ACCA F9 assignment 2
ACCA是什么意思
ACCA是什么意思【ACCA协会介绍】英国特许公认会计师公会(The Association of Chartered Certified Accountants）简称ACCA，成立于1904年，是目前世界上领先的专业会计师团体，也是国际学员最多、学员规模发展最快的专业会计师组织。
ACCA 总部设在伦敦，在美国洛杉矶、加拿大多伦多、澳大利亚悉尼建有分会，在世界上70多个城市均设有办事处。
ACCA自1988年进入中国以来，经历20余年快速发展，目前在中国拥有超过22,000名会员及41,000名学员，并在北京、上海、成都、广州、深圳、香港以及澳门设有共7个办事处。
ACCA为全世界有志投身于财务、会计以及管理领域的专才提供首选的资格认证，一贯坚持最高的标准，提高财会人员的专业素质，职业操守以及监管能力，并秉承为公众利益服务的原则。
在英国，立法许可ACCA会员从事审计、投资顾问和破产执行的工作。
ACCA会员资格得到欧盟立法以及许多国家公司法的承认。
ACCA在欧洲会计专家协会(FEE)、亚太会计师联合会(CAPA)和加勒比特许会计师协会(ICAC)等会计组织中起着非常重要的作用。
在国际上，ACCA是国际会计准则理事会(IASB)的创始成员，也是国际会计师联合会(IFAC)的成员。
【ACCA资质介绍】ACCA是国际认可范围最高的财务人员资格证书！ACCA专业资格考试是最具权威性的国际认证资格考试，目前在170个国家和地区拥有近32.5万学员和12.2万会员，设有250多个考点，操作上具有真正的国际性。
长期以来，ACCA禀承并发扬了创始者不断进步的思想，与其它会计组织相比，ACCA更为开放：ACCA向有能力的优秀人员敞开大门，而不因他们的不同背景拒绝接纳——不管年龄、性别、学历或种族上的差异，人们都能报名注册，在经过一系列的专业考试、并取得三年相关工作经验、经ACCA资格评审委员会评定后，就能获得会员资格。
(完整word版)ACCA 专业词汇表
序号英语汉语1 ability to perform the work 履行职责的工作能力2 acceptance procedures 承接业务的程序3 accountability 经管责任4 accounting estimate 会计估计5 accounts receivable listing 应收帐款名单6 accounts receivable 应收账款7 accruals listing 应计项目名单8 accruals 应计项目9 accuracy 准确性10 adverse opinion 否定意见11 aged analysis 帐龄分析法12 agents 代理人13 agreed-upon procedures 程序审查（约定审计业务）14 analysis of errors 分析错误15 anomalous error 不正常的错误16 appointment ethics 任命（职业道德）17 appointment 任命18 associated firms 联合企业19 association of chartered certified accounts(ACCA) 注册会计师(ACCA)20 assurance engagement 承担鉴证业务21 assurance 鉴证22 audit 审计,审核,核数23 audit acceptance 接受审计24 audit approach 审计方法25 audit committee 审计委员会,审计小组26 ahudit engagement 审计业务约定书27 audit evaluation 审计评价28 audit evidence 审计证据29 audit plan 审计计划30 audit program 审计程序31 audit report as a means of communication 审计报告（交流方式）32 audit report 审计报告33 audit risk 审计风险34 audit sampling 审计抽样35 audit staffing 审计工作人员36 audit timing 审计及时37 audit trail 审计线索38 auditing standards 审计准则39 auditors' duty of care 审计职业审慎性40 auditors' report 审计报告41 authority attached to ISAs 遵循ISA（国际审计准则）42 automated working papers （电脑）自动生产的工作底稿43 bad debts 坏账44 bank 银行45 bank reconciliation 银行对账单,余额调节表46 beneficial interests 收益权47 best value 最好的价值48 business risk 经营风险49 cadbury committee cadbury 委员会50 cash count 现金盘点51 cash system 现金循环52 changes in nature of engagement 改变债务的性质上53 charges and commitments 费用和佣金54 charities 慈善团体56 chronology of an audit 审计的年表57 CIS application controls CIS 应用控制58 CIS environments stand-alone microcomputers CIS 环境单机微型计算器59 client screening 顾客甄别60 closely connected 紧密联系61 clubs 俱乐部62 communications between auditors and management 在审计员和管理者间沟通63 communications on internal control 内部控制上的沟通64 companies act 公司法65 comparative financial statements 比较财务报表66 comparatives 比较的67 competence 能力68 compilation engagement 承接编制（业务）69 completeness 完整性70 completion of the audit 审计终结71 compliance with accounting regulations 符合会计规则72 computers assisted audit techniques (CAA Ts) 计算器援助的审计技术(CAATs)73 confidence 信任74 confidentiality 保密性75 confirmation of accounts receivable 应收帐款询证函76 conflict of interest 利益冲突77 constructive obligation 工程应付款78 contingent asset 或有资产79 contingent liability 或有负债80 control environment 控制环境81 control procedures 控制程序82 control risk 控制风险[键入文字]83 controversy 争论84 corporate governance 公司治理85 corresponding figures 相关的数值86 cost of conversion 转换成本,加工成本87 cost 成本88 courtesy 优待89 creditors 债权人90 current audit files 本期审计档案91 database management system (DBMS) 数据库管理制度(数据管理系统)92 date of report 报告的日期93 depreciation 折旧94 design of the sample （抽样）样品的选取95 detection risk 检查风险96 direct verification approach 直接核查法97 directional testing 有方向的抽查98 directors' emoluments 董事酬金99 directors' serve contracts 董事服务合约100 disagreement with management 与经营管理者意见不一致 101 disclaimer of opinion 拒绝表示意见102 distributions 分销,分派，分配103 documentation of understanding and assessment of controlrisk控制风险评估的文件编集104 documenting the audit process 审计程序的审计文档 105 due care 应有关注106 due skill and care 应有的技能和谨慎107 economy 经济108 education 教育109 effectiveness 效用,效果110 efficiency 效益,效率111 eligibility / ineligibility 合格、资格/ 无资格 112 emphasis of matter 强调某事项114 engagement letter 业务约定书115 error 错误116 evaluating of results of audit procedures 审计程序结果的评估117 examinations 检查118 existence 存在性119 expectations 期望差距120 expected error 预期的错误121 experience 经验122 expert 专家123 external audit 独立审计124 external review reports 外部复核报告125 fair公正 126 fee negotiation费用谈判127 final assessment of control risk 控制风险的最终评定 128 final audit期末审计 129 financial statement assertions 财政报告公布 130 financial财务 131 finished goods 产成品 132 flowcharts流程图 133 fraud and error 舞弊 134 fraud欺诈 135 fundamental principles 基本原理136 general CIS controls 一般的 CIS 控制 137 general reports to mangement 对管理者的一般报告 138 going concern assumption 持续经营假设 139 going concern持续经营140 goods on sale or return 待出售或者退回商品 141 goodwill 商誉 142 governance统治143 greenbury committeegreenbury 委员会 144 guidance for internal auditors 内部审计员执业指南 145 hampel committee hampel 委员会 146 haphazard selection 随意选择 147 hospitality款待 148 human resources人力资源149 IAPS 1000 inter-bank confirmation proceduresIAPS 1000银行询证程序150 IAPS 1001 CIS environments-stand-alone microcomputersIAPS 1001 CIS 环境-单机微型计算器151 IAPS 1002 CIS environments-on-line computer systemsIAPS 1002 CIS 环境-(与主机)联机计算器系统 152 IAPS 1003 CIS environments-database systems IAPS 1003 CIS 环境- 数据库系统153IAPS 1005 the special considerations in the audit of small entities IAPS 1005小企业审计中的特别考虑154 IAS 2 inventories IAS 2 库存 155 IAS 10 events after the balance sheet date 资产负债表日后事项 156 IFAC's code of ethics for professional accountants IFAC's 职业会计的师道德准则 157 income tax所得税158 incoming auditors 对收入进行审计的审计员 159 independent estimate 独立估计160 ineligible for appointment 无资格被任命 161 information technology信息技术[键入文字]162 inherent risk 固有风险 164 insurance 保险 165 intangibles 无形 166 integrity 完整性 167 interim audit 中期审计 168 internal auditing 内部审计 169 internal auditors内部审计师170 internal control evaluation questionnaires (ICEQs) 内部控制评价调查表（问卷） 171 internal control questionnaires (ICQs) 内部控制调查表 172 internal control system 内部控制系统 173 internal review assignment内部审计的委派174 international audit and assurance standards board (IAASB)国际审计和鉴证准则委员会(IAASB) 175 international auditing practice statements (IAPSs) 国际审计实务声明 (IAPSs) 176 international federation of accountants (IFAC) 国际会计师联合会 (IFAC) 177 inventory system 盘存制度 178 inventory valuation 存货估价 179 ISA 230 documentation 230审计文档 180 ISA 240 fraud and error240 欺诈和错误 181 ISA 250 consideration of law and regulations250 法律法规的考虑182 Isa 260 communications of audit matters with those chargegovernance260 与高官的审计事项沟通183 isa 300 planning 300 审计计划 184 isa 310 knowledge of the business 310 对企业的了解 185 isa 320 audit materiality 320审计重要性 186 isa 400 accounting and internal control 400 会计和内部控制187isa 402 audit considerations relating to entities using service organisations 402 企业外聘服务机构的审计考虑188 isa 500 audit evidence 500审计证据189isa 501 audit evidence-additional considerations for specific items 501审计证据-特殊情况的特殊考虑190 isa 510 external confirmations 510外部询证 191 isa 520 analytical procedures 520分析性复核程序 192 isa 530 audit sampling 530审计抽样 193 isa 540 audit of accounting estimates 540会计估计的审计 194 isa 560 subsequent events 560期后事项 195 isa 580 management representations 580管理当局声明书 196 isa 610 considering the work of internal auditing 610 内部审计的考虑 197 isa 620 using the work of an expert620 使用专家的工作198 isa 700 auditors' report on financial statements 700财务报表的审计报告 199 isa 710 comparatives 710可比性200 isa 720 other information in documents containing auditedfinancial statements720 与财务报表审计相关的其他信息201 isa 910 engagement to review financial statements 910 受托复阅财务报表206 legal and regulations 法律和规则207 legal obligation 法定义务,法定责任208 levels of assurance 鉴证程度209 liability 负债210 limitation on scope 审计范围限制211 limitation of audit 审计的局限性212 limitations of controls system 控制系统的局限性213 litigation and claims 诉讼和赔偿214 litigation 诉讼215 loans 借款,贷款216 long term liabilities 长期负债217 lowballing 低价招揽审计业务218 management 管理219 management integrity 经营完整220 management representation letter 管理当局声明书221 marketing 推销,营销,市场学222 material inconsistency 重要的矛盾223 material misstatements of fact 重大误报224 materiality 重要性225 measurement 计量226 microcomputers 微型计算器227 modified reports 变更报告229 nature 性质230 negative assurance 消极鉴证231 net realizable value 可实现净值232 non-current asset register 非现金资产的登记本233 non-executive directors 非执行董事234 non-sampling risk 非抽样风险235 non-statutory audits 非法定审计236 objectivity 客观性237 obligating event 或有事项238 obligatory disclosure 或有事项披露240 occurrence 出现241 on-line computer systems (与主机)联机计算器系统 242 opening balances 期初余额243 operational audits 经营审计244 operational work plans 经营工作计划[键入文字]245 opinion shopping 意见购买246 other information 其他的信息247 outsourcing internal audit 内审外包248 overall review of financial statements 财务报表的全面复核 249 overdue fees 滞纳金250 overhead absorption 制造费用分配251 periodic plan 定期的计划252 permanent audit files 永久审计档案253 personal relationships 个人的亲属关系254 planning 计划255 population 抽样总体256 precision 精密，准确258 preliminary assessment of control risk 控制风险的初次评估 259 prepayments 预付款项260 presentation and disclosure 表述，披露261 problems of accounting treatment 会计处理的问题262 procedural approach 程序方法263 procedures 程序264 procedures after accepting nomination 接受任命后的审计程序 265 procurement 采购266 professional duty of confidentiality 保密的职业职责268 provision 备抵,准备269 public duty 公共职责270 public interest 公众利益271 publicity 宣传272 purchase ledger 采购分类账273 purchases and expenses system 采购和费用循环276 qualified opinion 保留意见278 qualitative aspects of errors 错误的性质279 random selection 随机选择280 reasonable assurance 合理保证281 reassessing sampling risk 再评估抽样风险282 reliability 可靠性283 remuneration 报酬284 report to management 对经营的报告285 reporting 报告286 research and development costs 研究和开发成本287 reservation of title 资格保留288 reserves 准备,储备289 revenue and capital expenditure 收入和资本支出290 review 复核291 review and capital expenditure 复核和资本支出295 rights and obligations 权力和义务297 risk and materiality 风险和重要性298 risk-based approach 以风险为导向的方法 300 rotation of auditor appointments 审计师的轮换301 rules of professional conduct 职业道德守则303 sales system 销售制度304 sales tax 销售税金,营业税305 sales 销售,销货306 sample size 样本量307 sampling risk 抽样风险308 sampling units 抽样单元309 schedule of unadjusted errors 未调整的错误表310 scope and objectives of internal audit 内部审计的范围和目标 311 segregation of duties 职责划分312 service organization 服务机构313 significant fluctuations or unexpected relationships 重要影响或未预期的亲属关系314 small entity 小企业316 sole traders 个体营业者318 specimen letter on internal control 内部控制上的样本证书319 stakeholders 利益相关者320 standardised working papers 标准工作底稿321 statement 1:integrity,objectivity and independence 声明1: 完整，客观性和独立 322 statement 2:the professional duty of confidence 声明2: 信任的职业责任323 statement 3: advertising ,publicity and obtainingprofessional work声明3: 广告，宣传和获得职业工作324 statement 5:changes in professional appointment 声明5: 审计聘任的变更325 statistical sampling 统计抽样326 statutory audit 法定审计328 statutory duty 法定责任329 stewardship 保管责任人330 strategic plan 战略性计划331 stratification 分层332 subsequent events 期后事项333 substantive procedures 实证性测试程序334 substantive tests 实质性测试335 sufficient appropriate audit evidence 充分的适当审计证据338 supervision 监督339 supervisory and monitoring roles 监督和监控的角色340 suppliers' statements 供应商的声明341 system and internal controls 系统和内部控制342 systematic selection 系统选择法343 systems-based approach 系统为导向的方法[键入文字]344 tangible non-current assets 有形的非流动资产 345 tendering 投标,清偿346 terms of the engagement 委任的条款347 tests of control 控制的测试348 the AGM 股东大会349 the board 委员会350 three Es 三E原则351 timing 准时352 tolerable error 可容忍误差353 trade accounts payable and purchases 应付帐款354 trade accounts payable listing 应付帐款名单355 training 培训356 treasury 国库,库房357 TRUE 真实358 turnbull committee turnbull 委员会359 ultra vires 越权360 uncertainty 不确定性361 undue dependence 未到(支付)期的未决 362 unqualified audit report 无保留的审计报告 364 using the knowledge 使用知识365 using the work of an expert 使用专家的工作366 valuation 计价，估价367 value for money 现金(交易)价格368 voluntary disclosure 自愿披露369 wages and salaries 工资，薪金370 wages system 工资系统371 work in progress 在产品372 working papers 工作底稿。
ACCA F4-F9模拟题及解析(5)
ACCA F4-F9模拟题及解析（5）1. (a) In order for auditors to operate effectively and to provide an opinion on an entity’s financial statements, they are given certain rights.Required:State THREE rights of an auditor, excluding those related to resignation and removal. (3 marks) (b) HKSA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment requires auditors to obtain an understanding of control activities relevant to the audit.Control activities are the policies and procedures that help ensure that management directives are carried out;and which are designed to prevent and detect fraud and error occurring. An example of a control activity is themaintenance of a control account.Required:Apart from maintenance of a control account, explain FOUR control activities a company may undertake to prevent and detect fraud and error. (4 marks)(c) Describe THREE limitations of external audits. (3 marks)(10 marks)2. Sunflower Stores Co (Sunflower) operates 25 food supermarkets. The company’s year end is 31 December 2012.The audit manager and partner recently attended a planning meeting with the finance director and have provided you with the planning notes below.You are the audit senior, and this is your first year on this audit. In order to familiarise yourself with Sunflower, the audit manager has asked you to undertake some research in order to gain an understanding of Sunflower, so that you are able to assist in the planning process. He has then asked that you identify relevant audit risks from the notes below and also consider how the team should respond to these risks.Sunflower has spent $1·6 million in refurbishing all of its supermarkets; as part of this refurbishment programme their central warehouse has been extended and a smaller warehouse, which was only occasionally used, has been disposed of at a profit. In order to finance this refurbishment, a sum of $1·5 million was borrowed from the bank.This is due to be repaid over five years.The company will be performing a year-end inventory count at the central warehouse as well as at all 25 supermarkets on 31 December. Inventory is valued at selling price less an average profit margin as the finance director believes that this is a close approximation to cost.Prior to 2012, each of the supermarkets maintained their own financial records and submitted returns monthly to head office. During 2012 all accounting records have been centralised within head office. Therefore at the beginning of the year, each supermarket’s opening balances were transferred into head office’s accounting records. The increased workload at head office has led to some changes in the finance department and in November 2012 the financial controller left. His replacement will start in late December.Required:(a) List FIVE sources of information that would be of use in gaining an understanding of Sunflower Stores Co,and for each source describe what you would expect to obtain. (5 marks)(b) Using the information provided, describe FIVE audit risks and explain the auditor’s response to each risk in planning the audit of Sunflower Stores Co. (10 marks)(c) The finance director of Sunflower Stores Co is considering establishing an internal audit department.Required:Describe the factors the finance director should consider before establishing an internal audit department.(5 marks)(20 marks)3.(a) Identify and explain each of the FIVE fundamental principles contained within ACCA’s Code of Ethics and Conduct. (5 marks)(b) Rose Leisure Club Co (Rose) operates a chain of health and fitness clubs. Its year end was31 October 2012.You are the audit manager and the year-end audit is due to commence shortly. The following three matters have been brought to your attention.(i) Trade payables and accruals Rose’s finance director has notified you that an error occurred in the closing of the purchase ledger at the year end. Rather than it closing on 1 November, it accidentally closed one week earlier on 25 October. All purchase invoices received between 25 October and the year end have been posted to the 2013 year-end purchase ledger. (6 marks) (ii) Receivables Rose’s trade receivables have historically been low as most members pay monthly in advance. However, during the year a number of companies have taken up group memberships at Rose and hence the receivables balance is now material. The audit senior has undertaken a receivables circularisation for the balances at the year end; however, there are a number who have not responded and a number of responses with differences. (5 marks)(iii) Reorganisation The company recently announced its plans to reorganise its health and fitness clubs. This will involve closing some clubs for refurbishment, retraining some existing staffand disposing of some surplus assets. These plans were agreed at a board meeting in October and announced to their shareholders on 29 October. Rose is proposing to make a reorganisation provision in the financial statements. (4 marks)Required:Describe substantive procedures you would perform to obtain sufficient and appropriate audit evidence in relation to the above three matters.Note: The mark allocation is shown against each of the three matters above.(20 marks)4.(a) Explain the purpose of, and procedures for, obtaining written representations. (5 marks)(b) The directors of a company have provided the external audit firm with an oral representation confirming that the bank overdraft balances included within current liabilities are complete. Required:Describe the relevance and reliability of this oral representation as a source of evidence to confirm the completeness of the bank overdraft balances. (3 marks)(c) You are the audit manager of Violet & Co and you are currently reviewing the audit files for several of your clients for which the audit fieldwork is complete. The audit seniors have raised the following issues:Daisy Designs Co (Daisy)Daisy’s year end is 30 September, however, subsequent to the year end the company’s sales ledger has been corrupted by a computer virus. Daisy’s finance director was able to produce the financial statements prior to this occurring; however, the audit team has been unable to access the sales ledger to undertake detailed testing of revenue or year-end receivables. All other accounting records are unaffected and there are no backups available for the sales ledger. Daisy’s revenue is $15·6m, its receivables are $3·4m and profit before tax is $2m.Fuchsia Enterprises Co (Fuchsia)Fuchsia has experienced difficult trading conditions and as a result it has lost significant market share. The cash flow forecast has been reviewed during the audit fieldwork and it shows a significant net cash outflow.Management are confident that further funding can be obtained and so have prepared the financial statements on a going concern basis with no additional disclosures; the audit senior is highly sceptical about this. The prior year financial statements showed a profit before tax of $1·2m; however, the current year loss before tax is $4·4m and the forecast net cash outflow for the next 12 months is $3·2m.Required:For each of the two issues:(i) Discuss the issue, including an assessment of whether it is material;(ii) Recommend procedures the audit team should undertake at the completion stage to try to resolve the issue; and(iii) Describe the impact on the audit report if the issue remains unresolved.Notes: 1 The total marks will be split equally between each issue.2 Audit report extracts are NOT required. (12 marks)(20 marks)试题及答案1.