loss1Personal allowance½–––5–––Total marks15–––33Tenth Ltd and Eleventh Ltd(a)Tenth Ltd –Taxable total profitsT axable total profits2½Balancing charge3Property business income1½–––7–––(b)Eleventh Ltd –Tax adjusted trading profitProfit and add-backs1½Interest payable1Lease premium2½Capital allowances3–––8–––Total marks15–––。
ACCA F1-F3模拟题及解析(6)
第1章 ACCA F1-F3模拟题及解析（6）1. a) Explain the doctrine of binding precedent in English law paying particular regard to the hierarchy of the courts; (5 marks) b) Assess the importance of delegated legislation as a source of contemporary law paying particular attention to the power of the Courts with respect to it. (5 marks)2.In relation to the contents of a contract explain the following:(a) Conditions; (4 marks)(b) Warranties; (3 marks)(c) Innominate terms. (3 marks)3. Explain the liability of the members of partnerships formed under the following Acts:(a) Partnership Act 1890; (3 marks)(b) Limited Partnerships Act 1907; (3 marks)(c) Limited Liability Partnership Act 2000. (4 marks)4. a) Explain what legal limitations there are on the names that may be adopted by companies, paying particular regard to the tort of ‘passing off’. (5 marks)b) promoter5. In relation to companies’ loan capital explain the following terms:(a) debenture; (3 marks)(b) fixed charge; (3 marks)(c) floating charge. (4 marks)6.(a) Annual general meeting and extraordinary general meeting; (5 marks)(b) State and explain the grounds under which a company may be wound up under section 122 of the Insolvency Act 1986; (5 marks)7. (a) Explain the term ‘money laundering’ and how such activity is conducted. (5 marks)(b) Explain how the Proceeds of Crime Act 2002 seeks to control money laundering. (5 marks)8.Ali is an antique dealer and one Saturday in November 2007 he put a vase in the window of his shop with a sign which stated ‘exceptional piece of 19th century pottery – on offer for £500’. Ben happened to notice the vase as he walked past the shop and thought he would like to have it. Unfortunately, as he was late for an important meeting, he could not go into the shop to buy it, but as soon as his meeting was finished he wrote to Ali agreeing to buy the vase for the stated price of £500. The letter was posted at 11:30 am.Later on the same day, Chet visited Ali’s shop and said he would like the vase but was only willing to pay £400 for it. Ali replied that he would accept £450 for the vase, but Chet insisted that he was only willing to pay £400 and left the shop. However, on his journey home Chet realised that £450 was actually a very good price for the vase and he immediately wrote to Ali agreeing to buy it for that price. His letter was posted at 12:30 pm.Just before closing time at 5 pm. Di came into Ali’s shop and she also offered £400 for the vase. This time Ali agreed to sell the vase at that price and Di promised to return the following Monday with the money.On the Monday morning Ali received both of the letters from Ben and Chet before Di could arrive to pay and collect the vase.Required:From the point of view of the law of contract advise Ali as to his legal relations with Ben, Chet and Di.9. Fine Ltd specialises in providing software to the financial services industry. It has two offices, one in Edinburgh and the other, its main office, in London. In January 2003 Gus was employed as a software designer attached to the Edinburgh office. However, by May 2004, Gus was informed that he was to be transferred to the head office in London, which is more than 350 miles from his usual workplace.Gus refused to accept the transfer on the basis that he had been employed to work in Edinburgh not London. Consequently, on 1 June 2004 he wrote to Fine Ltd terminating his contract with them. Required:Analyse the scenario from the point of view of employment law and in particular advise Gus as to:(a) his rights on the termination of his contract of employment with Fine Ltd;(b) the likelihood of a successful claim for unfair dismissal;(c) the remedies which might be available were he to win such an action.10. Three years ago Norm, a wealthy retired accountant, agreed to become a director of his son Owen’s company, Push Ltd, which had been established three years previously. Owen told Norm that he only wanted his name amongst the directors in order to give Push Ltd increased credibility. Norm never actually took part in the management of the company and never attended any company meetings. Norm has now learned that Push Ltd is insolvent and owes considerable debts. Owen has confessed to Norm that he had deliberately hidden the fact that Push Ltd has been insolvent and carried on trading for the past two years, in which time Push Ltd’s debts have increased from £50,000 to £300,000.Required:Advise Norm in regard to the following:(a) the common law duty of care owed by directors to their companies;(b) any potential liability on behalf of himself or Owen for fraudulent trading under s.213 of the Insolvency Act 1986;(c) any potential liability of himself or Owen for wrongful trading under s.214 of the Insolvency Act 1986.试题答案1. a)The doctrine of binding precedent, or stare decisis, lies at the heart of the English legal system. The doctrine refers to the fact that within the hierarchical structure of the English courts, a decision of a higher court will be binding on a court lower than it in that hierarchy. When judges try cases they will check to see if a similar situation has come before a court previously. If the precedent was set by a court of equal or higher status to the court deciding the new case then the judge in the present case should normally follow the rule of law established in the earlier case.The Hierarchy of the CourtsThe House of Lords stands at the summit of the English court structure and its decisions are binding on all courts below it in the hierarchy. As regards its own previous decisions, up until 1966 the House of Lords regarded itself as bound by its previous decisions. In a Practice Statement ([1966] 3 All ER 77) of that year, however, Lord Gardiner indicated that the House of Lords would in future regard itself as free to depart from its previous decisions where it appeared right to do so.The Court of Appeal. In civil cases the Court of Appeal is generally bound by previous decisions of the House of Lords and its own previous decisions. There are, however, a number of exceptions to this general rule. The exceptions arise where:(i) there is a conflict between two previous decisions of the Court of Appeal.(ii) a previous decision of the Court of Appeal has been overruled by the House of Lords. The Court of Appeal can ignore a previous decision of its own which is inconsistent with European Community law or with a later decision of the European Court.(iii) the previous decision was given per incuriam, i.e. in ignorance of some authority that would have led to a different conclusionThe High Court is bound by the decisions of superior courts. Decisions by individual High Court judges are binding on courts inferior in the hierarchy, but such decisions are not binding on other High Court judges although they are of strong persuasive authority and tend to be followed in practice.Crown Courts cannot create precedent and their decisions can never amount to more than persuasive authority. County courts and Magistrates’ courts do not create precedents.It is important to establish that it is not the actual decision in a case that sets the precedent; that is set by the rule of law on which the decision is founded. This rule, which is an abstraction from the facts of the case, is known as the ratio decidendi of the case.Any statement of law that is not an essential part of the ratio decidendi is, strictly speaking, superfluous; and any such statement is referred to as obiter dictum, i.e. said by the way. Although obiter dicta statements do not form part of the binding precedent they are persuasive authority and can be taken into consideration in later cases.b)Within the United Kingdom Parliament has the sole power to make law by creating legislation. Parliament, however, can pass on, or delegate, its law making power to some other body or individual. Delegated legislation is of particular importance in the contemporary legal context. Instead of definitive Acts of Parliament, which attempt to lay down detailed provisions, the modern form of legislation tends to be of the enabling type, which simply states the general purpose and aims of the Act. Such Acts merely lay down a broad framework, whilst delegating to ministers of state the power to produce detailed provisions designed to achieve those general aims. Thus delegated legislation is law made by some person, or body, to whom Parliament has delegated its general law making power. The output of delegated legislation in any year greatly exceeds the output of Acts of Parliament and, therefore, at least statistically it could be argued that delegated legislation is actually more significant than primary Acts of Parliament.There are various types of delegated legislation:(i) Orders in Council permit the government, through the Privy Council to make law. The Privy Council is nominally a non partypolitical body of eminent parliamentarians, but in effect it is simply a means through which the government, in the form of a committee of Ministers, can introduce legislation without the need to go through the full Parliamentary process.(ii) Statutory Instruments are the means through which government ministers introduce particular regulations under powers delegated to them by Parliament in enabling legislation.(iii) Bye-laws are the means through which local authorities and other public bodies can make legally binding rules and may be made under such enabling legislationThe use of delegated legislation has the following advantages:(i) Time-saving. Delegated legislation can be introduced quickly where necessary in particular cases and permits rules to be changed in response to emergencies or unforeseen problems. The use of delegated legislation, also saves Parliamentary time generally. It is generally considered better for Parliament to spend its time in a thorough consideration of the principles of enabling legislation, leaving the appropriate minister, or body, to establish the working detail under their authority.(ii) Access to particular expertise. Given the highly specialised and extremely technical nature of many of the regulations that are introduced through delegated legislation, the majority ofMembers of Parliament simply do not have sufficient expertise to consider such provisions effectively. It is necessary therefore, that those authorised to introduce delegated legislation should have access to the external expertise required to make appropriate regulations. In regard to bye-laws, local knowledge should give rise to more appropriate rules than general Acts of Parliament.(iii) Flexibility. The use of delegated legislation permits ministers to respond on an ad hoc basis to particular problems as and when they arise.There are, however, some disadvantages in the prevalence of delegated legislation:(i)Accountability. A key issue involved in the use of delegated legislation concerns the question of accountability. Parliament is presumed to be the source of statute law, but with respect to delegated legislation government ministers, and the civil servants who work under them to produce the detailed provisions, are the real source of the legislation. As a consequence, it is sometimes suggested that the delegated legislation procedure gives more power than might be thought appropriate to such un-elected individuals.(ii) Bulk. Given the sheer mass of such legislation, both Members of Parliament, and the general public, face difficulty in keeping abreast of delegated legislation.These potential shortcomings in the use of delegated legislation are, at least to a degree, mitigated by the fact that specific controls have been established to oversee it.