ACCA2010年12月份考试真题(P1)

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ACCA p3_2010_12月_问题que

Professional Level – Essentials Module The Association of Chartered Certiﬁ ed Accountants Business AnalysisWednesday 15 December 2010Time allowedReading and planning: 15 minutesWriting: 3 hoursThis paper is divided into two sections:Section A – This ONE question is compulsory and MUST be attemptedSection B – TWO questions ONLY to be attemptedDo NOT open this paper until instructed by the supervisor.During reading and planning time only the question paper maybe annotated. You must NOT write in your answer booklet untilinstructed by the supervisor.This question paper must not be removed from the examination hall.P a p e r P 3This is a blank page.The question paper begins on page 3.2Section A – This ONE question is compulsory and MUST be attemptedThe following information should be used when attempting question 11IntroductionShoal plc is a well-known corporate organisation in the ﬁ sh industry. It owns 14 companies concerned with ﬁ shing and related industries.This scenario focuses on three of these companies:ShoalFish Ltd – a ﬁ shing ﬂ eet operating in the western oceansShoalPro Ltd – a company concerned with processing and canning ﬁ shShoalFarm Ltd – a company with saltwater ﬁ sh farms.Shoal plc is also ﬁ nalising the purchase of the Captain Haddock chain of ﬁ sh restaurants.ShoalFishShoal plc formed ShoalFish in 2002 when it bought three small ﬁ shing ﬂ eets and consolidated them into one ﬂ eet.The primary objective of the acquisition was to secure supplies for ShoalPro. 40% of the ﬁsh caught by ShoalFish are currently processed in the ShoalPro factories. The rest are sold in wholesale ﬁ sh markets. ShoalFish has recorded modest proﬁts sinc e its formation but it is operating in a c hallenging market-plac e. The western oc eans where it operates have suffered from many years of over-ﬁshing and the government has rec ently introduc ed quotas in an attempt to conserve ﬁ sh stocks.ShoalFish has 35 boats and this makes it the sixth largest ﬂ eet in the western oceans. Almost half of the total number of boats operating in the western oceans are individually owned and independently operated by the boat’s captain.Recent information for ShoalFish is given in Figure 1.ShoalProShoalPro was acquired in 1992 when Shoal plc bought the assets of the T revarez Canning and Processing Company.Just after the ac quisition of the c ompany, the government dec lared the area around T revarez a ‘zone of industrial assistance’. Grants were made available to develop industry in an attempt to address the economic decline and high unemployment of the area. ShoalPro beneﬁted from these grants, developing a major ﬁsh processing and canning capability in the area. However, despite this initiative and investment, unemployment in the area still remains above the average for the country as a whole.ShoalPro’s modern fac ilities and relatively low c osts have made it attrac tive to many ﬁshing c ompanies. The ﬁsh received from ShoalFish now accounts for a declining percentage of the total amount of ﬁ sh processed and canned in its factories in the T revarez area. Recent information for ShoalPro is given in Figure 1.ShoalFarmShoalFarm was acquired in 2004 as a response by Shoal plc to the declining ﬁ sh stocks in the western oceans. It owns and operates saltwater ﬁsh farms. These are in areas of the ocean close to land where ﬁsh are protected from both ﬁ shermen and natural prey, such as sea birds. Fish stocks can be built up quickly and then harvested by the ﬁ sh farm owner. Shoal plc originally saw this acquisition as a way of maintaining supply to ShoalPro.Operating costs at ShoalFarm have been higher than expected and securing areas for new ﬁ sh farms has been difﬁ cult and has required greater investment than expected. Recent information for ShoalFarm is given in Figure 1.3[P.T.O.All ﬁ gures in $mShoalFish 2007 2008 2009T urnover of market sector 200·00 198·50 190·00T urnover of ShoalFish 24·00 23·50 21·50proﬁt 1·20 1·10 1·05GrossShoalPro 2007 2008 2009T urnover of market sector 40·00 40·10 40·80T urnover of ShoalPro 16·00 16·20 16·50Grossproﬁt 1·60 1·65 1·75ShoalFarm 2007 2008 2009T urnover of market sector 10·00 11·00 12·00T urnover of ShoalFarm 1·00 1·10 1·12proﬁt 0·14 0·14 0·15GrossFigure 1: Financial data on individual companies 2007–2009Captain HaddockThe Captain Haddock chain of restaurants was founded in 1992 by John Dory. It currently operates one hundred and thirty restaurants in the country serving high quality ﬁ sh meals. Much of Captain Haddock’s success has been built on the quality of its food and service. Captain Haddock has a tradition of recruiting staff directly from schools and universities and providing them with excellent training in the Captain Haddock academy. The academy ensures that employees are aware of the ‘Captain Haddock way’ and is dedicated to the continuation of the quality service and practices developed by John Dory when he launched the ﬁ rst restaurant. All management posts are ﬁ lled by recruiting from within the company, and all members of the Captain Haddock board originally joined the company as trainees. In 1999 the Prime Minister of the country identiﬁ ed Captain Haddock academy as an example of high quality in-service training. In 2000, Captain Haddock became one of the thirty best regarded brands in the country.In the past few years, the ﬁ nancial performance of Captain Haddock has declined signiﬁ cantly (see Figure 2) and the company has had difﬁculty in meeting its bank covenants. This decline is partly due to economic recession in the country and partly due to a disastrous diversiﬁ cation into commercial real estate and currency dealing. The chairman and managing director of the company both resigned nine months ago as a result of concern over the breaking of banking covenants and shareholder criticism of the diversiﬁcation policy. Some of the real estate bought during this period is still owned by the company. In the last nine months the company has been run by an interim management team, whilst looking for prospective buyers. At restaurant level, employee performance still remains relatively good and the public still highly rate the brand. However, at a recent meeting one of the employee representatives called for a management that can ‘effectively lead employees who are increasingly demoralised by the decline of the company’. Shoal plc is currently ﬁ nalising their takeover of the Captain Haddock business. The company is being bought for a notional $1 on the understanding that $15 million is invested into the company to meet short-term cash ﬂ ow problems and to improve liquidity. Shoal plc’s assessment is that there is nothing fundamentally wrong with the company and that the current ﬁ nancial situation is caused by the failed diversiﬁ cation policy and the cost of ﬁ nancing this. The gross proﬁ t margin in the sector averages 10%.Captain Haddock currently buys its ﬁ sh and ﬁ sh products from wholesalers. It is the intention of Shoal plc to look at sourcing most of the dishes and ingredients from its own companies; speciﬁ cally ShoalFish, ShoalPro and ShoalFarm. Once the takeover is complete (and this should be within the next month), Shoal plc intends to implement signiﬁ cant strategic change at Captain Haddock so that it can return to proﬁ tability as soon as possible. Shoal plc has implemented strategic change at a number of its acquisitions. The company explicitly recognises that there is no ‘one right way’ to manage change. It believes that the success of any planned change programme depends on an understanding of the context in which the change is taking place.Captain Haddock (all ﬁ gures in $m)2007 2008 2009T urnover 115·00 114·50 114·00)Gross proﬁ t (loss) 0·20 (5·10 ) (6·20Figure 2: Financial information for Captain Haddock 2007–20094Required:(a) In the context of Shoal plc’s corporate-level strategy, assess the contribution and performance of ShoalFish,ShoalPro and ShoalFarm. Your assessment should include an analysis of the position of each company in the Shoal plc portfolio. (15 marks)(b) Shoal plc explicitly recognises that there is no ‘one right way’ to manage change. It believes that the success ofany planned change programme will depend on a clear understanding of the context within which change will take place.(i) Identify and analyse, using an appropriate model, the contextual factors that will inﬂ uence how strategicchange should be managed at Captain Haddock. (13 marks)Professional marks will be awarded in part (b)(i) for the identiﬁ cation and justiﬁ cation of an appropriatemodel.(2 marks)(ii) Once the acquisition is complete, Shoal plc wish to quickly turnaround Captain Haddock and return it to proﬁ tability.Identify and analyse the main elements of strategic change required to achieve this goal. (8 marks)Professional marks will be awarded in part (b)(ii) for the cogency of the analysis and for the overallrelevance of the answer to the case study scenario.(2 marks)(c) Portfolio managers, synergy managers and parental developers are three corporate rationales for adding value.Explain each of these separate rationales for adding value and their relevance to understanding the overall corporate rationale of Shoal plc. (10 marks)(50 marks)5[P.T.O.Section B – TWO questions ONLY to be attempted2IntroductionTMP (The Management Press) is a specialist business publisher; commissioning, printing and distributing books on ﬁ nancial and business management. It is based in a small town in Arcadia, a high-cost economy, where their printing works were established ﬁ fty years ago. 60% of the company’s sales are made through bookshops in Arcadia. In these bookshops TMP’s books are displayed in a custom-built display case speciﬁcally designed for TMP. 30% of TMP’s sales are through mail order generated by full-page display advertisements in magazines and journals. Most of these sales are to customers based outside Arcadia. The ﬁ nal 10% of sales are made through a newly established website which offers a restricted range of books. These books are typically very specialised and are rarely featured in display advertising or stocked by general bookshops. The books available on the website are selected to avoid conﬂict with established supply channels. Most of the online sales are to customers based in Arcadia. High selling prices and high distribution costs makes TMP’s books expensive to buy outside Arcadia.Business changesIn the last decade costs have increased as the raw materials (particularly timber) used in book production have become dearer. Paper is extremely expensive in Arcadia and the trees used to produce it are becoming scarcer. Online book sellers have also emerged who are able to discount prices by exploiting economies of scale and eliminating bookshop costs. In Arcadia, it is estimated that three bookshops go out of business every week. Furthermore, the inﬂ uential journal ‘Management Focus’, one of the journals where TMP advertised their books, also recently ceased production. TMP itself has suffered three years of declining sales and proﬁ ts. Expenditure on marketing has been reduced signiﬁ cantly in this period and further reductions in the marketing budget are likely because of the weak ﬁ nancial position of the company.Overall, there is increasing pressure on the company to increase proﬁ t margins and sales.Despite the poor ﬁ nancial results, the directors of TMP are keen to maintain the established supply channels. One of them, the son of the founder of the company, has stated that ‘bookshops need all the help they can get and management journals are the heart of our industry’.However, the marketing director is keen for the company to re-visit its business model. He increasingly believes that TMP’s conventional approach to book production, distribution and marketing is not sustainable. He wishes to re-examine certain elements of the marketing mix in the context of the opportunities offered by e-business.A young marketing graduate has been appointed by the marketing director to develop and maintain the website.However, further development of the website has not been sanctioned by the Board. Other directors have given two main reasons for blocking further development of this site. Firstly, they believe that the company does not have sufﬁ cient expertise to continue developing and maintaining its own website. It is solely dependent on the marketing graduate. Secondly, they feel that the website will compete with the established supply channels which they are keen to preserve.However, the marketing director is convinced that investing in e-business is essential for the survival of TMP. ‘We need to consider what unique opportunities it offers for pricing the product, promoting the product, placing the product and providing physical evidence of the quality of the product. Finally, we might even re-deﬁ ne the product itself’. He feels if the company fails to grasp these opportunities, then one of its competitors will, and ‘that will be the end of us’.Required:(a) Determine the main drivers for the adoption of e-business at TMP and identify potential barriers to itsadoption. (5 marks)(b) Evaluate how e-business might help TMP exploit each of the ﬁve elements of the marketing mix (price,product, promotion, place and physical evidence) identiﬁ ed by the marketing director. (20 marks)(25 marks)6Frigate Limited is based in the country of Egdon. It imports electrical components from other countries and distributes them throughout the domestic market. The company was formed twenty years ago by Ron Frew, who now owns 80% of the shares. A further 10% of the company is owned by his wife and 5% each by his two daughters.Although he has never been in the navy, Ron is obsessed by ships, sailing and naval history. He is known to everyone as ‘The Commander’ and this is how he expects his employees to address him. He increasingly spends time on his own boat, an expensive motor cruiser, which is moored in the local harbour twenty minutes drive away. When he is not on holiday, Ron is always at work at 8.00 am in the morning to make sure that employees arrive on time and he is also there at 5.30 pm to ensure that they do not leave early. However, he spends large parts of the working day on his boat, although he can be contacted by mobile telephone. Employees who arrive late for work have to immediately explain the circumstances to Ron. If he feels that the explanation is unacceptable then he makes an appropriate deduction from their wages. Wages, like all costs in the company, are closely monitored by Ron.Employees, customers and suppliersFrigate currently has 25 employees primarily undertaking sales, warehousing, accounts and administration. Although employees are nominally allocated to one role, they are required to work anywhere in the company as required by Ron.They are also expected to help Ron in personal tasks, such as booking holidays for his family, ﬁ lling in his personal tax returns and organising social events.Egdon has laws concerning minimum wages and holidays. All employees at Frigate Ltd are only given the minimum holiday allocation. They have to use this allocation not only for holidays but also for events such as visiting the doctor, attending funerals and dealing with domestic problems and emergencies. Ron is particularly inﬂ exible about holidays and work hours. He has even turned down requests for unpaid leave. In contrast, Ron is often away from work for long periods, sailing in various parts of the world.Ron is increasingly critical of suppliers (‘trying to sell me inferior quality goods for higher prices’), customers (‘moaning about prices and paying later and later’) and society in general (‘a period working in the navy would do everyone good’). He has also been in dispute with the tax authority who he accused of squandering his ‘hard-earned’ money.An investigation by the tax authority led to him being ﬁ ned for not disclosing the fact that signiﬁ cant family expenditure (such as a holiday for his daughters overseas) had been declared as company expenditure.Company accountantIt was this action by the tax authority that prompted Ron to appoint Ann Li as company accountant. Ann had previously worked as an accountant in a number of public sector organisations, culminating in a role as a compliance ofﬁ cer in the tax authority itself. Ron felt that ‘recruiting someone like Ann should help keep the tax authorities happy. After all, she is one of them’.Ann was used to working in organisations which had formal organisational hierarchies, specialised roles and formal controls and systems. She tried to install such formal arrangements within Frigate. As she said to Ron ‘we cannot have everyone working as if they were just your personal assistants. We need structure, standardised processes and accountability’. Ron resisted her plans, at ﬁ rst through delaying tactics and then through explicit opposition, tearing up her proposed organisational chart and budget in front of other employees. ‘I regret the day I ever made that appointment’, he said. After six months he terminated her contract. Ann returned to the tax authority as a tax inspector.Required:The cultural web allows the business analyst to explore ‘the way things are done around here’.(a) Analyse Frigate Ltd using the cultural web or any other appropriate framework for understanding organisationalculture. (15 marks)(b) U sing appropriate organisation conﬁguration stereotypes identiﬁed by Henry Mintzberg, explain how anunderstanding of organisation conﬁguration could have helped predict the failure of Ann Li’s proposed formalisation of structure, controls and processes at Frigate Ltd. (10 marks)(25 marks)7[P.T.O.The Institute of Administrative Accountants (IAA) has a professional scheme of examinations leading to certiﬁ cation.The scheme consists of six examinations (three foundation and three advanced) all of which are currently assessed using conventional paper-based, written examinations. The majority of the candidates are at the foundation level and they currently account for 70% of the IAA’s venue and invigilation costs.There are two examination sittings per year and these sittings are held in 320 centres all over the world. Each centre is administered by a paid invigilation team who give out the examination paper, monitor the conduct of the examination and take in completed scripts at the end. Invigilators are also responsible for validating the identity of candidates who must bring along appropriate identiﬁ cation documents. At over half of the centres there are usually less than ten candidates taking the foundation level examination and no candidates at all at the advanced level. However, the IAA strives to be a world-wide examination body and so continues to run examinations at these centres, even though they make a ﬁ nancial loss at these centres by doing so.Recent increases in invigilation costs have made the situation even worse. However, the principles of equality and access are important to the IAA and the IAA would like to increase the availability of their examinations, not reduce it. Furthermore, the IAA is under increased ﬁ nancial pressure. The twice-yearly examination schedule creates peaks and troughs in cash ﬂ ow which the Institute ﬁ nds increasingly hard to manage. The Institute uses its $5m loan and overdraft facility for at least four months every year and incurred bank charges of $350,000 in the last ﬁ nancial year.ExaminationsAll examinations are set in English by contracted examiners who are paid for each examination they write. All examinations are three-hour, closed-book examinations marked by contracted markers at $10 per script. Invigilators send completed scripts directly to markers by courier. Once scripts have been marked they are sent (again by courier) to a centralised IAA checking team who check the arithmetic accuracy of the marking. Any marking errors are resolved by the examiner. Once all marks have been veriﬁed, the examination results are released. This usually takes place16 weeks after the examination date and candidates are critical of this long delay. The arithmetic checking of scriptsand the production of examination results places signiﬁ cant demands on IAA full-time administrative staff, with many being asked to work unpaid overtime. The IAA also employs a signiﬁ cant number of temporary staff during the results processing period.E-assessmentThe new head of education at the IAA has suggested e-assessment initiatives at both the foundation and advanced levels.He has suggested that all foundation level examinations should be assessed by multiple-choice examinations delivered over the Internet. They can be sat anytime, anyday, anywhere. ‘Candidates can sit these examinations at home or at college. Anywhere where there is a personal computer and a reliable broadband connection.’Advanced-level examinations will continue to be held twice-yearly at designated examination centres. However, candidates will be provided with personal computers which they will use to type in their answers. These answers will then be electronically sent to markers who will use online marking software to mark these answers on the screen.The software also has arithmetic checking facilities that mean that marks are automatically totalled for each question.‘100% arithmetic accuracy of marking is guaranteed.’He has also suggested that there is no need to make a formal business case for the adoption of the new technology.‘Its justiﬁ cation is so self-evident that deﬁ ning a business case, managing beneﬁ ts and undertaking beneﬁ ts realisation would just be a pointless exercise. It would slow us down at a time when we need to speed up.’Required:(a) Evaluate the perceived beneﬁ ts and costs of adopting e-assessment at the IAA. (15 marks)(b) Explain why establishing a business case, managing beneﬁ ts and undertaking beneﬁ ts realisation are essentialrequirements despite the claimed ‘self-evident’ justiﬁ cation of adopting e-assessment at the IAA.(10 marks)(25 marks)End of Question Paper8。

ACCA F5 2010年12月真题答案

Actual volume
750 650
Sales price Variance
$ 15,000 A
6,500 A ––––––– 21,500 A –––––––
Sales volume contribution variance = (actual sales volume – budgeted sales volume) x standard margin
Cost of sales Cost of sales has decreased by 19·2% in 2010. This must be considered in relation to the decrease in turnover as well. In 2009, cost of sales represented 72·3% of turnover and in 2010 this figure was 63·7%. This is quite a substantial decrease. The reasons for it can be ascertained by, firstly, looking at the freelance staff costs.
It can also be seen from the non-financial performance indicators that 20% of students in 2010 are students who have transferred over from alternative training providers. It is likely that they have transferred over because they have heard about the improved service that AT Co is providing. Hence, they are most likely the reason for the increased market share that AT Co has managed to secure in 2010.