(a)Auditors’ rights– Right of access at all times to the company’s books, accounts and vouchers.– Right to require from an officer of the company such information or explanations as they think necessary for the performance of their duties as auditors.– Right to receive all communications relating to written resolutions.– Right to receive all notices of, and other communications relating to, any general meeting which a member of the company is entitled to receive.– Right to attend any general meeting of the company.– Right to be heard at any general meeting which an auditor attends on any part of the business of the meeting which concerns them as auditor.(b) Control activities Segregation of duties – assignment of roles/responsibilities to different people, thereby reducing the risk of fraud and error occurring.Information processing – computer controls including general IT controls, which cover a range of applications and support the overall IT environment and application controls which are manual or automated controls which operate on a cycle/business process level.Authorisation – approval of transactions by a suitably responsible official to ensure transactions are genuine.Physical controls – restricting access to physical assets such as cash, inventory and plant and equipment, thereby reducing the risk of theft.Performance reviews – comparison or review of the performance of the business by looking at areas such as budget v actual results.Arithmetical controls – controls which check the arithmetical accuracy of accounting records. Account reconciliations – comparison of an account balance with another source; often this source is from a third party, such as the bank, with differences being investigated.(c)Limitations of external auditsAn external audit has a number of limitations which reduce its usefulness:Sampling – it is not practical for an auditor to test 100% of transactions and so they have to apply sampling methodologies in selecting balances/transactions to test. Therefore, there could be an error in an item not selected for testing by the auditor.Subjectivity – financial statements include judgemental and subjective areas and therefore the auditor is required to use their judgement in assessing whether the financial statements are true and fair.Inherent limitations of internal control systems – an internal control system is operated by people and hence is liable to human error. In addition, there is the possibility of controls override by management and of collusion and fraud. It is impossible to remove all of these inherent limitations and as the auditor relies on the internal control systems, this can reduce the usefulness of the audit.Evidence is persuasive not conclusive – the opinion is based on audit evidence gathered; however, while this evidence can indicate possible issues affecting the audit opinion, evidence involves estimates and judgements and hence does not give a definite conclusion.Audit report format – the format of the opinion is determined by International Standards on Auditing. However, the terminology used is not usually understood by non-accountants. This means that users may not actually understand the audit opinion given.Historic information – the audit report is often issued some time after the year end, and so the financial information can be quite different to the current position. In the current marketplace where companies’ financial positions can change quite quickly, the audit opinion may no longer be relevant as it is out of date.2 (a)Understanding an entitySource of information Information expect to obtainPrior year audit file Identification of issues that arose in the prior year audit and howthese were resolved. Also whether any points brought forward were noted for consideration for this year’s audit.Prior year financial statements Provides information in relation to the size of the entity as well as the key accounting policies and disclosure notes.Accounting systems notes Provides information on how each of the key accounting systems operates.Discussions with management Provides information in relation to any important issues which havearisen or changes to the company during the year.Current year budgets and management Provides relevant financial information for the year to date. Will help accounts of Sunflower Stores Co (Sunflower) the auditor to identify whether Sunflower has changed materially since last year. In addition, this will be useful for preliminary analytical review and risk identification.Permanent audit file Provides information in relation to matters of continuing importancefor the company and the audit team, such as statutory books information or important agreements. Sunflower’s website Recent press releases from the company may provide background on changes to the business during the year as this could lead to additional audit risks.Prior year report to management Provides information on the internal control deficiencies noted in the prior year; if these have not been rectified by management then theycould arise in the current year audit as well.Financial statements of competitors This will provide information about Sunflower’s competitors, in relation to their financial results and their accounting policies. This will be important in assessing Sunflower’s performance in the year and also when undertaking the going concern review.(b)Audit risks and auditor responses Audit risk Auditor response Sunflower has spent $1·6m on refurbishing its 25 food supermarkets. This expenditure needs to be reviewed to assess whether it is of a capital nature and should be included within non-current assets or expensed as repairs. Review a breakdown of the costs and agree to invoices to assess the nature of the expenditure and, if capital, agree to inclusion within the asset register and, if repairs, agree tothe income statement.During the year a small warehouse has been disposed of at a profit. The asset needs to have been correctly removed from property plant and equipment to ensure the non-current asset register is not overstated, and the profit on disposal should be included within the income statement. Review the non-current asset register to ensure that the asset has been removed. Also confirm the disposal proceeds as well as recalculating the profit on disposal.Consideration should be given as to whether the profit on disposal is significant enough to warrant separate disclosure within the income statement.Sunflower has borrowed $1·5m from the bank via a five year loan. This loan needs to be correctly split between current and non-current liabilities.In addition, Sunflower may have given the bank a charge over its assets as security for the loan. There is a risk that the disclosure of any security given is not complete.During the audit the team would need to confirm that the $1·5m loan finance was received. In addition, the split between current and non-current liabilities and the disclosures for this loanshould be reviewed in detail to ensure compliance with relevant accounting standards.The loan agreement should be reviewed to ascertain whether any security has been given, and this bank should be circularised as part of the bank confirmation process.Sunflower will be undertaking a number of simultaneous inventory counts on 31 December including the warehouse and all 25 supermarkets. It is not practical for the auditor to attend all of these counts; hence it may not be possible to gain sufficient appropriate audit evidence over inventory counts.The team should select a sample of sites to visit. It is likely that the warehouse contains most goods and therefore should be selected. In relation to the 25 supermarkets, the team should visit those with material inventory balances and/or those with a history of inventory count issues.(c)Internal audit departmentPrior to establishing an internal audit (IA) department, the finance director of Sunflower should consider the following:(i) The costs of establishing an IA department will be significant, therefore prior to committing to these costs and management time, a cost benefit analysis should be performed.(ii) The size and complexity of Sunflower should be considered. The larger, more complex and diverse a company is, then the greater the need for an IA department. At Sunflower there are 25 supermarkets and a head office and therefore it would seem that the company is diverse enough to gain benefit from an IA department.(iii) The role of any IA department should be considered. The finance director should consider what tasks he would envisage IA performing. He should consider whether he wishes them to undertake inventory counts at the stores, or whether he would want them to undertake such roles as internal controls reviews.(iv) Having identified the role of any IA department, the finance director should consider whether there are existing managers or employees who could perform these tasks, therefore reducing the need to establish a separate IA department.(v) The finance director should assess the current control environment and determine whether there are departments or stores with a history of control deficiencies. If this is the case, then it increases the need for an IA department.(vi) If the possibility of fraud is high, then the greater the need for an IA department to act as both a deterrent and also to possibly undertake fraud investigations. As Sunflower operates 25 food supermarkets, it will have a significant risk of fraud of both inventory and cash.3. (a)Fundamental principlesIntegrity –to be straightforward and honest in all professional and business relationships. Objectivity–to not allow bias, conflict of interest or undue influence of others to override professional or business judgements.Professional Competence and Due Care – to maintain professional knowledge and skill at the level required to ensure that a client receives competent professional services, and to act diligently and in accordance with applicable technical and professional standards.Confidentiality – to respect the confidentiality of information acquired as a result of professional and business relationships and, therefore, not to disclose any such information to third parties without proper authority, nor use the information for personal advantage. Professional Behaviour – to comply with relevant laws and regulations and avoid any action that discredits the profession.15Audit risk Auditor response Sunflower’s inventory valuation policy is selling price less average profit margin. Inventory should be valued at the lower of cost and net realisable value (NRV) and if this is not the case, then inventory could be under or overvalued.HKAS 2 Inventories allows this as an inventory valuation method as long as it is a close approximation to cost. If this is not the case, then inventory could be under or overvalued.Testing should be undertaken to confirm cost and NRV of inventory and that on a line-by-line basis the goods are valued correctly.In addition, valuation testing should focus on comparing the cost of inventory to the selling price less margin to confirm whether this method is actually a close approximation to cost. The opening balances for each supermarket have been transferred into the head office’s accounting records at the beginning of the year. There is a risk that if this transfer has not been performed completely and accurately, the opening balances may not be correct.Discuss with management the process undertaken to transfer the data and the testing performed to confirm the transfer was complete and accurate.Computer-assisted audit techniques could be utilised by the team to sample test the transfer of data from each supermarket to head office to identify any errors.There has been an increased workload for the finance department, the financial controller has left and his replacement will only start in late December.This increases the inherent risk within Sunflower as errors may have been made within the accounting records by the overworked finance team members. The new financial controller may not be sufficiently experienced to produce the financial statements and resolve any audit issues.The team should remain alert throughout the audit for dditional errors within the financedepartment.In addition, discuss with the finance director whether he will be able to provide the team with assistance for any audit issues the new financial controller is unable to resolve.(b)Substantive procedures(i)Trade payables and accruals– Calculate the trade payable days for Rose Leisure Clubs Co (Rose) and compare to prior years, investigate any significant difference, in particular any decrease for this year.– Compare the total trade payables and list of accruals against prior year and investigate any significant differences.– Discuss with management the process they have undertaken to quantify the understatement of trade payables due to the cut-off error and consider the materiality of the error.– Discuss with management whether any correcting journal entry has been included for the understatement.– Select a sample of purchase invoices received between the period of 25 October and the year end and follow them through to inclusion within accruals or as part of the trade payables journal adjustment.– Review after date payments; if they relate to the current year, then follow through to the purchase ledger or accrual listing to ensure they are recorded in the correct period.– 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 the balance confirmed and the trade payables’ balance.– Select a sample of goods received notes before the year end and after the year end and follow through to inclusion in the correct period’s payables balance, to ensure correct cut-off. (ii)Receivables– For non-responses, with the client’s permission, the team should arrange to send a follow up circularisation.– If the receivable does not respond to the follow up, then with the client’s permission, the senior should telephone the customer and ask whether they are able to respond in writing to the circularisation request.– If there are still non-responses, then the senior should undertake alternative procedures to confirm receivables.– For responses with differences, the senior should identify any disputed amounts, and identifywhether these relate to timing differences or whether there are possible errors in the records of Rose.– Any differences due to timing, such as cash in transit, should be agreed to post year-end cash receipts in the cash book.– The receivables ledger should be reviewed to identify any possible mispostings as this could be a reason for a response with a difference.– If any balances have been flagged as disputed by the receivable, then these should be discussed with management to identify whether a write down is necessary.(iii)Reorganisation– Review the board minutes where the decision to reorganise the business was taken, ascertain if this decision was made pre year end.– Review the announcement to shareholders in late October, to confirm that this was announced before the year end.– Obtain a breakdown of the reorganisation provision and confirm that only direct expenditure from restructuring is included.– Review the expenditure to confirm that there are no retraining costs included.– Cast the breakdown of the reorganisation provision to ensure correctly calculated.– For the costs included within the provision, agree to supporting documentation to confirm validity of items included.– Obtain a written representation confirming management discussions in relation to the announcement of the reorganisation.– Review the adequacy of the disclosures of the reorganisation in the financial statements to ensure they are in accordance with HKAS 37 Provisions, Contingent Liabilities and Contingent Assets.4.(a)Written representationsWritten representations are necessary information that the auditor requires in connection with the audit of the entity’s financial statements. Accordingly, similar to responses to inquiries, written representations are audit evidence.The auditor needs to obtain written representations from management and, where appropriate, thosecharged with governance that they believe they have fulfilled their responsibility for the preparation of the financial statements and for the completeness of the information provided to the auditor.Written representations are needed to support other audit evidence relevant to the financial statements or specific assertions in the financial statements, if determined necessary by theauditor or required by other Hong Kong Standards on Auditing.This may be necessary for judgemental areas where the auditor has to rely on management explanations. Written representations can be used to confirm that management have communicated to the auditor all deficiencies in internal controls of which management are aware.Written representations are normally in the form of a letter, written by the company’s management and addressed to the auditor. The letter is usually requested from management but can also be requested from the chief operating officer or chief financial officer. Throughout the fieldwork, the audit team will note any areas where representations may be required.During the final review stage, the auditors will produce a draft representation letter. The directors will review this and then produce it on their letterhead.It will be signed by the directors and dated as at the date the audit report is signed, but not after.