(i) Parliamentary control over delegated legislation.Power to make delegated legislation is ultimately dependent upon the authority of Parliament. Parliament, therefore, retains general control over the procedure for enacting such law. New regulations in the form of delegated legislation are required to be laid before Parliament. (ii) Judicial control of delegated legislation.A validly enacted piece of delegated legislation has the same legal force and effect as the Act of Parliament under which it is enacted; but equally it only has effect to the extent that its enabling Act authorises it. Consequently, it is possible for delegated legislation to be challenged, through the procedure of judicial review, on the basis that the person or body to whom Parliament has delegated its authority has acted in a way that exceeds the limited powers delegated to them or has failed to follow the appropriate procedure set down in the enabling legislation. Any provision made in this way is said to be ultra vires and is void. Additional powers have been given to the courts under the Human Rights Act 1998 with respect to delegated legislation.Section 4 of the HRA expressly states that the courts cannot declare primary legislation invalid as being contrary to the rights protected by the Act and limits them to issuing a declaration of incompatibility in such circumstances. It is then for Parliament to act on such a declaration to remedy any shortcoming in the law if it so wishes.However, such limitation does not apply to secondary legislation, which the courts can now declare invalid on the grounds of not being compatible with the HRA. Orders in Council are treated as primary legislation for this purpose.2.Contractual terms, are statements which form part of the contract. Parties to a contract will normally be bound to perform any promise that they have agreed to and failure to perform will lead to an action for breach of contract, although the precise nature of the remedy will depend upon the nature of the promise broken. Some statements do not form part of a contract, even though they might have induced the other party to enter into the contract. These pre-contractual statementsare called representations.The consequences of such representations being false is an action for misrepresentation not an action for breach of contract, and leads to different remedies. It is important, therefore, to decide precisely what promises are included in the contract. Once it is decided that a statement is a term, rather than merely a pre-contractual representation, it is further necessary to decide which type of term it is, in order to determine what remedies are available for its breach. Terms can be classified as one of three types.a) ConditionsA condition is a fundamental part of the agreement – it is something which goes to the root of the contract. Breach of a condition gives the injured party the right either to terminate the contract and refuse to perform their part of it, or to go through with the agreement and sue for damages. The classic case in relation to breach of condition is Poussard v Spiers & Pond (1876) in which the plaintiff had contracted with the defendants to sing in an opera they were producing. Due to illness she was unable to appear on the first night, or for some nights thereafter. When Mme Poussard recovered, the defendants refused her services as they had hired a replacement for the whole run of the opera. It was held that her failure to appear on the opening night had beena breach of a condition, and the defendants were at liberty to treat the contract as discharged.b) WarrantiesA warranty is a subsidiary obligation which is not vital to the overall agreement, and in relation to which failure to perform does not totally destroy the whole purpose of the contract. Breach of a warranty does not give the right to terminate the agreement. The injured party has to complete their part of the agreement, and can only sue for damages. As regards warranties, the classic case is Bettini v Gye (1876) in which the plaintiff had contracted with the defendants to complete a number of engagements. He had also agreed to be in London for rehearsals six days before his opening performance. Due to illness, however, he only arrived three days before the opening night, and the defendants refused his services. On this occasion it was held that there was only a breach of warranty. The defendants were entitled to damages, but could not treat the contract as discharged.c) Innominate terms In this case, the remedy is not prescribed in advance simply by whether the term breached is a condition or a warranty, but depends on the consequence of the breach.If the breach deprives the innocent party of ‘substantially the whole benefit of the contract’, then the right to repudiate will be permitted; even if the term might otherwise appear to be a mere warranty.If, however, the innocent party does not lose ‘substantially the whole benefit of the contract’, then they will not be permitted to repudiate but must settle for damages, even if the term might otherwise appear to be a condition.3.(a) Section 1 of the Partnership Act 1890 which governs ordinary partnerships states that partnership is the relationship which subsists between persons carrying on a business in common with a view to profit. Ordinary partnerships do not benefit from any limitation on the liability of the various partners. Consequently the individual members of a partnership are jointly and severally liable for the debts of the partnership to the full extent of their personal wealth. This applies equally to sleeping partners who take no active part in the day to day operation of the partnership business. Outsiders have the choice of taking action against the firm collectively or against the individual partners. Where damages are recovered from one partner only, the otherpartners are under a duty to contribute equally to the amount paid.(b) The Limited Partnership Act 1907 allows for the formation of limited partnerships. For members of a partnership to gain the benefit of limited liability under this legislation, the following rules apply:– limited partners are not liable for partnership debts beyond the extent of their capital contribution, but in the ordinary course of events they are not permitted to remove their capital; – at least one of the partners must retain full, that is, unlimited, liability for the debts of the partnership;– a partner with limited liability is not permitted to take part in the management of the business enterprise and cannot usually bind the partnership in any transaction. If a partner acts in contravention of this rule they will lose the right to limited liability;– the partnership must be registered with the Companies Registry.(c) Limited Liability PartnershipsAs has already been seen the main shortcoming with regard to the standard partnership is the lack of limited liability for its members. The Limited Liability Partnership Act 2000 provides fora new form of business entity, the limited liability partnership. Although stated to be a partnership, the new form is a corporation, with a distinct legal existence apart from its members. As such it will have the ability– to hold property in its own right– to sue and be sued in its own name.It will have perpetual succession and consequently alterations in its membership will not have any effect on its existence.Most importantly however, the new legal entity will allow its members to benefit from limited liability in that they will not be liable for more than the amount they have agreed to contribute to its capital.4.a)Except in relation to specifically exempted companies, such as those involved in charitable work, companies are required to indicate that they are operating on the basis of limited liability. Thus private companies are required to end their names, either with the word ‘limited’ or the abbreviation ‘ltd’, and public companies must end their names with the words ‘public limited company’ or the abbreviation ‘plc’.Although there is no longer an official Business Names Registry, the Registrar of companies maintains a register of business names, and will refuse to register any company with a name that is the same as one already on that index (CA 85 s.26(c)). This control is less rigorous than that exercised under the previous legislation and has led to an increase in the use of the tort of ‘passing off’, as a means of protecting the goodwill attached to particular business names.Certain categories of names are, subject to the decision of the Secretary of State, unacceptable per se, as follows:– names which in the opinion of the Secretary of State constitute a criminal offence. As an example, it is illegal for non-designated businesses to claim to be banks, but the powers of the Secretary of State are wide enough to control names which might be considered as inciting race hatred. – names which in the opinion of the Secretary of State are offensive– names which are likely to give the impression that the company is connected with either government or local government authorities (s.26(2)(a).Under s.28 of the Companies Act 1985 the Secretary of State has power to require a company to alter its name under the following circumstances:– where it is the same as a name already on the Registrar’s index of company names.– where it is ‘too like’ a name that is on that index.Although a company’s name must not be the same as any already registered (s.26 CA), the Business Names Act 1985 does not prevent one business from using the same, or a very similar, name as another business. However, the tort of passing off prevents one person from using any name which is likely to divert business their way by suggesting that the business is actually that of some other person or is connected in any way with that other business. It thus enables people to protect the goodwill they have built up in relation to their business activity.b) A promoter is a person who exercises some control over the affairs of the company both before and after it is formed up until the process of formation is completed. The following are typical acts which promoters perform – taking the procedural steps necessary to form a company, inviting other persons to become directors and issuing a prospectus. A person is not to be treated as a promoter of a company simply on the basis that they act in a professional capacity with respect to the establishment of a company. Thus solicitors and accountants employed purely in their professional capacity in order to establish a company will not be considered to be promoters. As with directors, so promoters are said to be in a fiduciary relationship with the company they are establishing. This is a position akin to that of a trustee and the most important consequence that flows from it is that the promoter is not entitled to make a profit from establishing the company, without full disclosure of that profit to either an independent board of directors, or to the existing and prospective shareholders in the company. Such a situation usually arises in situations where the promoters sell assets to the company they are in the process of forming. Failure to make such a disclosure will enable the company to: rescind the contract; claim damages or hold the promoter liable to account for any profit made.Although problems in relation to the promotion of companies have been greatly diminished by the introduction of rigorous rules relating to the provision of information in company prospectuses, nevertheless the Company Directors Disqualification Act 1986 also provides for the disqualification of anyone who has been convicted of an indictable offence in relation to the promotion or formation of a company.panies ordinarily raise the money they need to finance their operations through the issue of share capital, but it is equally common for companies to raise additional capital through borrowing. The essential difference between share capital and loan capital is that whereas the share represents a proportionate interest in the business and constitutes the shareholder a member of the company, the lender, even where they hold loan-stock, remains a creditor of the company rather than a member. Such borrowing on the part of the company does not give the lender any interest in the company but represents a claim against the company. The relationship between company and the provider of loan capital is the ordinary relationship of debtor/creditor(a) DebenturesA debenture is a document which acknowledges the fact that a company has borrowed money. The use of the term debenture, however, has been extended to cover the loan itself. A debenture may be issued to a single creditor or to a large number of peopleAs creditors of the company, debenture holders receive interest on their loans and are entitled to receive payment whether the company is profitable or not.Debentures which have no security are referred to as ‘unsecured loan stock’. It is usual, however, for debentures to provide security for the amount loaned. Security means that if the company is wound up, the secured creditor will have priority in terms of repayment over any unsecured creditor. There are two types of security for company loans:(b) Fixed chargeIn this situation a specific asset of the company is made subject to a charge in order to secure a debt. Once the asset is subject to the fixed charge the company cannot dispose of it without the consent of the debenture holders. The asset most commonly subject to fixed charges is land, although any other long-term capital asset may also be charged.It would not be appropriate, however, to give a fixed charge against stock in trade as the company would be prevented from freely dealing with it without the prior approval of the debenture holders. Such a situation would obviously prevent the company from carrying on its day to day business. If the company fails to honor the commitments set out in the document creating the debenture, such as meeting its interest payments, the debenture holders can appoint a receiver who will if necessary sell the asset charged to recover the money owed. If the value of the asset that is subject to the charge is greater than the debt against which it is charged then the excess goes to pay off the rest of the company’s debts. If it is less than the value of the debt secured then the debenture holders will become unsecured creditors for the amount remaining outstanding.