2010年12月大学英语A级考试真题

√
B. They dance well. C. They look strong.
D. They appear friendly.
6 A. In a store.
B. In a company. C. In a travel agency.
√
D. In a bank.
7 A. Opening an account.
√
B. 280 dollars.ቤተ መጻሕፍቲ ባይዱD. 300 dollars.
10 A. 2 percent. C. 4 percent.
√
B. 3 percent. D. 5 percent.
11. What is John Wilson?
general manager He is the __________________ of a
interested to be ( interest ) __________ in them.
36. In the author's opinion, which of
the following is vital for a company to be successful? A. Specialized knowledge. B. Highly-skilled staff.
D. To build up their own confidence.
40. What is the best title of the passage?
√
A. Team Building B. Problem Solving C. Communication Skills D. Company Management
A. hiring employees with special talent

2010年12月高等学校英语应用能力考试B级真题及完整解析

Part I Listening ComprehensionSection A1. A. Here you are. B. That’s nice.C. Don’t worry.D. It doesn’t matter.2. A. No, you can’t. B. Yes, I am.C. Please don’t.D. Fine, thanks.3. A. No, it isn’t. B. Yes, it is.C. Quite well.D. Thanks a lot.4. A. Hurry up. B Take it easy.C. No problem.D. Mind your steps.5. A. After you ,please. B. Take care.C. This way, please.D. Sure, I will.Section B6. A. A writer. B. A musician.C. An engineer.D. A doctor.7. A. Very interesting. B. Rather difficult.C. Too simple.D. Quite good.8. A. She hasn’t got the job. B. She hasn’t pass the exam.C. She has got a headache.D. She has lost her bag.9. A. On the television. B. In the newspaper.C. On the Internet.D. From a friend.10. A. Training. B. Sales.C. Service.D. Quality.Section CGood morning, Mr. Black. Take a seat, please.Welcome to the 11 . Before we start, let me give you some idea of what I’d like to talk about you today. 12 , you’ll be given a few minutes to introduce yourself. You ca n tell us about your education, job 13 , interests, hobbies, or anything else you’d like to tell us. After that, I’ll give you some information about our company and the job you are 14 . If you have any question about the job, 15 to a sk me. I’ll be happy to answer them. Now, let’s start.Part II Vocabulary & StructureSection A16. The report gives a picture of the company’s future development.A. centralB. cleanC. clearD. comfortable17. The company has been producing this model of machine tool 2008.A. sinceB. afterC. forD. before18. Please your report carefully before you hand it in to me.A. turn toB. bring aboutC. go overD. put up19. The next board meeting will focus the benefits for the employees.A. byB. forC. withD. on20. Breakfast can be to you in your room for an additional charge.A. eatenB. servedC. usedD. made21. If more money had been invested, we a factory in Asia.A. will set upB. have set upC. would have set upD. had set up22. Even in small companies, computers are a(n) tool.A. naturalB. essentialC. carefulD. impossible23. We were excited to learn that the last month’s sales by 30%.A. had increasedB. increaseC. are increasingD. have increased24. your name and job title, the business card should also include your telephone number and address.A. As far asB. In addition toC.In spite ofD.As a result of25. Have you read our letter of December 18, in we complained about the quality of your product?A. thatB. whereC. whatD. whichSection B26. Could you tell me the (different) between American and British English in business writing?27. John is the (good) engineer we have ever hired in our department.28. The people there were really friendly and supplied us with a lot of (use) information.29. You’d better (give) me a call before you come to visit us.30. Greenpeace is an international (organize) that works to protect the environment.31. The final decision (make) by the team leader early next week.32. Have you ever noticed any (improve) in the work environment of our factory?33. We can arrange for your car to (repair) within a reasonable period of time.34. It was only yesterday that the chief engineer (email) us the details information about the project.35. We have received your letter of May 10th, (inform) us of the rise of the price.2008年12月说明：假定你是JKM公司的Thomas Black, 刚从巴黎（Paris）出差回来，请给在巴黎的Jane Costa小姐写一封感谢信。

2010年12月大学英语三级(A级)真题试卷(题后含答案及解析)

2010年12月大学英语三级（A级）真题试卷(题后含答案及解析)题型有：1. Listening Comprehension 2. V ocabulary and Structure 3. Reading Comprehension 4. Translation from English to Chinese 5. WritingPart I Listening Comprehension (15 minutes)Directions：This part is to test your listening ability. It consists of 3 sections.Section ADirections: This section is to test your ability to understand short dialogues. There are 5 recorded dialogues in it. After each dialogue, there is a recorded question. The dialogues and the questions will be spoken only once. When you hear a question, you should decide on the correct answer from the 4 choices A , B, C, and D.听力原文：M: Morning, Madam! What would you like toleave with us? W: I’d like to leave this bag with you.Q: What does the woman want to leave there?1．A．A coat.B．A bag.C．A computer.D．A hat.正确答案：B解析：本题询问女士所留的物品，从女士所说“I’d like to leave this bag with you．”，可知所留的是包。

2010年12月份ACCA考试真T(F7)

2010年12月份ACCA(国际注册会计师)考试真题(F7)ALL FIVE questions are compulsory and MUST be attempted1On1June2010,Premier acquired80%of the equity share capital of Sanford.The consideration consisted of two elements:a share exchange of three shares in Premier for every five acquired shares in Sanford and the issue of a$1006%loan note for every50 0shares acquired in Sanford.The share issue has not yet been recorded by Premier,but t he issue of the loan notes has been recorded.At the date of acquisition shares in Premier had a market value of$5each and the shares of Sanford had a stock market price of $3·50each.Below are the summarized draft financial statements of both companies.Statements of comprehensive income for the year ended30September2010Statements of financial position as at30September2010The following information is relevant:(i)At the date of acquisition,the fair values of Sanford‘s assets were equal to their c arrying amounts with the exception of its property.This had a fair value of$1·2million below its carrying amount.This would lead to a reduction of the depreciation charge(in cost of sales)of$50,000in the post-acquisition period.Sanford has not incorporated this value change into its entity financial statements.Premier‘s group policy is to revalue all properties to current value at each year end.On 30September2010,the value of Sanford’s property was unchanged from its value at ac quisition,but the land element of Premier‘s property had increased in value by$500,000 as shown in other comprehensive income.(ii)Sales from Sanford to Premier throughout the year ended30September2010had consistently been$1million per month.Sanford made a mark-up on cost of25%on these sales.Premier had$2million.(at cost to Premier)of inventory that had been supplied i n the post-acquisition period by Sanford as at30September2010.(iii)Premier had a trade payable balance owing to Sanford of$350，000as at30Sep tember2010.This agreed with the corresponding receivable in Sanford‘s books.(iv)Premier‘s investments include some available-for-sale investments that have increas ed in value by$300,000during the year.The other equity reserve relates to these invest ments and is based on their value as at30September2009.There were no acquisitions or disposals of any of these investments during the year ended30September2010.(v)Premier‘s policy is to value the non-controlling interest at fair value at the date of acquisition.For this purpose Sanford’s share price at that date can be deemed to be repr esentative of the fair value of the shares held by the non-controlling interest.(vi)There has been no impairment of consolidated goodwillRequired：(a)Prepare the consolidated statement of comprehensive income for Premier for the y ear ended30September2010.(b)Prepare the consolidated statement of financial position for Premier as at30Septe mber2010.The following mark allocation is provided as guidance for this question：(a)9marks(b)16marks(25marks)2The following trial balance relates to Cavern as at30September2010:The following notes are relevant:(i)Cavern has accounted for a fully subscribed rights issue of equity shares made on 1April2010of one new share for every four in issue at42cents each.The company pa id ordinary dividends of3cents per share on30November2009and5cents per share o n31May2010.The dividend payments are included in administrative expenses in the trial balance.(ii)The8%loan note was issued on1October2008at its nominal(face)value of $30million.The loan note will be redeemed on30September2012at a premium which gives the loan note an effective finance cost of10%per annum.(iii)Non-current assets:Cavern revalues its land and building at the end of each accounting year.At30Septembe r2010the relevant value to be incorporated into the financial statements is$41·8million. The building‘s remaining life at the beginning of the current year(1October2009)was 18years.Cavern does not make an annual transfer from the revaluation reserve to retaine d earnings in respect of the realization of the revaluation surplus.Ignore deferred tax on t he revaluation surplus.Plant and equipment includes an item of plant bought for$10million on1October 2009that will have a10-year life(using straight-line depreciation with no residual value).P roduction using this plant involves toxic chemicals which will cause decontamination costs to be incurred at the end of its life.The present value of these costs using a discount r ate of10%at1October2009was$4million.Cavern has not provided any amount for t his future decontamination cost.All other plant and equipment is depreciated at12·5%per annum using the reducing balance method.No depreciation has yet been charged on any non-current asset for the year ended30 September2010.All depreciation is charged to cost of sales.(iv)The available-for-sale investments held at30September2010had a fair value of $13·5million.There were no acquisitions or disposals of these investments during the yea r ended30September2010.(v)A provision for income tax for the year ended30September2010of$5·6million is required.The balance on current tax represents the under/over provision of the tax lia bility for the year ended30September2009.At30September2010the tax base of Caver n‘s net assets was$15million less than their carrying amounts.The movement on deferre d tax should be taken to the income statement.The income tax rate of Cavern is25%.Required:(a)Prepare the statement of comprehensive income for Cavern for the year ended30 September2010.(b)Prepare the statement of changes in equity for Cavern for the year ended30Septe mber2010.(c)Prepare the statement of financial position of Cavern as at30September2010.Notes to the financial statements are not required.The following mark allocation is provided as guidance for this question：(a)11marks(b)5marks(c)9marks(25marks)3Hardy is a public listed manufacturing company.Its summarized financial statement s for the year ended30September2010(and2009comparatives)are:I n c o m e s t a t e m e n t s f o r t h e y e a r e n d e d30S e p t e m b e r:Statements of financial position as at30September:The following information has been obtained from the Chairman's Statement and the notes to the financial statements:'Market conditions during the year ended30September2010proved very challenging d ue largely to difficulties in the global economy as a result of a sharp recession which has led to steep falls in share prices and property values.Hardy has not been immune from these effects and our properties have suffered impairment losses of$6million in the year.' The excess of these losses over previous surpluses has led to a charge to cost of sal es of$1·5million in addition to the normal depreciation charge.'Our portfolio of investments at fair value through profit or loss has been'marked to market'(fair valued)resulting in a loss of$1·6million(included in administrative expense s).'There were no additions to or disposals of non-current assets during the year.'In response to the downturn the company has unfortunately had to make a number o f employees redundant incurring severance costs of$1·3million(included in cost of sales) and undertaken cost savings in advertising and other administrative expenses.' 'The difficulty in the credit markets has meant that the finance cost of our variable r ate bank loan has increased from4·5%to8%.In order to help cash flows,the company made a rights issue during the year and reduced the dividend per share by50%.' 'Despite the above events and associated costs,the Board believes the company's unde rlying performance has been quite resilient in these difficult times.'Required:Analyze and discuss the financial performance and position of Hardy as portrayed by the above financial statements and the additional information provided.Your analysis should be supported by profitability,liquidity and gearing and other ap propriate ratios(up to10marks available).(25marks)4(a)IAS8Accounting Policies,Changes in Accounting Estimates and Errors contain s guidance on the use of accounting policies and accounting estimates.Required:Explain the basis on which the management of an entity must select its accounting p olicies and distinguish,with an example,between changes in accounting policies and chan ges in accounting estimates.(5marks)(b)The directors of Tunshill are disappointed by the draft profit for the year ended30 September2010.The company's assistant accountant has suggested two areas where she b elieves the reported profit may be improved:(i)A major item of plant that cost$20million to purchase and install on1October2 007is being depreciated on a straight-line basis over a five-year period(assuming no resi dual value).The plant is wearing well and at the beginning of the current year(1October 2009)the production manager believed that the plant was likely to last eight years in total (i.e.from the date of its purchase).The assistant accountant has calculated that,based on a n eight-year life(and no residual value)the accumulated depreciation of the plant at30Sep tember2010would be$7·5million($20million/8years x3).In the financial statements for the year ended30September2009,the accumulated depreciation was$8million($20mil lion/5years x2).Therefore,by adopting an eight-year life,Tunshill can avoid a depreciati on charge in the current year and instead credit$0·5million($8million–$7·5million)to the income statement in the current year to improve the reported profit.(5marks) (ii)Most of Tunshill's competitors value their inventory using the average cost(AVCO) basis,whereas Tunshill uses the first in first out(FIFO)basis.The value of Tunshill's in ventory at30September2010(on the FIFO basis)is$20million;however on the AVCO basis it would be valued at$18million.By adopting the same method(AVCO)as its co mpetitors,the assistant accountant says the company would improve its profit for the year ended30September2010by$2million.Tunshill‘s inventory at30September2009was reported as$15million,however on the AVCO basis it would have been reported as$1 3·4million.(5marks)Required:Comment on the acceptability of the assistant accountant‘s suggestions and quantify h ow they would affect the financial statements if they were implemented under IFRS.Ignor e taxation.Note:the mark allocation is shown against each of the two items above.(15marks)5Manco has been experiencing substantial losses at its furniture making operation wh ich is treated as a separate operating segment.The company‘s year end is30September. At a meeting on1July2010the directors decided to close down the furniture making op eration on31January2011and then dispose of its non-current assets on a piecemeal basis.Affected employees and customers were informed of the decision and a press announce ment was made immediately after the meeting.The directors have obtained the following i nformation in relation to the closure of the operation:(i)On1July2010,the factory had a carrying amount of$3·6million and is expecte d to be sold for net proceeds of$5million.On the same date the plant had a carrying a mount of$2·8million,but it is anticipated that it will only realize net proceeds of$500, 000.(ii)Of the employees affected by the closure,the majority will be made redundant at cost of$750,000,the remainder will be retrained at a cost of$200,000and given work in one of the company's other operations.(iii)Trading losses from1July to30September2010are expected to be$600,000an d from this date to the closure on31January2011a further$1million of trading losses are expected.Required：Explain how the decision to close the furniture making operation should be treated in Manco‘s financial statements for the years ending30September2010and2011.Your an swer should quantify the amounts involved.(10marks)。

2010年12月ACCA考试考官报告(P1)(2)

2010年12月ACCA考试考官报告(P1)(2)本文由高顿ACCA整理发布，转载请注明出处Specific CommentsQuestion OneThe case in section A (question 1) was about ZPT,an internet communications company,which was involved in a number of false accounting and fraudulent activities.The a uditor,JJC,was complicit in the situation.A similar situation happened in ‘real life’ some years ago and so some candidates may have been familiar with some of the issues already.This does show the value of studying current cases from the business news in preparing for P1 exams as 'real life’ themes are sometimes borrowed in framing exam case studies.Part (a) contained two components,parts (i) and (ii).The first was a bookwork task to explain the factors that might lead institutional investors to seek to intervene directly in a company they hold shares in.This was not a requirement to define ‘institutional shareholders’ as some candidates did (scoring nothing for their efforts in doing so).The content should have been well-known to any well-prepared candidate.Many were able to gain some marks for part (a) even if they couldn’t get all six marks.For part(a)(ii),candidates had to study the case to see which factors applied to ZPT.There were three such factors mentioned in the case and candidates had to us e these to ‘construct the case’ which means to produce arguments in favour of investor intervention because of the identified weaknesses.Part (b) asked about absolutist and relativist ethics.I often put a substantive ethics requirement from section E of the study guide into question 1 and this paper was no exception.Shazia Lo was an accountant at ZPT who accepted a bribe to keep quiet about the company’s fraudulent accounting.The question asked candidates to distinguish between absolutism and relativis m and then to critically evaluate Shazia Lo’s behaviour from these two perspectives for a total of 10 marks.This means that both perspectives had to be discussed in considering Shazia Lo’s behaviour.From an absolutist perspective,it is obvious that no accountant should ever be complicit in bribery,fraud or mis-statement.From a relativist perspective and this is where the case raises an interesting ethical conundrum,it maybe right in some circumstances to show compassion and to carefully consider theconsequences of actions,not merely their legality.Shazia used the money not to enrich herself but to pay for medical treatment for her mother.This in no way excuses her actions but it does raise the issue of trading one ethical good (upholding her professional and legal duties) against another (assisting in the medical care of her mother).There were three requirements in part (c) and all parts were done poorly overall.What surprised me about this is that all parts are clearly ‘core’ areas in the P1 study guid e and whilst some candidates addressed the questions correctly and scored highly,many did not.Just to clarify what the questions meant,(a) was about the consequences of bad governance,(b) was about the case in favour of mandatory (rather than voluntary) IC reporting,and (c) was about the contents of an internal control report.None of these should have been a struggle for a well-prepared P1 candidate.In part (c)(i),it seems that many candidates saw the first part of the requirement but ignored the secon d part.So they described the nature of ‘sound corporate governance’ whilst neglecting the second part which was to do this ‘by assessing the consequences of the corporate governance failures ay ZPT’.This question is essentially probing the main purpose of corporate governance: without sound corporate governance,companies go bust,employees lose their jobs,investors lose their investments and can be financially ruined,and a number of other terrible outcomes.So the ‘consequences of CG failure’ was often overlooked by candidates,which meant that they failed to gain those marks.Part (c)(ii) was concerned with the debate over the mandating of internal control reporting.Some candidates correctly identified that this debate had taken place in the United States some years ago over section 404 of Sarbanes Oxley (although it wasn’t necessary to know this to gain the marks).The point of having this requirement in the question was to highlight that poor internal controls were in part responsible for the situation at ZPT and that mandatory reporting to an agreed reporting framework would have made it much more difficult for the IC failures to have occurred.The accountability created by having to report on internal controls could have made it much more difficult for the ZPT management to have got away with the bad practice that they did.Part (c)(iii) was about the contents of such a report.The marking team allowed some latitude here but the essential components should have included,in all cases,an acknowledgement statement (whose job is it?),a description of the processes (how is IC done?),it should be accurate and reliable,and,specifically,it should explain any particular IC weaknesses.The professional marks were awarded for framing the answer to the three components of part (c) in the form of a speech by a legislator.There was some evidence of improvement in candidate’s taking this seriously and setting out their answer accordingly,but others made errors like setting it out as a memo or letter,or else by using bullet points (in a speech?) or unlinked statements.I would again reinforce the importance of being prepared to answer in a variety of ways because these four marks really can make a difference between a pass and a fail.更多ACCA资讯请关注高顿ACCA官网：。