(b) Oral representationA representation from management confirming that overdrafts are complete would be relevant evidence. Overdrafts are liabilities and therefore the main focus for the auditor is completeness.With regards to reliability, the evidence is oral rather than written and so this reduces its reliability. The directors could in the future deny having given this representation, and the auditors would have no documentary evidence to prove what the directors had said.This evidence is obtained from management rather than being auditor generated, and is therefore less reliable. Management may wish to provide biased evidence in order to reduce the amount of liabilities in the financial statements. The auditors are unbiased and so evidence generated directly by them will be better.External evidence obtained from the company’s banks could be used to confirm the bank overdraft balances and this would be more independent than relying on management’s internal confirmations.(c)Daisy Designs Co (Daisy)(i)Daisy’s sales ledger has been corrupted by a computer virus; hence no detailed testing has been performed on revenue and receivables. The audit team will need to see if they can confirm revenue and receivables in an alternative manner.If they are unable to do this, then two significant balances in the financial statements will not have been confirmed.Revenue and receivables are both higher than the total profit before tax (PBT) of $2m; receivables are 170% of PBT and revenue is nearly eight times the PBT; hence this is a very material issue. (ii) Procedures to be adopted include:– Discuss with management whether they have any alternative records which detail revenue andreceivables for the year.– Attempt to perform analytical procedures, such as proof in total or monthly comparison to last year, to gain comfort in total for revenue and for receivables.(iii)The auditors will need to modify the audit report as they are unable to obtain sufficient appropriate evidence in relation to two material and pervasive areas, being receivables and revenue. Therefore a disclaimer of opinion will be required.A basis for disclaimer of opinion paragraph will be required to explain the limitation in relation to the lack of evidence over revenue and receivables. The opinion paragraph will be a disclaimer of opinion and will state that we are unable to form an opinion on the financial statements. Fuchsia Enterprises Co (Fuchsia)(i)Fuchsia is facing going concern problems as it has experienced difficult trading conditions and it has a negative cash outflow. However, the financial statements have been prepared on a going concern basis, even though it is possible that the company is not a going concern. The prior year financial statements showed a profit of $1·2m and the current financial statements show a loss before tax of $4·4m, the net cash outflow of $3·2m represents 73% of this loss(3·2/4·4m) and hence is a material issue.(ii) Management are confident that further funding can be obtained; however, the team is sceptical and so the following procedures should be adopted:– Discuss with management whether any finance has now been secured.– Review the correspondence with the finance provider to confirm the level of funding that is to be provided and this should be compared to the net cash outflow of $3·2m.– Review the most recent board minutes to understand whether management’s view on Fuchsia’s going concern has altered.– Review the cash flow forecasts for the year and assess the reasonableness of the assumptions adopted.(iii) If management refuse to amend the going concern basis of the financial statements or at the very least make adequate going concern disclosures, then the audit report will need to be modified. As the going concern basis is probably incorrect and the error is material and pervasive, then an adverse opinion would be necessary.A basis for adverse opinion paragraph will be required to explain the inappropriate use of the going concern assumption.The opinion paragraph will be an adverse opinion and will state that the financial statements do not give a true and fair view.。
ACCA P1P2P3复习以及答题技巧汇总
ACCA P1P2P3复习以及答题技巧汇总ACCA P1《公司治理，风险和道德》是ACCA专业核心模块的第一门课程，它总共分为四个部分。
1.介绍在代理关系的环境下，企业的整个治理。
这个部分主要是董事的角色和责任以及外部审计师和内部审计师的角色和责任;2.介绍内部监察、内部控制以及实施有效的治理得到的反馈，包括关于决策和决策支持部门的合规问题;3.介绍管理层如何识别、评估和控制风险;4.介绍在会计师责任的背景下个人的以及职业道德和道德框架-职业价值观以及在各种各样的情况下的职业行为。
ACCA P1学习方法首先大家注意公司治理来自于F4中的agency thoery也就是我们经常说的代理理论。
正因为公司的投资人不直接参与公司的管理，从而导致管理者与持有人之间产生一些利益上的冲突，所以上市公司通过完善公司治理来增强监督、减少冲突、降低风险，从而达到股东投资回报最大化。
其次，大家要关注NED(非执行董事)在公司治理中的重要作用，以及他们发挥监督作用具备的条件，这其中要求NED要充分独立。
虽然NED不是公司雇员，和公司之间没有雇佣关系，但是他们对完善和实施公司的发展战略有着重要的作用，另外NED要有足够的时间参与公司的日常经营。
再次，我请同学们关注TURNBULL REPORT和COMBINED CODE中对internal control和risk management的要求。
什么样的internal control system是完善而且有效的，如何进行risk assessment以及如何进行风险处理。
需要强调的五点：第一、考官的历年考题中只有两种格式：Memo 和letter。
烦请大家注意这两种格式第二、大家注意自己写出来的句子要专业，比如有效的内部控制要写sound internal control system, risk embedded等等第三、答题要有逻辑性，适当的通过分段，分层次来讲述自己的观点第四、要注意senario中引号的句子，这些句子一般是考点最后，希望大家多动笔，少用眼睛考虑问题。
ACCA考试F阶段、P阶段大纲全解析
本文由高顿ACCA整理发布，转载请注明出处
课程类别
课程序号
课程名称(中)
课程名称(英)
知识课程
F1
会计师与企业
Accountant in Business (AB/FAB)
F2
管理会计
Management Accounting (MA/FMA)
F3
财务会计
Financial Accounting (FA/FFA)
本文由高顿ACCA整理发布，转载请注明出处，更多ACCA资讯请关注高顿ACCA官网：
选修课程
（4选2）
P4
高级财务管理
Advanced Financial Management (AFM)
P5
高级业绩管理
Advanced Performance Management (APM)
P6
高级税务
Advanced Taxation (ATX)
P7
高级审计与认证业务
Advanced Audit and Assurance (AAA)
技能课程
F4
公司法与商法
Corporate and Business Law (CL)
F5
业绩管理
Performance Management (PM)
F6
税务
Taxation (TX)
F7
财务报告
Financial Reporting (FR)
F8
审计与认证业务
Audit and Assurance (AA)
F9
财务管理
Financial Management (FM)
课程类别
课程序号
课程名称(中)
ACCAF8术语翻译
ACCAF8术语翻译序号英语汉语1 ability to perform the work 能力履行工作2 acceptance procedures 承兑程序过程3 accountability 经管责任,问责性4 accounting estimate 会计估计5 accounts receivable listing 应收帐款挂牌6 accounts receivable 应收账款7 accruals listing 应计项目挂牌8 accruals 应计项目9 accuracy 准确性10 adverse opinion 否定意见11 aged analysis 年老的分析(法,学)研究12 agents 代理人13 agreed-upon procedures 约定审查业务14 analysis of errors 错误的分析(法,学)研究15 anomalous error 反常的错误16 appointment ethics 任命伦理学17 appointment 任命18 associated firms 联合的坚挺19 association of chartered certified accounts(ACCA)特计的证(经执业的结社 (ACCA)20 assurance engagement 保证债务21 assurance 保证22 audit 审计,审核,核数23 audit acceptance 审计承兑24 audit approach 审计靠近25 audit committee 审计委员会,审计小组26 ahudit engagement 审计业务约定书27 audit evaluation 审计评价28 audit evidence 审计证据29 audit plan 审计计划30 audit program 审计程序31 audit report as a means of communication 审计报告如一个通讯方法32 audit report 审计报告33 audit risk 审计风险34 audit sampling 审计抽样35 audit staffing 审计工作人员36 audit timing 审计定时37 audit trail 审计线索38 auditing standards 审计准则39 auditors' duty of care 审计(查帐)员的抚养责任40 auditors' report 审计报告41 authority attached to ISAs 代理权附上到国际砂糖协定42 automated working papers 自动化了工作文件43 bad debts 坏账44 bank 银行45 bank reconciliation 银行对账单,余额调节表46 beneficial interests 受益权47 best value 最好的价值48 business risk 经营风险49 cadbury committee cadbury 委员会50 cash count 现金盘点51 cash system 兑现系统52 changes in nature of engagement 改变债务的性质上53 charges and commitments 费用和评论54 charities 宽大55 chinese walls chinese 墙壁56 chronology of an audit 一审计的年代表57 CIS application controls CIS 申请控制58 CIS environments stand-alone microcomputers CIS 环境单机微型计算器59 client screening 委托人甄别60 closely connected 接近地连接61 clubs 俱乐部62 communications between auditors and management 通讯在审计(查帐)员和经营之间63 communications on internal control 内部控制上的通讯64 companies act 公司法65 comparative financial statements 比较财务报表66 comparatives 比较的67 competence 能力68 compilation engagement 编辑债务69 completeness 完整性70 completion of the audit 审计的结束71 compliance with accounting regulations 符合～的作法会计规则72 computers assisted audit techniques (CAATs) 计算器援助的审计技术 (CAATs)73 confidence 信任74 confidentiality 保密性75 confirmation of accounts receivable 应收帐款的查证76 conflict of interest 利益冲突77 constructive obligation 建设的待付款78 contingent asset 或有资产79 contingent liability 或有负债80 control environment 控制环境81 control procedures 控制程序82 control risk 控制风险83 controversy 论战84 corporate governance 公司治理,公司管制85 corresponding figures 相应的计算86 cost of conversion 转换成本,加工成本87 cost 成本88 courtesy 优待89 creditors 债权人90 current audit files 本期审计档案91 database management system (DBMS) 数据库管理制度 (数据管理系统)92 date of report 报告的日期93 depreciation 折旧,贬值94 design of the sample 样品的设计95 detection risk 检查风险96 direct verification approach 直接核查法97 directional testing 方向的抽查98 directors' emoluments 董事酬金99 directors' serve contracts 董事服务合约100 disagreement with management 与经营的不一致101 disclaimer of opinion 拒绝表示意见102 distributions 分销,分派103 documentation of understanding and assessmentof control risk控制风险的协商和评定的文件编集104 documenting the audit process 证明审计程序105 due care 应有关注106 due skill and care 到期的技能和谨慎107 economy 经济108 education 教育109 effectiveness 效用,效果110 efficiency 效益,效率111 eligibility / ineligibility 合格 / 无被选资格112 emphasis of matter 物质的强调113 engagement economics 债务经济学114 engagement letter 业务约定书115 error 差错116 evaluating of results of audit procedures 审计手序的结果评估117 examinations 检查118 existence 存在性119 expectations 期望差距120 expected error 预期的错误121 experience 经验122 expert 专家123 external audit 独立审计124 external review reports 外部的评论报告125 fair 公正126 fee negotiation 费谈判127 final assessment of control risk 控制风险的确定评定128 final audit 期末审计129 financial statement assertions 财政报告宣称130 financial 财务131 finished goods 产成品132 flowcharts 流程图133 fraud and error 舞弊134 fraud 欺诈135 fundamental principles 基本原理136 general CIS controls 一般的 CIS 控制137 general reports to mangement 对 (牛犬等的)疥癣的一般报告138 going concern assumption 持续经营假设139 going concern 持续经营140 goods on sale or return 货物准许退货买卖141 goodwill 商誉142 governance 统治143 greenbury committee greenbury 委员会144 guidance for internal auditors 指导为内部审计员145 hampel committee hampel 委员会146 haphazard selection 随意选择147 hospitality 款待148 human resources 人力资源149 IAPS 1000 inter-bank confirmation procedures IAPS 1000 在中间- 银行查证程序过程150 IAPS 1001 CIS environments-stand-alonemicrocomputersIAPS 1001 CIS 环境-单机微型计算器151 IAPS 1002 CIS environments-on-line computersystemsIAPS 1002 CIS 环境-(与主机)联机计算器系统152 IAPS 1003 CIS environments-database systems IAPS 1003 CIS 环境- 数据库系统153 IAPS 1005 the special considerations in theaudit of small entities在小的个体审计中的 IAPS 1005 特别的考虑154 IAS 2 inventories 信息家电 2 库存155 IAS 10 events after the balance sheet date在平衡 sheeet 日期後面的信息家电 10 事件156 IFAC's code of ethics for professionalaccountantsIFAC's 道德准则为职业会计师157 income tax 所得税158 incoming auditors 收入审计(查帐)员159 independent estimate 独立的估计160 ineligible for appointment 无被选资格的为任命161 information technology 信息技术162 inherent risk 固有风险163 initial communication 签署通讯164 insurance 保险165 intangibles 无形166 integrity 完整性167 interim audit 中期审计168 internal auditing 内部审计169 internal auditors 内部审计师170 internal control evaluation questionnaires(ICEQs)内部控制评价调查表171 internal control questionnaires (ICQs) 内部控制调查表172 internal control system 内部控制系统173 internal review assignment 内部的评论转让174 international audit and assurance standardsboard (IAASB)国际的审计和保证标准登船 (IAASB)175 international auditing practice statements(IAPSs)国际的审计实务声明 (IAPSs)176 international federation of accountants (IFAC) 国际会计师联合会 (IFAC)177 inventory system 盘存制度178 inventory valuation 存货估价179 ISA 230 documentation 文件编制180 ISA 240 fraud and error 国际砂糖协定 240 欺诈和错误181 ISA 250 consideration of law and regulations 法和规则的国际砂糖协定 250 考虑182 Isa 260 communications of audit matters withthose charge governance审计物质的国际砂糖协定 260 通讯由于那些索价统治183 isa 300 planning isa 300 计划编制184 isa 310 knowledge of the business 企业的 isa 310 知识185 isa 320 audit materiality 审计重要性186 isa 400 accounting and internal control isa 400 会计和内部控制187 isa 402 audit considerations relating toentities using service organisations与正在使用的个体有关的 isa 402个审计考虑服务组织188 isa 500 audit evidence 审计证据189 isa 501 audit evidence-additionalconsiderations for specific itemsisa 501个审计证据- 补偿为特殊条款190 isa 510 external confirmations isa 510个外部的查证191 isa 520 analytical procedures 分析性程序192 isa 530 audit sampling 审计抽样193 isa 540 audit of accounting estimates 解释估计的 isa 540 审计194 isa 560 subsequent events 期后事项195 isa 580 management representations 管理当局声明书196 isa 610 considering the work of internalauditingisa 610 以内部审计的工作看来197 isa 620 using the work of an expert isa 620 使用专家的工作198 isa 700 auditors' report on financialstatements财务报表上的 isa 700 审计(查帐)员的报告199 isa 710 comparatives isa 710个比较的200 isa 720 other information in documentscontaining audited financial statementsisa 720 证券包含 audited 财务报表的其他信息201 isa 910 engagement to review financialstatementsisa 910 债务复阅财务报表202 isas and rss isas 和 rss203 joint monitoring unit 连接检验单位204 knowledge of the entity's business 个体的企业知识205 law and regulations 法和规则206 legal and regulations 法定权利和规则207 legal obligation 法定义务,法定责任208 levels of assurance 保险程度,保障水平209 liability 负债210 limitation on scope 审计范围限制211 limitation of audit 审计的提起诉讼的限期212 limitations of controls system 控制系统的提起诉讼的限期213 litigation and claims 诉讼和赔偿214 litigation 诉讼215 loans 借款,贷款216 long term liabilities 长期负债217 lowballing lowballing218 management 管理219 management integrity 经营完整220 management representation letter 管理当局声明书221 marketing 推销,营销,市场学222 material inconsistency 决定性的前后矛盾223 material misstatements of fact 重大误报224 materiality 重要性225 measurement 计量226 microcomputers 微型计算器227 modified reports 变更报告228 narrative notes 叙述证券229 nature 性质230 negative assurance 消极保证231 net realizable value 可实现净值232 non-current asset register 非本期的财产登记233 non-executive directors 非执行董事234 non-sampling risk 非抽样风险235 non-statutory audits 目标236 objectivity 客观性237 obligating event 负有责任事件238 obligatory disclosure 有拘束的揭示239 obtaining work 获得工作240 occurrence 出现241 on-line computer systems (与主机)联机计算器系统242 opening balances 期初余额243 operational audits 经营审计,作业审计244 operational work plans 操作上的工作计划245 opinion shopping 意见购物246 other information 其他的信息247 outsourcing internal audit 支援外包的内部核数248 overall review of financial statements 财务报表的包括一切的评论249 overdue fees 超储未付费250 overhead absorption 管理费用分配251 periodic plan 定期的计划252 permanent audit files 永久审计档案253 personal relationships 个人的亲属关系254 planning 计划编制255 population 抽样总体256 precision 精密257 preface to ISAs and RSs 国际砂糖协定的序文和债券附卖回交易258 preliminary assessment of control risk 控制风险的预备评定259 prepayments 预付款项260 presentation and disclosure 提示和揭示261 problems of accounting treatment 会计处理的问题262 procedural approach 程序上的靠近263 procedures 程序264 procedures after accepting nomination 程序过程在接受提名之后265 procurement 采购266 professional duty of confidentiality 保密的职业责任267 projection of errors 错误的规划268 provision 备抵,准备269 public duty 公共职责270 public interest 公众利益271 publicity 宣传272 purchase ledger 购货分类账273 purchases and expenses system 买和费用系统274 purchases cut-off 买截止275 put on enquiry 询价上的期货买卖276 qualified opinion 保留意见277 qualifying disclosure 合格揭示278 qualitative aspects of errors 错误的性质上的方面279 random selection 随机选择280 reasonable assurance 合理保证281 reassessing sampling risk 再评价抽样风险282 reliability 可靠性283 remuneration 报酬284 report to management 对经营的报告285 reporting 报告286 research and development costs 研究和开发成本287 reservation of title 保留288 reserves 准备,储备289 revenue and capital expenditure 岁入和资本支出290 review 评论291 review and capital expenditure 评论和资本支出292 review 评论293 review engagement 复阅债务294 rights 认股权295 rights and obligations 认股权和待付款296 rights to information 对信息的认股权297 risk and materiality 风险和重要性298 risk-based approach 以风险为基础的方式299 romalpa case romalpa 个案300 rotation of auditor appointments 审计(查帐)员任命的循环301 rules of professional conduct 职业道德守则302 sales cut-off 销售截止303 sales system 销售(货)制度304 sales tax 销售税,营业税305 sales 销售,销货306 sample size 样本量307 sampling risk 抽样风险308 sampling units 抽样单位309 schedule of unadjusted errors 未调整的错误表310 scope and objectives of internal audit 内部核数的范围和目标311 segregation of duties 职责划分312 service organization 服务组织313 significant fluctuations or unexpectedrelationships可重视的 (市价)波动或不能预料的亲属关系314 small entity 小的个体315 smaller entities 比较小的个体316 sole traders 个体营业者317 sources of knowledge 知识的根源318 specimen letter on internal control 内部控制上的样本证书319 stakeholders 赌款保存人320 standardised working papers 标准化工作文件321 statement 1:integrity,objectivity andindependence声明 1: 完整，客观性和独立322 statement 2:the professional duty of confidence 声明 2: 信任的职业责任323 statement 3: advertising ,publicity andobtaining professional work声明 3: 广告法(学) ，宣传和获得专业性工作324 statement 5:changes in professionalappointment声明 5: 在职业上的任命中的改变325 statistical sampling 统计抽样326 statutory audit 法定审计327 statutory books 法定卷册328 statutory duty 法定责任329 stewardship 总管的职务330 strategic plan 战略性计划331 stratification 分层332 subsequent events 期后事项333 substantive procedures 实词程序过程334 substantive tests 实质性测试335 sufficient appropriate audit evidence 充分的适当审计证据336 summarising errors summarising 错误337 sundry accruals 杂的应计项目338 supervision 监督339 supervisory and monitoring roles 监督的和检验角色340 suppliers' statements 供应商的声明341 system and internal controls 系统和内部的控制342 systematic selection 系统选择法343 systems-based approach 以系统为基础的方式344 tangible non-current assets 有形的非流动资产345 tendering 投标,清偿346 terms of the engagement 债务的条件347 tests of control 控制的证人348 the AGM 周年大会349 the board 委员会350 three Es 三 Es351 timing 定时352 tolerable error 可容忍误差353 trade accounts payable and purchases 贸易应付帐款和买354 trade accounts payable listing 贸易应付帐款挂牌355 training 培训356 treasury 国库,库房357 TRUE 真实358 turnbull committee turnbull 委员会359 ultra vires 越权360 uncertainty 不确定性361 undue dependence 未到(支付)期的未决362 unqualified audit report 无条件的审计报告363 unqualified report 无条件的报告364 using the knowledge 使用知识365 using the work of an expert 使用专家的工作366 valuation 计价，估价367 value for money 现金(交易)价格368 voluntary disclosure 自愿披露369 wages and salaries 工资，薪金370 wages system 工资系统371 work in progress 在产品372 working papers 工作底稿。
accounting assignment