(c) Floating chargeThe floating charge does not attach to any specific property whilst the company is meeting its requirements as stated in the debenture document. The security is provided by all the property owned by the company, some of which may be continuously changing, such as stock in trade. Thus, in contrast to the fixed charge, the use of the floating charge permits the company to deal with its property without the need to seek the approval of the debenture holders. However, if the company commits some act of default, such as not meeting its interest payments, or going into liquidation, the floating charge is said to crystallise. This means that the floating charge becomes a fixed equitable charge over the assets detailed, and their value may be realised in order to pay the debt owed to the floating charge holder.All charges, including both fixed and floating, have to be registered with the Companies’ Registry within 21 days of their creation. Failure to register the charge as required has the effect of making the charge void, i.e. ineffective, against any other creditor, or the liquidator of the company. The charge, however, remains valid against the company, which means in effect that the holder of the charge loses their priority as against other company creditors. In addition to registration at the Companies’ Registry, companies are required to maintain a register of all charges on their property. Although a failure to comply with this requirement constitutes an offence, it does not invalidate the charge.6.a) The annual general meeting. By virtue of s.366 of CA 1985, every company is required to hold an annual general meeting (AGM) every calendar year; subject to a maximum period of 15 months. If a company fails to hold an AGM then any member may apply to the Secretary of State to calla meeting in default. The business conducted at AGMs tends to be routine such as the re-election。
ACCA F6真题
ACCA F6真题
2014年08月28日
2019ACCA备考资料财务英语入门历年真题答案 2019考纲白皮书 2019考前冲刺资料高顿内部名师讲义高顿内部在线题库
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2021年ACCA考试模拟试题
2021年ACCA考试模拟试题：财务管理(1)1.在有限责任公司中，所有者的责任仅限于A.公司的债务B. 已发行普通股的市场价值C. 已发行普通股的票面价值D. 注册资本的价值2. 历史成本原则A. 不适用于资产负债表上的任何资产项目B.适用于资产负债表上某些负债项目C.适用于资产负债表上某些资产项目D. 适用于资产负债表上所有资产、负债项目3. 在进行财务比率分析时，假设货币价值A. 保持不变B. 变化可以预测C. 变化不可预测D. 不相关4. 企业评价投资项目时，计算全部现金流入量、现金流出量的现值，并将其进行比较，所得到的计算结果称为A. 回收期B.内部收益率C.会计报酬率D. 净现值5. 有4种评价投资的主要方法，其中考虑了货币时间价值的方法有A. 净现值法和内部收益率法B.内部收益率法和回收期法C.回收期法和会计报酬率法D. 会计报酬率法和净现值法6. 在存在资金限额的条件下，备选方案的排序应按下列哪种标准来进行A.现在已筹集到的资金的每元净现值B.尚需筹集的资金的每元净现值C. 尚需筹集的资金的每元内部收益率D.现在已筹集到的资金的每元内部收益率7. 在投资项目评价中，税款支出应A. 包含于现金流量之中B. 不包含在现金流量之中C. 包含于利润之中D.不包含在利润之中8. 抵押贷款是【】A. 一方以资产为担保借钱给另一方B.一种法律责任，以拥有的资产作担保的一项贷款C.一方向另一方借钱，并且以财产作担保，但不一定承担法律责任D.将款项支付给贷出方，其担保物是财产9. 营运资本应该【】A. 尽可能多B. 与企业的经营规模相适应C. 尽可能少D. 与长期资本一样多10. 存货周转率反映【】A. 商品销售的速度B. 商品付款的速度C. 客户购买存货付款的速度D. 购买商品的速度11. 一项兼并受到目标公司董事的反对，这项兼并称为【】A. 善意兼并B. 敌意兼并C. 横向兼并D. 企业的分立12. 给予现有普通股东购买新增发股票的权利是【】A. 发行可转换证券B. 发放贷款C. 发放奖金D. 发行优先认股权2021年ACCA考试模拟试题：财务管理(2)The following information should be used when answering questions 1, 2 and 3.ScenarioCAET have implemented a bespoke Human Resources (HR) system. The system has gone live but it has not proved very popular or successful, with users claiming that it only partly fulfils their requirements. A consultant has been hired toexamine their claims and to suggest how their concerns might be tackled.The consultant’s report has highlighted the role played by the Requirements Specification. He suggests that theRequirements Specification’s reliance on ambiguous textual specifications has led to problems of ill-defined and poorlycommunicated requirements. He claims that the‘analyst’s failure to use diagrammatic models has meant that manyrequirements were not fully understood before they were programmed. Specifications without diagrams are very difficult toquality assure.’ His report quotes several examples of textual specifications. Two specifications are reproduced below;Specification 1(field names are shown in italics)The system should hold information about Jobs (job number, job description, grade) and about the Departments (department name, department head) that these Jobs are in. A Department may have many Jobs allocated to it, but oneJob is only in one Department. When these Jobs become vacant they should be advertised in both Internal and Externalmedia. The information that must be stored isdate advertised, size of advertisement, noticeboard location(for internaladvertisement only),newsletter reference(for internal advertisement only),newspaper edition(for external advertisementonly) and cost of advertisement(for external advertisement only). Information about Applicants (applicant name, applicantaddress) is required, specifying which Job they are applying for and where they saw the Job advertised.Specification 2When an application form is received from an Applicant, a Clerk enters the information on the form into the system. As itis entered, it is validated against Job details to ensure that the Applicant is applying for a valid Job. Once details have beenentered they are stored on an Applicant database. Overnight a batch process is run to send an acknowledgement letter toeach Applicant. The date that the letter is sent is noted on the Applicant details held in the system.Redefinition ProjectThe consultant has suggested a Redefinition Project to address the problems encountered by the users. He says that,‘I am suggesting a mini-project with agreed Terms of Reference and a project plan. These problems need to be addressedin a planned manner’.The consultant is keen to stress that he does not wish to over-engineer the software solution. ‘We have to ensure that thetrade-off between time, cost and quality is appropriate for the delivered software’, he says, ‘the delivered software must beappropriately located on the time/cost/quality triangle.’1The consultant has recognised that ambiguous textual specification has contributed to the software’s problems. Heclaims that the ‘analyst’s failure to use diagrammatic models has meant that many requirements were not fullyunderstood before they were programmed.’ The implication is that the use of such diagrammatic models in analysiswould have solved many of the ambiguities of the specification.(a)Specification 1 in the scenario describes static structures, which could be modelled with a class model, entity-relationship model or logical data structure model.(i)Briefly explain the notation of EITHER a class model OR an entity-relationship model OR a logical datastructure model;(4 marks)(ii)Using this notation, model the information given in Specification 1. Note any assumptions you havemade or issues you would need to clarify with the user. Your answer should indicate the fields in eachentity/class.(6 marks)2021年ACCA考试模拟试题：财务管理(3) An organisation is reviewing the way that Information System (IS) projects are accounted for in the organisation. Atpresent the Information Systems department (which undertakes the IS projects) is a non-recharged cost centre.However, the organisation wishes to explore the advantages and disadvantages of other charging approaches.Four approaches are being considered(1)Non-rechargeable cost centre (current situation)(2)Recharged at cost(3)Recharged at a mark up (profit centre)(4)Setting up a separate IS companyRequired:FOR EACH of the FOUR approaches listed above:(i)briefly describe the principle of the approach;(1 mark)(ii)briefly describe ONE advantage of the approach;(2 marks)(iii)briefly describe ONE disadvantage of the approach.(2 marks)The mark allocation shown is for each approach, four approaches are listed.(20 marks)5(Designing Information Systems)An organisation wishes to purchase a software package to administer its workflow requirements. It is currently drawingup an Invitation to Tender (ITT) to send out to potential suppliers.Required:(a)Identify and briefly describe the contents of FOUR possible sections of the Invitation to Tender which will be sent to the potential suppliers.(12 marks)(b)Some of the managers are sceptical about the formal drawing up of an ITT. Project manager, Mary Mendes, claims ‘our approach is to select a software package from a well-established software house, show it to the usersand convince them that it is what they want. Ours is a much quicker approach than all this formal ITT stuff’.Explain the potential problems of Mary’s approach to software package selection and explain how these are overcome by a formal approach that includes the production of an ITT.(8 marks)(20 marks)46(Evaluating Information Systems)An examination board currently has a system where the following details are held about examinations. There are currently 1,000 examinations on file, set by 100 examiners. Each examiner has set 10 examinations. There is asimple computer file (called ASSESSMENT) containing 1,000 records. Each record has the following structure: ASSESSMENT fileField nameLength of fieldType of fieldExamination number4NumericExamination name30CharacterExaminer name30CharacterExaminer address50CharacterPassmark2Numeric2021年ACCA考试模拟试题：会计师与企业（1）Section A–BOTH questions are compulsory and MUST be attempted 1 Doric Co,a listed company,has two manufacturing divisions:parts and fridges.It has been manufacturing parts for domestic refrigeration and air conditioning systems for a number of years,which it sells to producers of fridges and air conditioners worldwide.It also sells around 50% of the parts it manufactures to its fridge production division.It started producing and selling its own brand of fridges a few years ago.After limited initial success,competition in the fridge market became very tough and revenue and profits have beendeclining.Without further investment there are currently few growth prospects in either the parts or the fridge divisions.Doric Co borrowed heavily to finance the development and launch of its fridges,and has now reached its maximum overdraft limit.The markets have taken a pessimistic view of the company and its share price has declined to 50c per share from a high of $2.85 per share around three years ago.Extracts from the most recent financial statements:A survey from the refrigeration and air conditioning parts market has indicated that there is potential for Doric Co to manufacture parts for mobile refrigerationunits used in cargo planes and containers.If this venture goes ahead then the parts division before-tax profits are expected to grow by 5% per year.The proposed venture would need an initial one-off investment of $50 million.Suggested proposalsThe Board of Directors has arranged for a meeting to discuss how to proceed and is considering each of the following proposals:1.To cease trading and close down the company entirely.2.To undertake corporate restructuring in order to reduce the level of debt and obtain the additional capital investment required to continue current operations.5.To close the fridge division and continue the parts division through a leveraged management buy-out,involving some executive directors and managers from the partsdivision.The new company will then pursue its original parts business as well as the development of the parts for mobile refrigeration business,described above.All the current and long-term liabilities