ACCA201012份考试真题(P1)

考试真题（P1）Section A - This ONE question is compulsory and MUST be attempted1 In the 2009 results presentation to analysts,the chief executive of ZPT,a global internet communications company,announced an excellent set of results to the waiting audience.Chief executive Clive Xu announced that, compared to 2008,sales had increased by 50%,profi ts by 100% and total assets by 80%.The dividend was to be doubled from the previous year.He also announced that based on their outstanding performance,the executive directors would be paid large bonuses in line with their contracts.His own bonus as chief executive would be $20 million.When one of the analysts asked if the bonus was excessive,Mr Xu reminded the audience that the share price had risen 45% over the course of the year because of his efforts in skilfully guiding the company.He said that he expected the share price to rise further on the results announcement,which it duly did. Because the results exceeded market expectation,the share price rose another 25% to $52.Three months later,Clive Xu called a press conference to announce a restatement of the 2009 results.This was necessary,he said,because of some 'regrettable accounting errors'.This followed a meeting between ZPT and the legal authorities who were investigating a possible fraud at ZPT.He disclosed that in fact the fi gures for 2009 were increases of 10% for sales,20% for profi ts and 15% for total assets which were all signifi cantly below market expectations.The proposed dividend would now only be a modest 10% more than last year.He said that he expected a market reaction to the restatement but hoped that it would only be a short-term effect.The first questioner from the audience asked why the auditors had not spotted and corrected the fundamental accounting errors and the second questioner asked whether such a disparity between initial and restated results was due to fraud rather than'accounting errors'.When a journalist asked Clive Xu if he intended to pay back the $20 million bonus that had been based on the previous results,Mr Xu said he did not.The share price fell dramatically upon the restatement announcement and,because ZPT was such a large company,it made headlines in the business pages in many countries.Later that month,the company announced that following an internal investigation,there would be further restatements,all dramatically downwards,for the years 2006 and 2007.This caused another mass selling of ZPT shares resulting in a fi nal share value the following day of $1.This represented a loss of shareholder value of $12 billion from the peak share price.Clive Xu resigned and the government regulator for businessordered an investigation into what had happened at ZPT.The shares were suspended by the stock exchange.A month later, having failed to gain protection from its creditors in the courts,ZPT was declared bankrupt. Nothing was paid out to shareholders whilst suppliers received a fraction of the amounts due to them. Some non-current assets were acquired by competitors but all of ZPT‘s 54,000 employees lost their jobs,mostly with little or no termination payment.Because the ZPT employees’ pension fund was not protected from creditors,the value of that was also severely reduced to pay debts which meant that employees with many years of service would have a greatly reduced pension to rely on in old age.ced to pay debts which meant that employees with many years of service would have a greatly reduced pension to rely on in old age.ced to pay debts which meant that employees with many years of service would have a greatly reduced pension to rely on in old age.ced to pay debts which meant that employees with many years of service would have a greatly reduced pension to rely on in old age.The government investigation found that ZPT had been maintaining false accounting records for several years. This was done by developing an overly-complicated company structure that contained a network of international branches and a business model that was diffi cult to understand.Whereas ZPT had begun as a simple telecommunications company,Clive Xu had increased the complexity of the company so that he could 'hide' losses and mis-report profi ts. In the company‘s reporting,he also substantially overestimated the value of future customer supply contracts.The investigation also found a number of signifi cant internal control defi ciencies including no effective management oversight of the external reporting process and a disregard of the relevant accounting standards.In addition to Mr Xu,several other directors were complicit in the activities although Shazia Lo,a senior qualifi ed accountant working for the fi nancial director,had been unhappy about the situation for some time.She had approached the fi nance director with her concerns but having failed to get the answers she felt she needed,had threatened to tell the press that future customer supply contract values had been intentionally and materially overstated（the change in fair value would have had a profi t impact）。

2010年12月份ACCA考试真T(F7)

2010年12月份ACCA(国际注册会计师)考试真题(F7)ALL FIVE questions are compulsory and MUST be attempted1 On 1 June 2010, Premier acquired 80% of the equity share capital of Sanford. The consideration consisted of two elements: a share exchange of three shares in Premier for every five acquired shares in Sanford and the issue of a $100 6% loan note for every 50 0 shares acquired in Sanford. The share issue has not yet been recorded by Premier, but t he issue of the loan notes has been recorded. At the date of acquisition shares in Premier had a market value of $5 each and the shares of Sanford had a stock market price of $3·50 each. Below are the summarized draft financial statements of both companies.Statements of comprehensive income for the year ended 30 September 2010Statements of financial position as at 30 September 2010The following information is relevant:(i)At the date of acquisition, the fair values of Sanford‘s assets were equal to their c arrying amounts with the exception of its property. This had a fair value of $1·2 million below its carrying amount. This would lead to a reduction of the depreciation charge (in cost of sales) of $50,000 in the post-acquisition period. Sanford has not incorporated this value change into its entity financial statements.Premier‘s group policy is to revalue all properties to current value at each year end.On 30 September 2010, the value of Sanford’s property was unchanged from its value at ac quisition, but the land element of Premier‘s property had increase d in value by $500,000 as shown in other comprehensive income.(ii)Sales from Sanford to Premier throughout the year ended 30 September 2010 had consistently been $1 million per month. Sanford made a mark-up on cost of 25% on these sales. Premier had $2 million. (at cost to Premier) of inventory that had been supplied i n the post-acquisition period by Sanford as at 30 September 2010.(iii)Premier had a trade payable balance owing to Sanford of $350，000 as at 30 Sep tember 2010. This agreed with the corre sponding receivable in Sanford‘s books.(iv)Premier‘s investments include some available-for-sale investments that have increas ed in value by $300, 000 during the year. The other equity reserve relates to these invest ments and is based on their value as at 30 September 2009.There were no acquisitions or disposals of any of these investments during the year ended 30 September 2010.(v)Premier‘s policy is to value the non-controlling interest at fair value at the date of acquisition. For this purpose Sanf ord’s share price at that date can be deemed to be repr esentative of the fair value of the shares held by the non-controlling interest.(vi)There has been no impairment of consolidated goodwillRequired：(a) Prepare the consolidated statement of comprehensive income for Premier for the y ear ended 30 September 2010.(b) Prepare the consolidated statement of financial position for Premier as at 30 Septe mber 2010. The following mark allocation is provided as guidance for this question：(a) 9 marks(b) 16 marks(25 marks)2 The following trial balance relates to Cavern as at 30 September 2010:The following notes are relevant:(i)Cavern has accounted for a fully subscribed rights issue of equity shares made on1 April 2010 of one new share for every four in issue at 42 cents each. The company pa id ordinary dividends of3 cents per share on 30 November 2009 and 5 cents per share o n 31 May 2010.The dividend payments are included in administrative expenses in the trial balance.(ii)The 8% loan note was issued on 1 October 2008 at its nominal (face) value of $30 million. The loan note will be redeemed on 30 September 2012 at a premium which gives the loan note an effective finance cost of 10% per annum.(iii)Non-current assets:Cavern revalues its land and building at the end of each accounting year. At 30 Septembe r 2010 the relevant value to be incorporated into the financial statements is $41·8 million. The building‘s remaining life at the beginning of the current year (1 October 2009) was18 years. Cavern does not make an annual transfer from the revaluation reserve to retained earnings in respect of the realization of the revaluation surplus. Ignore deferred tax on t he revaluation surplus.Plant and equipment includes an item of plant bought for $10 million on 1 October 2009 that will have a 10-year life(using straight-line depreciation with no residual value).P roduction using this plant involves toxic chemicals which will cause decontamination costs to be incurred at the end of its life. The present value of these costs using a discount r ate of 10% at 1 October 2009 was $4 million. Cavern has not provided any amount for t his future decontamination cost. All other plant and equipment is depreciated at 12·5% per annum using the reducing balance method.No depreciation has yet been charged on any non-current asset for the year ended 30 September 2010.All depreciation is charged to cost of sales.(iv)The available-for-sale investments held at 30 September 2010 had a fair value of $13·5 million. There were no acquisitions or disposals of these investments during the yea r ended 30 September 2010.(v)A provision for income tax for the year ended 30 September 2010 of $5·6 million is required. The balance on current tax represents the under/over provision of the tax lia bility for the year ended 30 September 2009.At 30 September 2010 the tax base of Caver n‘s net assets was $15 million less than their carrying amounts. Th e movement on deferre d tax should be taken to the income statement. The income tax rate of Cavern is 25%.Required:(a)Prepare the statement of comprehensive income for Cavern for the year ended 30 September 2010.(b)Prepare the statement of changes in equity for Cavern for the year ended 30 Septe mber 2010.(c)Prepare the statement of financial position of Cavern as at 30 September 2010.Notes to the financial statements are not required.The following mark allocation is provided as guidance for this question：(a) 11 marks(b) 5 marks(c) 9 marks(25 marks)3 Hardy is a public listed manufacturing company. Its summarized financial statement s for the year ended 30 September 2010(and 2009 comparatives) are:I n c o m e s t a t e m e n t s f o r t h e y e a r e n d e d30S e p t e m b e r:Statements of financial position as at 30 September:The following information has been obtained from the Chairman's Statement and the notes to the financial statements:'Market conditions during the year ended 30 September 2010 proved very challenging d ue largely to difficulties in the global economy as a result of a sharp recession which has led to steep falls in share prices and property values. Hardy has not been immune from these effects and our properties have suffered impairment losses of $6 million in the year.' The excess of these losses over previous surpluses has led to a charge to cost of sal es of $1·5 million in addition to the normal depreciation charge.'Our portfolio of investments at fair value through profit or loss has been 'marked to market' (fair valued) resulting in a loss of $1·6 million (included in administrative expense s).'There were no additions to or disposals of non-current assets during the year.'In response to the downturn the company has unfortunately had to make a number o f employees redundant incurring severance costs of $1·3million (included in cost of sales) and undertaken cost savings in advertising and other administrative expenses.' 'The difficulty in the credit markets has meant that the finance cost of our variable r ate bank loan has increased from 4·5% to 8%.In order to help cash flows ,the company made a rights issue during the year and reduced the dividend per share by 50%.' 'Despite the above events and associated costs, the Board believes the company's unde rlying performance has been quite resilient in these difficult times.'Required:Analyze and discuss the financial performance and position of Hardy as portrayed by the above financial statements and the additional information provided.Your analysis should be supported by profitability, liquidity and gearing and other ap propriate ratios (up to 10 marks available).(25 marks)4 (a) IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors contain s guidance on the use of accounting policies and accounting estimates.Required:Explain the basis on which the management of an entity must select its accounting p olicies and distinguish, with an example, between changes in accounting policies and chan ges in accounting estimates. (5 marks)(b)The directors of Tunshill are disappointed by the draft profit for the year ended 30 September 2010.The company's assistant accountant has suggested two areas where she b elieves the reported profit may be improved:(i)A major item of plant that cost $20 million to purchase and install on 1 October 2 007 is being depreciated on a straight-line basis over a five-year period (assuming no resi dual value).The plant is wearing well and at the beginning of the current year(1 October 2009)the production manager believed that the plant was likely to last eight years in total (i.e. from the date of its purchase).The assistant accountant has calculated that, based on a n eight-year life(and no residual value)the accumulated depreciation of the plant at 30 Sep tember 2010 would be $7·5 million($20 million/8 years x 3).In the financial statements forthe year ended 30 September 2009,the accumulated depreciation was $8 million ($20 mill ion/5 years x 2).Therefore, by adopting an eight-year life, Tunshill can avoid a depreciatio n charge in the current year and instead credit $0·5 million($8 million –$7·5 million)to t he income statement in the current year to improve the reported profit.(5 marks) (ii)Most of Tunshill's competitors value their inventory using the average cost (AVCO) basis, whereas Tunshill uses the first in first out (FIFO) basis. The value of Tunshill's in ventory at 30 September 2010(on the FIFO basis) is $20 million; however on the AVCO basis it would be valued at $18 million. By adopting the same method (AVCO) as its co mpetitors, the assistant accountant says the company would improve its profit for the year ended 30 September 2010 by $2 million. Tunshill‘s inventory at 30 September 2009 was reported as $15 million, however on the AVCO basis it would have been reported as $1 3·4 million. (5 marks)Required:Comment on the acceptability of the assistant accountant‘s suggestions and quantify h ow they would affect the financial statements if they were implemented under IFRS. Ignor e taxation.Note: the mark allocation is shown against each of the two items above.(15 marks)5 Manco has been experiencing substantial losses at its furniture making operation wh ich is treated as a separate operating segment. The company‘s year end is 30 September . At a meeting on 1 July 2010 the directors decided to close down the furniture making op eration on 31 January 2011 and then dispose of its non-current assets on a piecemeal basis. Affected employees and customers were informed of the decision and a press announce ment was made immediately after the meeting. The directors have obtained the following i nformation in relation to the closure of the operation:(i)On 1 July 2010, the factory had a carrying amount of $3·6 million and is expected to be sold for net proceeds of $5 million. On the same date the plant had a carrying a mount of $2·8 million, but it is anticipated that it will only realize net proceeds of $500, 000.(ii)Of the employees affected by the closure, the majority will be made redundant at cost of $750,000,the remainder will be retrained at a cost of $200,000 and given work in one of the company's other operations.(iii)Trading losses from 1 July to 30 September 2010 are expected to be $600,000 an d from this date to the closure on 31 January 2011 a further $1 million of trading losses are expected.Required：Explain how the decision to close the furniture making operation should be treated in Manco‘s financial statements for the years ending 30 September 2010 and 2011. Your an swer should quantify the amounts involved. (10 marks)。