The first transaction applies to “money measurement” concept, but it is not compliance. Because the employees have been included in the financial statement as on asset. It occurs normally because if employees work very well, their monetary value will be increasing. But they are included in an asset is good for company. So many financial statements normally include employees. Therefore, this example is different between money measurements concept, because money measurement concept applies most employees but this example applies key employees. This concept can never tell us everything such as business has good or bad managers, whether there are serious problems with the workforce, however, if only key employees included in financial statement, everyone can know who is the good manager.The second transaction applies to “Going concern” concept, but it has been violated. The company recently purchased an electronic fax machine worth $500, they have included that in the balance sheet as a fixed asset. However, the machine worth is not going to concern, the really concern is the cost price. So the company should count the fax machine cost less accumulated depreciation as their fix assets, is not count the machine worth. This concept implies that the business will continue to operate for the foreseeable future. It assumes that the owners of a company intend to continue its trading over the long term (at least 12 more months). It that is not the case, they will need to disclose that fact and present slightly different financial statements.The third transaction applies to “Prudence” concept, but it has been diso beyed, because the company should not overstate their income. Although, the lawyers are confident that the company will get the compensation ($1,000,000) within six months, but this is not really received. So the company must not include this as an income in their financial statements of the current year. If the company assuredly gets the compensation, they can include this as their income. This concept guides the accountants should make sure that assets and income are not overstated and liabilities and expenses are not understated. When they make a judgment, they need to be cautions and prudent.The fourth transaction applies to “Substance over form” conc ept, but it is not compliance. Because the company has recently acquired a machinery for $200,000 on hire purchase, it has paid machinery on hire purchase, from a legal point of view, themachinery does not belong to the company until all the hire purchase instalments have been paid, and an option has been taken up whereby the company takes over legal possession of the machinery. So the company has not included this machinery in their financial statements. This concept guides that must be accounted for and presented in accordance with their substance This concept guides that must be accounted for and presented in accordance with their substance and economic reality and not merely their legal form. When the all money are paid by the company that can included this machinery in their financial statements.For example: With Hire Purchase agreements we pay a hire fee for an agreed period, then there is the option at the end of the lease to purchase the asset and take ownership. Yet when we prepare the accounts, we record the asset from the start of the agreement and treat the hire fees as a liability and not an expense. This is the classic example of substance over form.Another example is goods bought on credit. You will notice that many invoices carry the legal disclaimer …title of these goods shall not pass until payment has been received in full‟. Yet in the accounts, the goods are ours as soon as we receive them and NOT when we pay for them. The …substance‟ of the transaction is that the goods are ours, even t hough the legal …form‟ differs.The fifth transaction applies to “C onsistency” concept, but it has been disobeyed, the concept of consistency means that accounting methods once adopted must be applied consistently in future. Also same methods and techniques must be used for similar situations. It implies that a business must refrain from changing its accounting policy unless on reasonable grounds. If for any valid reasons the accounting policy is changed, a business must disclose the nature of change, the reasons for the change and its effects on the items of financial statements. Consistency concept is important because of the need for comparability, that is, it enables investors and other users of financial statements to easily and correctly compare the financial statements of a company. So if the company is charging depreciation using the straight line method, they must stick with the straight line method.Examplespany A has been using declining balance depreciation method for its ITequipment. According to consistency concept it should continue to usedeclining balance depreciation method in respect of its IT equipment in thefollowing periods. If the company wants to change it to another depreciationmethod, say for example the straight line method, it must provide in its financialreport, the reason(s) for the change, the nature of the change and the effects of the change on items such as accumulated depreciation.pany B is a retailer dealing in shoes. It used first-in-first-out methodinventory valuation in respect of shoes at Branch X and weighted average inventory valuation method in respect of similar shoes at Branch Y. Here, the auditors must investigate whether there are any valid reasons for the different treatment of similar inventory located at different locations. If not, they must direct the company to use any one of the valuation method uniformly for the whole class of inventory.。
一文读懂ACCA各科目之间的关系及备考科目搭配
ACCA所有考试科目中F1(AB)是SBL的基础F2(MA)是F5(PM)和P5(APM)的基础F2(MA)是F9(FM)的基础F6(TX)是P6(ATX)的基础F7(FR)是F3(FA)的延伸，是SBR的基础P4(AFM)是F9(FM)的延伸F8(AA)是P7(AAA)的基础1.F1(AB)是SBL的基础满满干货| 一文读懂ACCA各科目之间的关系及备考科目搭配F1(AB)是SBL的基础，这两个科目内部知识点有递进关系，涵盖企业以及所处环境分析、财务人员从业角色、公司治理以及内部控制、管理学相关、人力资源学相关以及从业人员职业道德。
F1(AB)会简单教大家用一些模型去分析企业所处的内部以及外部环境，在SBL课程中，会把这些知识点深入并细化的讲解，比如分析内外部环境之后企业将如何面对环境的变化，在专业层面上更偏战略。
F1(AB)是对职业道德、企业社会责任的简单介绍，SBL课程在公司治理、财务从业人员的职业道德中做了更深入的介绍。
由于ACCA考试规则的限制，无法同时报考F1(AB)和SBL，学完F1(AB)可以奠定一个基础的商业思维，对于备考SBL，F1(AB)的知识点是大量的基础知识。
F1(AB)和SBL的考试全部为文字类试题，需要考生在理解知识点的同时大量记忆背诵，因此在选择时避免和F4(LW)以及F8(AA)同时备考，增加记忆难度。
2.F2(MA)是F5(PM)和P5(APM)的基础、F2(MA)是F9(FM)的基础满满干货| 一文读懂ACCA各科目之间的关系及备考科目搭配F2(MA)是F5(PM)和P5(APM)的基础，课程涉及管理会计与财务会计的区别，涵盖管理会计、管理信息、成本会计、预算和标准成本、业绩衡量、短期决策方法，将会学到如何处理基本的成本信息，并能向管理层提供能用作预算和决策的信息。
F2(MA)和F5(PM)可以考虑先后或者同时学习，在相邻考季中备考，F2(MA)中的variance，在F5(PM)中更加灵活。
ACCA笔记 F9 FM 文字题总结
PART A[1]As agents of the company’s shareholders,the directors may not always act inways which increase the wealth of shareholders,a phenomenon called theagency problem.[2]They can be encouraged to increase or maximize shareholders wealth bymanagerial reward schemes such as performance-related pay and shareoption schemes.Through these methods,the goals of shareholders anddirectors may increase in congruence.解决代理问题的⽅法有managerialreward schemes。
Managerial reward schemes⼜包括share option schemes和performance-related pay这两种⽅法。
[3]Performance-related pay links part of remuneration of directors to someaspect of cooperate performance.One problem here is that is difficult tochoose an aspect of cooperate performance which is not influenced by theactions of directors,leading to the possibility of managers influencingcooperate affairs for their own benefit rather than the benefit of shareholders.[4]Share option schemes bring the goals of shareholders and directors closertogether to the extent that directors become shareholders themselves.Unfortunately,a general increase in share prices can lead to directors beingreward for poor performance,while a decrease in share prices can lead todirectors not being reward for good performance.[5]However,share option schemes can lead to a culture of performanceimprovement and so can bring continuing benefit to shareholders.股票期权计划可以带来绩效改善的⽂化，因此可以为股东带来持续的利益。
ACCA必考知识点
ACCA必考知识点ACCA（Association of Chartered Certified Accountants）作为国际性的注册会计师组织，其考试内容相当广泛，涵盖了会计、财务、税务、审计等多个领域。
以下是ACCA考试中的一些重要知识点：1.国际财务报告准则（IFRS）：考生需熟悉IFRS的核心概念和准则，并了解各项财务报表的编制要求和披露要求。
2.管理会计：包括预算编制、成本管理、绩效管理等。
考生需了解不同类型的成本、成本计算方法、成本-体量利润分析、预算编制和分析、投资决策等相关内容。
3.财务管理：主要包括资本预算决策、财务风险管理、资金成本、资本结构和资本市场等内容。
考生需熟悉投资决策方法、财务风险评估与管理、资本结构理论和成本等概念。
4.税务：考生需了解税法和税务规定，包括个人所得税、公司所得税、增值税等。
此外，还需要了解跨国公司税务筹划和税务合规等内容。
5.审计与审计规范：考生需了解审计的目的和范围，以及审计的程序和方法。
还需要了解国际审计准则和内部控制的相关知识。
6.商法和公司法：考生需了解与商业活动相关的法律和法规，包括合同法、公司法、劳动法等。
7.伦理与专业行为准则：ACCA强调会计师的道德素养和道德风险管理。
考生需了解职业道德原则、职业观念和反洗钱法规。
8.商业伦理与社会责任：考生需要了解商业伦理的核心原则和企业社会责任的要求。
9.资本市场：考生需要了解股票市场、债券市场和货币市场的基本知识，包括证券发行、股票投资组合管理等。
10.管理信息系统：考生需要了解信息系统的开发、实施和管理，以及信息安全和数据分析等内容。
此外，ACCA考试还有一些与个人发展和交流有关的知识，如沟通技巧、领导力和团队合作等。
考生可以根据自己的实际情况和所报考的科目选择相应的重点知识点进行学习和准备。
总结起来，ACCA考试的知识点涉及面相当广泛，需要考生全面的了解和掌握。
准备ACCA考试需要进行系统的学习和复习，掌握基本概念和重要原理，同时也要注重实践能力的培养和应用能力的提升。
acca阶段划分
acca阶段划分
ACCA 考试分为四个阶段，每个阶段都需要通过相应的考试才能进入下一阶段：
1. 知识课程（F1-F3）：这是 ACCA 考试的第一阶段，主要涉及基础的财务和管理知识，包括财务会计、管理会计、商业法等。
这一阶段的考试主要测试学生对基本概念和原理的理解。
2. 技能课程（F4-F9）：这是 ACCA 考试的第二阶段，主要涉及更深入的财务和管理技能，包括财务报告、审计、税务、财务管理等。
这一阶段的考试主要测试学生在实际工作中应用知识的能力。
3. 核心课程（P1-P3）：这是 ACCA 考试的第三阶段，主要涉及战略管理和领导能力，包括公司治理、风险管理、战略财务管理等。
这一阶段的考试主要测试学生在复杂的商业环境中做出决策和管理的能力。
4. 选修课程（P4-P7）：这是 ACCA 考试的最后一个阶段，学生可以选择自己感兴趣的领域进行深入学习，包括高级财务管理、高级审计与认证业务、高级税务等。
通过完成这四个阶段的考试，学生可以获得 ACCA 资格证书，并成为全球认可的专业会计师。
每个阶段的考试都需要学生具备相应的知识和技能，并且需要进行系统的学习和准备。
ACCA(F1-F3)学习方法总结
ACCA（F1-F3）学习方法总结ACCA共有16门课程，其中基础阶段主要分为知识课程和技能课程两个部分。
知识课程主要涉及财务会计和管理会计方面的核心知识，也为接下去进行技能阶段的详细学习搭建了一个平台。
F1-F3由于是ACCA全部课程体系内容中最为基础的三门课程，又作为财务会计体系中的入门课程，知识难度并不高，同时通过考试的压力也并不大。
F1：Accountant inBusiness（AB）F1这门课的内容很杂，主要涉及到以下三门主要学科：组织行为学，人力资源管理，会计和审计。
F1要求学生学习时一定要通看课本和老师讲义，而且应该做大量阅读，注意广度，以理解为主，不要对某方面知识死钻牛角尖。
F1的学习绝对不可猜题，复习时也绝对不可有遗漏或空白。
学习方法：1.完整学习网课内容，理解和记忆主要知识点，勤做笔记，完成练习，加深对知识点的认识和印象。
章节结束及时总结，清晰每章内容和关键知识点，完成讲义的自我梳理和配套的练习，熟悉每章的知识结构。
实战练习，熟悉考点，把握基本的答题规律2.对基础知识进行梳理，对知识点有整体把握。
根据冲刺串讲课程，复习精要知识点，复述相关概念。
整理第一阶段的错题，查漏补缺，加强薄弱环节。
3.罗列复习纲要，对知识点进行复述式记忆，发现薄弱知识点，进行答疑和重新梳理。
对所有错题所考查的知识点再次梳理，对不熟悉和遗漏的知识点多次记忆。
对样卷和ACCA官网模拟题进行仿真训练，严格控制考试时间，并自我认真审阅。
F2:Management Accounting（MA）F2主要向学员介绍成本会计和管理会计的体系，以及管理会计如何发挥支持企业计划、决策、控制的作用。
主要包括：管理会计起源、成本的分类、成本核算的方法、预算控制、差异分析、绩效评估相关知识点。
学习方法：1.报了网课或者面授的话，那么聆听老师的讲解是非常重要的。
对于老师发下来的讲义一定要认真研读，讲义往往是老师对于这门课的精炼总结，涵盖了所有的考点，仔细研究讲义可以专注于对高频考点的学习、提高学习效率，同时也能节省自己的时间和精力。
ACCA F4-F9模拟题及解析(6)
ACCA F4-F9模拟题及解析（6）1 BQK Co, a house-building company, plans to build 100 houses on a development site over the next four years. The purchase cost of the development site is $4,000,000, payable at the start of the first year of construction. Two types of house will be built, with annual sales of each house expected to be as follows:Year 1 2 3 4Number of small houses sold: 15 20 15 5Number of large houses sold: 7 8 15 15Houses are built in the year of sale. Each customer finances the purchase of a home by taking out a long-term personal loan from their bank. Financial information relating to each type of house is as follows:Small house Large houseSelling price: $200,000 $350,000Variable cost of construction: $100,000 $200,000Selling prices and variable cost of construction are in current price terms, before allowing for selling price inflation of 3% per year and variable cost of construction inflation of 4·5% per year.Fixed infrastructure costs of $1,500,000 per year in current price terms would be incurred. These would not relate to any specific house, but would be for the provision of new roads, gardens, drainage and utilities. Infrastructure cost inflation is expected to be 2% per year.BQK Co pays profit tax one year in arrears at an annual rate of 30%. The company can claim capital allowances on the purchase cost of the development site on a straight-line basis over the four years of construction.BQK Co has a real after-tax cost of capital of 9% per year and a nominal after-tax cost of capital of 12% per year.New investments are required by the company to have a before-tax return on capital employed (accounting rate of return) on an average investment basis of 20% per year.Required:(a) Calculate the net present value of the proposed investment and comment on its financial acceptability. Workto the nearest $1,000. (13 marks)(b) Calculate the before-tax return on capital employed (accounting rate of return) of the proposed investmenton an average investment basis and discuss briefly its financial acceptability. (5 marks) (c) Discuss the effect of a substantial rise in interest rates on the financing cost of BQK Co and its customers,and on the capital investment appraisal decision-making process of BQK Co. (7 marks)(25 marks)2.KXP Co is an e-business which trades solely over the internet. In the last year the company had sales of $15 million.All sales were on 30 days’ credit to commercial customers.Extracts from the company’s most recent statement of financial position relating to working capital are as follows:$000Trade receivables 2,466Trade payables 2,220Overdraft 3,000In order to encourage customers to pay on time, KXP Co proposes introducing an early settlement discount of 1% for payment within 30 days, while increasing its normal credit period to 45 days. It is expected that, on average, 50% of customers will take the discount and pay within 30 days, 30% of customers will pay after 45 days, and 20% of customers will not change their current paying behaviour.KXP Co currently orders 15,000 units per month of Product Z, demand for which is constant. There is only one supplier of Product Z and the cost of Product Z purchases over the last year was $540,000. The supplier has offered a 2% discount for orders of Product Z of 30,000 units or more. Each order costs KXP Co $150 to place and the holding cost is 24 cents per unit per year.KXP Co has an overdraft facility charging interest of 6% per year.Required:(a) Calculate the net benefit or cost of the proposed changes in trade receivables policy and comment on your findings. (6 marks)(b) Calculate whether the bulk purchase discount offered by the supplier is financially acceptable and comment on the assumptions made by your calculation. (6 marks)(c) Identify and discuss the factors to be considered in determining the optimum level of cash to be held by a company. (5 marks)(d) Discuss the factors to be considered in formulating a trade receivables management policy.(8 marks) (25 marks)试题答案：1. (1,530) (1,561) (1,592) (1,624)–––––– –––––– –––––– ––––––Before-tax cash flow 1,053 1,722 2,288 1,236Tax liability (316) (517) (686) (371)CA tax benefits 300 300 300 300–––––– –––––– –––––– –––––– ––––––After-tax cash flow 1,053 1,706 2,071 850 (71)Discount at 12% 0·893 0·797 0·712 0·636 0·567–––––– –––––– –––––– –––––– ––––––Present values 940 1,360 1,475 541 (40)–––––– –––––– –––––– –––––– ––––––$000PV of future cash flows 4,276Initial investment (4,000)––––––276–––––– CommentSince the proposed investment has a positive net present value of $276,000, it is financially acceptable.WorkingsSales revenueYear 1 2 3 4Sales of small houses (houses/yr) 15 20 15 5Sales of large houses (houses/yr) 7 8 15 15Small house selling price ($000/house) 200 200 200 200Large house selling price ($000/house) 350 350 350 350Sales revenue (small houses) ($000/yr) 3,000 4,000 3,000 1,000Sales revenue (large houses) ($000/yr) 2,450 2,800 5,250 5,250–––––– –––––– –––––– ––––––Total sales revenue ($/yr) 5,450 6,800 8,250 6,250–––––– –––––– –––––– –––––– Inflated sales revenue ($/yr) 5,614 7,214 9,015 7,034Variable costs of constructionYear 1 2 3 4Sales of small houses (houses/yr) 15 20 15 5Sales of large houses (houses/yr) 7 8 15 15Small house variable cost ($000/house) 100 100 100 100Large house variable cost ($000/house) 200 200 200 200Variable cost (small houses) ($000/yr) 1,500 2,000 1,500 500Variable cost (large houses) ($000/yr) 1,400 1,600 3,000 3,000–––––– –––––– –––––– ––––––Total variable cost ($/yr) 2,900 3,600 4,500 3,500–––––– –––––– –––––– –––––– Inflated total variable cost ($/yr) 3,031 3,931 5,135 4,174Fixed infrastructure costsYear 1 2 3 4Fixed costs ($000/yr) 1,500 1,500 1,500 1,500Inflated fixed costs ($000/yr) 1,530 1,561 1,592 1,624Alternative NPV calculationYear 1 2 3 4 5$000 $000 $000 $000 $000Before-tax cash flow 1,053 1,722 2,288 1,236Capital allowances (1,000) (1,000) (1,000) (1,000)–––––– –––––– –––––– ––––––Taxable profit 53 722 1,288 236Taxation (16) (217) (386) (71)–––––– –––––– –––––– –––––– –––––– Profit after tax 53 706 1,071 (150) (71)Add back allowances 1,000 1,000 1,000 1,000–––––– –––––– –––––– ––––––After-tax cash flow 1,053 1,706 2,071 850 (71)Discount at 12% 0·893 0·797 0·712 0·636 0·567–––––– –––––– –––––– –––––– ––––––Present values 940 1,360 1,475 541 (40)–––––– –––––– –––––– –––––– –––––– $000PV of future cash flows 4,276Initial investment (4,000)––––––276–––––– (b)Calculation of return on capital employed (ROCE)Total before-tax cash flow $6,299,000Total depreciation $4,000,000–––––––––––Total accounting profit $2,299,000Average annual profit ($000/year) = 2,299,000/4 = $574,750Average investment ($000) = 4,000,000/2 = $2,000,000ROCE (ARR) = 100 x 574,750/2,000,000 = 28·7%DiscussionThe ROCE is greater than the 20% target ROCE of the investing company and so the proposed investment is financially acceptable. However, the investment decision should be made on the basis of information provided by a discounted cash flow (DCF) method, such as net present value or internal rate of return.