will be initially repaid using the proceeds from the sale of the fridge division.The finance raised from the management buy-out will pay for any remaining liabilities,the additional capital investment required to continue operations and re-purchase the shares at a premium of 20%.The following information has been provided for each proposal:Cease tradingCorporate restructuringThe existing ordinary shares will be cancelled and ordinary shareholders will be issued with 40 million new $1 ordinary shares in exchange for a cash payment at par.The existing unsecured bonds will be cancelled and replaced with 270 million of $1 ordinary shares.The bond holderswill contribute $90 million in cash.All the shares will be listed and traded.The bank overdraft will be converted intoa secured ten-year loan with a fixed annual interest rate of 7%.The other unsecured loans will be repaid.In addition to this,the directors of the restructured company will get 4 million $1 share options for an exercise price of$1.10,which will expire in four years.An additional one-off capital investment of $80 million in machinery and equipment is necessary to increase sales revenue for both divisions by 7%,with no change to the costs.After the one-off 7% growth,sales will continue at the new level for the foreseeable future.It is expected that the Doric's cost of capital rate will reduce by 550 basis points following the restructuring from the current rate.Management buy-outThe parts division is half the size of the fridge division in terms of the assets and liabilitiesattributable to it.If the management buy-out proposal is chosen,a pro rata additional capital investment will be made to machinery and equipment on a one-off basis to increase sales revenue of the parts division by 7%.Salesrevenue will then continue at the new level for the foreseeable future.All liabilities categories have equal claim for repayment against the company's assets.It is expected that Doric's cost of capital rate will decrease by 100 basis points following the management buy-out from the current rate.The following additional information has been provided:Redundancy and other costs will be approximately $54 million if the whole company is closed,and pro rata for individual divisions that are closed.These costs have priority for payment before any other liabilities in case of closure.The taxation effects relating to this may be ignored.Corporation tax on profits is 20% and losses cannot be carried forward for tax purposes.Assume that tax is payable in the year incurred.All the non-current assets,including land and buildings,are eligible for tax allowable depreciation of 15% annually on the book values.The annual reinvestmentneeded to keep operations at their current levels is roughly equivalent to the tax allowable depreciation.The $50 million investment in the mobile refrigeration business is not eligible for any tax allowable depreciation.Doric's current cost of capital is 12%.Required:Prepare a report for the Board of Directors,evaluating the financial and non-financial impact of all the three proposals to Doric Co's main stakeholder groups,that includes:(i)An estimate of the return the debt holders and shareholders would receive in the event that Doric Co ceases trading and is closed down.(5 marks)(ii)An estimate of the income position and the value of Doric Co in the event that the restructuring proposal is selected.State any assumptions made.(8 marks)(iii)An estimate of the amount of additional finance needed and the value of Doric Co if the management buy-out proposal is selected.State any assumptions made.(8 marks)(iv)A discussion of the impact of each proposal on the existing shareholders,the unsecured bond holders,and the executive directors and managers involved in the management buy-out.Suggest which proposal is likely to be selected.(12 marks)Professional marks will be awarded in question 1 for the appropriateness and format of the report.(4 marks)(55 marks)2 Fubuki Co,an unlisted company based in Megaera,has been manufacturing electrical parts used in mobility vehicles for people with disabilities and the elderly,for many years.These parts are exported to various manufacturers worldwide but at present there are no local manufacturers of mobility vehicles in Megaera.Retailers in Megaera normally import mobility vehicles and sell them at an average price of $4,000 each.Fubuki Co wants to manufacture mobility vehicles locally and believes that it can sell vehicles of equivalent quality locally at a discount of 57.5% to the current average retail price.Although this is a completely new venture for Fubuki Co,it will be in addition to the company's corebusiness.Fubuki Co's directors expect to develop theproject for a period of four years and then sell it for $16 million to a private equity firm.Megaera's government has been positive about the venture and has offered Fubuki Co a subsidised loan of up to 80% of the investment funds required,at a rate of 200 basis points below Fubuki Co's borrowing rate.Currently Fubuki Co can borrow at 500 basis points above the five-year government debt yield rate.A feasibility study commissioned by the directors,at a cost of $250,000,has produced the following information.1.Initial cost of acquiring suitable premises will be $11 million,and plant and machinery used in the manufacture will cost $5 million.Acquiring the premises and installing the machinery is a quick process and manufacturing can commence almost immediately.2.It is expected that in the first year 1,500 unitswill be manufactured and sold.Unit sales will grow by 40% in each of the next two years before falling to an annual growth rate of 5% for the final year.After the first yearthe selling price per unit is expected to increase by 5% per year.5.In the first year,it is estimated that the total direct material,labour and variable overheads costs will be $1,200 per unit produced.After the first year,the direct costs are expected to increase by an annual inflation rate of 8%.4.Annual fixed overhead costs would be $2.5 million of which 60% are centrally allocated overheads.The fixed overhead costs will increase by 5% per year after the first year.5.Fubuki Co will need to make working capital available of 15% of the anticipated sales revenue for the year,at the beginning of each year.The working capital is expected to be released at the end of the fourth year when the project is sold.Fubuki Co's tax rate is 25% per year on taxable profits.Tax is payable in the same year as when the profits are earned.Tax allowable depreciation is available on the plant and machinery on a straight-line basis.It isanticipated that the value attributable to the plant and machinery after four years is $400,000 of the price at which the project is sold.No tax allowable depreciation is available on the premises.Fubuki Co uses 8% as its discount rate for new projects but feels that this rate may not be appropriate for this new type of investment.It intends to raise the full amount of funds through debt finance and take advantage of the government's offer of a subsidised loan.Issue costs are 4% of the gross finance required.It can be assumed that the debt capacity available to the company is equivalent to the actual amount of debt finance raised for the project.Although no other companies produce mobility vehicles in Megaera,Haizum Co,a listed company,produces electrical-powered vehicles using similar technology to that required for the mobility vehicles.Haizum Co's cost of equity is estimated to be 14% and it pays tax at 28%.Haizum Co has 15 million shares in issue trading at $2.55 each and $40 million bonds trading at $94.88 per $100.The five-year government debt yield is currently estimated at 4.5% and the market risk premium at 4%.Required:(a)Evaluate,on financial grounds,whether Fubuki Co should proceed with the project.(17 marks)(b)Discuss the appropriateness of the evaluation method used and explain any assumptions made in part(a)above.(8 marks)(25 marks)2021年ACCA考试模拟试题：会计师与企业（2）1 Bravado，a public limited company，has acquired two subsidiaries and an associate. The draft statements of financial position are as follows at 51 May 2009：Bravado Message Mixted$m $m $mAssets：Non-current assetsProperty，plant and equipment 265 250 161Investments in subsidiariesMessage 500Mixted 128Investment in associate - Clarity 20 Available-for-sale financial assets 51 6 5 - - -764 256 166- - -Current assets：Inventories 155 55 75Trade receivables 91 45 52Cash and cash equivalents 102 100 8- - -528 200 115- - -Total assets 1，092 456 279- - -Equity and liabilities：Share capital 520 220 100Retained earnings 240 150 80Other components of equity 12 4 7- - -Total equity 772 574 1872021年ACCA考试模拟试题：会计师与企业（3）On 1 June 2007，Bravado acquired 6% of the ordinary shares of Mixted. Bravado had treated this investment asavailable-for-sale in the financial statements to 51 May 2008 but had restated the investment at cost on Mixted becoming a subsidiary. On 1 June 2008，Bravado acquired a further 64% of the ordinary shares of Mixted and gained control of the company. The consideration for the acquisitions was as follows：Holding Consideration$m1 June 2007 6% 101 June 2008 64% 118- -70% 128- -Under the purchase agreement of 1 June 2008，Bravado is required to pay the former shareholders 50% of the profits of Mixted on 51 May 2010 for each of the financial years to 51 May 2009 and 51 May 2010. The fair value of this arrangement was estimated at $12 million at 1 June 2008 and at 51 May 2009 this value had not changed. This amount has not been included in the financial statements.At 1 June 2008，the fair value of the equity interestin Mixted held by Bravado before the business combination was $15 million and the fair value of the non-controlling interest in Mixted was $55 million. The fair value of the identifiable net assets at 1 June 2008 of Mixted was $170 million (excluding deferred tax assets and liabilities)，and the retained earnings and other components of equity were $55 million and $7 million respectively. There had been no new issue of share capital by Mixted since the date of acquisition and the excess of the fair value of the net assets is due to an increase in the value of property，plant and equipment (PPE)。
ACCAF6考试要点精炼
解题思路考试不给，需要记忆难点+重点+考点Income TaxStep 1确定UK Resident非UK resident，只有UK收入纳税AP时间是4.6‐4.5Days in UK Previously resident Not previously resident< 16Automatically not resident Automatically not resident16 to 45 Resident if 4 UK ties(or more)Automatically not resident46 to 90Resident if 3 UK ties(or more)Resident if 3 UK ties(or more)91 to 120Resident if 2 UK ties(or more)Resident if 2 UK ties(or more)121 to 182Resident if 1 UK ties(or more)Resident if 1 UK ties(or more)183Automatically resident Automatically residentAutomatically not Full time oversea work & in UK < 90DAutomatically yes Only home in UK Or Full time work in UK5 UK ties:Close family 配偶或子女Substantive work in UKUK house in use>90D either two past tax years in UK > 183DStep 2Trading ProfitDetails 1先判断Basis Period Commencement rule: First 3 BP Cessation rule: Last BPCondition BP1 (start ‐ 4.5)BP2BP3 POA<12M, 2nd有AP BP1<12M, 且=overlap BP2=开业(start to trade)+12M BP3=12, =POA2,有overlapPOA≥12M, 2nd有AP BP1<12M, 且<overlap BP2=12,由POA1end倒推BP3=12, =POA2POA≥12M, 含2个4.5BP1<12M正常AP：4.6~4.5，有overlap BP3=12,由POA1end倒推最后一期有4.5BP last = POA last最后一期无4.5BP last = 最后2个POADetails 2分辨D & ND资本化费用都是ND员工费用都是D*以下公司/个人通用Description Details Deductable or Non‐deductable Condition Fine & penalty By Company / Employer X公司不守制度，也不能抵扣By Employee√Depreciation & Amortization XRepairs and Renewals Improvement & Extension升级X Capital expenditure ‐ 譬如建外墙，围栏（独立的）Repairs & decoration装修维修√Revenue expenditure ‐ 譬如内部装修，家具（装潢部分）Entertaining Employee √Customer or supplier XGift Employee√Customer√≤ £50 eachnot food, drink, tobacco,voucherCompany logoDonation√Trading purposeNational的延长税基，但ND Local not nationalNon‐politicalLegal fees Trade debts collection√Obtain loan finance for trading√贷款融资可以抵扣Registering patent / trade marks√Patent royalty paid√Accountancy & Audit fee√Renewal of short lease√续租可以抵扣Court action√Defense of internet domain name√ 作为原告为D Sue against customer/supplierX 作为被告未ND for not complying with legislationIssuing share capital X股票不可以抵扣Initial granting of short lease X第一次租房不扣抵扣Bad debt expense General & Specific provision√不同于VAT，无6个月overdued的时限要求Lease charges for cars CO2 ≤ 130g/km√CO2 > 130g/km15% NDPretrading expenditure Previous 7 years, deductible√前7年内费用可抵扣，超过不行Individual private use Owner’s salary XExcess salary to family member X同工同酬，超出部分不得抵扣Private motor, telephone expense X个人水电煤开销Goods of own use (+MV)X挪用公司资产，按MV加回来公车私用X老板个人使用不能扣除，只能扣公司使用部分，可用flat ra OPS职位养老金OPS√老板为员工缴纳部分NIC Class 1A, Class 1 secondary√老板为员工缴纳部分Loan interest Buy PPE for use in employment√合伙企业或雇佣Buy interest in employee control√员工控股公司Invest in partnership√合伙企业Invest in co‐operative√合作机构Cash basis for small business (new)Cash income ‐ Cash expense = Tax adjusted trading profit / (loss)Motor car expense: using the mileage allowanceDetails 3Trading loss抵扣NI会导致PA浪费一般来说，选择抵扣trade profit，收益更大第一种Loss relief against N.I抵扣Net income可以当年可以去年,抵扣封顶额=trade profit + 50000或25%(总收入‐PPS),取高值抵扣顺序：先NSI，再SI，然后DI第二种Losses relief against CG抵扣CGT可抵抵扣当年，也可以抵扣去年。