ACCA考试F4公司法与商法China真题2010年12月_真题-无答案

ACCA考试F4公司法与商法（China）真题2010年12月(总分100,考试时间180分钟)ALL TEN questions **pulsory and MUST be attempted** relation to the Civil Procedure Law of China:(a) explain the term exclusive jurisdiction; (2 marks)(b) state the major legal characteristics of exclusive jurisdiction, in terms of: (i) the basis of exclusive jurisdiction; and (4 marks) (ii) the effect of the rule of exclusive jurisdiction. (4 marks)** relation to the Property Law of China:(a) explain the term right of lien; (4 marks)(b) state THREE conditions to be met for a party to claim the right of lien. (6 marks)** relation to the Labour Contract Law of China:(a) state the various powers of the labour administration in exercising its supervisory and examining functions; (2 marks)(b) state any FOUR kinds of situations under which the labour administration may issue administrative orders to an employer for violations of Labour Contract Law. (8 marks)** relation to the Contract Law of China:(a) explain the term termination of contract; (2 marks)(b) explain and distinguish between termination of contract and dissolution of contract. (8 marks)** relation to the Company Law of China:(a) state the basic rules regarding the shareholders of: (i) a general limited **pany; (2 marks) (ii) a sole-person limited **pany and a wholly state-**pany; and (2 marks) (b) state the requirements for capital of: (i) a general limited **pany; (2 marks) (ii) a sole-person limited **pany; and (2 marks) (iii) a company with exclusive state-ownership. (2 marks)** relation to the Enterprises Bankruptcy Law of China, state the legal effect of the acceptance of an application for bankruptcy by the court:(a) in terms of the preservative measures against the assets of the debtor; (4 marks)(b) in terms of the enforcement procedure against the relevant debtor; (4 marks)(c) in terms of pending legal actions against a debtor. (2 marks)** relation to the Securities Law of China:(a) explain the term sponsor in underwriting securities; (2 marks)(b) state the objective of the legislation to set up the system of sponsorship in underwriting securities; (2 marks)(c) state the various legal liabilities of a sponsor, in providing professional services, for his wrongdoings or failure to perform his functions. (6 marks)8.In 2009 Mr Lee and the **mittee entered into a contract for the management of land, under which he obtained the right to manage the contracted piece of land in a small mountain for 30 years. The contract was duly registered with the relevant government authority in light of the Property Law.One day when Mr Lee was planting trees on the mountain, he accidentally found a small coal mine in the mountain. Having discovered this information many villagers rushed to the mountain to exploit coal for sale. Mr Lee demanded the villagers stop the exploitation of coal, on the ground that he has been a legitimate holder of the right of management of land. Therefore, he should be a lawful holder of right to the coal mine under the land. On the other hand, the villagers refused to accept Mr Lee’s position and insisted that Mr Lee’s right to management of land would not extend to natural resources under the land. They held that the coal mine should be **mon property of the villagers as a whole and they were entitled to dig coal.Since Mr Lee and the villagers could not reach a settlement themselves, they filed a lawsuit against each other before the court for the determination of right.Required:Answer the following questions in accordance with the relevant provisions of the Property Law of China, and give reasons for your answer:(a) describe what kind of property right Mr Lee has held regarding the mountain; (2 marks)(b) describe who should hold the ownership of the coal mine in the mountain; (4 marks)(c) state how the court should deal with the claim brought by Mr Lee for damages against villagers because some of the trees in the land were destroyed by villagers in digging coal. (4 marks)9.Natural Gas Company (Gas Company) and Yaowa Glass Company (Yaowa Company) entered into a supply contract. The major terms and conditions of the contract were that Gas Company would provide a minimum 4,000 of natural gas daily for a period of five years at a fixed price; it should give a written notice five days in advance where it reduces the quantity of supply; Yaowa Company would provide a sum of RMB 100,000 yuan as a deposit for the performance of the contract. Yaowa Company paid the deposit pursuant to the supply contract upon the conclusion of the contract.Gas Company has been in decline since the beginning of 2010. In order to achieve extra profit, Gas Company sold more natural gas to other customers at a higher price by reducing the quantity of supply to Yaowa Company. One day Gas Company suddenly stopped providing natural gas to Yaowa Company without a notice in advance, which resulted in serious damage to the equipment of the latter.Due to unsuccessful negotiation between the two parties, Yaowa Company intended to seek the assistance from the people’s court.Required:Answer the following questions in accordance with the relevant provisions of the Contract Law of China, and give your reasons for your answer:(a) explain the legal nature of the deposit under the contract law, and state whether a claim for a refund of twice the amount of the deposit should be supported by the court; (4 marks) (b) state whether a claim requiring specific performance of contract by Gas Company should be supported by the court where the Yaowa Company has already requested a refund of twice the amount of the deposit. (6 marks)10.Kingmart Joint Stock Company (Kingmart Company) was a listed joint **pany listing in Shanghai Securities Exchange, with total assets of RMB 500 million yuan; while Dahua LimitedLiability Company’s (Dahua Company) registered capital was RMB 160 million yuan. At the end of 2009 the board of directors of Kingmart Company adopted a special board of directors’ resolution to merge with Dahua Company in a form of merger by absorption. After **pletion of the merger plan Dahua Company would be dissolved.For the purpose of carrying forward the merger plan, Kingmart Company and Dahua Company should take some procedural steps before the merger plan could be implemented and settle the credit and/or debt of these **panies with other parties.Required:Answer the following questions in accordance with the relevant provisions of the Company Law, and give reasons for your answer:(a) state the relevant voting requirement by the general shareholders’ meeting; (3 marks)(b) state the relevant rules with respect to public notice; (3 marks)(c) state how to deal with Dahua Company’s debts of RMB 500,000 yuan owed to a local electricity plant. (4 marks)。

2010年ACCAP1-P3真题答案

2010年ACCA P1-P3真题答案Professional Level – Essentials Module, Paper P1 Professional Accountant December 2010 Answers 1 (a) (i) Institutional investor intervention Six reasons are typically cited as potential grounds for investor intervention. Whilst it would be rare to act on the basis of one factor (unless it was particularly unfavourable), an accumulation of factors may have such an effect. Furthermore, institutional investors have a moral duty to use their power to monitor the companies they invest in for the good of all investors, as recognised in most codes of corporate governance. Institutional investors have the expertise at their disposal to understand the complexities of managing large corporations. As such, they can take a slightly detached view of the business and offer advice where appropriate. The typical reasons for intervention are cited below.Concerns about strategy, especially when, in terms of long-term investor value, the strategy is likely to be excessively risky or, conversely, unambitious in terms of return on investment. The strategy determines the long-term value of an investment and so is very important to shareholders. Poor or deteriorating performance, usually over a period of time, although a severe deterioration over a shorter period might also trigger intervention, especially if the reasons for the poor performance have not been adequately explained in the company’s reporting.Poor non-executive performance. It is particularly concerning when non-executives do not, for whatever reason, balance the executive board and provide the input necessary to reassure markets. Their contributions should always be seen to be effective. This is especially important when investors feel that the executive board needs to be carefully monitored or constrained, perhaps because one or another of the factors mentioned in this answer has become an issue.Major internal control failures. These are a clear sign of the loss of control by senior management over the operation of the business. These might refer, for example, to health and safety, quality, budgetary control or IT projects. In the case of ZPT, there were clear issues over the control of IC systems for generating ﬁnancial reporting data.Compliance failures, especially with statutory regulations or corporate governance codes. Legal non-compliance is always a serious matter and under comply-or-explain, all matters of code non-compliance must also be explained. Such explanations may or may not be acceptable to shareholders.Excessive directors’ remuneration or defective remuneration policy. Often an indicator of executive greed, excessive board salaries are also likely to be an indicator of an ineffective remunerations committee which is usually a non-executive issue. Whilst the absolute monetary value of executive rewards are important, it is usually more important to ensure that they are highly aligned withshareholder interests (to minimise agency costs).Poor CSR or ethical performance, or lack of social responsibility. Showing a lack of CSR can be important in terms of the company’s long-term reputation and also its vulnerability to certain social and environmental risks.[Tutorial note: the study texts approach this slightly differently.](ii) Case for interventionAfter the ﬁrst restatement, it was evident that three of the reasons for interventions were already present. Whilst one of these perhaps need not have triggered an intervention alone, the number of factors makes a strong case for an urgent meeting between the major investors and the ZPT board, especially Mr Xu.Poor performance. The restated results were ‘all signiﬁcantly below market expectations’. Whilst this need not in itself have triggered an institutional investor intervention, the fact that the real results were only made public after an initial results announcement is unfortunate. The obvious question to ask the ZPT board is why the initial results were mis-stated and why they had to be corrected as this points to a complete lack of controls within the business. A set of results well below market expectations always needs to be explained to shareholders.Internal control and potential compliance failures. There is ample evidence to suggest that internal controls in ZPT were very deﬁcient, especially (and crucially) those internal controls over external ﬁnancial reporting. The case mentions, ‘no effective management oversight of the external reporting process and a disregard of the relevant accounting standards’, both of which are very serious allegations. Linked to this, the investors need an urgent clariﬁcation of the legal allegations of fraud, especially in the light of the downward restatement of the results. Any suggestion of compliance failure is concerning but fraud (down to intent rather than incompetence) is always serious as far as investors are concerned.Excessive remuneration in the form of the $20 million bonus. It is likely that this bonus was excessive even had the initial results been accurate, but after the restatement, the scale of the bonus was evidently indefensible as it was based on false ﬁgures. The fact that the chief executive is refusing to repay the bonus implies a lack of integrity, adding weight to the belief that there may be some underlying dishonesty. Furthermore, although the investors thought it excessive, the case describes this as within the terms of Mr Xu’s contract. A closer scrutiny of remunerations policy (and therefore non-executive effectiveness) would be appropriate. (b) Absolutist and relativist perspectives Absolutism and relativismAn absolutist ethical stance is when it is assumed that there is an unchanging set of ethical principles which should always be obeyed regardless of the situation or any other pressures orfactors that may be present. Typically described in universalist ways, absolutist ethics tends to be expressed in terms such as ‘it is always right to . . . ’, ‘it is never right to . . . ’or ‘it is always wrong to ... ’Relativist ethical assumptions are those that assume that real ethical situations are more complicated than absolutists allow for. It is the view that there are a variety of acceptable ethical beliefs and practices and that the right and most appropriate belief depends on the situation. The best outcome is arrived at by examining the situation and making ethical assessments based on the best outcomes in that situation.Evaluation of Shazia Lo’s behaviour – absolutist ethicsFirstly, Shazia Lo was correct to be concerned about the over-valuation of contracts at ZPT. As a qualiﬁed accountant, she should never be complicit in the knowing mis-statement of accounts or the misrepresentation of contract values. For a qualiﬁed accountant bound by very high ethical and professional standards, she was right to be absolutist in her instincts even if not in her eventual behaviour.Secondly, she was also right to raise the issue with the ﬁnance director. This was her only legitimate course of action in the ﬁrst instance and it would have been wrong, in an absolutist sense, to remain silent. Given that she was intimidated and threatened upon raising the issue, she was being absolutist in threatening to take the issue to the press (i.e. whistleblowing). It would be incompatible with her status as a professional accountant to be complicit in false accounting as she owed it to the ZPT shareholders, to her professional body and to the general public (the public interest) never to process accounting data she knows to be inaccurate. An effective internal audit process would be a source of information for this action.Evaluation of Shazia Lo’s behaviour – relativist ethicsIt is clear from Shazia Lo’s behaviour that despite having absolutist instincts, other factors caused her to assume a relativist ethic in practice.Her mother’s serious illness was evidently the major factor in overriding her absolutist principles with regard to complicity in the fraudulent accounting ﬁgures. It is likely she weighed her mother’s painful suffering against the need to be absolutist with regard to the mis-statement of contract values. In relativist situations, it is usually the case that one ‘good’ is weighed against another ‘good’. Clearly it is good (an absolute) to show compassion and sympathy toward her mother but this should not have caused her to accept the payment (effectively a bribe to keep silent). She may have reasoned that the continued suffering of her mother was a worse ethical outcome than the mis-statement of ZPT accounts and the fact that she received no personal income from the money (it all went to support her mother) would suggest that she acted with reasonablemotives even though her decision as a professional accountant was deﬁnitely inappropriate. Given that accepting bribes is a clear breach of professional codes of ethics for accountants and other professionals, there is no legitimate defence of her decision and her behaviour was therefore wrong.(c) (i) Speech on importance of good corporate governance and consequences of failure Introduction Ladies and Gentlemen, I begin my remarks today by noting that we meet at an unfortunate time for business in this country. In the wake of the catastrophic collapse of ZPT, one of the largest telecommunications companies, we have also had to suffer the loss of one of our larger audit ﬁrms, JJC. This series of events has heightened in all of us an awareness of the vulnerability of business organisations to management incompetence and corruption.The consequences of corporate governance failures at ZPT.I would therefore like to remind you all why corporate governance is important and I will do this by referring to the failures in this unfortunate case. Corporate governance failures affect many groups and individuals and as legislators, we owe it to all of them to ensure that the highest standards of corporate governance are observed.Firstly and probably most obviously, effective corporate governance protects the value of shareholders’ investment in a company. We should not forget that the majority of shareholders are not ‘fat cats’ who may be able to afford large losses. Rather, they are individual pension fund members, small investors and members of mutual funds. The hard-working voters who save for the future have their efforts undermined by selﬁsh and arrogant executives who deplete the value of those investments. This unfairness is allowed to happen because of a lack of regulation of corporate governance in this country.The second group of people to lose out after the collapse of ZPT were the employees. It is no fault of theirs that their directors were so misguided and yet it is they who bear a great deal of the cost. I should stress, of course, that jobs were lost at JJC as well as at ZPT. Unemployment, even when temporary and frictional, is a personal misery for the families affected and it can also increase costs to the taxpayer when state beneﬁts are considered.Thirdly, because of the collapse of ZPT, creditors have gone unpaid and customers have remained unserviced. Again, we should not assume that suppliers can afford to lose their receivables in ZPT and for many smaller suppliers, their exposure to ZPT could well threaten their own survival. Where the value of net assets is inadequate to repay the full value of payables, let alone share capital, there has been a failure in company direction and in corporate governance so I hope you will agree with me that effective management and sound corporate governance are vital.The loss of two such important businesses, ZPT and JJC, has caused great disturbance in thetelecommunications and audit industries. As JJC lost its legitimacy to provide audit services and its clients moved to other auditors, the structure of the industry changed. Other auditors will eventually be able to absorb the work previously undertaken by JJC but clearly this will cause short-to-medium term capacity issues for those ﬁrms as they redeploy resources to make good on those new contracts. This was, I should remind you, both unnecessary and entirely avoidable. Linked to this point, I would remind colleagues that it is important for business in general and auditing in particular to be respected in society. The loss of auditors’ reputation caused by these events is very unfortunate as auditing underpins our collective conﬁdence in business reporting. It would be wholly inappropriate for other auditors to be affected by the behaviour of JJC or for businesses in general to be less trusted because of the events at ZPT. I very much hope that such losses of reputation and in public conﬁdence will not occur.Finally, we have all been dismayed by the case of Shazia Lo that was reported in the press. A lack of sound corporate governance practice places employees such as Ms Lo in impossible positions. Were she to act as whistleblower she would, by all accounts, have been victimised by her employers. Her acceptance of what was effectively a bribe to remain silent brings shame both on Ms Lo and on those who offered the money. An effective audit committee at ZPT would have offered a potential outlet for Ms Lo’s concerns and also provided a means of reviewing external audit and other professional services at ZPT. This whole situation could, and would have been, avoided had the directors of ZPT managed the company under an effective framework of corporate governance. (ii) The case for the mandatory external reporting of internal controls and risksI now turn to the issue of the mandatory external reporting of internal controls and risks. My reason for raising this as an issue is because this was one of the key causes of ZPT’s failure. My ﬁrst point in this regard is that disclosure allows for accountability. Had investors been aware of the internal control failures and business probity risks earlier, it may have been possible to replace the existing board before events deteriorated to the extent that they sadly did. In addition, however, the need to generate a report on internal controls annually will bring very welcome increased scrutiny from shareholders and others. It is only when things are made more transparent that effective scrutiny is possible.Secondly, I am ﬁrmly of the belief that more information on internal controls would enhance shareholder conﬁdence and satisfaction. It is vital that investors have conﬁdence in the internal controls of companies they invest in and increased knowledge will encourage this. It was, I would remind you, a lack of conﬁdence in ZPT’s internal controls and the strong suspicion of fraud that caused the share price to collapse and the company to ultimately fail.Furthermore, compulsory external reporting on internal controls will encourage good practice insidethe company. The knowledge that their work will be externally reported upon and scrutinised by investors will encourage greater rigour in the IC function and in the audit committee. This will further increase investor conﬁdence.To those who might suggest that we should opt for a comply-or-explain approach to this issue, I would argue that this is simply too important an issue to allow companies to decide for themselves or to interpret non-mandatory guidelines. It must be legislated for because otherwise those with poor internal controls will be able to avoid reporting on them. By specifying what should be disclosed on an annual basis, companies will need to make the audit of internal controls an integral and ongoing part of their operations. It is to the contents of an internal control report that I now turn.(iii) Content of external report on internal controlsI am unable, in a speech such as this, to go into the detail of what I would like to see in an external report on internal controls, but in common with corporate governance codes elsewhere, there are four broad themes that such a report should contain.Firstly, the report should contain a statement of acknowledgement by the board that it is responsible for the company’s system of internal control and for reviewing its effectiveness. This might seem obvious but it has been shown to be an important starting point in recognising responsibility. It is only when the board accepts and acknowledges this responsibility that the impetus for the collection of data and the authority for changing internal systems is provided. The ‘tone from the top’ is very important in the development of my proposed reporting changes and so this is a very necessary component of the report.Secondly, the report should summarise the processes the board (or where applicable, through its committees) has applied in reviewing the effectiveness of the system of internal control. These may or may not satisfy shareholders, of course, and weak systems and processes would be a matter of discussion at AGMs for non-executives to strengthen.Thirdly, the report should provide meaningful, high level information that does not give a misleading impression. Clearly, internal auditing would greatly increase the reliability of this information but a robust and effective audit committee would also be very helpful.Finally, the report should contain information about any weaknesses in internal control that have resulted in error or material losses. This would have been a highly material disclosure in the case of ZPT and the costs of non-disclosure of this was a major cause of the eventual collapse of the companyI very much hope that these brief remarks have been helpful in persuading colleagues to consider the need for increased corporate governance legislation. Thank you for listening. [Tutorial note:ull speech not required to gain full professional marks as the question asks for ‘sections’ of the speech.] 2.(a) Jocatt Group Statement of Cash flows for the year ended 30 November 2010 Therefore goodwill is impaired by $68m plus $11·5m minus $48m i.e. $31·5m(ii) Purchase of subsidiary The purchase of the subsidiary is adjusted for in the statement of cash flows by eliminating the assets acquired, as they were not included in the opening balances. The effect of the purchase is as follows:The receipt from the rights issue is a cash inflow into the group and should be shown as a financing activity. Therefore the dividend paid will be $13 million and the cash from the rights issues will be $2 million. (vi) PPEOpening balance at 1 December 2009 254 Revaluation loss (7) Plant in exchange transaction 4 Sale of land (10) Depreciation (27) On acquisition of Tigret 15 Current year additions (cash) 98–––– Closing balance at 30 November 2010 327 ––––The profit on the sale of the land is $15m plus $4 million minus carrying value $10 million i.e. $9 million (vii) Defined benefit schemeOpening balance at 1 December 2009 22 Current service costs 10 Past service costs ($6m/3) 2 Expected return on assets (8) –––Charge to income statement 4Actuarial losses 6Contributions paid (7)––– Closing balance at 30 November 2010 25 –––(viii) Investment propertyOpening balance at 1 December 2009 6 Acquisition 1 Disposal (0·5) Gain 1·5–––– Closing balance at 30 November 2010 8 ––––(ix) Intangible assetsOpening balance at 1 December 2009 72 Acquisitions (8 + 4) 12 Tigret 18 Amortisation (17)––– Closing balance at 30 November 2010 85 –––(x) Available for sale financial assets Opening balance at 1 December 2009 90 Acquisitions (cash) 5 Tigret (4) Gain (including tax) 3––– Closing balance at 30 November 2010 94 –––(xi) Share capitalOpening balance at 1 December 2009 275 Acquisition of Tigret 15–––– Closing balance at 30 November 2010 290 ––––(b)(i) The vast majority of companies use the indirect method for the preparation of statements of cash flow. Most companies justify this on the grounds that the direct method is too costly.The direct method presents separate categories of cash inflows and outflows whereas the indirect method is essentially a reconciliation of the net income reported in the statement of financial position with the cash flow from operations. The adjustments include non-cash items in the statement of comprehensive income plus operating cash flows that were not included in profit or loss. The direct method shows net cash from operations made up from individual operating cash flows. Users often prefer the direct method because it shows the major categories of cash flows. The complicated adjustments required by the indirect method are difficult to understand and provide entities with more leeway for manipulation of cash flows. The adjustments made to reconcile net profit before tax to cash from operations are confusing to users. In many cases these cannot be reconciled to observed changes in the statement of financial position. Thus users will only be able to understand the size of the difference between net profit before tax and cash from operations. The direct method allows for reporting operating cash flows by understandable categories as they can see the amount of cash collected from customers, cash paid to suppliers,(iv) interchange of managerial personnel; or(v) provision of essential technical information.The shareholders’ agreement allows Greenie to participate in some decisions. It needs to be determined whether these include financial and operating policy decisions of Manair, although this is very likely. The representation on the board of directors combined with the additional rights Greenie had under the shareholders’ agreement, give Greenie the power to participate in some policy decisions. Additionally, Greenie had sent a team of management experts to give business advice to the board of Manair.In addition, there is evidence of material transactions between the investor and the investee and indications that Greenie provided Manair with maintenance and technical services. Both these facts are examples of how significant influence might be evidenced.Based on an assessment of all the facts, it appears that Greenie has significant influence over Manair and that Manair should be considered an associate and accounted for using the equity method of accounting.Finally as it is likely that Manair is an associated undertaking of Greenie the transactions themselves would be deemed related party transactions. Greenie would need to disclose within its own financial statements the relationship, an outline of the transactions including their total value, outstanding balances including any debts deemed irrecoverable or doubtful (IAS 24 para17).(c) The franchise right should be recognised using the principles in IFRS 2 ‘Share based payment’. The asset should be recognised at the fair value of the rights acquired and the existence of exchangetransactions and prices for similar franchise rights means that a fair value can be established. The franchise right should therefore be recorded at $2·3 million. If the fair value had not been reliably measurable then the franchise right would have been recorded at the fair value of the equity instruments issued i.e. $2·5 million.Normally irredeemable preference shares would be classified as equity. The contractual obligation to pay the fixed cash dividend creates a liability component and the right to participate in ordinary dividends creates an equity component. If Greenie were to comply with IAS 32 ‘Financial instruments: Presentation’, it would require the preference shares to be treated as compound financial instruments with both an equity and liability component. The value of the equity component is the residual amount after deducting the separately determined liability component from the fair value of the instrument as a whole.Under IAS 32, it would seem that substantially all of the carrying value of Greenie’s preference shares would be allocated to the liability component because of the dividend elements and the fixed net cash dividend would be treated as a finance cost.IAS 1 ‘Presentation of financial statements’ requires departure from a requirement of a standard only in the extremely rare circumstances where management conclude that compliance would be so misleading that it would conflict with the objective of financial statements set out in the Framework. Greenie’s argument that the presentation of the preference shares in accordance with IAS 32 would be misleading, is not acceptable.The fact that it would not reflect the nature of the instruments as having characteristics of permanent capital providing participation in future profits is not a valid argument. IAS 1 requires additional disclosures when compliance with the specific requirements in IFRS is insufficient to enable a user to understand the impact of particular transactions or conditions on financial position and financial performance. A fair presentation would be achieved by complying with IAS 32 and providing additional disclosures to explain the characteristics of the preference shares.Professional Level – Essentials Module, Paper P3 Business Analysis December 2010 Answers3.(a)ShoalFish A PESTEL analysis of ShoalFish would focus on the fact that it is ﬁshing in an area where ﬁsh stocks are rapidly declining (environmental) and it is increasingly exposed to government intervention and restrictions (political). It is a relatively small player (12% market share) in a large, but declining market place (5% over two years). Proﬁ ts are declining, although ShoalFish appear to have arrested the decline in the proﬁ t margin. The 2009 gross proﬁ t margin (4·9%) shows an increase over the 2008 ﬁure (4·7%). This may mean that the company has been able to bring operating costs in line with the declining turnover.In terms of the Boston Box, it has the characteristics of a dog, a company with a small market share in a declining market. However, Shoal plc perceives that there are important synergies between ShoalFish and the other companies in the Shoal plc portfolio. For example, it helps secure a signi ﬁant proportion of the raw materials required by ShoalPro. ShoalPro is also ShoalFish’s main customer, accounting for 40% of the company’s catch. ShoalFish also has an intended role following the purchase of the Captain Haddock group of restaurants. Shoal plc would like ShoalFish to directly supply the Captain Haddock restaurants and so potentially reduce raw material costs at Captain Haddock.Shoal plc needs to look carefully at the viability of maintaining this ﬂet. They are operating in an area where owner-skippers are very common (almost half of the boats in the western oceans are owned and operated by the boat’s captain). There may be an opportunity for ShoalFish to sell, lease or rent their ships, perhaps to individual owners, with the promise of guaranteed sales to ShoalPro (and potentially Captain Haddock). Alternatively, they could tolerate declining performance from this part of the portfolio, in the knowledge that it forms an important part of the supply chain for other companies in the portfolio.ShoalProShoalPro is a proﬁable and expanding organisation. A signiﬁant percentage of its raw ﬁh supply is currently provided by ShoalFish, but this percentage is declining as it increasingly processes ﬁh for other companies. It is in a mature, but still expanding (+2% from 2007 to 2009) market-place where it holds a signiﬁant (40%) and slightly increasing market share. Gross proﬁ margins are improving slightly (from 10% in 2007 to 10·6% in 2009), suggesting that costs are increasing at a slower rate than revenues.Its consistent proﬁability would classify this business, using Boston Box terminology, as a cash cow. A company with a signiﬁant market share in a low growth market.A PESTEL analysis would focus on the fact that ShoalPro factories are in a region which attracts national grants due to high local unemployment (political and economic). This reduces operating costs and the persistence of high unemployment suggests that a local skilled workforce is still accessible to ShoalPro (socio-cultural). Analysis suggests that ShoalPro is an important part of the Shoal plc portfolio and should be retained and maintained.ShoalFarmShoalFarm is a relatively new acquisition. It currently has a relatively low market share (10%) in an expanding market-place. ShoalFarm is itself growing (+12% from 2007 to 2009), but not as fast as its market (+20% in the same period). A PESTEL analysis would reveal a market-place that is perceived as ethically acceptable, stressing the conservation of ﬁh supplies (socio-cultural).。