(c) A substantial increase in interest rates will increase the financing costs of BQK Co and its customers. These will affect the discount rate used in the investment appraisal decision-making process and the value of project variables.Customer financing costs Each customer finances their house purchase through a long-term personal loan from their bank. A substantial rise in interest rates will increase the borrowing costs of existing and potential customers of BQK Co, and will therefore increase the amount of cash they pay to buy one of the houses.Company financing costsThe cost of debt of BQK Co will change with interest rates in the economy. A substantial rise in interest rates will therefore lead to a substantial increase in the cost of debt of the company. This will lead to an increase in the weighted average cost of capital (WACC) of BQK Co, the actual increase depending on the relative proportion of debt compared to equity in the company’s capital structure.The cost of equity will also increase as interest rates rise, contributing to the increase in the WACC. Since most companies have a greater proportion of equity finance as compared to debt finance, the increase in the cost of equity is likely to have a more significant effect on theWACC than the increase in the cost of debt.Effect on the capital investment appraisal processSince the business of the company is building houses, the WACC of the company is likely to be the discount rate it uses in evaluating investment decisions such as the one under consideration. An increase in WACC will therefore lead to a decrease in the NPV of investment projects and some projects may no longer be attractive.In order to make the investment project more attractive, the prices of the houses offered for sale might have to increase. This could make the houses more difficult to sell and lead to increased costs due to slower sales.Houses could also be more difficult to sell as customers would be more reluctant to commit themselves to long-term personal loans when interest rates are historically high.Construction and infrastructure costs might increase as suppliers seek to pass on their higher borrowing costs.Overall, income per year could decrease and the time period for the investment might need to be extended to accommodate the slower sales process.2 (a)Calculation of net cost/benefitCurrent receivables = $2,466,000Receivables paying within 30 days = 15m x 0·5 x 30/365 = $616,438Receivables paying within 45 days = 15m x 0·3 x 45/365 = $554,795Receivables paying within 60 days = 15m x 0·2 x 60/365 = $493,151Revised receivables = 616,438 + 554,795 + 493,151 = $1,664,384Reduction in receivables = 2,466,000 – 1,664,384 = $801,616Reduction in financing cost = 801,616 x 0·06 = $48,097Cost of discount = 15m x 0·5 x 0·01 = $75,000Net cost of proposed changes in receivables policy = 75,000 – 48,097 = $26,903Alternative approach to calculation of net cost/benefitCurrent receivables days = (2,466/15,000) x 365 = 60 daysRevised receivables days = (30 x 0·5) + (45 x 0·3) + (60 x 0·2) = 40·5 daysDecrease in receivables days = 60 – 40·5 = 19·5 daysDecrease in receivables = 15m x 19·5/365 = $801,370(The slight difference compared to the earlier answer is due to rounding)Decrease in financing cost = 801,370 x 0·06 = $48,082Net cost of proposed changes in receivables policy = 75,000 – 48,082 = $26,918CommentThe proposed changes in trade receivables policy are not financially acceptable. However, if the trade terms offered are comparable with those of its competitors, KXP Co needs to investigate the reasons for the (on average) late payment of current customers. This analysis also assumes constant sales and no bad debts, which is unlikely to be the case in reality.(b) Cost of current inventory policyCost of materials = $540,000 per yearAnnual ordering cost = 12 x 150 = $1,800 per yearAnnual holding cost = 0·24 x (15,000/2) = $1,800 per yearTotal cost of current inventory policy = 540,000 + 1,800 + 1,800 = $543,600 per yearCost of inventory policy after bulk purchase discountCost of materials after bulk purchase discount = 540,000 x 0·98 = $529,200 per yearAnnual demand = 12 x 15,000 = 180,000 units per yearKXP Co will need to increase its order size to 30,000 units to gain the bulk discountRevised number of orders = 180,000/30,000 = 6 orders per yearRevised ordering cost = 6 x 150 = $900 per yearRevised holding cost = 0·24 x (30,000/2) = $3,600 per yearRevised total cost of inventory policy = 529,200 + 900 + 3,600 = $533,700 per yearEvaluation of offer of bulk purchase discountNet benefit of taking bulk purchase discount = 543,600 – 533,700 = $9,900 per yearThe bulk purchase discount looks to be financially acceptable. However, this evaluation is based on a number of unrealistic assumptions. For example, the ordering cost and the holding cost are assumed to be constant, which is unlikely to be true in reality. Annual demand is assumed to be constant, whereas in practice seasonal and other changes in demand are likely.(c)The following factors should be considered in determining the optimum level of cash to be held by a company, for example,at the start of a month or other accounting control period.The transactions need for cashThe amount of cash needed for the next period can be forecast using a cash budget, which will net off expected receipts against expected payments. This will determine the transactions need for cash, which is one of the three reasons for holding cash.The precautionary need for cashAlthough a cash budget will provide an estimate of the transactions need for cash, it will be based on assumptions about the future and will therefore be subject to uncertainty. The actual need for cash may be greater than the forecast need for cash.In order to provide for any unexpected need for cash, a company can include some spare cash (a cash buffer) in its cash balance. This is the precautionary need for cash. In determining the optimal level of cash to be held, a company will estimatethe size of this cash buffer, for example from past experience, because it will be keen to minimise the opportunity cost of maintaining funds in cash form.The speculative need for cash There is always the possibility of an unexpected opportunity occurring in the business world and a company may wish to be prepared to take advantage of such a business opportunity if it arises. It may therefore wish to have some cash available for this purpose. This is the speculative need for cash. Building ‘a war chest’ for possible company acquisitions reflects this reason for holding cash.The availability of finance A company may choose to hold higher levels of cash if it has difficulty gaining access to cash when it needs it. For example,if a company’s bank makes it difficult to access overdraft finance, or if a company is refused an overdraft facility, its precautionary need for cash will increase and its optimum cash level will therefore also increase.(d)The factors to be considered in formulating a trade receivables policy relate to credit analysis, credit control and receivables collection.Credit analysisIn offering credit, a company must consider that it will be exposed to the risk of late payment and the risk of bad debts. To reduce these risks, the company will assess the creditworthiness of its potential customers. In order to do this, the company needs information, which can come from a variety of sources, such as trade references, bank references, credit reference agencies, published accounts and so on. As a result of assessing the creditworthiness of customers, a company can decide on the amount of credit to offer, the credit terms to offer, or whether to offer credit at all.Credit controlHaving extended credit to customers, a company needs to consider ways to ensure that the terms under which credit was granted are followed. It is important that customers settle outstanding accounts on time and keep to agreed credit limits.Factors to consider here are, therefore, the number of overdue accounts and the amount of outstanding cash. This information can be provided by an aged receivables analysis.Another factor to consider is that customers need to be made aware of the amounts outstanding on their accounts and reminded when payment is due. This can be done by providing regular statements of account and by sending reminder letters when payment is due.Receivables collectionCash received needs to be banked quickly if payment is not made electronically by credit transfer. Overdue accounts must be followed up in order to assess the likelihood of payment and to determine what further action is needed. In the worst cases,legal steps may need to be taken in order to recover outstanding amounts.A key factor to consider here is that the benefit gained from chasing overdue amounts must not exceed the costs incurred.参与ACCA考试的考生可按照复习计划有效进行，另外高顿网校官网ACCA考试辅导高清课程已经开通，还可索取ACCA考试通关宝典，针对性地讲解、训练、答疑、模考，对学习过程进行全程跟踪、分析、指导，可以帮助考生全面提升复习备考效果。
acca英语词汇书
acca英语词汇书
以下是一些推荐的ACCA英语词汇书：
1. "ACCA F4 Corporate and Business Law (English): Passcards"
by BPP Learning Media
2. "ACCA F5 Performance Management: Passcards" by BPP Learning Media
3. "ACCA F6 Taxation (UK): Passcards" by BPP Learning Media
4. "ACCA F7 Financial Reporting: Passcards" by BPP Learning Media
5. "ACCA F8 Audit and Assurance: Passcards" by BPP Learning Media
6. "ACCA F9 Financial Management: Passcards" by BPP Learning Media
这些书籍由BPP Learning Media出版，专为ACCA考试编写，旨在帮助考生掌握ACCA的必备英语词汇。
每本书都包含了
大量的ACCA相关词汇和术语，并提供了示例和练习，以帮
助考生巩固所学内容。
无论您是想提升ACCA考试的英语能力，还是想扩展ACCA课程中的词汇知识，这些书籍都是不
错的选择。
请注意，这只是一些建议，您还可以在其他书店或在线市场上寻找其他ACCA英语词汇书的选择。
ACCA PER performance objectives
Performance objectives are benchmarks of effective performance that describe the types of work activities students and affiliates will be involved in as trainee accountants. They also outline the values and attitudes trainees should demonstrate as they fulfil their practical experience requirements.Trainees are required to achieve 13 performance objectives in total – all nine Essentials performance objectives and any four Options performance objectives.Performance objectives are divided into nine areas whichare closely linked to the exam syllabus – reinforcing that any knowledge developed through the exams process will have a clear application in the workplace.Each trainee is required to plan with their workplace mentor which performance objectives they aim to achieve. This process will help both to identify which performance objectives the trainee can realistically achieve in their current role. Trainees should consider:• their role – they can complete a role profile using the trainee development matrix (TDM) which can be accessed through myACCA• their responsibilities• opportunities for gaining experience• which exams they have passed or are currently studying. As an employer or workplace mentor, you should encourage trainees to think about ways they can achieve performance objectives and provide opportunities for them to do this eg secondments or job rotations, project work, or learning and undertaking new responsibilities. These types of activitieswill help the trainee to meet ACCA’s practical experience requirements and benefit the organisation in which they work.Once the workplace mentor and the trainee have identified which performance objectives the trainee is going to achieve, the trainee will need to complete a period of work where they are gaining experience and developing their skills. The workplace mentor and the trainee will then need to review this experience. Using the trainee development matrix (TDM) trainees will need to answer a series of challenge questions that relate to the performance objective they are working towards achieving. Workplace mentors will need to review and sign-off the performance objective if the trainee has achieved it or alternatively, provide further guidance on what future activity needs to be completed.The table opposite outlines the performance objectives. Detailed information to guide trainees on each performance objective is contained within this booklet.Performance objectivesESSENTIALS (all nine to be completed)oPTIoNS (four to be completed)You must be fully aware of the ethics, values and standards that apply to you as a professional and make their application a consistent feature in all aspects of your work. This will include taking personal responsibility for your actions and regularly reflecting on your experiences to inform future actions and decision making. You must both act and be seen to act ethically and with the utmost integrity.To PErForm EFFEcTIvELy you NEEd To:• uphold (and be seen to uphold) professional ethics, values and standards• behave with integrity and objectivity eg act independently and avoid any conflict of interest• maintain professional competence, confidentiality and due care.Achievement of this performance objective requires consistent performance over a period of time. Evidence of this may include validation from third parties, and may be demonstrated as part of carrying out other activities.ExAmPLES oF rELEvANT AcTIvITIES INcLudE:• keeping up to date with all codes of conduct and professional standards• providing a description of how you have dealt with situations where your professional ethics, values or judgement were challenged • discussing with others (eg your manager) how you would deal with situations which could arise in the future where your professional ethics, values or judgement are challenged• informing clients about the ethical standards that apply to professional activities• monitoring compliance with relevant legislation, standards and regulations and raise any concerns with the appropriate person • identifing the person or persons within your organisation responsible for providing ethical advice or managing compliance with relevant legislation (eg money laundering legislation).These examples illustrate how you might demonstrate this performance objective. They are not obligatory – you may prefer to think of other ways that show how you perform effectively in this area.KEy KNowLEdgE ANd uNdErSTANdINg: ProFESSIoNALISm, EThIcS ANd govErNANcE• Demonstrating the application of professional values and judgement through an ethical framework that is in the best interests of society and the profession, in adherence with relevant professional codes, laws and regulations.• Understanding the fundamental principles contained within the ACCA’s Code of Ethics and Conduct.LINKEd ExAm PAPErPaper P1, Professional Accountant.4You will contribute to the effective governance of an organisation by providing support and information which will enable the organisation to operate effectively. This includes promptly providing information requested by senior management and/or decision making bodies in your organisation. You must also ensure that the work carried out in your own area of responsibility is in line with your organisation’s policies and procedures.To PErForm EFFEcTIvELy you NEEd To:• provide information, at the appropriate time, required by senior management to support decision making• implement organisational policies and procedures in your area of responsibility• ensure compliance with legal, regulatory and social requirements in your area of responsibility.Achievement of this performance objective requires consistent performance over a period of time. Evidence of this may include validation from third parties, and may be demonstrated as part of carrying out other activities.ExAmPLES oF rELEvANT AcTIvITIES INcLudES:• responding to requests for information from senior management and/or decision making bodies• providing information on developments external to organisations eg economic, environmental or legislative• helping to ensure that meetings in your organisation are well organised and effective.These examples illustrate how you might demonstrate this performance objective. They are not obligatory – you may prefer to think of other ways that show how you perform effectively in this area.KEy KNowLEdgE ANd uNdErSTANdINg: ProFESSIoNALISm, EThIcS ANd govErNANcE• Defining governance and explaining its function in the effective management and control of organisations and of the resources for which management are accountable.• Evaluating the professional accountant’s role in internal control and review.LINKEd ExAm PAPErPaper P1, Professional Accountant.5In your work, you will take steps to identify any potential risks, including the probability of their occurrence and the likely consequences. Dealing with identified risks may include informing others of the risks identified and deciding how the risk will be managed. You must be risk aware, but at the same time not afraid to take decisions and undertake activities which involve levels of risk which have been assessed as acceptable.To PErForm EFFEcTIvELy you NEEd To:• evaluate activities in your area and identify potential risks, the nature of the risks, the probability of occurrence and consequence • communicate information on identified risks to relevant people to enable decisions and actions to be taken in terms of accepting or treating the risks• maintain knowledge and understanding of legislative and regulatory requirements in your area of work• consult with others when faced with complex risk issues to ensure that the right decision is made.Achievement of this performance objective requires consistent performance over a period of time. Evidence of this may include validation from third parties, and may be demonstrated as part of carrying out other activities.ExAmPLES oF rELEvANT AcTIvITIES INcLudE:• performing, or contributing to, risk assessments eg risks to health and safety, risks to achievement of work objectives etc• consulting with risk experts within your organisation• conducting full and proper client acceptance procedures• taking part in the development of a Business Continuity/IT Disaster Recovery plan.These examples illustrate how you might demonstrate this performance objective. They are not obligatory – you may prefer to think of other ways that show how you perform effectively in this area.KEy KNowLEdgE ANd uNdErSTANdINg: ProFESSIoNALISm, EThIcS ANd govErNANcE• Explaining the role of the professional accountant in identifying and assessing risk• Assessing and evaluating the role of the professional accountant in controlling risk.LINKEd ExAm PAPErPaper P1, Professional Accountant.6As a professional, you are required to demonstrate an attitude and behaviours appropriate to the workplace. This includes organising and prioritising your own workload and aiming to deliver work of high quality that meets agreed objectives. You will need to work effectively with other people from both your own, and other organisations. You must also be committed to your own learning and development, and take action to address your identified learning and development needs.To PErForm EFFEcTIvELy you NEEd To:• prioritise and plan your work to meet objectives, managing conflicting pressures and making best use of time and resources• ensure the quality of your work always meets or exceeds agreed requirements• develop and maintain effective working relationships, being supportive to colleagues where required• actively develop your own skills and knowledge, acting on feedback where appropriate• demonstrate a professional attitude, appropriate to the culture of the organisation in which you work.Achievement of this performance objective requires consistent performance over a period of time. Evidence of this may include validation from third parties, and may be demonstrated as part of carrying out other activities.ExAmPLES oF rELEvANT AcTIvITIES INcLudE:• actively evaluate your own performance and