ACCA F1-F3模拟题及解析(2)
第1章 ACCA F1-F3模拟题及解析（2）1.Which one of followings best described the (9.9) management type according to Blake and Mouton’s management Grid model?A.Country clubB.DirectorC.TeamD.Middle of the road or the dampened pendulum2.Which one of the followings is NOT the feature of a team?plementary skillB.Mutually accountableC.Concern with both task and peopleD.Decision making by team leader3.Which one of the followings is NOT the stage related to Tuckman's theory?A.DormingB.PerformingC.FormingD.Norming4.Linda is a team leader in charge of a research project. Now the team has fulfilled its objective and recently there is no other work which will be given to the team. Which stage is this teamin according to team development stage theory?A.DormingB.MourningC.AdjourningD.Norming5.Wendy is very sociable extrovert and communicative, she has very rich social network, and always use her personal influence power to help team to get necessary resource. According to Belbin’s team role theory .Which is the role of Wendy?A.ShaperB. PlantC. CoordinatorD. Resource investigator6.The ACCA qualification is useful and valuable to your professional career and if you do your best and practice more, you will pass it highly likely. Which motivation theory can best describe the above sentences?A.Content theoryB.Process theoryC.Position theoryD.Hygiene theory7.Which one of followings in NOT the limitation of Maslow's hierarchy of needs?A.Individual may have several needs at the same timeB.The theory ignores the ‘deferred’ need.C.Once satisfied the level of needs is no longer motivates the individualD.The actualization is highly subjective and quite abstract8.Which one of following is not the type of motivating needs according to McClelland's theory?A.The need for powerB. The need for achievementsC. The need for social relationshipD. The need for affiliation9. Annan is a sale assistant. Previously, she followed the instruction from her superior. Recently, her superior empower the right to her and allows her to prepare the sales plan by herself. According to Histzberg's motivation theory which one of following can describe the above job redesign?A. Job rotationB. Job enrichmentC. Job enlargementD. Job analysis10. The word selection can be interchangeable used as recruitment in the context of human r esource management.A.TrueB. False11. Lannon is a salesman. At the start of this month, she agreed with her manager to achieve 300 unit of company product to be sold .her manager also premised to her. If she can achieve this target, the manger will give her ₤100 bonus. Which one of the followings methods related to the target of 300 units to be sold?A.Overall assessmentB.GradingC.Results oriented schemesD.Guided assessment12.In the appraisal interview, which one of the followings is NOT the communication method according to Maier’s theory?A. The tell and sell methodB. The tell and listen methodC. The listen and talk methodD. Problem solving method13. Lulu is a marketing staff. She is excited by participation and enjoys the pressure from new projects. When she is in the day release course she is always sleep in the class. According to Honey and Mumford four learning styles theory, which one of the followings learning type Lulu belongs to?A.PragmatistsB. ActivistsC. ReflectorsD. Theorist14.Which one of the following is NOT the Non-verbal communications?A.GesturesB. SpeechC. Facial expressionD. Posture15.The term of training is same as development. The term of coaching is same as mentoring.A. TrueB. False16. Which one of followings is NOT the factor which can lead the inflation?A.Demand pull factorsB. Cost push factorsC. Unemployment factorsD. Excessive growth in the money supply.17."Pay was assumed to be only important motivating force" which one of followings management theory relate to the above sentences?A. Classical scientific theoriesB. Human relations schoolC. Contingency theoryD. Style theory18. "If the leader is liked and trusted by the group; the tasks of group are clearly defined and the position power of the leader is high” The leader should adopt the psychologically close manager according to Fiedler’s two types of leader theory.A.TrueB. False19. Which of the followings relates to the limitation of internal controls?i ) Cost-effectivenessii ) Potential for human error of fraudiii ) Collusion between employeesiv ) Control being by-passed by managementv ) Controls being designed to cope wish routine and not non-routine transitions.A. i) ii) iii) iv)B. i) iii) iv)C. ii) iii) iv)D. Above all20. IASB is the same as IAASB which issues the IAS and IFRSA. TrueB. False21. The following graph relates to a linear programming problem:The objective is to maximise contribution Array and the dotted line on the graph depictsthis function. There are three constraintswhich are all of the “less than or equalto” type which are depicted on the graphby the three solid lines labelled (1), (2)and (3).At which of the following intersectionsis contribution maximised?A. Constraints (1) and (2)B. Constraints (2) and (3)C. Constraints (1) and (3)D. Constraint (1) and the x-axis22.Four vertical lines have been labelled G, H, J and K at different levels of activity on the following profit-volume chart:Which line represents the total contribution at that level of activity?A.Line GB.Line HC.Line JD.Line K23. An organisation has the following total costs at three activity levels:Activity level (units) 7,000 12,000 15,000Total cost £204,000 £250,000 £274,000Variable cost per unit is constant within this activity range and there is a step up of 10% in the total fixed costs when the activity level exceeds 11,000 units.What is the total cost at an activity level of 9,000 units?A. £220,000B. £224,000C. £227,000D. £234,00024. An organisation manufactures and sells a single product which has a variable cost of £24 per unit and a contribution to sales ratio of 40%. Total monthly fixed costs are £720,000.What is the monthly breakeven point (in units)?A.18,000B.20,000C.30,000D.45,00025. The following statements refer to qualities of good information:(i) It should be communicated to the right person.(ii) It should be accurate before it is used.(iii) It should be understandable by the recipient.Which of the above statements are correct?A.(i) and (ii) onlyB.(i) and (iii) onlyC.(ii) and (iii) onlyD.(i), (ii) and (iii)26. A company has established a marginal costing profit of £72,300. Opening stock was 300 units and closing stock is 750 units. The fixed production overhead absorption rate has been calculated as £5/unit.What was the profit under absorption costing?A.£67,050B. £70,050C. £74,550D. £77,55027. Which of the following is correct?A.Quantitative data is numerical information.rmation can only be extracted from external sources.C.Operational information gives details of long-term plans only.D.Data is processed information.28. Regression analysis is being used to find the line of best fit (y = a + bx) from five pairs of data. The calculations have produced the following information:_x = 129 _y = 890 _xy = 23,091 _x2 = 3,433 _y2 = 29,929What is the value of ‘a’ in the equation for the line of best fit (to the nearest whole number)?A.146B.152C.210D.2459. Which of the following is a feasible value for a correlation coefficient?A.+1·2B.+0.9C.–1·2D.–2·010. A company manufactures one product which it sells for £40 per unit. The product has a contribution to sales ratio of 40%. Monthly total fixed costs are £60,000. At the planned level of activity for next month, the company has a margin of safety of £64,000 expressed in terms of sales value. What is the planned activity level (in units) for next month?A.3,100B.4,100C.5,350D.7,750试题答案：1. 【答案】C2. 【答案】D3. 【答案】A4. 【答案】B5. 【答案】D6. 【答案】B7. 【答案】C8. 【答案】C9. 【答案】B10. 【答案】B11. 【答案】C12. 【答案】C13. 【答案】B14. 【答案】B15. 【答案】B16. 【答案】C17. 【答案】A18. 【答案】B19. 【答案】D20. 【答案】B21.【答案】 D22.【答案】C23.【答案】A【解析】Variable cost per unit = [(274,000 – 250,000) ÷ (15,000 – 12,000)] = £8Total fixed cost at 7000 units = 204,000 – 56,000 = 148,000Total cost for 9,000 units = [(9,000 x 8) + 148,000] = £220,00024.【答案】D【解析】Contribution per unit = (24 ÷ 0·60 x 0·40) = £16Breakeven point = (720,000 ÷ 16) = 45,000 units25.【答案】D26.【答案】C27.【答案】A28.【答案】A【解析】b = [(5 x 23,091) – (129 x 890)] ÷ [(5 x 3,433) – (1292)] = 1·231a = (890 ÷ 5) – [(1·231 x 129) ÷ 5] = 146 (nearest whole number)29. 【答案】B30. 【答案】C参与ACCA考试的考生可按照复习计划有效进行，另外高顿网校官网ACCA考试辅导高清课程已经开通，还可索取ACCA考试通关宝典，针对性地讲解、训练、答疑、模考，对学习过程进行全程跟踪、分析、指导，可以帮助考生全面提升复习备考效果。
acca所有考试科目一模拟试题及答案
acca所有考试科目一模拟试题及答案科目：财务会计（F3）题目一：单项选择题1. 在准备财务报表时，以下哪一项不是必须遵循的原则？A. 历史成本原则B. 权责发生制原则C. 持续经营原则D. 现金流量原则答案： D. 现金流量原则题目二：计算题假设一家公司在2023年1月1日购买了一台设备，成本为$50,000，预计使用年限为5年，残值为$5,000。
请计算该公司在2023年的折旧费用。
答案：使用直线折旧法计算折旧费用：\[ \text{年折旧费用} = \frac{\text{成本} - \text{残值}}{\text{使用年限}} \]\[ \text{年折旧费用} = \frac{50,000 - 5,000}{5} = 9,000 \]科目：管理会计（F2）题目一：简答题简述标准成本和实际成本的区别。
答案：标准成本是指在理想条件下，根据预定的生产效率和成本结构计算出的成本。
实际成本则是在实际生产过程中产生的成本。
两者的主要区别在于，标准成本用于预算和控制，而实际成本用于衡量和评估实际生产过程中的成本表现。
科目：税务（F6）题目一：案例分析题某公司在2023年的总收入为$200,000，允许的税前扣除项为$50,000。
请计算该公司的应纳税所得额。
答案：\[ \text{应纳税所得额} = \text{总收入} - \text{税前扣除项} \] \[ \text{应纳税所得额} = 200,000 - 50,000 = 150,000 \]结束语：以上模拟试题及答案仅供参考，实际考试内容和难度可能会有所不同。
考生应以ACCA官方发布的考试大纲和学习材料为依据，进行系统的学习和复习。
希望所有考生都能在ACCA考试中取得优异的成绩。
ACCA模拟试题答案 (2) _ F8
Paper F8 Audit and Assurance June 2010 Mock Examination Suggested AnswersQuestion 1(a) Responsibilities in relation to the design and operation of internal controlsAuditorsAuditors are not responsible for systems design or operation. Their responsibilities are to:•Obtain an understanding of how the client’s systems operate, including the controls that form part of the system, and document their understanding;•Test the controls in the systems, using a variety of methods, such as: observation, walkthrough and computer aided techniques, to ensure they operate effectively; •To consider the impact of the results of controls testing on audit risk assessment to aid the design and performance of further audit procedures;•To report deficiencies in internal controls to management and those charged with governance, as required by ISA 265.ManagementManagement are responsible for managing the business in the best interests of the shareholders. This includes safeguarding the assets of the company and reporting the performance and position of the company to the shareholders. To them to discharge these responsibilities they must:•Establishing systems and control to respond to business risks;•Establishing systems and controls to enable timely and accurate financial reporting, including the prevention and detection of fraud and error; and •Monitoring the effectiveness of the systems.(b) Deficiencies in the purchases systemDeficiency ConsequenceGoods received are not checked to orders until the GRN reaches the buying department. Goods may be accepted by Fitzgerald that were not ordered and this may not be detected for some time. This would lead to unnecessary time and costs returning the goods at a later stage.Only internally raised GRN’s are sequentially numbered. Where a supplier delivery note is received instead this is not sequentially numbered. This increases the risk that goods may go missing (whether due to fraud or error) and this may not be detected.This also increases the risk that liabilities for goods received but not invoiced are understated in the financial statements.Supplier’s delivery notes may be used in lieu of an internally produced GRN. The suppliers’ notes may not contain all the necessary information to accurately record the receipts of goods and related liabilities.Invoices may become lost or mislaid as they are passed around departments Purchases and trade payables may be understated in the accounting records. Fitzgerald Co may forgo any prompt settlement discounts if invoices are not processed on a timely basis.The buying department retains all queried invoices until resolved. Once again this will lead to the understatement of both purchases and payables.This could also lead to slow paying, forgoing prompt payment discounts and loss of supplier goodwill.Completion of grid stamps is not reviewed by accounts staff. Invoices may have been received but not processed in the payables ledger. Invoices may be authorised for payment before they have been processed by the accounts department, which could ultimately lead to incorrect payments being made.Invoices are not being marked as paid.Balances may be paid twice in error, ornot at all. The latter would lead to a lossof supplier goodwill and maybe areduction in credit facilities.Supplier statement reconciliations are not performed regularly. Errors on the payables ledger may go undetected.