ACCA考试F4公司法与商法Irish真题2010年12月_真题-无答案

ACCA考试F4公司法与商法（Irish）真题2010年12月(总分100,考试时间180分钟)ALL TEN questions **pulsory and MUST be attempted** relation to the Irish legal system:(a) explain and distinguish between: (i) primary legislation; and (ii) secondary/delegated legislation. (6 marks)(b) explain the powers of the courts in relation to challenging the validity of primary and secondary/delegated legislation. (4 marks)2. State and explain the remedies available for breach of contract. (10 marks)** relation to the law of tort explain:(a) the neighbour principle; (4 marks)(b) remoteness of damage; (4 marks)(c) liability for economic/financial loss. (2 marks)** relation to the issuing of company shares explain:(a) pre-emption rights; (3 marks)(b) rights issues; (3 marks)(c) bonus issues. (4 marks)** relation to company law:(a) state, and explain the purpose of, the various registers that have to be kept by a company; (4 marks)(b) describe what accounting records will have to be produced and maintained by a company. (6 marks)6. In relation to company law, explain the duties owed by directors to **panies. (10 marks)** relation to employment law explain:(a) the meaning of unfair dismissal; and (6 marks)(b) the remedies available for unfair dismissal. (4 marks)8. In January 2009, Amy started a business as an independent website designer.To give her a start in her career, her brother Ben, who ran a retail business, said he would give her €1,000 if she updated his business website. At the same time, her friend Che asked her to do work for his business, also for a set fee of €1,000.However, by the time Amy **pleted the two projects her design business had become a huge success and she had lots of other business. When Ben and Che discovered how successful Amy’s business had become they both felt that they should not be asked to pay for the work they **missioned.Ben said he would not pay anything as he had only offered the work to help his sister out. Che said he would not pay anything either, on the basis that he had only given her work to do on the basis of their friendship.Required:Advise Amy as to whether she can insist on Ben and Che paying the full amounts of their initial promises. (10marks)9.Dee and Eff are major shareholders in and the directors of the **pany Fan plc. For the year ended 30 April 2009 Fan plc’s financial statements showed a loss of €2,000 for the year.For the year ended 30 April 2010 Fan plc made a profit of €3,000 and, due to a revaluation, the value of its land and buildings increased by €5,000.As a conseq uence, Dee and Eff recommended, and the shareholders approved, the payment of €4,000 in dividends.Required:Advise Dee and Eff as to:(a) the legality of the dividend payment; and (6 marks)(b) any potential legal liability in regard to the dividend payment. (4 marks)10. Geo, Ho and Io formed a partnership three years ago to run a hairdressing business. They each provided capital to establish the business as follows:Geo €20,000;Ho €12,000; andIo €8,000.The partnership agreem ent stated that all profits and losses were to be divided in proportion to the capital contribution.After 18 months Geo provided the partnership with a loan of €3,000 in order to finance the purchase of more stock. The loan was to be paid back from the profits of the business.Unfortunately the business was not successful and the partners decided to dissolve the partnership rather than risk running up any more losses. At the time of the dissolution of the partnership its assets were worth €20,000. Its extern al debts were €7,000 and none of the debt to Geo has ever been paid.Required:Advise the partners as to how the financial aspects of the dissolution will be conducted and how the assets will be distributed. (10 marks)。