participate in your organisation’s appraisal process• identifying your own development needs and regularly review your personal development plan• working effectively and reliably to ensure that everything for which you are personally responsible is completed to a high standard • working effectively as part of a team, providing support for others where appropriate• working effectively on partnership/joint projects with workers in other organisations.These examples illustrate how you might demonstrate your performance. They are not obligatory – you may prefer to think of other ways that show how you perform effectively in this area.LINKEd ExAm PAPErSAll examination syllabuses test a range of personal effectiveness skills, including skills required for managing self.7You will need to communicate clearly in order to work effectively with others. This includes communicating clearly with colleagues at all levels in your organisation and with people external to your own organisation. You must identify and minimise any barriers to effective communication and convey information in a way that others will understand. You may also need to check your own understanding of information provided by others.To PErForm EFFEcTIvELy you NEEd To:• ensure verbal communication is clear and coherent• ensure written communication is clear, well structured and professional• listen effectively to gather information and understand other viewpoints• check that information you have provided is understood and sufficient.Achievement of this performance objective requires consistent performance over a period of time. Evidence of this may include validation from third parties, and may be demonstrated as part of carrying out other activities.ExAmPLES oF rELEvANT AcTIvITIES INcLudE:• chairing or actively participate in meetings• exchanging information with colleagues and/or clients to support the achievement of work objectives• making effective use of e-mail• compiling written reports for management or clients• delivering formal presentations to management or clients• exchanging ideas and information, within appropriate boundaries of confidentiality, to develop supportive networks with other professionals.These examples illustrate how you might demonstrate your performance. They are not obligatory – you may prefer to think of other ways that show how you perform effectively in this area.LINKEd ExAm PAPErSAll examination syllabuses test a range of personal effectiveness skills, including communications skills.8You will use information and communications technology to improve your work output. You must make yourself aware of the software packages used in your workplace and make practical use of the software available to support your own work objectives. This might include using technology to gather and present information, calculate and interpret data, and to communicate with others.To PErForm EFFEcTIvELy you NEEd To:• select the appropriate software for the task, according to the needs and resources of your organisation• access files on your computer or your organisation’s network• create, edit and format files• use formulae, functions and tools to manipulate, analyse and interpret data• use a search engine to find information on the Internet or Intranet• send and receive e-mails (using features such as address books, attachments etc)• protect software and data from security risks such as theft, viruses or unauthorised access.Achievement of this performance objective requires consistent performance over a period of time. Evidence of this may include validation from third parties, and may be demonstrated as part of carrying out other activities.ExAmPLES oF rELEvANT AcTIvITIES INcLudE:• using standard software packages including word processing and spreadsheet applications• using standard accounting software packages• using the Internet and other IT resources for research purposes• using standard software packages for organising and analysing data eg databases• using standard software packages for the design and/or delivery of presentations• using e-mail applications to communicate both inside and outside your organisation.These examples illustrate how you might demonstrate this performance objective. They are not obligatory – you may prefer to think of other ways that show how you perform effectively in this area.KEy KNowLEdgE ANd uNdErSTANdINg: BuSINESS mANAgEmENT• Apply information systems and knowledge management to implement and support business functions and strategic objectives.LINKEd ExAm PAPErSAll examination syllabuses test a range of personal effectiveness skills, including communications skills.9You are required to effectively manage day-to-day activities in your area of responsibility. You must ensure that you plan activities and those activities support the achievement of your organisation’s objectives. You must remain aware of potential risks which could affect your work and take action to manage those risks. If you work in a team or department, you will allocate work to others and monitor the progress of their work. You will monitor the satisfaction of customers/clients/management, taking action to identify and meet their reasonable expectations.To PErForm EFFEcTIvELy you NEEd To:• develop and implement operational plans for your area of responsibility, in line with your organisation’s objectives• identify potential risks associated with achieving stated objectives and how these will be managed• allocate and monitor the progress and quality of work in your area of responsibility• manage business processes in your area of responsibility• encourage innovation in your area of responsibility• recognise and effectively manage the expectations of others.Achievement of this performance objective requires consistent performance over a period of time.ExAmPLES oF rELEvANT AcTIvITIES INcLudE:• developing, implementing and reviewing plans for the activities of your department• delegating work to team members• reviewing the work of others and providing feedback where appropriate• monitoring progress against agreed timetables and amending those timetables where necessary• monitoring customer/client feedback and taking action to improving customer/client satisfactionThese examples illustrate how you might demonstrate this performance objective. They are not obligatory – you may prefer to think of other ways that show how you perform effectively in this area.KEy KNowLEdgE ANd uNdErSTANdINg: BuSINESS mANAgEmENT• Recognise the political, economic, social, and technological context within which the accounting function operates• Apply information systems and knowledge management to implement and support business functions and strategic objectives.LINKEd ExAm PAPErSPaper F1, Accountant in BusinessPaper P3, Business Analysis.10You will constantly seek to improve departmental performance, either in your own organisation or an external organisation (a department could be any part of an organisation, including a team of people). You must identify and implement changes which will improve departmental performance and monitor progress towards desired changes. You must ensure that you involve others affected by improvements to departmental performance, maintaining an awareness of their views and concerns.To PErForm EFFEcTIvELy you NEEd To:• identify measures and systems to evaluate the performance of the department• recognise opportunities where departmental performance could be improved• make considered and sensible suggestions for improvements that have been fully researched• ensure that any improvements made are in line with the organisation’s vision and objectives• monitor the process of change and progress towards desired outcomes.Achievement of this performance objective requires consistent performance over a period of time.ExAmPLES oF rELEvANT AcTIvITIES INcLudE:• developing and implementing accounting processes• monitoring business performance and setting performance measures• suggesting improvements to business processes within your department• advising managers on how performance can be made more cost effective• working with individuals on your team to improve their personal performance levels and therefore the performance of the department.These examples illustrate how you might demonstrate this performance objective. They are not obligatory – you may prefer to think of other ways that show how you perform effectively in this area.KEy KNowLEdgE ANd uNdErSTANdINg: BuSINESS mANAgEmENT• Evaluate, select and implement the development of appropriate strategic alternatives to take the business from where it is to where it needs to be• Utilise and apply management and organisational behaviour theory to promote personal and operational effectiveness to support and implement strategic business objectives.LINKEd ExAm PAPErSPaper F1, Accountant in BusinessPaper P3, Business AnalysisPaper P5, Advanced Performance Management.You will take the lead in managing an assignment, either in your own organisation or in an external organisation. You will develop and implementa plan to achieve the objectives of the assignment and monitor your progress towards its successful completion. You must adjust your plan and activities where required and effectively communicate progress and the end results to relevant people (in particular to any person/s who initiated the assignment).To PErForm EFFEcTIvELy you NEEd To:• discuss and agree the objectives and scope of the proposed assignment and the available resources with the relevant people• develop a realistic and thorough plan for undertaking the assignment and achieving the key objectives• select and apply a range of project management tools and techniques to monitor, control and review progress• implement the plan to achieve the objectives of the assignment, making any changes as required• evaluate the success of the assignment, identifying any lessons which can be learned.ExAmPLES oF rELEvANT AcTIvITIES INcLudE:• managing a project or a clearly defined piece of work from beginning to end eg an external audit assignment, an internal audit assignment, set up a budgetary system.These examples illustrate how you might demonstrate this performance objective. They are not obligatory – you may prefer to think of other ways that show how you perform effectively in this area.KEy KNowLEdgE ANd uNdErSTANdINg: BuSINESS mANAgEmENT• Develop business process modelling and project management techniques to implement operational plans and support business strategy.LINKEd ExAm PAPErSPaper F1, Accountant in BusinessPaper P3, Business Analysis.You will prepare financial statements for external purposes in line with the appropriate regulations, accounting standards and guidelines. This includes obtaining relevant information and checking its completeness and accuracy. The financial statements and other supporting information you compile must be in an appropriate format (which may vary depending on whether you work in the public, private or voluntary sectors).To PErForm EFFEcTIvELy you NEEd To:• collect complete and accurate information in order to compile financial statements• compile financial statements and accounts in line with appropriate standards and guidelines• provide supporting information to make statements and accounts more understandable to users.Achievement of this performance objective requires consistent performance over a period of time.ExAmPLES oF rELEvANT AcTIvITIES INcLudE:• compiling financial statements and/or accounts• compiling supporting schedules/notes to accounts• compiling cover statements for bank reports• compiling statements of affairs.These examples illustrate how you might demonstrate this performance objective. They are not obligatory – you may prefer to think of other ways that show how you perform effectively in this area.KEy KNowLEdgE ANd uNdErSTANdINg: FINANcIAL AccouNTINg ANd rEPorTINg• Recognise and apply the external legal and professional framework and regulations to financial reporting• Record and understand financial transactions for single companies and combined entities• Prepare financial statements for single and combined entities.LINKEd ExAm PAPErSPaper F3, Financial AccountingPaper F7, Financial ReportingPaper P2, Corporate Reporting.You will analyse and interpret financial transactions and financial statements in order to arrive at valid conclusions. You must be able to explain your analysis and justify any conclusions reached.To PErForm EFFEcTIvELy you NEEd To:• analyse and interpret financial data from sections of the finance function responsible for the different business cycles• identify unusual features or significant issues within financial statements or financial data• interpret the relationships between the elements within financial statements• draw valid conclusions from the information contained within financial statements or financial data• clearly present issues, interpretations and conclusions.Achievement of this performance objective requires consistent performance over a period of time.ExAmPLES oF rELEvANT AcTIvITIES INcLudE:• analysing inventory levels, revenue figures or any other sub-ledger data• analysing and review the profitability of an organisation or department• analysing and review balance sheet accounts and working capital requirement• analysing trends within financial data• meeting with clients to present and discuss financial statements and any issues that may arise from them.These examples illustrate how you might demonstrate this performance objective. They are not obligatory – you may prefer to think of other ways that show how you perform effectively in this area.KEy KNowLEdgE ANd uNdErSTANdINg: FINANcIAL AccouNTINg ANd rEPorTINg• Analyse, evaluate and report upon the financial performance and position of single and combined entities from externally available information.Linked exam papersPaper F3, Financial AccountingPaper F7, Financial ReportingPaper P2, Corporate Reporting.You will prepare financial information for management including the initial preparation of financial information and/or remodelling using new information. You must check the completeness and accuracy of any information obtained and prepare financial information in an appropriate format. You will also provide any supporting advice and/or documentation to assist management in making use of the financial information.To PErForm EFFEcTIvELy you NEEd To:• collect data for the preparation of financial information to meet management requirements• investigate areas where there is doubt as to the completeness, accuracy and validity of information• summarise and present financial information in an appropriate format for management purposes.Achievement of this performance objective requires consistent performance over a period of time.ExAmPLES oF rELEvANT AcTIvITIES INcLudE:• preparing regular management accounts• providing analysis of performance against financial key performance indicators (KPIs)• producing a cost-benefit analysis• preparing management information to assist with decision making.These examples illustrate how you might demonstrate this performance objective. They are not obligatory – you may prefer to think of other ways that show how you perform effectively in this area.KEy KNowLEdgE ANd uNdErSTANdINg: PErFormANcE mEASurEmENT ANd mANAgEmENT AccouNTINg• Explain the role of management accounting and performance measurement and management• Collect, record and process management accounting information• Select and apply appropriate statistical and mathematical techniques for business decision-making.Linked exam papersPaper F2, Management AccountingPaper F5, Performance ManagementPaper P5, Advanced Performance Management.You will actively contribute to the process of planning and producing budgets. You will need to negotiate with others and resolve any outstanding issues in order to agree budgets. You must clearly communicate agreed budgets to the appropriate people and review budgets on a regular basis.To PErForm EFFEcTIvELy you NEEd To:• provide information to allow the creation of detailed and accurate budgets and cash flow forecasts• understand the impact of forecasts on the wider organisation• communicate agreed budgets to those who are responsible for administering or controlling funds• update existing budgets on a regular basis in light of new information.Achievement of this performance objective requires consistent performance over a period of time.ExAmPLES oF rELEvANT AcTIvITIES INcLudE:• contributing to meetings to discuss and agree budgets• preparing budgets based on the best available information to an appropriate level of detail• amending budgets to reflect changes in circumstances• preparing forecasts and conduct sensitivity analysis to assess the potential impact of changes to the budget• producing cash flow forecasts to project the organisation’s future cash position.These examples illustrate how you might demonstrate this performance objective. They are not obligatory – you may prefer to think of other ways that show how you perform effectively in this area.KEy KNowLEdgE ANd uNdErSTANdINg: PErFormANcE mEASurEmENT ANd mANAgEmENT AccouNTINg• Identify, describe, calculate and forecast business costs and revenues and their behaviour• Plan, monitor, and control the use of business and financial resources.LINKEd ExAm PAPErSPaper F2, Management AccountingPaper F5, Performance ManagementPaper P5, Advanced Performance Management.。
ACCA_F9_2012_六月考题