(c) Overall effect of weaknesses on audit planningInitially audit risk regarding the recording of inventory, purchases and trade payables should be regarded as high.Controls should be tested to establish whether the above weaknesses were consistent throughout the whole year, or whether controls were improved at any point. If controls were improved that would allow the auditor to reassess audit risk and perhaps lower it.Controls testing will require that sufficiently experienced staff are booked to perform an interim visit to the client to document and test the systems.If the risk assessment remains high the auditor will have to reduce audit risk using one or more of the following strategies:•increasing the extent of the inventory, purchases and payables procedures; •increasing the size of samples tested;•using more experienced staff for the testing of these areas;•increasing the supervision of staff; and•increasing the extent of the working paper reviews(d) Audit procedures(i) Trade payables•Obtain a breakdown of the trade payables balance and cast it to ensure it is arithmetically accurate.•Through enquiry and review of prior year working papers identify the main suppliers. Analytically review purchases and outstanding balances for thesesuppliers in comparison to the prior year and investigate any discrepancies. •Reperform the supplier statement reconciliations for the key suppliers at the year end and follow through reconciling differences to underlying records. •Reperform the payables ledger control account reconciliation for the year-end general ledger balances•Inspect purchase invoices dated January 2010 and compare to goods received notes. Ensure any received before 31 December 2009 have been accrued at that date.•Inspect the cash book and for a sample of payments to suppliers in January 2010 ensure there is a corresponding liability as at 31 December 2009.•Inspect the goods received notes/suppliers delivery notes held in the accounts department for evidence of any year-end receipts that have not yet beenmatched to an invoice. If any are found ensure appropriate accruals have been made at 31 December 2009.•Select a sample of payable balances at 31 December 2009 and confirm their value through inspecting the cash paid in settlement after the year-end (i.e. to ensure no discounts have been applied).•Inspect correspondence with suppliers post year end for evidence of discrepancies being resolved.•Select and inspect a sample of credit notes received post year end to ensure the liability has been correctly adjusted for in the financial statements.(ii) Cut-off procedures re purchases and payables are adequate•Analytically review the gross profit margin this year versus last year and investigate any unexpected fluctuations.•For a sample of goods received notes and supplier delivery notes received either side of the year end, trace to the purchase invoice and the year-end payables or accruals balances.•Identify in which period the goods were received and ensure that they have been accrued in the correct period.•Select a sample of purchase invoices recorded in the general ledger either side of the year-end and trace to the associated goods received note (GRN). •Enquire of directors how they ensure that all goods received but not yet invoiced are recorded in the correct period, particularly if they are held by the buyingdepartment.•Enquire of the procedures for dealing with goods awaiting return to suppliers at the date of the physical inventory count.•Examine goods returned notes post year-end and trace to adjusting entries in the general ledger at the year end.•Reconcile a sample of the year end supplier statements with the relevant balance on Fitzgerald Co’s individual payables ledger and investigate anydiscrepancies.(a)Factors to consider include:•Relevant industry, regulatory, and other external factors including the applicable financial reporting framework•The nature of the entity, including its operations, ownership and governance structures, investments and financing•The entity’s selection and application of accounting policies, including the reasons for any changes•The entity’s objectives and strategies, and those related business risks that may result in risks of material misstatement•The measurement and review of the entity’s financial performance(b)Procedures•Review and test the process used by the management to develop the estimate. For example, confirm that the data used to form the estimate iscomplete and relevant, that the assumptions used are based on pastexperience, industry or government statistics and that all calculations arearithmetically accurate.•Compare the director’s estimate to an independent estimate made by or obtained by the auditor•Review subsequent events(c)Purpose•Audit working papers provide a record of the basis for the auditor’s opinion.•They also provide evidence that the audit was planned and performed in accordance with the SSAs and applicable legal and regulatory requirements(a) MaterialityA matter is considered material if its omission or misstatement would influence the economic decisions made by users of the financial statements. When determining whether or not a matter is material it will be assessed both individually and in aggregate with all of the other misstatements identified by the auditors.It is the responsibility of the auditor to obtain reasonable assurance that the financial statements are free from material misstatement and, as a result, the auditor must understand what is material in the context of the audit so that appropriate audit procedures to be identified, performed and evaluated.The assessment of what is material is a matter of professional judgment. A percentage is often applied to a chosen benchmark as a starting point in determining materiality for the financial statements as a whole. Profit before tax is often used for profit making entities although when profit before tax is volatile other benchmarks, for example, total revenues may be more appropriate.In relation to Hivex materiality based on between 5-10% of profit before tax would lie in the range of $310k and $620k. Materiality based on ½ - 1% of turnover would be in the region of $76k and $152k.(b) Audit RisksAudit risk Audit procedureWhilst sales have increased by 15%, a significant rise for one year, costs of sale have remained static. Sales levels indicate the level of activity within the business. One would expect costs, particularly material costs, to rise with the increase in activity levels. This could indicate an error in the calculation of gross profit. Recalculate cost of sales using: opening inventory plus purchases subtract closing inventory. Enquire of directors if they have altered their suppliers or now obtain bulk purchasing discounts, which could both account for reduced purchase prices.Distribution costs have increased by over 50%, in comparison to a 15% increase in sales. The rise in distribution appears peculiar given the inefficiency it creates. Whilst this could be due to more expensive distribution due to increased customer levels it could also indicate error. Inspect the distribution costs ledger account to identify any large or unusual costs. Corroborate these costs through management enquiry. Cast the distribution ledger account to confirm its accuracy.Admin expenses have fallen by 44% in comparison to a 15% increase in sales. This could be due to a number of factors, such as: efficiency savings or profit on disposal of assets. However, one would expect such charges to rise in line with sales. This is of particular concern and could indicate an error. Inspect the administrative costs reconciliation performed by management. Analytically review the components of the cost account to prior year. Obtain management explanations for any unusual fluctuations. Recalculate the admin cost for the year using year-end trial balances figures.Close to 1000% increase in selling prices in comparison to 15% increase in sales. The $1,682k increase in sales has been achieved via a $1,652k increase in selling costs. This appears inefficient and could once again indicate error. The pressure to increase selling costs has also significantly reduced profits. If this trend continues it could significantly affect Hivex’s ability to continue as a going concern. Inspect advertising contracts or invoices in the year and reconcile these costs to the selling cost accounts in the general ledger. Analytically review cost accounts (advertising, packaging, promotions) in comparison to last year and obtain explanations from management for any significant changes.The provision for corporation tax has more than doubled, whilst profit before tax has fallen by 10%. Although accounting profit is not the same as taxable profit it is unusual for there to be such a pattern of profits and tax. This could indicate that there are taxes on asset disposals or simply an error in the estimate of tax charges. Inspect management’s estimate of tax charges for the year and recalculate the current tax provision. If available, inspect the actual tax computation. Review in comparison to the financial statements to ensure that the two documents agree, e.g. for items such as disposals.Property, plant and equipment has increased by $600k, a potentially material amount. Additions are not routine transactions. The main risk is that they are not correctly added to the general ledgers and that the classification of assets is incorrect. This could lead to errors in presentation and also in calculating depreciation. One would have expected depreciation to rise significantly due to these additions but the large reduction in admin costs suggests that perhaps this has not happened. Inspect asset purchase invoices and compare to the cost of additions in the fixed asset register to confirm the accuracy of costs. Recalculate the fixed asset register to ensure the total cost less all depreciation is $2,500k.Reperform the depreciation charge in the year for a sample of material assets, particularly new additions, to confirm the accuracy and completeness of the depreciation charge for the year. Compare the depreciation charges from the fixed asset register to the costs recorded in admin expenses.Intangible assets have increased by $450k in the year, this is again material and subject to significantestimates/judgement. Only development costs may be capitalised as assets (as per FRS 38). All research costs must be expensed during the year. Such balances could be manipulated to improve reported profit for the year. Given the significant reduction in admin costs it is possible that research costs may have been capitalised as intangible assets. Analytically review research costs and development costs in comparison to last year. Obtain management explanations for any significant fluctuations. Trace costs through to original cost documents, such as purchase invoices and employee time sheets, to confirm the accuracy of the calculation but also to confirm the allocation of costs against either research or development.Receivables have increased by 70%, in comparison to a 15% increase in sales. Receivables days in 2009 were 60 days, in comparison to 40 days in 2008. There is a strong indication that credit control has deteriorated and that Hivex are having trouble collecting debts. This could mean a rise in bad and doubtful debts, which should also have risen significantly in the accounts. Inspect the receivables ledger by ageing. Identify any debts older than, say, 90 days and enquire of management the status of their collection. Inspect after date cash balances to confirm the collection of any old balances collected after the year-end. Analytically review the bad debt provision as a % of receivables in comparison to 2008. Obtain explanations for any fluctuation from