ACCA p3 2010 12月答案

AnswersProfessional Level – Essentials Module, Paper P3Business Analysis December 2010 Answers1 (a)ShoalFishA PESTEL analysis of ShoalFish would focus on the fact that it is ﬁshing in an area where ﬁsh stocks are rapidly declining(environmental) and it is increasingly exposed to government intervention and restrictions (political). It is a relatively small player (12% market share) in a large, but declining market place (5% over two years). Proﬁ ts are declining, although ShoalFish appear to have arrested the decline in the proﬁ t margin. The 2009 gross proﬁ t margin (4·9%) shows an increase over the 2008 ﬁ gure (4·7%). This may mean that the company has been able to bring operating costs in line with the declining turnover.In terms of the Boston Box, it has the characteristics of a dog, a company with a small market share in a declining market.However, Shoal plc perceives that there are important synergies between ShoalFish and the other companies in the Shoal plc portfolio. For example, it helps secure a signiﬁ cant proportion of the raw materials required by ShoalPro. ShoalPro is also ShoalFish’s main customer, accounting for 40% of the company’s catch. ShoalFish also has an intended role following the purchase of the Captain Haddock group of restaurants. Shoal plc would like ShoalFish to directly supply the Captain Haddock restaurants and so potentially reduce raw material costs at Captain Haddock.Shoal plc needs to look carefully at the viability of maintaining this ﬂ eet. They are operating in an area where owner-skippers are very common (almost half of the boats in the western oceans are owned and operated by the boat’s captain). There may be an opportunity for ShoalFish to sell, lease or rent their ships, perhaps to individual owners, with the promise of guaranteed sales to ShoalPro (and potentially Captain Haddock). Alternatively, they could tolerate declining performance from this part of the portfolio, in the knowledge that it forms an important part of the supply chain for other companies in the portfolio.ShoalProShoalPro is a proﬁtable and expanding organisation. A signiﬁcant percentage of its raw ﬁsh supply is currently provided by ShoalFish, but this percentage is declining as it increasingly processes ﬁsh for other companies. It is in a mature, but still expanding (+2% from 2007 to 2009) market-place where it holds a signiﬁ cant (40%) and slightly increasing market share.Gross proﬁ t margins are improving slightly (from 10% in 2007 to 10·6% in 2009), suggesting that costs are increasing at a slower rate than revenues.Its consistent proﬁtability would classify this business, using Boston Box terminology, as a cash cow. A company with a signiﬁ cant market share in a low growth market.A PESTEL analysis would focus on the fact that ShoalPro factories are in a region which attracts national grants due to highlocal unemployment (political and economic). This reduces operating costs and the persistence of high unemployment suggests that a local skilled workforce is still accessible to ShoalPro (socio-cultural). Analysis suggests that ShoalPro is an important part of the Shoal plc portfolio and should be retained and maintained.ShoalFarmShoalFarm is a relatively new acquisition. It currently has a relatively low market share (10%) in an expanding market-place.ShoalFarm is itself growing (+12% from 2007 to 2009), but not as fast as its market (+20% in the same period). A PESTEL analysis would reveal a market-place that is perceived as ethically acceptable, stressing the conservation of ﬁsh supplies (socio-cultural). It seems likely that this will increase in importance in the future although the difﬁ culty of ﬁ nding potential sites (environmental) may be a signiﬁcant factor. Gross proﬁt is high (14% in 2007, comfortably out-performing ShoalFish and ShoalPro) but declined in 2008 (12·7%), recovering slightly in 2009 (13·3%).ShoalFarm may also have a signiﬁ cant role to play in providing raw materials for both ShoalPro and the potential acquisition – Captain Haddock restaurants. In terms of the Boston Box classiﬁ cation, ShoalFarm is probably a question mark or problem child. It needs increasing investment to ensure that it becomes a key player in a signiﬁcant market-place. If Shoal plc is prepared to do this, then the recommendation is that they should expand and develop. If they do not – and the potential synergies with Captain Haddock are not realised – they may wish to divest.Overall, the three companies can be seen as integrated parts in a comprehensive value chain. Conﬂ icting environmental forces are at work, on the one hand reducing the level of dependency between the companies and, on the other hand, reinforcing the competitive advantages (synergies) of being in a vertically integrated group. The potential acquisition of Captain Haddock could further enhance these advantages but only if the correct inter-ﬁ rm trading relationships are established.(b) (i)Shoal plc recognises that there is no ‘one right way’ to manage change. The success of any planned change programmewill depend upon an understanding of the context in which the change will take place. Balogun and Hope Haileyhave highlighted a number of important contextual features that need to be taken into account when designing changeprogrammes. These features are used as a basis for this model answer. However, other frameworks that recognise thecontext that changes takes place within could be used by the candidate and appropriate credit will be given.hastime to complete the acquisition and effect the strategic change necessary. The decline in Captain littleplcShoalHaddock’s turnover and proﬁ ts is increasing dramatically. The resignation of the chairman and managing director of thecompany was triggered by concerns about breaking bank covenants. If Shoal plc does acquire Captain Haddock thenstrategic change will have to be implemented quickly.Shoal plc will need to put into place policies that help them preserve the aspects of Captain Haddock that need to beretained for future success. It is recognised that the employees and the training they receive are ﬁ rst rate. Steps need to beput in place to ensure that these employees remain within the company. Similarly, the Captain Haddock brand is strongand needs to be re-afﬁ rmed.Change is usually easier if there is a diversity of experience, views and opinions within the organisation. This is notdiscernable at Captain Haddock. The suggestion is that most employees are recruited directly from school or universityand then remain within the Captain Haddock training programme as they progress through the company. There is verymuch a policy of ‘recruit from below’. In such circumstances it is unlikely that norms and practices will be challenged.A homogenous internally shared view was developed that Captain Haddock did things the right way, whatever waschanging in the world outside. Shoal plc will have to be sensitive to this, as well as recognising that it will need to bringthe required diversity of thinking to the company.Capability is concerned with the extent or experience of managing change in the organisation. Within Captain Haddockthere appears to be little experience of such change. Indeed the preservation of established norms and practices was thefocus of management and the supporting training. In contrast, Shoal plc have experience of managing change and this isa major capability that it should bring to Captain Haddock. However, it has to be recognised that this capability has notbeen tested in the restaurant sector and Shoal plc will have to be sure that their capability is applicable to this sector.capacity of an organisation for change considers the resources available to support change. Change may be costly, Theboth in real ﬁ nancial terms and management time. Captain Haddock has little capacity for change from its own resources.So, this is again something that Shoal plc will bring to the company. Substantial investment will not only be requiredto improve Captain Haddock’s ﬁnancial position, in terms of fulﬁlling bank covenants, but also to ﬁnance the changeprogramme necessary within the company.There appears to be little doubt that Captain Haddock is ready for change. T wo senior members of management whocould have been the focus for some resistance to change have left the company and employee representatives are keenfor someone to come in and ‘effectively lead employees who have become increasingly demoralised by the decline of thecompany’. Shoal plc should acquire an organisation that is receptive to appropriate change.It is necessary to identify people in the organisation who have the power to effect change. Again, this will be a keyresponsibility of Shoal plc if they acquire Captain Haddock. They must give the appointed management sufﬁ cient powerto implement the required changes.So, in summary, Shoal plc will be faced with ensuring that many of the contextual requirements for successful changeare put in place. They will need to provide management with appropriate capability and diversity and then give them thepower and capacity to effect required changes. They will have to move quickly to preserve Captain Haddock’s strengths,but they will ﬁ nd a workforce that is receptive for change.The ﬁnal contextual feature that needs consideration is the scope of change. The type of change required at CaptainHaddock can be viewed in the context of the following model.changeofScopechange Realignment TransformationNatureofIncremental Adaptation EvolutionRevolutionBig Bang ReconstructionAdaptation is change that can be accommodated within the current paradigm and can be introduced incrementally in theorganisation.Reconstruction is change that may be rapid and create upheaval in the organisation but which does not fundamentallychange the underlying paradigm.Evolution is a change that does require a paradigm change but one that can be introduced over timeRevolution is a change that requires rapid change associated with a change in paradigm.Reconstruction appears to ﬁ t the situation at Captain Haddock.(ii)This part of the question can be answered in a number of ways and all legitimate approaches will be given credit.However, it is suggested that the answer should consider:– Focusing on proﬁ table and/or core activities– Divesting non-proﬁ table and/or ill-ﬁ tting activitiesmanagementsenior– Changingstakeholdermanagement– Effectiverestructuring.– FinancialThis model answer uses the structure suggested by Johnson, Scholes and Whittington for implementing a turnaroundstrategy. Change is required quickly but there is no need to radically change what the organisation is doing. There is aneed for a realignment of strategy rather than a fundamental change of strategic direction. It has already been recognisedin the previous answer that Captain Haddock requires reconstruction. This is often associated with a turnaround situationwhere there is a need for structural changes to deal with a decline in ﬁnancial performance and changing marketconditions. In a turnaround situation the emphasis should be on rapid change and rapid cost reduction and/or revenuegeneration. Thus Shoal plc should be aware of some of the main elements of a turnaround strategy as they will needthese if they acquire Captain Haddock. These main elements could form the basis of a strategy for change to return thecompany to proﬁ tability.(1) The change strategy might commence with crisis stabilisation with a short-term focus on cost reduction and revenueincrease. One of the synergies identiﬁ ed by Shoal plc (the provision of ﬁ sh directly to Captain Haddock restaurants)should aid cost reduction. There is evidence that focusing on reducing operational costs is a signiﬁ cant factor in asuccessful turnaround strategy.(2) Implementing management changes at the top level. The resignation of the chairman and managing director ofCaptain Haddock has already facilitated this. Their resignation will also support the reduction of costs. The reductionof the costs of senior management is a further characteristic of a successful turnaround strategy.(3) Gaining stakeholder support. It is vital that key stakeholders are kept informed during the change process. A clearassessment of the power of different stakeholders will be vitally important. Evidence from the scenario suggests thatemployees are supportive of change. The banks should also welcome the acquisition by a large and well-establishedcompany such as Shoal plc.(4) Shoal plc will have to clarify target markets and re-establish the Captain Haddock brand. There is evidence that thecompany has unsuccessfully diversiﬁ ed into new market-places which did not deliver proﬁ ts. The company has toget ‘back to basics’ and re-establish itself in its traditional market-place.(5) Captain Haddock will need to be re-focused on core activities and products. It may be possible to dispose of the landbought for investment. Clarifying the target markets provides the opportunity to discontinue products or services thatare not focused on those markets.(6) Financial restructuring of Captain Haddock is necessary and is part of the capability that Shoal plc will bring to thecompany. Evidence suggests that Captain Haddock should be delivering gross proﬁ ts of about $11million per year,so making the $15million investment a relatively modest outlay.(7) Shoal plc will need to prioritise critical improvement areas, delivering quick and signiﬁ cant improvements.Finally, Shoal plc need to be aware that a successful turnaround strategy should focus on getting the existing business right, rather than quickly diversifying into new markets and businesses.(c)Portfolio managers, synergy managers and parental developers represent three corporate rationales for value creation in amulti-business organisation as suggested by Johnson, Scholes and Whittington. The distinction between the three is considered here.Portfolio managers act as an agent on behalf of ﬁnancial markets and shareholders. They seek to increase the value of the companies in their portfolio more efﬁciently and effectively than ﬁnancial markets could achieve. They seek to acquire under-performing or under-valued companies and to improve their performance so that they can later be sold at a premium.In many instances, poorly performing parts or businesses of the acquired company are sold off as part of performance improvement. The key issue for most portfolio managers is the opportunity to extract value from a business. The nature of that business, the market it is operating in and its relationship to other businesses in the portfolio is relatively unimportant. Portfolio managers manage businesses with a low cost centre and do not intervene signiﬁ cantly in the running of each business in the portfolio. Instead, they set ﬁ nancial targets for the senior executives of those companies, with high rewards for those executives who achieve their targets. The value-added activities of a portfolio manager are usually restricted to investment, setting expectations and standards and for monitoring performance. The proﬁ le of a portfolio manager does not ﬁ t the philosophy of Shoal plc.Johnson, Scholes and Whittington claim that synergy is often seen as the raison d’etre of the corporate parent, with value being enhanced across the business units in a number of ways. Underpinning this approach is the belief that the whole is worth more than the constituent parts. Johnson, Scholes and Whittington particularly identify the sharing of resources or activities;for example, a common brand name (as in the case of Shoal plc) may provide value to different products within different businesses. There may also be common skills or competencies across businesses. For example, expertise built up in the politics of ﬁ shing is likely to be transferable throughout the Shoal plc businesses.Shoal plc also sees the synergy in terms of one business being a customer of another. For example, guaranteeing a supply of raw material or as a guaranteed customer of a product. This may be problematic because it could lead to inefﬁ ciencies and confused objectives within each company. The ‘supplying’ company may not control costs or ensure quality sufﬁ ciently because it knows it has a guaranteed customer for some of its products. Similarly, the ‘purchasing’ company might not be able to meet proﬁt objectives because of the cost and quantity of the raw material it has to purchase from its related supplier. Business managers are usually rewarded on the performance of their business unit, but under this strategy they are being asked to co-operate in something that could compromise the performance of their business unit. As Johnson, Scholes and Whittington suggest, the manager of the business unit might respond by asking ‘what’s in it for me? and they may conclude that there is very little’. There is also a concern that Shoal plc knows a lot about sourcing and processing ﬁ sh, but not much about the restaurant industry. It may be that Captain Haddock is quite different to other companies in the portfolio and so the hoped for synergies may not appear. However, despite these reservations, it is clear that Shoal plc’s overall corporate philosophy is that of a synergy manager.Finally, the parental developer uses the competencies of the parent to add value to businesses in the portfolio. So, in this instance, the parent company is conﬁ dent about its resources and capabilities and wishes to use these to enhance the value of the businesses in the portfolio. For example, the parental developer may have a brand name that is recognisable throughout the world and is associated with value and quality. Such a company needs to identify businesses which are not currently fulﬁ lling their potential but could if they were associated with a well-known brand. In effect, their brand name brings these companies toa wider audience who automatically assign the values of the parent to those of the acquired company. For parental developers,achieving synergies between companies in the portfolio is not a priority. The focus is on providing the companies in the portfolio with the competencies of the parent. This is not really the approach of Shoal plc. Developing strategic capabilities, achieving synergies and transferring managerial capabilities are not value-adding activities of a parental developer.2 (a)The main drivers for the adoption of e-business at TMP are:– Cost reduction, speciﬁ cally raw material costs (the cost of paper) and distribution costs to bookshops.– Improved proﬁ t margin, perhaps achieved by removing the bookshop as an intermediary.– Increased revenue, increasing sales (as well as proﬁ t margins) is an important objective.– The desire to keep up-to-date (exempliﬁ ed by the marketing director) and hence to avoid losing market share to businesses prepared to embrace e-business.– Increased ecological concern about the use of timber for paper manufacture. The trees used to provide the timber are becoming increasingly scarce.– People, in the shape of the marketing director and the graduate recruited to develop the website.The main barriers to the adoption of e-business at TMP are:– Concerns about th e cost of developing th e website, particularly wh en revenue and proﬁts are decreasing. Marketing expenditure has been reduced and this is likely to continue.– Concerns that it will destroy the relationship with bookshops and those sales will decrease overall as a result. Destroying existing channels is often a major barrier to change.– Lack of technical ability within the company to develop and maintain the website and the impact this may have on its long-term viability.– Concern about fraud and piracy. This may be within the context of the ﬁ nancial transactions of e-commerce. It may also reﬂ ect concerns about the pirating of books, leading to either cheap printed versions being produced and sold in localmarkets or to illegitimate copies being sold and distributed on the web.– Other directors could be perceived as a barrier to the adoption of e-business.(b)ProductAt present, TMP offer conventional physical books. E-business may provide opportunities for either replacing or augmenting this product. For example:– Replacing the book with an electronic alternative that customers can read directly from the screen, view through an e-book reader or print off at their own cost. This may allow the range of products to be increased, introducing books thatwould be uneconomic to produce conventionally.– Augmenting the product by providing supplementary services and features. For example, many text books now have an associated website that includes further case studies, exercises, solutions, simulations etc. This may be particularlyapplicable to management texts where readers often require further information.Using e-business to change the nature of the product should help reinforce two of the drivers identiﬁ ed in the ﬁ rst part of this question. It should help reduce raw material costs as well as helping the company meet environmental targets. Augmenting the product should help deliver a better quality product to customers.E-business also offers opportunities for extending the product range, perhaps offering (through intermediaries) management training, ﬁ nancial advice and other related services.PriceAt present TMP largely sells through bookshops and so the TMP price has to reﬂ ect a proﬁ t margin for the bookshop. If TMP exploits e-business to develop a channel that eliminates bookshops, then it should be able to simultaneously discount the price of the book and yet still improve their proﬁ t margin. E-business may also be an opportunity to experiment with differential pricing. The scenario notes that overseas sales are low because of the relatively high sales price of books. TMP may be able to combine differential pricing (in local currencies) with electronic alternatives to ﬁnd a product th at is saleable in th ese markets.TMP has to be aware of any price-comparison websites and be prepared to monitor costs on these sites and react accordingly.They also have to be aware of large established channels, such as Amazon. Such sites will expect keen pricing, but will also pay commissions on books sold through the site.Finally, TMP might seek an alternative price strategy, based for example on subscribing to the site, rather than selling books.A ‘book’ may become a continually updated web resource that customers pay to use on either a one-off or continuing basis.There is no need for them to actually own the book themselves. TMP therefore becomes a virtual library.Direct pricing to customers also provides th e opportunities for special offers, pre-publication prices and oth er deals. For example, special discount prices on related books can be offered to customers who have placed an order for a speciﬁ c book.PromotionAt present, promotion is restricted to a custom-built display case at booksh ops and full-page display advertisements in magazines and journals. Such promotion reﬂects a conventional ‘push’ approach to marketing that focuses on the product rather than the customers. If the website records the details of visitors, then the company can identify potential customers for its products and target them in mail-shots and on-line suggestions. For example, customers who have bought certain titles may have others suggested to them when they next visit the site. Many sites also make buying suggestions based on the behaviour of other customers, for example displaying ‘other titles which have been bought by customers who have bought this book’.E-business will require the company to consider both its online and ofﬂ ine promotion. TMP may be able to reduce its ofﬂ ine expenditure, cutting back on advertising. In its place it migh t spend elsewh ere, particularly in making sure th at it ﬁgures prominently in search engine listings. Links to other sites should also be considered, allowing promotion of TMP books on related sites. For example, internet sites providing management advice, information and glossaries may have a link to the TMPsite. TMP pays commission to the site on sales made through such links. Banner advertising might also be considered on such sites. A similar approach might be used with academic websites where a TMP book is recommended reading for a course.PlaceBookshops have limited reach, although they do provide the facility for the potential buyer to handle the book (see physical evidence). The display advertising has unpredictable reach. Circulation ﬁ gures are usually provided by journals and magazines but this does not give any information on how many people actually read the advertisements in question. The scenario suggests that both bookshops and journals appear to have declining reach, based on statistics about their closure. The internet has global reach. The relatively small percentage of books currently sold outside Arcadia is attributed to the cost of those books.However, it may be that the rest of the world is simply unfamiliar with TMP’s booklist, a shortcoming that will be addressed by the internet siteIn wider e-business terms, a consideration of place will also lead to TMP considering whether it is economic to continue printing in Arcadia which is a high-cost economy. The printing works were established 50 years ago and it seems likely that cost-savings could be gained by printing and distributing the books in lower labour cost economies.Physical evidenceOne of the problems in buying books is the ability to look inside those books before purchase. Often titles are insufﬁ cient to make a purchasing decision. One of the advantages of the bookshop is that the potential buyer can physically inspect the goods, looking at the content in detail to ensure that it meets their needs. In contrast, physical evidence is not possible at all through display advertising in a journal.On the website, it would be possible to allow the potential buyer to view the contents of the book in detail and (usually) one physical chapter. This so-called ‘look inside’ facility allows them to base their buying decision on some (but not all) physical evidence. Further evidence can also be provided by unsolicited recommendations and reviews from other customers.Feedback, comments and rating systems are typical features on a website. These are rarely available through the bookshop.The bookshop employees have rarely read all the books they sell and, if they have read the book, are probably biased towardsa sale. Sometimes, reviews have been placed in the book, often from a previous printing or edition. However, these are onlythe ones sanctioned by the publisher. Unsolicited references are one of the advantages of the website (as long as they are good!).The problem of physical evidence can also be addressed by seeing the book as a website resource rather than a physical entity.If the reader pays for access, then very little expenditure is likely on a book that does not fulﬁ l the reader’s requirements and expectations.3 (a)The cultural web is a representation of the taken-for-granted assumptions, or paradigm, of an organisation. The questionspeciﬁ cally references the cultural web, but any framework that is appropriate for understanding the culture of an organisation can be used.Symbols such as logos, ofﬁces, cars, titles, language and terminology are a shorthand representation of the nature of the organisation. At Frigate, the adoption of the term ‘Commander’ by its managing director, Ron Frew, and his use of naval terminology is indicative of how he wishes to be perceived and the way he wants the company to run. Indeed the name of the company itself reﬂ ects his naval obsession. The main symbol of his success is the motor cruiser that Frew owns and moors at the local port. The irony is that Frew actually has no naval experience. He is acting out a stereotype of how he perceives naval life to be.Power structures are also likely to inﬂ uence the key assumptions of an organisation. The most powerful groupings within the organisation are likely to be closely associated with core assumptions and beliefs. At Frigate, power is centred on one person.Leadership comes from a person who holds strongly held views, opinions and beliefs.The organisational structure is likely to reﬂ ect power and show important roles and relationships. At Frigate, there is little formal structure and Ann Li’s attempt to put one in place was opposed.Control systems, measurements and reward systems emphasise what is important to monitor in the organisation. Frew is primarily concerned with cost control. Emphasis is on punishment (making deductions from wages for late arrival), rather than reward, which ﬁ ts his naval stereotype. There appear to be few formal process controls and relationships with both customers and suppliers are confrontational. Ann Li’s attempt to install formal controls throughout the organisation was resisted by Frew.Routines and rituals deﬁ ne the ‘way we do things around here’. For Frew there is a distinction between the routines of staff (must arrive on time, minimum holidays with no ﬂ exibility) and the rules that apply to himself – ﬂ exible working, long holidays, the expectation that employees will help him with his personal life.stories told by members of an organisation are usually concerned with success, disasters, heroes, villains and mavericks. TheIt appears that Frew is the hero, seeing off lazy staff, unscrupulous suppliers (trying to sell me inferior quality goods for higher prices), problematic customers (moaning about prices and paying later and later) and bureaucratic ofﬁ cials (squandering my hard-earned money). These are identiﬁ ed as the villains. He even extends his stories to society as a whole, believing that a period working in the navy would do everyone good.paradigm summarises and reinforces the other elements of the cultural web. Underpinning all of this is companytheFinally,Frew’s belief that the company is run for his own gratiﬁ cation and that of his immediate family. The beneﬁ ts he receives and the lifestyle he enjoys is his reward for being a risk taker in a hostile environment which is always trying to limit him. He appears。