P a p e r F 9This is a blank page.The question paper begins on page 3.2ALL FOUR questions are compulsory and MUST be attempted1Ridag Co is evaluating two investment projects, as follows.Project 1This is an investment in new machinery to produce a recently-developed product. The cost of the machinery, which is payable immediately, is $1·5 million, and the scrap value of the machinery at the end of four years is expected to be $100,000. Capital allowances (tax-allowable depreciation) can be claimed on this investment on a 25% reducing balance basis. Information on future returns from the investment has been forecast to be as follows:Year1234Sales volume (units/year)50,00095,000140,00075,000Selling price ($/unit)25·0024·0023·0023·00Variable cost ($/unit)10·0011·0012·0012·50Fixed costs ($/year)105,000115,000125,000125,000This information must be adjusted to allow for selling price inflation of 4% per year and variable cost inflation of 2·5% per year. Fixed costs, which are wholly attributable to the project, have already been adjusted for inflation. Ridag Co pays profit tax of 30% per year one year in arrears.Project 2Ridag Co plans to replace an existing machine and must choose between two machines. Machine 1 has an initial cost of $200,000 and will have a scrap value of $25,000 after four years. Machine 2 has an initial cost of $225,000 and will have a scrap value of $50,000 after three years. Annual maintenance costs of the two machines are as follows:Year1234Machine 1 ($/year)25,00029,00032,00035,000Machine 2 ($/year)15,00020,00025,000Where relevant, all information relating to Project 2 has already been adjusted to include expected future inflation.T axation and capital allowances must be ignored in relation to Machine 1 and Machine 2.Other informationRidag Co has a nominal before-tax weighted average cost of capital of 12% and a nominal after-tax weighted average cost of capital of 7%.Required:(a)Calculate the net present value of Project 1 and comment on whether this project is financially acceptableto Ridag Co.(12 marks)(b)Calculate the equivalent annual costs of Machine 1 and Machine 2, and discuss which machine should bepurchased.(6 marks)(c)Critically discuss the use of sensitivity analysis and probability analysis as ways of including risk in theinvestment appraisal process, referring in your answer to the relative effectiveness of each method.(7 marks)(25 marks)3[P.T.O.2The following financial information relates to Wobnig Co.Income statement extracts20112010$000$000Revenue 14,52510,375Cost of sales 10,458 6,640––––––––––––––Profit before interest and tax4,067 3,735Interest 355292––––––––––––––Profit before tax 3,7123,443T axation1,4851,278––––––––––––––Distributable profit2,2272,165––––––––––––––Statement of financial position extracts2011 2010$000 $000$000 $000 Non-current assets15,284 14,602Current assetsInventory2,1491,092T rade receivables3,2001,734––––––––––––5,3492,826––––––––––––––T otal assets20,63317,428––––––––––––––Current liabilitiesT rade payables2,8651,637Overdraft1,500250––––––––––––4,365 1,887 EquityOrdinary shares8,0008,000Reserves4,2683,541––––––––––––12,268 11,541 Long-term liabilities7% Bonds4,000 4,000––––––––––––––T otal liabilities20,633 17,428––––––––––––––Average ratios for the last two years for companies with similar business operations to Wobnig Co are as follows: Current ratio1·7 timesQuick ratio1·1 timesInventory days55 daysT rade receivables days60 daysT rade payables days85 daysSales revenue/net working capital10 times4Required:(a)Using suitable working capital ratios and analysis of the financial information provided, evaluate whetherWobnig Co can be described as overtrading (undercapitalised).(12 marks) (b)Critically discuss the similarities and differences between working capital policies in the following areas:(i)Working capital investment;(ii)Working capital financing.(9 marks) (c)Wobnig Co is considering using the Miller-Orr model to manage its cash flows. The minimum cash balance wouldbe $200,000 and the spread is expected to be $75,000.Required:Calculate the Miller-Orr model upper limit and return point, and explain how these would be used to manage the cash balances of Wobnig Co.(4 marks)(25 marks)5[P.T.O.3Zigto Co is a medium-sized company whose ordinary shares are all owned by the members of one family. It has recently begun exporting to a European country and expects to receive €500,000 in six months’ time. The prospect of increased exports to the European country means that Zigto Co needs to expand its existing business operations in order to be able to meet future orders. All of the family members are in favour of the planned expansion, but none are in a position to provide additional finance. The company is therefore seeking to raise external finance of approximately $1 million. At the same time, the company plans to take action to hedge the exchange rate risk arising from its European exports.Zigto Co could put cash on deposit in the European country at an annual interest rate of 3% per year, and borrow at 5% per year. The company could put cash on deposit in its home country at an annual interest rate of 4% per year, and borrow at 6% per year. Inflation in the European country is 3% per year, while inflation in the home country of Zigto Co is 4·5% per year.The following exchange rates are currently available to Zigto Co:Current spot exchange rate2·000 euro per $Six-month forward exchange rate1·990 euro per $One-year forward exchange rate1·981 euro per $Required:(a)Discuss the reasons why small and medium-sized entities (SMEs) might experience less conflict between theobjectives of shareholders and directors than large listed companies.(4 marks)(b)Discuss the factors that Zigto Co should consider when choosing a source of debt finance and the factorsthat may be considered by providers of finance in deciding how much to lend to the company.(8 marks)(c)Explain the nature of a mudaraba contract and discuss briefly how this form of Islamic finance could be usedto finance the planned business expansion.(5 marks)(d)Calculate whether a forward exchange contract or a money market hedge would be financially preferred byZigto Co to hedge its future euro receipt.(5 marks)(e)Calculate the one-year expected (future) spot rate predicted by purchasing power parity theory and explainbriefly the relationship between the expected (future) spot rate and the current forward exchange rate.(3 marks)(25 marks)64Corhig Co is a company that is listed on a major stock exchange. The company has struggled to maintain profitability in the last two years due to poor economic conditions in its home country and as a consequence it has decided not to pay a dividend in the current year. However, there are now clear signs of economic recovery and Corhig Co is optimistic that payment of dividends can be resumed in the future. Forecast financial information relating to the company is as follows:Year123Earnings ($000)3,0003,6004,300Dividends ($000)nil5001,000The company is optimistic that earnings and dividends will increase after Year 3 at a constant annual rate of 3% per year.Corhig Co currently has a before-tax cost of debt of 5% per year and an equity beta of 1·6. On a market value basis, the company is currently financed 75% by equity and 25% by debt.During the course of the last two years the company acted to reduce its gearing and was able to redeem a large amount of debt. Since there are now clear signs of economic recovery, Corhig Co plans to raise further debt in order to modernise some of its non-current assets and to support the expected growth in earnings. This additional debt would mean that the capital structure of the company would change and it would be financed 60% by equity and 40% by debt on a market value basis. The before-tax cost of debt of Corhig Co would increase to 6% per year and the equity beta of Corhig Co would increase to 2.The risk-free rate of return is 4% per year and the equity risk premium is 5% per year. In order to stimulate economic activity the government has reduced profit tax rate for all large companies to 20% per year.The current average price/earnings ratio of listed companies similar to Corhig Co is 5 times.Required:(a)Estimate the value of Corhig Co using the price/earnings ratio method and discuss the usefulness of thevariables that you have used.(4 marks)(b)Calculate the current cost of equity of Corhig Co and, using this value, calculate the value of the companyusing the dividend valuation model.(6 marks)(c)Calculate the current weighted average after-tax cost of capital of Corhig Co and the weighted averageafter-tax cost of capital following the new debt issue, and comment on the difference between the two values.(6 marks)(d)Discuss how the shareholders of Corhig Co can assess the extent to which they face the following risks,explaining in each case the nature of the risk being assessed:(i)Business risk;(ii)Financial risk;(iii)Systematic risk.(9 marks)(25 marks)7[P.T.O.89[P.T.O.10。
2010.Dec.ACCA.F9_OpenTuition-Paper-Mock-exam-Solutions
MOCK EXAM SolutionsYou can download Mock Exam Questions on:/acca/PAPER F9FINANCIAL MANAGEMENT This material is © protected and is licensed by Kevin J Kelly to Live Online tuition includes•Focused advice & help on WHAT and HOW to learn for the December F9 Exam, plus targeted EXAM TIPS•Revise a topic that you nd di fficult,•Essential THEORY skills – I will teach you theAPPROACH required to be MARK – TIMEaware in the exam … don’t lose easy marksanymore. Instead, let me show you how to pick up the easy marks to help you passrst time! Students frequently forget that inF9 50% of the marks are available fortheory!•Essential NUMERIC skills – don’t risk failing theexam because you have got bogged down on aparticular numeric question in the exam. Do you have a reliable and structured approach for dealing with important numerical questions on Investment Appraisal, Financial Analysis, Working Capital Management, Cost of Capital, calculating WACC, Foreign Exchange calculations, etc., ? I will teach you essential numeric skills quickly and e ffectively using my unique “TEMPLATES ”.Can you provide your answers to numeric and theory questions at speed, demonstrating e ffective planning & logical layout? If not, let me show you how.•EXAM TECHNIQUE skills signi cantly improved – students often frequently under-perform in the exam when dealing with questions on Financial analysis, Investment Appraisal. Calculating WACC, Forex, etc., •Past F9 Exam Papers - explained in a simple and easy to understand fashionone-to-one tuition with ACCA Tutor Kevin Kelly For further information email Kevin Kelly: info@ or visit: Paper F9Book your one-to-one tuition with ACCA F9 Tutor, Kevin Kelly,(You choose any topic from within the F9 syllabus)Available Live on-line now £9.99 for 15 minutes or only £35.00 for 1 hr (All you will need is access to the internet and Skype)Contact: info@ or Mock Exam Service – Correction, Feedback and Assessment•Mock exam Assessment and Feedback. Correction Service for only £3.00 per question (£9.99 per paper - 4 questions). Marked and returned to you with DETAILED comments and suggestions for improvements online within 24 hours.•Revision questions marked and returned to you with comments and suggestions forimprovements £3.00 per question (£9.99 per paper - 4 questions)Mock Exam Assessment From only £3.00Solution 1Cost of Capital and Investment AppraisalBefore attempting this question you are advised to have carefully revised the following chapters of the Course NotesChapter 6 Management of Working Capital (4) - CashChapter 7 Investment AppraisalChapter 8 Relevant Cash Flows for DCFChapter 11 Sources of Finance - EquityChapter 12 Sources of Finance – DebtChapter 14 The Valuation of Securities – theoretical approachChapter 15 The Valuation of Securities – practical issuesChapter 16 The Cost of CapitalChapter 17 When (and when not!) to use the WACC for Investment AppraisalSolution 1a)Calculate the after-tax weighted average cost of capital of Orihuela SA (6 marks)*Tutors Note: Firstly, let’s recap on the procedure (Answer Plan) to follow in the exam … so that you produce an answer with a well structured layout that the marker can easily follow.WACC procedure may be summarised under the following headings. You will then only need to decide on which components of the following structure will be relevant to answering our specific exam question.WACC states: Ko = Ke (%) + Kdat (%)Approach / Procedure in the EXAMKe DVM (Growth or no Growth in Dividends?)P/E modelCAPMNPV # 1 Kdat Redeemable => IRR => NPV # 2InterpolateIRRedeemable => IRR => CI (1-t) / MV Weightings Preferably Market Values*Tutors Note: Looking at our question it is easily apparent that in our answer we will need to calculate Ke (the cost of equity) by reference to a suitable Dividend Valuation Model (DVM.. in this case Gordon’s Dividend Growth Formula) and the Kdat (the cost of redeemable debt AFTER TAX) by reference to first principles, using IRR.1This material is © protected and is licensed by Kevin J Kelly to Ke - Cost of EquityGordon’s formula states that Ke = Do (1+g) + gPe*Tutors Note: “Just Paid” = Do = $53, Current MPS = $18, Growth = g = 0.06Filling in the blanks we get:Ke = 3.0 (1+.06) + .0618Ke= 23.67%KDAT - Cost of Redeemable Debt*Tutors Note: We calculate Kdat from first principles - based on examination of the Relevant Cash Flows (Relevant Costs) associated with the bond. These c/f’s may be summarized as followsCalculation of NPV @ say 5%Table of Relevant Cash FlowsT o t1t2!!!.>t10Cost (MV) (93)Coupon Interest (1-t) 4.2 4.2……..> 4.2Redemption @par 100Redemption premium 10% 10Net Cash Flows (93) 4.2 4.2……. 114.20Df @5% 1 0.952 0.907 …. 0.614P.V. (93) 4.0 3.81 ……. 70.12NPV = 6.97*Tutors Note: Within the strict time constraints of the exam it would be a little time consuming to work out the NPV in this “normal” fashion. Clearly, it would be more efficient to use the Cumulative Discount Tables (or Annuity Factor Tables) to work out the Present Value of the constant CI cash flow ($4.20) between years 1 & 10 as follows:KDAT- Cost of Redeemable DebtCalculation of NPV @ say 5%Summary of Relevant Cash FlowsPVCost T o (93) x 1.00 (Real Cost) (93)CI after tax t1 to t10 4.20 x 7.722 (AF for 10 yrs) 32.43 Redemption t10 110 x .614 (df for yr 10) 67.54NPV+ 6.972This material is © protected and is licensed by Kevin J Kelly to This material is © protected and is licensed by Kevin J Kelly to 3*Tutors Note: The 2nd approach to calculating the NPV is much faster in this instance. Therefore, I will derive the 2nd NPV in this way also.Calculation of NPV @ say 10%Summary of Relevant Cash Flows PV Cost T o (93) x 1.00 (Real Cost) (93)CI after tax t 1 to t 10 4.20 x 6.145 (AF for 10 yrs) 25.81Redemption t 10 110 x .386 (df for yr 10) 42.46NPV - 24.73NPV = (24.73)*Tutors Note: We can now proceed to INTERPOLATE in order to estimate the Cost of Capital (df) that gives us a breakeven NPV … => the Kdat (of Redeemable Debt).*Tutors Note: The Formula for the IRR is either:IRR !- or if you prefer -Difference in Pos. NPV IRR ! Pos. Coc + Coc X Sum of NPV’s Where:L = Lower rate of InterestH = Higher rate of InterestN L = NPV @ Lower rate of InterestH L = NPV @ Higher rate of InterestInterpolateKdat = IRR ! ! 6.10%Weightings (based on Market Values)Market# ‘000 MPU Value %[E ] Equity 1,500 18.00 27,000 85.31[D ] Debt 5,000 93% 4,650 14.69[V ] Value 31,650 100%WACC states: Ko = Ke (%) + Kdat (%)*Tutors Note: Now, filling in the blanks in the formula we get:! Ko = 23.67(.8531) + 6.10(.1469) ! 21.09%Solution 1 contd.,(b)Advise the MD of Orihuela SA, with reasons, whether or not you believe theinvestment appears worthwhile. (6 marks) *Tutors Note: Questions of this nature, which question the economic value of investments (whether or not they are worthwhile) require you ALWAYS (unless you are instructed otherwise) to calculate the NPV of the investments. The DECISION CRITERION is then to choose the investment with the highest NPV.Why is this? The answer is simple, NPV is THEORETICALLY, the superior decision making technique.Calculation of NPVBased on examination of the Relevant Cash Flows (Relevant Costs)Table of Relevant Cash Flows- 000’s -t0 t1 t2 t3 t4 t5 t6Cash from Operations:Operating cash flows 710 745.5 782.8 821.9 863Tax - Payable (213) (223.6) (234.8) (246.6) (258.9) - Saved on CA’s (W1) 225 168.7 126.6 94.9 248.8 Other Relevant Cash Flows:Cost (3,000)Scrap Value 120Working Capital (W2)(390) (19.50) (20.5) (21.5) (22.5) 474Net Cash Flow (3,390)690.5 737 706.4 691.2 1305.3(10.1)d.f @21%(W3) 1.0 .826 .683 .564 .466 .385 .319P.V. (3,390) 570.3 503.4 398.4 322.1 502.5 (3.2) NPV = (1,096) Negative REJECT(W1)Calculation of Tax Relief on Capital AllowancesTaxYear WDV CA Relief Timing1 3,000 750 225 t22 2,250 562.5 168.75 t33 1,687.5 421.9 126.57 t44 1,265.6 316.4 94.92 t55 949.2 *829.2 248.76 t6Total Entitlement 2,880 x 30% 864This material is © protected and is licensed by Kevin J Kelly to 4* Calculation of Balancing Allowance / ChargeTax WDV of 949.2 – Sale Proceeds of 120 = Balancing Allowance of 829.2(W2)Calculation of annual Incremental Working Capital requirementBeginning Opening AnnualYear Balance Increment Timing1 390 (390) t02 409.5 (19.5) t13 429.975 (20.475) t24 451.474 (21.499) t35 474.047 (22.573) t4End of year 5 Repayment 474.047 t5(W3)Calculation of an appropriate df (Discount Factor) to use in the evaluationAssumption: that 21.09%, the WACC calculated in part (a) rounded to 21%, is the correct average cost of capital (df) to use in this instance. This assumption is based on the assertion that the new investment will have the same Business Risk (same Industry) and will be financed in the same way (the same Financial Risk / same Financing mix of capital, D:E) as the company’s existing operations. Consequently, it is considered appropriate to use the existing company WACC. If both of these conditions were not met then a project specific WACC would have to be calculated using CAPMAdvise the MD, with reasons, whether or not you believe the investment appears worthwhile.Purely on financial grounds I would advise the MD not to proceed with the proposed investment.The principle reason is that, in THEORY, proceeding with the proposed investment will result in an immediate DECREASE in shareholders wealth in the amount of $1,096,000.This advice however ignores consideration of a range of non-financial and/or qualitative factors which will necessarily be an important part of the strategic decision making process of the MD and the board of Orihuela Plc in this instance.