management.Payables days have increased from 61 days in 2008 to 121 days in 2009. This indicates that Hivex are having problems paying their suppliers. This (coupled with the increase in receivables days) could be an indication of cash flow problems, which could affect the going concern status of the business. Inspect forecast accounts to assess future cash flow potential. In particular be aware of any predicted deterioration in cash flow. Enquire of directors how they plan to collect cash quicker and pay off suppliers. Inspect any correspondence with suppliers confirming changes to credit limits and payment terms.The significant bank loan is due for repayment in the foreseeable future. Unless Hivex forecast that they will have the cash available to repay the loan by the due date (June 2011) doubts must be raised about the going concern status of the business. Enquire of directors how they plan to pay off the large loan in 2011. Enquire of directors if any additional funding is to be made available, e.g. share issues. Inspect forecast accounts to assess future cash flow s and the cash set aside to meet the loan repayment.Question 4(a) Ethical issuesEthical issue Explanation SafeguardBeing the largest fee generating client there is a risk of fee dependency, which is a self-interest threat to objectivity. The auditor may act with biasfor fear of losing such a lucrativeclient. This could lead to thesigning of inappropriateassurance reports.Total fees from Mart shouldbe regularly reviewed toensure recurring fees remainbelow acceptablethresholds (15% of totalpractice income). If feesfrom Mart exceed theselimits one, or more,engagements should bedeclined.Acting for a client for 20 years increases the risk of familiarity threat to objectivity. If, at any point, the relationshipbetween auditor and clientcrosses professional boundariesthen the objectivity of theauditor must be questioned. Theauditor may become tootrusting of, and reliant upon,management representationsrather than more reliable formsof evidence.Senior staff should beperiodically rotated to bringin new, independent staff.Providing additional services increases the risk of self-review threat to objectivity. This occurs when staff of thesame firm are reluctant tochallenge the outcome of aprevious engagement becauseit could impact adversely on acolleague (e.g. tax planningand audit staff)Separate teams should beused with separatereporting lines and separateengagement partners. Ifthere is particular concern asecond partner reviewshould be performed.The provision of multiple services may also create a self interest-threat to objectivity. Low-balling (i.e. low audit feescharged to retain other morelucrative consultancy work)detracts from audit quality andtherefore auditor neutrality.Independent partnerreviews can be conductedwhen there are concernsover engagement quality.Self-interest threat to objectivity due to tax planning for both directors and company. The auditor may be tempted tofavour one party at the expenseof the other to try and boostconsultancy fee income.Separate teams withdifferent partners should beused to conduct corporateand private tax planningengagements.Former employee joining client gives rise to a familiarity threat. Audit staff will know the newFD too informally and mayplace too much reliance ontheir representations.The audit may need to behanded over to anotherdepartment who areunfamiliar with the ex-staffmember. If this is notpossible a second partnerreview would be advised.There may have been a self-interest threat to objectivity in previous years due to the audit manager manufacturing a career move. It is possible the auditmanager has used the auditas a springboard to a morelucrative position with aclient and for that reasonmay have not actedobjectively.The firm should reviewprevious working files andcurrent planning filesaffected by the old auditmanager’s(b)Underprovision of depreciation•Discuss with the management to ascertain whether the error was known and if so, why no action was taken•Extend substantive analytical procedures and substantive tests of detail to clarify the likely extent of error•Compare the new and old depreciation charges to determine whether the difference is material•Discuss the matter with the directors to determine the actions they are proposing to take•If difference is material and directors refuse to change the financial statements, modify the audit report with a qualified opinion due to a material but not pervasive disagreement•Include the weakness in management letter with recommendations designed to ensure problem does not recur•Consider the likelihood of other errors arising due to control weaknesses or a lack of management attention to detail(c)RemovalThe directors must follow the procedures listed below in order to remove theauditors:•Organise a general meeting and send special notice to the shareholders and auditors•Circulate a written representation from auditors to the shareholders prior to the meeting and read out the representation during the meeting itself •Ensure the auditors are given the opportunity to attend and speak at meeting in accordance with their statutory rights•Count the votes relating to ordinary resolution to remove auditors•Make arrangements for the shareholders to appoint new auditors e.g. obtain tenders and shortlist suitable firms.Question 5(a)Going concernA going concern is an enterprise that will continue in operational existence for the foreseeable future. The financial statements assume no intention or necessity to liquidate or curtail significantly the scale of operations.The auditors must obtain sufficient appropriate audit evidence regarding the appropriateness of the management’s use of the going concern assumption, they must conclude whether any material uncertainly exists and consider the implications for the auditor’s report if a material uncertainly does exist.(b)Audit procedures regarding going concern•Remain alert throughout the audit for additional evidence of events or conditions that may cast doubt on the entity’s ability to continue as a going concern, for example, the refusal of applications for loan finance or suppliers demanding ash in advance of delivery.•Analyse and discuss the cash flow, profit and other relevant forecasts with management•Review latest available financial information for evidence that trends identified in the financial statements have continued after the year end•Consider whether the management’s plans to overcome the anticipated cash shortfall are feasible, likely to be implemented and whether their outcome would actually improve the current situation.•Enquire about the possible lack of capital investment within Smithson identified by the employee leaving. Review current levels of non-current assets with similarcompanies and review purchase policy with the directors.•Consider the extent to which Smithson relied on the senior employee who recently left the company. Ask the human resources department whether the employee will be replaced and if so how soon.•Obtain a letter from the legal advisors regarding the status of any claims against Smithson related to the provision of low quality services to clients. Where possible, consider the financial impact on Smithson and whether insurance is available to mitigate any claims.•Review Smithson’s order book and client lists to try and determine the value of future orders compared to previous years.•Review the bank letter to determine the extent of any bank loans and whether repayments due in the next 12 months can be made without further borrowing.•Review other events after the end of the financial year and determine whether these have an impact on Smithson.•Obtain a letter of representation point confirming the directors’ opinion that Smithson is a going concern.(c)Implications for the audit report•The auditors must review the evidence obtained to determine whether additional disclosures are required in the financial statements or whether the financialstatements should be prepared on a ‘break up’ basis.•If the directors provide adequate disclosure of the company’s going concern situation an emphasis of matter paragraph will be included in the audit report, after an unqualified opinion, to draw attention to the disclosures that have been made.•If the directors fail to disclose doubts about the company’s ability to continue as a going concern the auditors will include a paragraph in the audit reporthighlighting the problem and then qualify their opinion on the basis of a material but not pervasive disagreement.•If the financial statements are prepared on a going concern basis when it would be more appropriate to use the break up basis an adverse opinion will be issued on the basis of a material and pervasive disagreement.(d) Negative assuranceNegative assurance means that nothing has come to the attention of the auditor which leads them to believe that the cash flow forecast has not been properly prepared.When they express their assurance in negative terms the auditors are warning the users of the cash flow forecast that they have only carried out limited procedures and as a result less reliance should be placed on the forecast than on a set of financial statements with a positive assurance report.Positive assurance is offered when the auditors have used a wide range of procedures to obtain sufficient, appropriate evidence to be able to say that, in their opinion, the financial statements do give a true and fair view.As a forecast looks to the future and anticipates uncertain events and conditions it is not possible to offer positive assurance as the evidence available to support the data used and assumptions made by the directors is limited. Financial statements, on the other hand, relate to past events and, as a result, sufficient, appropriate evidence is generally available for positive assurance to be offered.。
2015年ACCA考试F6mock6月份考题
Section A-All15questions are compulsory and MUST be attempted.Please use the space provide on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple-choice question.Each question is worth2marks.1.On May2014,Xi Qi’s taxable supplies during the past12months exceed£81,000and his expected taxable supplies for the next12months exceeds is no less than£79,000. However,He does not intend to register because he thinks his net profit is insufficient to cover the additional cost which would be incurred.What would you do as a trainee Chartered Certified Accountant when facing such a situation?(1)Cease to act for him.(2)Notify HM Revenue and Customs that you no longer act for Xi Qi.(3)Inform HM Revenue and Customs about the issue.(4)Make a report under the money laundering regulations.A1,2and3B1,2and4C1,3and4D All of them2.Eva is employed as an accountant.In2014/15,he incurs￡8,000on home to office travel,￡3,000on home to client travel,￡700on his professional membership and ￡950on office clothes.What amount can Eva deduct in computing his employment income?A￡3,700B￡4,650C￡6,500D￡12,6503.Jim is an employee of Jeep Ltd.Jim receives cash earnings of£30,000and a car benefit amounting to£9,000in the tax year2014–15.Jim is not contracted out of the state pension scheme.How much class1(employee)national insurance contributions(NIC)does Jim suffer in respect of the tax year2014–15?A£2,645B£2,805C£2,850D£3,8604.Which of the following is not deductible when calculating the trading profits?A.Legal fees in connection with court actions for not complying with certain law and legslations.B.Legal fees to obtain loan finance for trading purposes.C.Patent royalties paid.D.legal fees to collect trade debts.5.During the year ended31March2015MIX plc paid loan stock interest of£22,500.Loan stock interest of£3,700was accrued at31March2015,with the corresponding accrual at 1April2014being£4,200.The loan is used for trading purposes.The company also incurred a loan interest expense of£6,800in respect of a loan that is used for non-trading purposes.What is the amount of loan stock interest can be deductible when calculating the trading profit?A.£22,000B.£26,200C.£18,300D.£22,5006.On28April2014three acres of land were sold for￡100,000.Alex had originally bought eight acres of land on1May2012for￡200,000.The fair value of the unsold land on28April2014was￡150,000.What is the chargeable gain on this disposal?A.￡60,000B.￡20,000C.￡150,000D.