accaF8审计2010年12月份答案

Fundamentals Level – Skills Module, Paper F8 (INT)Audit and Assurance (International)December 2010 Answers 1(a)Examples of matters the external auditor should consider in determining whether a deficiency in internal controls is significant include:–The likelihood of the deficiencies leading to material misstatements in the financial statements in the future.–The susceptibility to loss or fraud of the related asset or liability.–The subjectivity and complexity of determining estimated amounts.–The financial statement amounts exposed to the deficiencies.–The volume of activity that has occurred or could occur in the account balance or class of transactions exposed to the deficiency or deficiencies.–The importance of the controls to the financial reporting process.–The cause and frequency of the exceptions detected as a result of the deficiencies in the controls.–The interaction of the deficiency with other deficiencies in internal control.T utorial note: ISA 265 Communicating Deficiencies in Internal Control to those Charged with Governance and Management states that a significant deficiency in internal control is a deficiency or combination of deficiencies in internal control that, in the auditor’s professional judgement, is of sufficient importance to merit the attention of those charged with governance.(b)Board of DirectorsGreystone Co30 Any StreetA TownX Country8 December 2010Dear Sirs,Audit of Greystone Co for year ended 30 September 2010Please find enclosed the report to management on significant deficiencies in internal controls identified during the audit for the year ended 30 September 2010. The report considers deficiencies in the purchases system, implications of those deficiencies and provides recommendations to address those deficiencies.(i) Deficiency(ii) Implication(iii) RecommendationThe purchasing manager decides on the inventory levels for each store without discussion with store or sales managers. The purchasing manager may not have the appropriate knowledge of the local market for a store. This could result in stores orderinggoods that are not likely to sell andhence require heavy discounting. Inaddition as a fashion chain, ifcustomers perceive that the goodsare not meeting the key fashiontrends then they may cease to shopat Greystone at all.The purchasing manager shouldinitially hold a meeting with areamanagers of stores; if meeting allstore managers is not practical, heshould understand the local marketsbefore agreeing jointly goods to bepurchased.The purchase orders are only reviewed and authorised by a purchasing director in a wholly aggregated manner (by specified regions of countries). It will be difficult for the purchasingdirector to assess whether overall thecorrect buying decisions are beingmade as the detail of the orders isnot being presented and he is theonly level of authorisation.This could result in significant levelsof goods being purchased that arenot right for particular marketsectors.A purchasing senior manager shouldreview the information prepared foreach country and discuss with localpurchasing managers the specifics oftheir orders. These should then beauthorised and passed to thepurchasing director for final reviewand sign off.The store managers are responsible for re-ordering goods through the purchasing manager.If the store managers forget or ordertoo late, then as the ordering processcan take up to four weeks, the storecould experience significant stockouts leading to loss of income.Automatic re-order levels should beset up in the inventory managementsystems. As the goods sold reach there-order levels the purchasingmanager should receive anautomatic re-order request.Please note that this report only addresses any significant deficiencies identified during the audit and if further testing had been performed then more deficiencies may have been reported.This report is solely for the use of management and if you have any further questions then please do not hesitate to contact us.Yours faithfully An audit firm(i) Deficiency(ii) Implication(iii) RecommendationIt is not possible for a store to order goods from other local stores for customers who request them.Instead they are told to contact the stores themselves, or use the company website.Customers are less likely to contact individual stores themselves and this could result in the company losing out on valuable sales.In addition some goods which are slow moving in one store may be out of stock at another, if goods could be transferred between stores then overall sales may be maximised.An inter-branch transfer system should be established between stores. This should help storeswhose goods are below the re-order level but are awaiting their deliveries from the suppliers.Deliveries from suppliers areaccepted without being checked first.In addition they are then checked by sales assistants to the supplier’s delivery note to agree quantities but not quality.Sales assistants are producing the goods received note (GRN) onreceipt of a supplier’s delivery note.The stores are receiving goods without checking that these are correct. Hence if a delivery issubsequently disputed there may be little recourse for the company.If the sales assistants are only checking quantities then goodswhich are not of a saleable condition may be accepted.The assistants may not beadequately experienced to produce the GRN, and this is an important document used in the invoiceauthorisation process. Errors could lead to under or overpayments.Deliveries from suppliers should only be accepted between designated hours such as the first two hours of the morning when it is quieter. The goods should then be checked on arrival for quantity and quality prior to acceptance from the supplier. A responsible official at each store should produce the GRN from the supplier’s delivery information.Goods are being received without any checks being made against purchase orders.This could result in Greystone receiving and subsequently paying for goods it did not require.In addition if no check is madeagainst order then the company may have significant purchase orders which are outstanding, leading to lost sales.A copy of the authorised order form should be sent to the store. This should then be checked to the GRN.Once checked the order should be sent to head office and logged as completed. On a regular basis the purchasing clerk should review the order file for any outstanding items.Purchase invoices are manually matched to a high volume of GRNs from the individual stores.A manual checking processincreases the risk of error, resulting in invoices being accepted or rejected erroneously.The checked GRNs should be logged onto the purchasing system,matched against the relevant order number, then as the invoice isreceived this should be automatically matched.The purchasing clerk should then review for any unmatched items.The purchase invoice is only logged onto the system as it is being authorised by the purchasing director.If the invoice is misplaced then payables may not be settled on a timely basis. In addition at theyear-end the purchase ledger may be understated as invoices relating to the current year have been received but are not in the purchase ledger.Upon receipt of an invoice this should be logged into a file of unmatched invoices. As it ismatched and authorised it should then be moved into the purchase ledger. At the year-end items in the unmatched invoices file should be accrued for, to ensure liabilities are not understated.(c)Substantive procedures over year-end trade payables–Obtain a listing of trade payables from the purchase ledger and agree to the general ledger and the financial statements.–Reconcile the total of purchase ledger accounts with the purchase ledger control account, and cast the list of balances and the purchase ledger control account.–Review the list of trade payables against prior years to identify any significant omissions.–Calculate the trade payable days for Greystone and compare to prior years, investigate any significant differences.–Review after date payments, if they relate to the current year then follow through to the purchase ledger or accrual listing to ensure completeness.–Review after date invoices and credit notes to ensure no further items need to be accrued.–Obtain supplier statements and reconcile these to the purchase ledger balances, and investigate any reconciling items.–Select a sample of payable balances and perform a trade payables’ circularisation, follow up any non-replies and any reconciling items between balance confirmed and trade payables’ balance.–Enquire of management their process for identifying goods received but not invoiced or logged in the purchase ledger and ensure that it is reasonable to ensure completeness of payables.–Select a sample of goods received notes before the year-end and follow through to inclusion in the year-end payables balance, to ensure correct cut-off.–Review the purchase ledger for any debit balances, for any significant amounts discuss with management and consider reclassification as current assets.–Ensure payables included in financial statements as current liabilities.(d)Additional assignments for Greystone’s internal audit departmentTesting cash controls at storesCurrently the internal audit department undertake inventory counts at each of the stores. This role could be increased to include controls testing over cash receipts and cash counts. As a retailer the stores will have a significant amount of cash at each premise and will have tight controls over the cash receipts process. These controls should be tested at each location as well as performance of a cash count to reduce the level of fraud and error reported.Mystery shopper reviewsIn order to improve the customer experience in stores, internal audit department members could undertake ‘mystery shopper’reviews, where they enter the store as a customer, purchase goods and rate the overall shopping experience. This is then fed back to each shop to improve customer service and can provide the basis for further training if necessary.Overall review of financial/operational controlsThe department could undertake reviews of controls at head office, as well as individual stores and make recommendations to management over such areas as the purchasing process as well as the sales cycle.Fraud investigationsIt is likely that as a retailer, Greystone would have problems with theft of inventory as well as cash. Internal audit could be asked to review the main areas of fraud risk and develop controls to mitigate these risks. If fraud is suspected then internal audit could be asked to investigate these cases further.IT system reviewsGreystone is likely to have a relatively complex computer system linking all of the tills in the stores to head office. The internal audit department could be asked to perform a review over the computer environment and controls.Value for money reviewThe internal audit department could be asked to assess whether Greystone are obtaining value for money in areas such as the just in time ordering system recently introduced.Regulatory complianceGreystone operates in countries throughout the world and hence will be subject to varying degrees of law and regulation. The internal audit department could help ensure compliance with those regulations.2(a)True and Fair presentationFinancial statements are produced by management which give a true and fair view of the entity’s results. The auditor in reviewing these financial statements gives an opinion on the truth and fairness of them.Although there is no definition in the International Standards on Auditing of true and fair it is generally considered to have the following meaning:T rue – Information is factual and conforms with reality in that there are no factual errors. In addition it is assumed that to be true it must comply with accounting standards and any relevant legislation. Lastly true includes data being correctly transferred from accounting records to the financial statements.Fair – Information is clear, impartial and unbiased, and also reflects plainly the commercial substance of the transactions of the entity.(b)International Standards on AuditingInternational Standards on Auditing (ISAs) are issued by the International Auditing and Assurance Standards Board (IAASB) and provide guidance on the performance of an audit.I SAs only apply to the audit of historical financial information. They are written in the context of an audit of financialstatements by an independent auditor.The ISAs contain basic principles and essential procedures together with related guidance in the form of explanatory material and appendices. I t is necessary to consider and understand the entire text of an I SA to understand and apply the basic principles and essential procedures.The basic principles and essential procedures of an ISA are to be applied in all cases. If in exceptional cases the auditor deems it necessary to depart from an ISA to achieve the overall aim of the audit, then this departure must be justified.(c)Documenting audit work–Provides evidence of the auditor’s basis for a conclusion about the achievement of the overall objective of the audit.–Provides evidence that the audit was planned and performed in accordance with ISAs and applicable legal and regulatory requirements.–Assists the engagement team to plan and perform the audit.–Assists members of the engagement team responsible for supervision to direct, supervise and review the audit work.–Enables the engagement team to be accountable for its work.–Retains a record of matters of continuing significance to future audits.3(a)ISA 210 Agreeing the Terms of Audit Engagements provides guidance to auditors on the steps they should take in acceptinga new audit or continuing on an existing audit engagement. It sets out a number of processes that the auditor should performincluding agreeing whether the preconditions are present, agreement of audit terms in an engagement letter, recurring audits and changes in engagement terms.T o assess whether the preconditions for an audit are present the auditor must determine whether the financial reporting framework to be applied in the preparation of the financial statements is acceptable. In considering this the auditor should assess the nature of the entity, the nature and purpose of the financial statements and whether law or regulations prescribes the applicable reporting framework.In addition they must obtain the agreement of management that it acknowledges and understands its responsibility for the following:–Preparation of the financial statements in accordance with the applicable financial reporting framework, including where relevant their fair presentation;–For such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; and–T o provide the auditor with access to all relevant information for the preparation of the financial statements, any additional information that the auditor may request from management and unrestricted access to persons within theentity from whom the auditor determines it necessary to obtain audit evidence.If the preconditions for an audit are not present, the auditor shall discuss the matter with management. Unless required by law or regulation to do so, the auditor shall not accept the proposed audit engagement:–If the auditor has determined that the financial reporting framework to be applied in the preparation of the financial statements is unacceptable; or–If management agreement of their responsibilities has not been obtained.(b)Matters to consider in obtaining an understanding of the entity:–The market and its competition–Legislation and regulation–Regulatory framework–Ownership of the entity–Nature of products/services and markets–Location of production facilities and factories–Key customers and suppliers–Capital investment activities–Accounting policies and industry specific guidance–Financing structure–Significant changes in the entity on prior years.(c)(i)Ratios to assist the audit supervisor in planning the audit:20102009Gross margin12/23 = 52·2%8/18 = 44·4%Operating margin4·5/23 = 19·6%4/18 = 22·2%Inventory days2·1/11 * 365 = 70 days1·6/10 * 365 = 58 days Receivable days4·5/23 * 365 = 71 days3·0/18 * 365 = 61 days Payable days1·6/11 * 365 = 53 days1·2/10 * 365 = 44 days Current ratio6·6/2·5 = 2·66·9/1·2 = 5·8Quick ratio(6·6 –2·1)/2·5 = 1·8(6·9 –1·6)/1·2 = 4·4 (ii)Audit risk Response to riskManagement were disappointed with 2009 results and hence undertook strategies to improve the 2010 trading results. There is a risk that management might feel under pressure to manipulate the results through the judgements taken or through the use of provisions.Throughout the audit the team will need to be alert to this risk. They will need to carefully review judgemental decisions and compare treatment against prior years.A generous sales-related bonus scheme has been introduced in the year, this may lead to sales cut-off errors with employees aiming to maximise their current year bonus.Increased sales cut-off testing will be performed along with a review of post year-end sales returns as they may indicate cut-off errors.Revenue has grown by 28% in the year however, cost of sales has only increased by 10%. This increase in sales may be due to the bonus scheme and the advertising however, this does not explain the increase in gross margin. There is a risk that sales may be overstated.During the audit a detailed breakdown of sales will be obtained, discussed with management and tested in order to understand the sales increase.Gross margin has increased from 44·4% to 52·2%. Operating margin has decreased from 22·2% to 19·6%. This movement in gross margin is significant and there is a risk that costs may have been omitted or included in operating expenses rather than cost of sales. There has been a significant increase in operating expenses which may be due to the bonus and the advertising campaign but could be related to the misclassification of costs.The classification of costs between cost of sales and operating expenses will be compared with the prior year to ensure consistency.The finance director has made a change to the inventory valuation in the year with additional overheads being included. In addition inventory days have increased from 58 to 70 days. There is a risk that inventory is overvalued. The change in the inventory policy will be discussed with management and a review of the additional overheads included performed to ensure that these are of a production nature.Detailed cost and net realisable value testing to be performed and the aged inventory report to be reviewed to assess whether inventory requires writing down.Receivable days have increased from 61 to 71 days and management have extended the credit period given to customers. This leads to an increased risk of recoverability of receivables.Extended post year-end cash receipts testing and a review of the aged receivables ledger to be performed to assess valuation.The current and quick ratios have decreased from 5·8 to 2·6 and 4·4 to 1·8 respectively. In addition the cash balances have decreased significantly over the year. Although all ratios are above the minimum levels, this is still a significant decrease and along with the increase of sales could be evidence of overtrading which could result in going concern difficulties. Detailed going concern testing to be performed during the audit and discussed with management to ensure that the going concern basis is reasonable.4(a) A value for m oney audit focuses on whether the best com bination of services has been obtained for the lowest level of resources.In perform ing a value for m oney audit there are three areas which an auditor will com m only focus on being econom y, efficiency and effectiveness, and these are known as the three Es.Economy – Keeping the cost of resources used to a minimum.Efficiency – The relationship between the output from goods and services and the resources used to produce them.Effectiveness – How well the organisation’s objectives have been achieved.(b)Strengths and improvements of Bluesberry’s operating environment to provide best value for moneyStrengths ImprovementsBluesberry has an internal audit department to monitor the internal control environment. This will help to provide advice over value for money.This could be further improved in that the internal audit department could provide advice to departments on initial implementation of procedures rather than just reviewing them afterwards.The centralised buying department purchases all medical supplies after researching for the lowest costs. This ensures that the hospital is being economical as the least amount of resources is being used. However, care must be taken to ensure that the quality of the goods purchased is considered as well as the cost.T o improve the process the buying department could consider establishing an approved supplier listing. In order to be placed on the list both the cost and quality of goods has to be of an adequate level, hence improving the efficiency of the goods purchased.All orders are authorised by a purchasing director. This will ensure that only valid expenditure is incurred.The purchasing director is a senior individual and it is not necessarily an efficient use of his time for him to authorise every purchase order, especially as there is a considerable number of them. The buying team receive in excess of 200 forms a day.Instead a purchasing supervisor should be designated to authorise orders up to a pre-set level with only orders above this level going to the director for authorisation. This should free the director to focus on other areas where costs can be reduced within the hospital.Bluesberry has introduced an overtime scheme which has seen a reduction in the use of temporary staff, which was expensive. This has resulted in an overall reduction in labour costs and possibly improved care levels with permanent rather than temporary staff working, who may better understand the patients’ needs.Although overall costs may have been reduced, a smaller number of staff now has to cover all of the required staffing hours. Their efficiency levels must have reduced as they are working normal shifts and then overtime.T o improve this further the human resources department should embark on a recruitment drive to find permanent staff members to fill gaps and reduce overall overtime and temporary staff usage.The hospital has implemented a new procedure of time clocking in and out cards to record the hours staff members have worked. This ensures that staff are only paid for the hours they have worked, as opposed to being paid with no record of whether they have actually worked for the required hours.This system is also used to determine overtime payments; however, there does not appear to be any authorisation of this overtime and employees could be being paid simply for staying longer hours as opposed to filling a staffing gap.This could be further improved in that a report of overtime hours per staff member should be sent on a weekly basis to the department head for authorisation. This should ensure that the hospital keeps its labour costs to a minimum.Bluesberry has heavily invested in new surgical equipment, which has improved patient recovery rates and will lead to more operations being performed. With improving recovery rates and utilisation of equipment the overall effectiveness of the hospital will improve.This equipment is not being utilised efficiently as there is a shortage of trained medical staff. In order to maximise the efficiency and effectiveness of this equipment it would be advisable to look at ways to address these staff shortages.For example, there may be medical staff at other hospitals who wish to be seconded to Bluesberry to gain experience on this new type of surgical equipment.(c)(i)Valuation of property, plant and equipment (PPE):–Review depreciation policies for reasonableness by comparison to prior year, industry practices, the entity’s replacement policy and the profits/losses arising on disposal of assets.–For a sample of assets recalculate the depreciation charge for the year and agree to the entity asset register.–Perform a proof in total calculation of depreciation, considering the timing of additions and disposals and compare this expectation to the actual charge, and investigate any significant differences.–If any assets have been revalued during the year then assess the reasonableness of the valuer. In particular consider their experience, independence, scope of work and assumptions used.–Agree the revalued amounts to a valuation report, for a sample recalculate the revaluation surplus and agree to the revaluation reserve.–For a sample of the new surgical equipment additions vouch the cost to a recent purchase invoice.(ii)Completeness of PPE:–Reconcile the schedule of PPE with the general ledger.–Select a sample of assets physically present at the entity’s premises and inspect the asset register to ensure that these are included.–Reperform the reconciliation of the non-current asset register to the general ledger, investigate any differences.–Review the repairs and maintenance expense account in the statement of comprehensive income for items of a capital nature.(iii)Rights and obligations of PPE:–Verify ownership of property via inspection of title deeds and land registration documents.–For a sample of additions agree to purchase invoices to verify invoice relates to the entity.–Review any new lease agreements to ensure assets are correctly treated as finance or operating leases. –Inspect vehicle registration documents to confirm ownership of motor vehicles.5(a)Procedures the auditor should adopt in respect of auditing accounting estimates include:–Enquire of management how the accounting estimate is made and the data on which it is based.–Determine whether events occurring up to the date of the auditor’s report (after the reporting period) provide audit evidence regarding the accounting estimate.–Review the method of measurement used and assess the reasonableness of assumptions made.–T est the operating effectiveness of the controls over how management made the accounting estimate.–Develop an expectation of the possible estimate (point estimate) or a range of amounts to evaluate management’s estimate.–Review the judgments and decisions made by management in the making of accounting estimates to identify whether there are indicators of possible management bias.–Evaluate overall whether the accounting estimates in the financial statements are either reasonable or misstated.–Obtain sufficient appropriate audit evidence about whether the disclosures in the financial statements related to accounting estimates and estimation uncertainty are reasonable.–Obtain written representations from management and, where appropriate, those charged with governance whether they believe significant assumptions used in making accounting estimates are reasonable.(b)Receivables balance owing from Yellowmix Co (i)The written representation proposed by management is intended to verify valuation, existence and rights and obligations of a material receivables balance. As management has refused to allow the auditor to circularise the balance and there has been little activity on the account for the past six months then there is very little evidence that has been obtained by the auditor.This representation would constitute entity generated evidence and this is less reliable than auditor generated evidence or evidence from an external source. I f related control systems operate effectively then this evidence becomes more reliable. In addition if the representation is written as opposed to oral then this will increase the reliability as an evidence source.Overall this representation is a weak form of evidence, as there were more reliable evidence options available, such as the circularisation but this was not undertaken.StrengthsImprovementsA capital expenditure committee has been established to plan and authorise the purchase of significant capital items.This should ensure that significant cash flow expenditure is budgeted for, and that the expenditure will be for valid items only.The committee is made up of senior managers, however,due to some capital expenditure being very significant in value, it would be improved further if board approval was required for any orders above a designated level. The board would have an overriding requirement to consider whether this expenditure would deliver value for money for the hospital.。

ACCAF82010年12月真题

ACCAF82010年12⽉真题P a p e r F 8 ( I N T )ALL FIVE questions are compulsory and MUST be attempted1(a)Auditors have a responsibility under ISA 265 Communicating Deficiencies in Internal Control to those Charged with Governance and Management, to communicate deficiencies in internal controls. In particular SIGNIFICANT deficiencies ininternal controls must be communicated in writing to those charged with governance.Required:Exp lain examp les of matters the auditor should consider in determining whether a deficiency in internal controls is significant.(5 marks) Greystone Co is a retailer of ladies clothing and accessories. It operates in many countries around the world and has expanded steadily from its base in Europe. Its main market is aimed at 15 to 35 year olds and its prices are mid to low range. The company’s year end was 30 September 2010.In the past the company has bulk ordered its clothing and accessories twice a year. However, if their goods failed to meet the key fashion trends then this resulted in significant inventory write downs. As a result of this the company has recently introduced a just in time ordering system. The f ashion buyers make an assessment nine months in advance as to what the key trends are likely to be, these goods are sourced from their suppliers but only limited numbers are initially ordered. Greystone Co has an internal audit department but at present their only role is to perform regular inventory counts at the stores.Ordering processEach country has a purchasing manager who decides on the initial inventory levels for each store, this is not done in conjunction with store or sales managers. These quantities are communicated to the central buying department at the head office in Europe. An ordering clerk amalgamates all country orders by specified regions of countries, such as Central Europe and North America, and passes them to the purchasing director to review and authorise.As the goods are sold, it is the store manager’s responsibility to re-order the goods through the purchasing manager;they are prompted weekly to review inventory levels as although the goods are just in time, it can still take up to four weeks for goods to be received in store.It is not possible to order goods f rom other branches of stores as all ordering must be undertaken through the purchasing manager. If a customer requests an item of clothing, which is unavailable in a particular store, then the customer is provided with other branch telephone numbers or recommended to try the company website.Goods received and InvoicingT o speed up the ordering to receipt of goods cycle, the goods are delivered directly from the suppliers to the individual stores. On receipt of goods the quantities received are checked by a sales assistant against the supplier’s delivery note, and then the assistant produces a goods received note (GRN). This is done at quiet times of the day so as to maximise sales. The checked GRNs are sent to head office for matching with purchase invoices.As purchase invoices are received they are manually matched to GRNs f rom the stores, this can be a very time consuming process as some suppliers may have delivered to over 500 stores. Once the invoice has been agreed then it is sent to the purchasing director for authorisation. It is at this stage that the invoice is entered onto the purchase ledger.Required:(b)As the external auditors of Greystone Co, write a report to management in respect of the purchasing systemwhich:(i)Identifies and explains FOUR deficiencies in that system;(ii)Explains the possible implication of each deficiency;(iii)Provides a recommendation to address each deficiency.A covering letter is required.Note: Up to two marks will be awarded within this requirement for presentation.(14 marks)(c)Describe substantive procedures the auditor should perform on the year-end trade payables of Greystone Co.(5 marks)(d)Describe additional assignments that the internal audit department of Greystone Co coul d be asked toperform by those charged with governance.(6 marks)2(a)Explain the concept of TRUE and FAIR presentation.(4 marks)(b)Explain the status of International Standards on Auditing.(2 marks)(c)ISA 230 Audit Documentation deals with the auditor’s responsibility to prepare audit documentation for an auditof financial statements.Required:State FOUR benefits of documenting audit work.(4 marks)(10 marks)3(a)In agreeing the terms of an audit engagement, the auditor is required to agree the basis on which the audit is to be carried out. This involves establishing whether the preconditions for an audit are present and confirming that there is a common understanding between the auditor and management of the terms of the engagement.Required:Describe the process the auditor should undertake to assess whether the PRECONDITIONS for an audit are present.(3 marks)(b)List FOUR examples of matters the auditor may consider when obtaining an understanding of the entity.(2 marks)(c)You a re the a udit senior of White & Co a nd a re pla nning the a udit of Redsmith Co for the yea r ended30 September 2010. The company produces printers and has been a client of your firm for two years; your auditmanager has already had a planning meeting with the finance director. He has provided you with the following notes of his meeting and financial statement extracts.Redsmith’s ma na gement were disa ppointed with the 2009 results a nd so in 2010 undertook a number of strategies to improve the trading results. This included the introduction of a generous sales-related bonus scheme for their salesmen and a high profile advertising campaign. In addition, as market conditions are difficult for their customers, they have extended the credit period given to them.The fina nce director of Redsmith ha s reviewed the inventory va lua tion policy a nd ha s included a dditiona l overheads incurred this year as he considers them to be production related. He is happy with the 2010 results and feels that they are a good reflection of the improved trading levels.Financial statement extracts for year ended 30 September DRAFT ACTUAL20102009$m$m Revenue23·018·0Cost of Sales(11·0)(10·0)––––––––––Gross profit12·08·0Operating expenses(7·5)(4·0)––––––––––Profit before interest and taxation4·54·0––––––––––––––––––––Inventory2·11·6Receivables4·53·0Cash–2·3T rade payables1·61·2Required:Using the information above:(i)Calculate FIVE ratios, for BOTH years, which would assist the audit senior in planning the audit; and(5 marks)(ii)From a review of the above information and the ratios calculated, explain the audit risks that arise and describe the appropriate response to these risks. (10 marks)(20 marks)4(a)Explain the purpose of a value for money audit.(4 marks)(b)Bluesberry hospital is located in a country where healthcare is free, as the taxpayers fund the hospitals whichare own ed by the govern men t. T wo years ago man agemen t reviewed all aspects of hospital operation s an d in stigated a n umber of measures aimed at improvin g overall ‘value for mon ey’ for the local commun ity.Management have asked that you, an audit manager in the hospital’s internal audit department, perform a review over the measures which have been implemented.Bluesberry has one centralised buying department and all purchase requisition forms for medical supplies must be forwarded here. Upon receipt the buying team will research the lowest price from suppliers and a purchase order is raised. This is then passed to the purchasing director, who authorises all orders. The small buying team receive in excess of 200 forms a day. The human resources department has had difficulties with recruiting suitably trained staff. Overtime rates have been in creased to in cen tivise perman en t staff to fill staffin g gaps, this has been popular, an d relian ce on expensive temporary staff has been reduced. Monitoring of staff hours had been difficult but the hospital has implemented time card clocking in and out procedures and these hours are used for overtime payments as well.The hospital has invested heavily in new surgical equipment, which although very expensive, has meant that more operations could be performed and patient recovery rates are faster. However, currently there is a shortage of appropriately trained medical staff. A capital expenditure committee has been established, made up of senior managers, and they plan and authorise any significant capital expenditure items.Required:(i)Identify and explain FOUR STRENGTHS within Bluesberry’s operating environment; and(6 marks)(ii)For each strength identified, describe how Bluesberry might make further improvements to provide the best value for money.(4 marks)(c)Describe TWO substantive procedures the external auditor of Bluesberry should adopt to verify EACH of thefollowing assertions in relation to an entity’s property, plant and equipment;(i)Valuation;(ii)Completeness; and(iii)Rights and obligations.Note: Assume that the hospital adopts International Financial Reporting Standards.(6 marks)(20 marks)5Greenfields Co specialises in manufacturing equipment which can help to reduce toxic emissions in the production of chemicals. The company has grown rapidly over the past eight years and this is due partly to the warranties that the company gives to its customers. It guarantees its products for five years and if problems arise in this period it undertakes to fix them, or provide a replacement product.You are the manager responsible for the audit of Greenfields and you are performing the final review stage of the audit and have come across the following two issues.Receivable balance owing from Yellowmix CoGreenfields has a material receivable balance owing from its customer, Yellowmix Co. During the year-end audit, your team reviewed the ageing of this balance and found that no payments had been received from Yellowmix for over six months, and Greenfields would not allow this balance to be circularised. Instead management has assured your team that they will provide a written representation confirming that the balance is recoverable.Warranty provisionThe warranty provision included within the statement of financial position is material. The audit team has performed testing over the calculations and assumptions which are consistent with prior years. The team has requested a written representation from management confirming the basis and amount of the provision are reasonable. Management has yet to confirm acceptance of this representation.Required:(a)Describe the audit procedures required in respect of accounting estimates.(5 marks)(b)For each of the two issues above:(i)Discuss the appropriateness of written representations as a form of audit evidence; and (4 marks)(ii)Describe additional procedures the auditor should now perform in order to reach a conclusion on the balance to be included in the financial statements.(6 marks) Note: The total marks will be split equally between each issue.(c)The directors of Greenfields have decided not to provide the audit firm with the written representation for thewarranty provision as they feel that it is unnecessary.Required:Explain the steps the auditor of Greenfields Co should now take and the impact on the audit report in relation to the refusal to provide the written representation.(5 marks)(20 marks)End of Question Paper。

2010年12月ACCA考试P3真题

2010年12月ACCA考试P3真题Section A-BOTH questions are compulsory and MUST be attempted1 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 30% 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 been declining.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 $2.83 per share around three years ago.A survey from the refrigeration and air conditioning parts market has indicated that there is potential for Doric Co to manufacture parts for mobile refrigeration units 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.3.To close the fridge division and continue the parts division through a leveraged management buy-out,involving some executive directors and managers from the parts division.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:Corporate 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 holders will contribute $90 million in cash.All the shares will be listed and traded.The bank overdraft will be converted into a 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 liabilities attributable to it.If the management buy-out proposal is chosen,a prorata 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%.Sales revenue 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.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 is anticipated 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 $2·53 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)Section B-TWO questions ONLY to be attempted3 The treasury division of Marengo Co,a large quoted company,holds equity investments in various companies around the world.One of the investments is in Arion Co,in which Marengo holds 200,000 shares,which is around 2% of the total number of Arion Co's shares traded on the stock market.Over the past year,due to the general strength in the equity markets following optimistic predictions of the performance of world economies,Marengo's investments have performed well.However,there is some concern that the share price of Arion Co may fall in the coming two months due to uncertainty in its markets.It is expected that any fall in share prices will be reversed following this period of uncertainty.The treasury division managers in Marengo,Wenyu,Lola and Sam,held a meeting to discuss what to do with the investment in Arion Co and they each made a different suggestion as follows:1.Wenyu was of the opinion that Marengo's shareholders would benefit most if no action were taken.He argued that the courses of action proposed by Lola and Sam,below,would result in extra costs and possibly increase the risk to Marengo Co.2.Lola proposed that Arion Co's shares should be sold in order to eliminate the risk of a fall in the share price.3.Sam suggested that the investment should be hedged using an appropriate derivative product.Although no exchange-traded derivative products exist on Arion Co's shares,a bank has offered over-the-counter (OTC)option contracts at an exercise price of 350 cents per share in a contract size of 1,000 shares each,for the appropriate time period.Arion Co's current share price is 340 cents per share,although the volatility of the share prices could be as high as 40%.It can be assumed that Arion Co will not pay any dividends in the coming few months and that the appropriate inter-bank lending rate will be 4% over that period.Required:(a)Estimate the number of OTC put option contracts that Marengo Co will need to hedge against any adverse movement in Arion Co's share price.Provide a brief explanation of your answer.Note:You may assume that the delta of a put option is equivalent to N()(7 marks)(b)Discuss possible reasons for the suggestions made by each of the three managers.(13 marks)(20 marks)Section B-TWO questions ONLY to be attempted4Lamri Co(Lamri),a listed company,is expecting sales revenue to grow to $80 million next year,which is an increase of 20% from the current year.The operating profit margin for next year is forecast to be the same as this year at 30% of sales revenue.In addition to these profits,Lamri receives 75% of the after-tax profits from one of its wholly owned foreign subsidiaries – Magnolia Co(Magnolia),as dividends.However,its second wholly owned foreign subsidiary–StrymonCo(Strymon)does not pay dividends.Lamri is due to pay dividends of $7·5 million shortly and has maintained a steady 8% annual growth rate in dividends over the past few years.The company has grown rapidly in the last few years as a result of investment in key projects and this is likely to continue.For the coming year it is expected that Lamri will require the following capital investment.1.An investment equivalent to the amount of depreciation to keep its non-current asset base at the present productive mri charges depreciation of 25% on a straight-line basis on its non-current assets of $15 million.This charge has been included when calculating the operating profit amount.2.A 25% investment in additional non-current assets for every $1 increase in sales revenue.3.$4·5 million additional investment in non-current assets for a new project.Lamri also requires a 15% investment in working capital for every $1 increase in sales revenue.Strymon produces specialist components solely for Magnolia to assemble into finished goods.Strymon will produce 300,000 specialist components at $12 variable cost per unit and will incur fixed costs of $2·1 million for the coming year.It will then transfer the components to Magnolia at full cost price,where they will be assembled at a cost of $8 per unit and sold for $50 per unit.Magnolia will incur additional fixed costs of $1·5 million in the assembly process.Tax-Ethic(TE)is a charitable organisation devoted to reducing tax avoidance schemes by companies operating in poor countries around the world.TE has petitioned Lamri's Board of Directors to reconsider Strymon's policy of transferring goods at full cost.TE suggests that the policy could be changed to cost plus 40% mark-up.If Lamri changes Strymon's policy,it is expected that Strymon would be asked to remit 75% of its after-tax profits as dividends to Lamri.Section B-TWO questions ONLY to be attemptedOther Informationmri's outstanding non-current liabilities of $35 million,on which it pays interest of 8% per year,and its 30 million $1 issued equity capital will not change for the coming year.mri's,Magnolia's and Strymon's profits are taxed at 28%,22% and 42% respectively.A withholding tax of 10% is deducted from any dividends remitted from Strymon.3.The tax authorities where Lamri is based charge tax on profits made by subsidiary companies but give full credit for tax already paid by overseas subsidiaries.4.All costs and revenues are in $ equivalent amounts and exchange rate fluctuations can be ignored.Required:(a)Calculate Lamri's dividend capacity for the coming year prior to implementing TE's proposal and after implementing the proposal.(14 marks)(b)Comment on the impact of implementing TE's proposal and suggest possible actions Lamri may take as a result.(6 marks)(20 marks)5 Prospice Mentis University(PMU)is a prestigious private institution and a member of the Holly League,which is made up of universities based in Rosinante and renowned worldwide as being of the highest quality.Universities in Rosinante have benefited particularly from students coming from Kantaka,and PMU has been no exception.However,PMU has recognised that Kantaka has a large population of able students who cannot afford to study overseas.Therefore it wants to investigate how it can offer some of its most popular degree programmes in Kantaka,where students will be able to study at a significantly lower cost.It is considering whether to enter into a joint venture with a local institution or to independently set up its own university site in Kantaka.Offering courses overseas would be a first from a Holly League institution and indeed from any academic institution based in Rosinante.However,there have been less renowned academic institutions from other countries which have formed joint ventures with small private institutions in Kantaka to deliver degree programmes.These have been of low quality and are not held in high regard by the population or the government of Kantaka.In Kantaka,government run universities and a handful of large private academic institutions,none of which have entered into joint ventures,are held in high regard.However,the demand for places in these institutions far outstrips the supply of places and many students are forced to go to the smaller private institutions or to study overseas if they can afford it.After an initial investigation the following points have come to light:1.The Kantaka government is keen to attract foreign direct investment(FDI)and offer tax concessions to businesses which bring investment funds into the country.It is likely that PMU would need to borrow a substantial amount of money if it were to set up independently.However,the investment funds required would be considerably smaller if it went into a joint venture.2.Given the past experiences of poor quality education offered by joint ventures between small local private institutions and overseas institutions,the Kantaka government has been reluctant to approve degrees from such institutions.Also the government has not allowed graduates from these institutions to work in national or local government,or in nationalised organisations.3.Over the past two years the Kantaka currency has depreciated against other currencies,but economic commentators believe that this may not continue for much longer.4.A large proportion of PMU's academic success is due to innovative teaching and learning methods,and high quality research.The teaching and learning methods used in Kantaka's educational institutions are very different.Apart from the larger private and government run universities,little academic research is undertaken elsewhere in Kantaka's education sector.Required:Discuss the benefits and disadvantages of PMU entering into a joint venture instead of setting up independently in Kantaka.As part of your discussion,consider how the disadvantages can be mitigated and the additional information PMU needs in order to make its decision.。

12月ACCA考试P1模拟试题及答案

12月ACCA考试P1模拟试题及答案2016年12月ACCA考试P1模拟试题及答案Section A – This ONE question is compulsory and MUST be attempted1 Rowlands & Medeleev (R&M)，a major listed European civil engineering company，was successful in its bid to become principal (lead) contractor to build the Giant Dam Project in an East Asian country. The board of R&M prided itself in observing the highest standards of corporate governance. R&M‘s client，the government of the East Asian country，had taken into account several factors in appointing the principal contractor including each bidder‘s track record in large civil engineering projects，the value of the bid and a statement，required from each bidder，on how it would deal wit h the‘sensitive issues’ and publicity that might arise as a result of the project.The Giant Dam Project was seen as vital to the East Asian country’s economic development as it would provide a large amount of hydroelectric power. This was seen as a ‘clean energy’ driver of future economic growth. The government was keen to point out that because hydroelectric power did not involve the burning of fossil fuels，the power would be environmentally clean and would contribute to the East Asian country’s ability to meet its internationally agreed carbon emission targets. This，in turn，would contribute to the reduction of greenhouse gases in the environment. Critics，such as the environmental pressure group‘Stop-the-dam’，however，argued that the project was far too large and the cost to the local environment would be unacceptable. Stop-the-dam was highly organised and，according to press reports in Europe，was capable of disruptingprogress on the dam by measures such as creating ‘human barriers’ to the site and hiding pe ople in tunnels who would have to be physically removed before proceeding. A spokesman for Stop-the-dam said it would definitely be attempting to resist the Giant Dam Project when construction started.The project was intended to dam one of the region’s la rgest rivers，thus creating a massive lake behind it. The lake would，the critics claimed，not only displace an estimated 100，000 people from their homes，but would also flood productive farmland and destroy several rare plant and animal habitats. A number of important archaeological sites would also be lost. The largest community to be relocated was the indigenous First Nation people who had lived on and farmed the land for an estimated thousand years. A spokesman for the First Nation community said that the ‘true price‘ of hydroelectric power was ’misery and cruelty’。