￡40,0007.Which one of the following period can be the deem occupation period under the terms of Private Principle Residence relief?A.The last18months of the ownershipB.Up to2years of absence then rent the house outC.Period of working abroadD.Period of working elsewhere in the UK8.On12August2014,Eden made a gift of a house valued at£750,000to his son Felix. This figure is after deducting all available exemptions.How much is the inheritance tax liability arising from the gift in tax year2014-15?A.£85,000B.£170,000C.£150,000D.None9.Jackie started her own small business since1January2015,in the quarter to30March 2015,her sales of standard rated goods for£5,000and a cash discount of3%is offered to attract customer.She also took some inventory for personal use,the goods cost£200 originally and would cost£220to replace,and both amounts are VAT excluded.The amount of VAT due for the quarter ended30March2015isA£1,040B£1,044C£1,014D£97010.Rain has been a sole trader for many years making up his accounts to31July each year.He ceased to trade on31December2014.Richard’s most recent adjusted profits for tax purposes have been:Year to31July2013£19,000Year to31July2014£15,000Five months to31December2014£6,000He has unused overlap profits for earlier years amounting to£4,000.What is Rain’s taxable trading profit figure for the tax year2014–15?A£17,000B£14,000C£21,000D£3,00011.Which one of the following is exempt income for individual income tax?A Interest from Saving Certificates issued by National Savings and Investment BankB Interest from Individual Savings AccountsC Building society interestD Interest from government stock12.J ltd bought a factory in September1999for£385,000.In December2014,wishing to move to a more convenient location,J Ltd sold the factory for£750,000.Then J purchased and moved into a new factory in March2015.Indexation allowance from September1999to December2014is£273,000.What is the base cost of the new factory if it was purchased for£700,000?A.£50,000B.£658,000C.£42,000D.£700,00013.Molten plc paid41,200for the construction of a new decorative wall around the company’s premises on31January2015.What is the amount of the capital allowance can be deductible?A.£41,200B.£3,296C.£7,416D.014.Which one of the following assets is qualifying for roll-over relief?A.Private used Motor carB.BoatC.Restoration of damaged factoryD.Inventory15.Webb made a gift of£800,000to a trust on25September2014.Webb paid the inheritance tax arising from the gift.How much is the inheritance tax Webb paid in tax year 2014-15?A.£95,000B.£118,750C.£94,400D.£117,250Section B-All SIX questions are compulsory and MUST be attempted.1.Flick Pick(TX06/12Q1)On6April2014Flick Pick,born in1990,commenced employment with3D Ltd as a film critic.On1January2015,she commenced in partnership with Art Reel running a small cinema,preparing accounts to30April.The following information is available for the tax year2014/15:Employment(1)During the tax year2014/15Flick was paid a gross annual salary of£25,665.(2)Throughout the tax year2014/153D Ltd provided Flick with living accommodation.The company had purchased the property in2005for£89,000,and it was valued at£144,000 on6April2014.The annual value of the property is£4,600.The property was furnished by 3D Ltd during March2014at a cost of£9,400.Partnership(1)The partnership’s tax adjusted trading profit for the four-month period ended30April 2015is£29,700.This figure is before taking account of capital allowances.(2)The only item of plant and machinery owned by the partnership is a motor car that cost £18,750on1February2015.The motor car has a CO2emission rate of190grams per kilometer.It is used by Art,and40%of the mileage is for private journeys.(3)Profits are shared40%to Flick and60%to Art.This is after paying an annual salary of £6,000to Art.Property income(1)Flick owns a freehold house which is let out furnished.The property was let throughout the tax year2014/15at a monthly rent of£660.(2)During the tax year2014/15Flick paid council tax of£1,320in respect of the property, and also spent£2,560on replacing damaged furniture.Flick claims the wear and tear allowance.Required(a)Calculate Flick Pick’s taxable income for the tax year2014/15.(12marks)(b)State what classes of national insurance contribution will be paid in respect of Flick Pick’s income for the tax year2014/15,and in each case who is responsible for paying them.Note:You are not required to calculate the actual national insurance contributions.(3marks)(15marks)2.Neung Ltd(12/10)Neung Ltd is a UK resident company that runs a business providing financial services. The company’s summarized profit and loss account for the year ended31March2015is as follows:Note£Operating profit1622,536 Income from investmentsLoan interest237,800 Dividends354,000 Profit before taxation714,336Note1–Operating profitDepreciation of£11,830and amortisation of leasehold property of£7,000have been deducted in arriving at the operating profit of£622,536.Note2–Loan interest receivableThe loan was made for non-trading purposes on1July2014.Loan interest of£25,200 was received on31December2014,and interest of£12,600was accrued at31March 2015.Note3–Dividends receivedNeung Ltd holds shares in four UK resident companies as follows:Shareholding percentage StatusSecond Ltd25%TradingThird Ltd60%TradingFourth Ltd100%DormantFifth Ltd100%TradingDuring the year ended31March2015Neung Ltd received a dividend of£37,800from Second Ltd,and dividend of£16,200from Third Ltd.These figures were the actual cash amounts received.Additional informationLeasehold propertyOn1April2014Neung Ltd acquired a leasehold office building,paying a premium of £140,000for the grant of a20-year lease.The office building was used for business purposes by Neung Ltd throughout the year ended31March2015.Plant and machineryOn1April2014the tax written down values of Neung Ltd’s plant and machinery were as follows:£Main pool4,800Special rate pool12,700The company purchased the following assets during the year ended31March2015:£19July2014Motor car[1]15,40012December2014Motor car[2]28,60020December2014Ventilation system270,000Motor car[1]purchased on19July2014has a CO emission rate of212grams per kilometre.Motor car[2]purchased on12December2014has a CO2emission rate of118 grams per kilometre.The ventilation system purchased on20December2014for£270,000is integral to the freehold office building in which it was installed.Required:(a)State,giving reasons,which companies will be treated as being associated with Neung Ltd for corporation tax purposes;(2marks)(b)Calculate Neung Ltd’s corporation tax liability for the year ended31March2015; Note:you should assume that the whole of the annual investment allowance is available to Neung Ltd,and that the company wishes to maximise its capital allowances claim.(13marks)(15marks)3.Tom(TX06/09)(1)On20July2014Tom made a gift of10,000£1ordinary shares in Kapook plc to his daughter.On that date the shares were quoted on the Stock Exchange at£3.70–£3.90, with recorded bargains of£3.60,£3.75and£3.80.Tom has made the following purchases of shares in Kapook plc:19February20048,000shares for£16,2006June20096,000shares for£14,60024July20142,000shares for£5,800Tom’s total shareholding was less than5%of Kapook plc,and so holdover relief is not available.(2)On13August2014Tom transferred his entire shareholding of5,000£1ordinary shares in Jooba Ltd,an unquoted company,to his wife.On that date the shares were valued at£28,200.Tom’s shareholding had been purchased on11January2010for £16,000.(3)On26November2014Tom sold an antique table for£8,700.The antique table had been purchased for£5,200.(4)On2April2015Tom sold UK Government securities(Gilts)for£12,400.The securities had been purchased for£10,100.Tom has unused capital losses of£15,900brought forward from the tax year2013/14. Tom has taxable income of£10,000in tax year2014/15.RequiredCompute Tom’s capital gains tax liabilities,if any,for the tax year2014/15.The amount of unused capital losses carried forward to future tax years,if any,should be clearly identified.(10marks)4.Nicola died on12March2015.She has made the following gifts during her lifetime: (1)On20June2007,Nicola made a cash gift of£280,000to a trust.The trust paid theinheritance tax.(2)On5October2013,Nicola made a cash gift of£255,000to her children.Nicola left the following assets when she died.(1)A property valued at£850,000.The property is no longer occupied by Nicola,and if it were disposed of during the tax year2014–15the disposal would result in a chargeable gain of£160,000.(2)Building society deposits of£460,000.(4)A life assurance policy on her own life.The policy has an open market value of £250,000,and proceeds of£275,000will be received following Nicola’s death.The cost of Nicola’s funeral will be£18,000.Under the terms of her will,Nicola has left her entire estate to her children.70%of Nicola’s husband’s nil rate band was utilised when he died on16April2006The nil rate band for the tax year2006–07,2007-08,and2013–14is£285,000,£300,000 and£325,000,respectively.Calculate the inheritance tax liability.(10marks)5.Wind Ltd is registered for value added tax(VAT),but currently does not use any ofthe special VAT schemes.The company has annual standard sales of£1,250,000 and annual standard rated expenses of£500,000.Both these figures are exclusive of VAT and are likely to remain the same for the foreseeable future.Wind Ltd is up to date with all of its tax returns,including those for corporation tax,PAYE and VAT.It is also up to date with its corporation tax,VAT and PAYE payments.However,the company often incurs considerable overtime costs due to its employees working late in order to meet tax return filling deadlines.Wind Ltd pays its expense on a cash basis,but allows customers one month credit when paying for sales;the company does not have any impairment losses.Wind is planning to purchase some new equipment at a cost of£40,000which is exclusive of VAT.The equipment can either be purchased from an overseas supplier situated outside the European Union,or from a VAT registered supplier situated within the EU.Wind Ltd.is not a regular importer and so is unsure of the VAT treatment for this purchase.Required:(a)Explain why Wind Ltd is entitled to use both the VAT cash accounting schemeand the VAT annual accounting scheme,and why it will be beneficial for the company to use both schemes;(5marks) (b)Explain when and how Wind will have to account for VAT in respect of the newequipment if it purchased from(1)supplier situated outside the EU(2)a VAT registered supplier situated within the EU.(5marks)(10marks)6.Sophie Shape has been a self-employed sculptor since1996,preparing her accounts to5April.Sophie’s tax liabilities for the tax years2013-14and2014-15are as follows:2012-132014-15££Income tax liability5,2406,100Class2national insurance contribution143143Class4national insurance contribution1,2401,480Capital gains tax liability04,880No income tax has been deducted at source.Required:(a)Prepare a schedule showing the payments on account and balancing payment which Sophie Shape will have made,or will have to make,during the period from1April2015to31March2016.Note:Your answer should clearly identify the relevant due date of each payment.(4marks)(b)State the implication if Sophie Shape had made a claim to reduce her payments on account for the tax year2014-15to nil without any justification for doing so.(2marks)(c)Advise Sophie Shape of the latest date by which she can file a paper self-assessment tax return for the tax year2014-15.(1mark)(d)State the period during which HM Revenue and Customs(HMRC)will have to notify Sophie Shape if they intend to carry out a compliance check in respect of her self-assessment tax return for the tax year2014-15,and the possible reasons why such a check would be made.Note:You should assume that Sophie will file her tax return by the filing date.(3marks)(10marks) F611。
ACCAF6 (Chapter 1-16)-10
Assessable trading income
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Basis of assessment
Commencement rules BP1: from commencement date to the next 5 April BP2: 3 conditions: A: if there is an accounting date in the 2nd fiscal year and from commencement date to that accounting date is no more than 12 months BP 2 is the first 12 months of trade
POA 1
BP2
POA 2
BP3
BP1
00.8.1
00.4.5 01.4.5
01.7.31
02.4.5
02.7.31
03.4.5
04.4.5
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Example 2 Derek starts trading from 1 Aug 2000 and makes up the accounts at the year end of 31 December. The first account has the period end of 31 December 2001. Show the first 3 basis periods.
2015/7/23
Example 1 Derek starts trading from 1 Aug 2000 and makes up the accounts at the year end of 31 July. The first account has the period end of 31 July 2001. Show the first 3 basis periods.