*Tutors Note: Refer to the points listed under part ( c) below for further information on non-financial/qualitative factors.5This material is © protected and is licensed by Kevin J Kelly to Solution 1 contd.,(c)Advise the Managing Director on what factors he should consider before decidingon a “correct” buying price to pay for the target company. (3 marks) *Tutors Note: It is important to appreciate, when considering what price the predator company should pay for the target company, that questions about “correct price” are like trying to consider “how long is a piece of string”! There are many practical considerations to take into a/c, each varying in importance depending on the circumstances or motivations surrounding the takeover discussions. There are financial considerations (valuation methods, funding issues, stock market & share price reaction, synergies,…) as well as non-financial considerations (strategic, managerial, operational issues,…) to take into a/c. Suffice it to say that every minute aspect of the business and the industry in which it operates in are likely to be considered. …… Thus following on from this logic you should now be able to appreciate that there is NO SUCH THING as a “correct buying price” – in the final analysis it will depend on the negotiation skills of the people involved and sitting around the table! Having said all this an acceptable answer for 3 marks might look like this:(i) Range of Prices - Valuation methodsThere are several possible valuation models available, each of which have different underlying assumptions and thus each model will produce a different BUYING PRICE. For example, there are;•Dividend valuation models•Price / Earnings models•Discounted Cash Flow Models•Net Asset based modelsThe Net Assets or Balance Sheet approaches are often quite useful in these types of negotiations; the Net Realizable Value basis can provide a useful MINIMUM PRICE and the Net Replacement Cost basis can provide a useful MAXIMUM PRICE….around which the negotiations can take place.The other bases (P/E, DVM and DCF models) tend to provide prices which lie between the two extremities of the price range provided by the NRV and NRC.As I have stated above, the FINAL or “correct” buying price will be a matter of judgment and will very much depend on the negotiation skills of the people involved in the discussions.*Tutors Note: To recap:EQUITY valuation models include:•Dividend valuation models•Price / Earnings models•Discounted Cash Flow Models•Net Asset (Balance Sheet) based models providing valuations based on:N.B.V !Little useN.R.V !Min. (Seller)N.R.C !Max. (Buyer)6This material is © protected and is licensed by Kevin J Kelly to (ii) Other Financial considerationsCosts (accountants, legal, brokers, underwriting), Goodwill, stock marketreaction, EPS, Share Price, Funding arrangements,(iii) Other Non-Financial considerationsStrategic (rapid growth, acquire expertise, diversification, enhance EPS),Managerial & Operational….Solution 1 contd.,(d)(i)Calculate the theoretical ex-rights price of an ordinary share. (2 marks) Theoretical ex-rights price per ordnary share.Shares Price MVExisting (original) holding 4 2.80 11.20Rights Issue 1 2.20 2.2013.40TERP=> 13.40/5= $2.68*Tutors Note: => this implies that the value of the rights are $2.68 -$2.20 = $0.48 for every 4 shares held or new share acquired.(d)(ii)H ow will the wealth of an investor holding 10,000 ordinary shares in Murcia Plc be affected by the rights issue if they take up their rights to buy new shares or decline the option to do so. (3 marks) Expected effect on Wealth of Shareholders - Wealth -$ 10,000 sharesBefore $Current position (as above) 4 x 2.80 = 11.20 28,000Take up RightsNew position 5 x 2.68 = 13.40Cost of new share 1 x 2.20 = (2.20)Wealth 11.2028,000Before = 11.20After = 11.20of the ShareholderDecline Rights Issue offer but sells rightsNew value of existing sh/holding 4 x 2.68 = 10.72Proceeds from sale of rights 1 x 0.48 = 0.48Wealth 11.20 28,000 Before = 11.20 After = 11.20of the ShareholderThis material is © protected and is licensed by Kevin J Kelly to 7Decline Rights Issue offer and does nothing (does not sell rights)New value of existing sh/holding 4 x 2.68 = 10.72 26,800Before = 11.20After = 10.72 Wealth of the*Tutors Note: => this implies that the Wealth of the shareholder has decreased by the value of the rights that have not been taken up ($2.68 -$2.20 = $0.48). On 10,000 shares this is a fall in wealth of 2,500 shares x $0.48 = $1,200.To recap: In THEORY, the only way the investor can lose is if he IGNORES the rights issue offer and neglects to SELL the rights. Consequently, in THEORY, there is NO EFFECT on the wealth of the shareholder whether he decides to take up the rightsand/or sells the rights. But, from the point of view of retaining some influence within the company however, the decision whether to invest in the rights or not would be an important one.Solution 1 contd.,(e)Explain what you understand by the term “Funding Gap” and suggest remediesthat an SME (small or medium sized enterprise) finding itself in this positionmight consider. (5 marks) *Tutors Note: Given the economic climate that exists within the UK and Europeat present, it would be unwise not to be prepared for a question that refers to the current“Liquidity Crisis”, “Banking Crisis” or “Credit Crisis”.More than ever before, if companies are to survive these harsh economic times it is imperative that they operate sound principles of working capital management – note specifically that from a practical point of view good Cash Management involves knowing not only how to raise more money and/or spend less money but also importantly an understanding of the variety of Sources of Finance available through the EQUITY Markets, BOND Markets, MONEY MARKETS and central and regionalGovernment/European initiatives.As a corollary, part (e) should be an important part of your THEORY preparations for the forthcoming December 2010 examination. For this reason I am providing you with a solution that goes WAY BEYOND what might be expected in the exam for 5 marks but nevertheless I hope that you find this summary of Sources of Finance generally useful and that it helps to “bring together” what is an otherwise potentially expansive part of the syllabus.The FUNDING GAP ... facing SME’sThis material is © protected and is licensed by Kevin J Kelly to 8Funding Gap…. arises when the SME wants to expand beyond its existing Funding Capacity and finds that it is unable to access suitable Debt and/or Equity Finance to do so.•For investments below £500,000 most SME’s can access an informal funding network of their friends, families and business angels. Once companies requirefunding above £2m they are usually quite established and therefore perceived as lower risk and therefore are more likely to be able to secure funding frominstitutional investors.•The gap between these two finance situations is known as the Funding Gap.Maturity Gap……arises because LT loans are easier to raise than MT or ST loans.•LT loans can be secured against Personal Property and/or other assets via Mortgages.•Banks are basically unwilling to lend further without a corresponding increase in SECURITYEquity Gap…..arises out of the difficulty associated with obtaining additional Equity Finance beyond the Initial equity finance injected by the Owners and/or BUSINESS ANGELS… many assets are intangible.Compounding the Funding Gap difficulties being faced by SME’s are also the following:SecurityLack of suitable assets available to PLEDGE as security on Bank Borrowings - Fixed and/or Floating Charges on assetsSizeUsually SME is un-quoted…..a draw back to raising D and EUn-quoted (normally the SME is unquoted)•Greater difficulty in raising finance thru a Rights Issue or a Placing …. often family and friends will be exhausted (as well as financially!) from the SME.•Other external Investors are difficult to attract because of greater perceived Systematic Financial Risk and Systematic Business RiskTrack RecordYoung Entrepreneurial companies often have no or limited borrowing history / track record.Competitive Market Place for FinanceLarge quoted companies, government all competing for a limited pool of deposits.Lack of Financial ExpertiseDeficit of knowledge in identifying and raising suitable sources of financeRisk•Both D and E Investors consider SME’s more risky investments•High Failure rate of start-ups and SME’sUncertaintyNo or Poor Credit Rating with Credit Rating Agencies or the Banks themselves.Lack of adequate MIS or FISDetailed Accounting Records, Fixed Asset Registers (re; Fixed or Floating Charges), Projections, Budgets, Business Plans, suitably Qualified Directors with Financial Skills (ACCA qualified accountants)Exit Route• A problem for Equity Investors as the company is usually Un-quoted.•If company tries to buy back its own shares this can often just exacerbate C/F problemsPotential Sources of Finance for SME’s ….. REMEDIAL ACTIONEquity (E)Debt (D)Government AidShare Issues R.E’s ST LTOwners Div Policy B/Overdraft Loans (SFLGS)Business Angels Operating Lease Finance LeaseRI (Rights Issue) Factoring Mortgage LoansPrivate Placing Invoice Discounting MezanineFinanceVenture Capital Commercial Paper Franchise Finance(see definition in OT Course Notes) Trade Credit Sale & Lease back Flotation (IPO on AIM or maybe Official List) Euro-CurrencyLoansAfter Flotation could lead to: Working Capital mgt PreferenceShares- Offer for Sale -by Tender Cash Operating Cycle Public Debt- Offer for Sale -@ Fixed Price Debentures - if SME isquotedScrip DividendsIrredeemable DebenturesConvertible DebenturesDebentures with WarrantsZero Coupon BondsDeep Discount BondsJunk Bonds- SFLGS- Govt Grants- Govt.Loans- Govt. Tax Incentives- E.C.F’s (Enterprise Capital Funds)Government AidThe assistance available, in order to encourage Loans and/or Equity Investment into SME’s, is very Country Specific …. the various schemes available in the UK can differ to the variety and extent of the schemes available in Ireland, Spain, Germany, etc.,Considering the UK situation.., the main points to consider are:SFLGS- Definition. .. The Small Firms Loan Guarantee Scheme is designed to help Small Firms get a loan from the bank…..especially when they lack the SECURITY the Bank ordinarily needs.- Under the scheme, the bank can lend up to £250,000 without SECURITY over PERSONAL assets or a PERSONAL GUARANTEE being required of the borrower.- All available BUSINESS assets must be used as security if required by the bank.- The Government will guarantee 75% of the Loan.- A PREMIUM of 2% is payable on the guaranteed part of the loan.GRANTS- Definition…a CAPITAL or REVENUE Grant is a sum of money given to an individual or business for a specific project or purpose. The Grant usually covers only part of the total costs involved.- Grants to help with Business Development are available from a variety of sources such as the following sources:•Government•European Union•Regional Development Agencies•Business Link•Local Authorities•Charitable Organisations- Grants are awarded on the basis of:•Business Activity•Specific Industry Sector (e.g. Technology)•Geographical Area (e.g. areas in need of economic Regeneration or Regional Development)- Examples of various Government Grant schemes:•RSA – REGIONAL SELECTIVE ASSISTENCE SCHEME•RIG – REGIONAL INNOVATION GRANTS•ENTERPRISE GRANTS- Examples of various Government Loan schemes:•SFLGS – SMALL FIRMS LOAN GUARANTEE SCHEME•STFL – SMALL FIRMS TRAINING LOANS•EIB – EUROPEAN INVESTMENT BANK•EIF – EUROPEAN INVESTMENT FUND- Examples of various Government Tax Incentive schemes:•EIS – ENTERPRISE INVESTMENT SCHEME•VCT – VENTURE CAPITAL TRUSTS•EMPLOYEE SHARE INCENTIVE SCHEMES•DECREASING CORPORATION TAX THRESHOLD•INCREASING SALES TAX THRESHOLD•ECF - ENTERPRISE CAPITAL FUNDS- Definition…ECFs were launched in the UK in 2005. ECF’s are designed to becommercial funds, investing a combination of private and public money/funds in high-growth businesses.- Each ECF will be able to make Equity investments of up to 2 million intoeligible SMEs that have genuine growth potential but whose funding needs arenot currently met.Further Points to remember on the …“Equity” Sources of Finance mentioned above Business AngelsHigh net worth individuals who invest in Start-Ups and Development Stage of SMEs Usually have very good knowledge / expertise of INDUSTRY ( BUSINESS RISK ) they are buying into…..do you watch ‘Dragons Den” ? !RIThe key points to remember with Rights Issues are:Voting Rights remain Unchanged / RIs are at Directors Discretion / Rarely Fails / Cheaper / Pre-emption RightsVCDefinition…Venture Capital is the provision of Risk Finance to young Entrepreneurial Companies on a 5 – 7 year investment time horizon.Consider the following points in Choosing between Sources (E -v- D) Finance •Amount of Finance (Loan or Equity) required•Cost (Interest Rates – Fixed or Floating - versus Dividends)•Term Structure of Interest Rates (The Yield Curve)•Duration / Maturity / Redemption•Gearing / Capital Structure (Optimal balance reached?)•Accessibility•Control•Dividend Policy•Memorandum and Articles of Association•Debt CovenantsSolution 2Working Capital Management & Financial AnalysisBefore attempting this question you are advised to have carefully revised the following chapters of the Course NotesChapter 3 Management of Working Capital (1)Chapter 4 Management of Working Capital (2) - Inventory Chapter 5 Management of Working Capital (3) – Receivables & Payables Chapter 6 Management of Working Capital (4) - CashChapter 11 Sources of Finance - EquityChapter 12 Sources of Finance - DebtChapter 13 Capital Structure and Financial RatiosChapter 18 Cost of Capital – the Effect of Changes in Gearing Solution 2(a)Comment on why you think the bank has refused the additional loan facilityrequested and advise on what remedial action you think might be available.(13 marks) Tutor’s note: a discussion on the working capital financing policy, capital structure and the financial performance of UK Plc is required hereFirstly, a quick Tutorial on RatiosFINANCIAL ANALYSIS: SOME BASIC EXAMPLESRatios are potentially useful in financial analysis since they help summarize extensive amounts of data in a meaningful format.Ratios may be grouped into 5 broad categories:1. Profitability }Return on Capital employed (ROCE) + Return on Equity (ROI)2. Liquidity3. Working Capital4. Capital Structure5. Investor RatiosTutor’s note: There is no universal agreement on the definitions of the ratios to use here. Different textbooks/professors utilize alternative measures and even use alternative grouping schemes. For the purposes of ACCA F9 this classification is fine.Remember1.Be Selective……. Choose to calculate /use those ratios that will help you toanswer what you want to know:1.How well is the Company managed?2.How well is the Working Capital managed?3.How is the company financed?4.How good is the company’s Liquidity?5.How good an Investment is the company?2.Individual Ratios are of little use…... Look at the (a) TREND over timeand/or (b) inter-company comparisons within the SAME INDUSTRY and/or (c) BUDGETS.3.Look at trends over time in terms of ……..1. E.P.S.2.Dividends3.Sales4.Do not forget to adjust for INFLATION5.Look out for OVER-TRADING….. a successful company with insufficientinvestment in w/c (under-capitalized for Working Capital).Symptoms:1)HIGH ROCE2)POOR Liquidity Ratios3)POOR Creditors day ratio6.Working Capital Management can be assessed by an analysis of the CashOperating Cycle+ Debtors + Trade Debtors * 365 = x daysAnnual Credit Sales+ Stocks + Raw Material Stocks *365 = x daysAnnual Purchases+ Work in Progress *365 = x daysCost of Sales+ Finished Goods Stocks *365 = x daysCost of Sales- Creditors - Trade Creditors *365 = (x days)Annual Purchases…………Length of Cash Operating (W/C) Cycle X……….7.If a company Requires Finance consider:!Equity!Debt - rem: Loan Guarantee Scheme!Factoring / Invoice Discounting!Better Debtors Control!Better Stock management!Take more Credit from supplier!Sale and lease-back of Free Hold property!Sale of Investments and / or Assets!“Management-Buyout” …. Sell–off one of your divisions for cash.Finally, remember that in a Financial Analysis (ratio analysis) question you can expect the marks for the CALCULATIONS and the marks for COMMENTS to be broadly evenly split. In other words, expect a MAXIMUM of 50% of the marks for the calculations….. You have been warned!Tutor’s note: For those of you who find answering exam questions on Financial Analysis difficult can I suggest that you Study and Learn the following TEMPLATE and I hope you will thus find that your understanding and approach to answering questions on Financial Analysis improves accordingly. Use this template approach to practice ALL previous ACCA F9 questions on Financial Analysis so far examined.Financial Analysis TEMPLATE for UK Plc。
acca performance objectives statement 范例
ACCA Performance Objectives Statement范例如下：我们的目标是确保所有ACCA学员在通过所有考试后，都能在职业生涯中取得成功。
为了实现这一目标，我们将设定以下关键绩效目标：1. 提高ACCA学员的就业率：我们计划在未来两年内，将ACCA学员的就业率提高5个百分点，达到95%以上。
为此，我们将提供专业的就业咨询服务，并为学员提供实习和项目机会，以增强他们的职业技能。
2. 提升ACCA学员的职业发展机会：我们将定期收集和更新行业信息，以便为ACCA学员提供最新的职业发展机会。
此外，我们将与业界建立紧密的合作关系，组织职业发展研讨会和讲座，帮助学员拓展人脉和提升技能。
3. 确保教学质量：我们将继续投入资源以提高教学质量，包括优化教学大纲、加强师资培训、定期评估教学质量等。
我们将通过定期的学员反馈和教学评估，确保教学质量达到预期。
4. 提升ACCA学员的满意度：我们将定期收集学员的反馈，以便了解我们的服务、课程设置和教学质量等方面是否满足他们的期望。
我们将根据反馈结果及时调整和改进，以提高学员满意度。
5. 降低ACCA学员的辍学率：我们将分析导致ACCA学员辍学的原因，并采取相应的措施来解决这些问题。
我们将提供个性化的支持服务，如心理咨询、职业规划指导等，以降低学员的辍学率。
为了实现这些绩效目标，我们将采取以下具体措施：1. 优化课程设置：我们将根据行业发展趋势和市场需求，不断优化ACCA课程设置，确保课程内容与实际工作紧密相关。
2. 加强师资培训：我们将定期对ACCA教师进行培训和评估，以提高他们的专业水平和教学能力。
3. 强化内部质量控制：我们将建立完善的教学质量监控体系，定期评估教学效果和学员满意度，以确保教学质量的稳定性和不断提高。
总之，我们将通过这些绩效目标和具体措施，确保ACCA学员在通过所有考试后能够取得成功，并为他们提供良好的职业发展机会。
ACCA Edificius 建筑设计软件用户手册说明书
ACCA® EDIFICIUS Building Design. Boosted.FIRST GENERATION AMD RDNA ARCHITECTURE 8 GB of Fast GDDR6 Memory.Six Display Outputs. 8K Support.Remote Environment 1 B-C Output TEST AMD RDNA 2 GPU FOR COMPLEX TASKS 8 GB of High Performance GDDR6 Memory.Four Display Outputs. 8K, HDR Support.Remote Environment 1 Ready.Available for Mobile Systems.THE GPU TO CRUSH INTENSE MODELLING AND RAYTRACING RENDER PROJECTS Gigantic 32 GB of GDDR6 Memory.Error Correction Code (ECC) Support.Six Display Outputs. 8K, HDR Support.Remote Environment 1 Ready.RADEON PRO W5700 GRAPHICSRADEON PRO W6600 GRAPHICSRADEON PRO W6800 GRAPHICSAI Acceleration of AIrBIMRemoving Common BottlenecksRemote WorkingThe established AMD RDNA ™ 2 graphics architecture assists high bandwidth performance at low power and low latency, helping to remove data bottlenecks. This architecture is the basis for the graphics that power the leading, visually rich gaming consoles.AMD Remote Workstation 1 leverages the built-in features of a cross-platform professional driver. This allows the same Radeon PRO GPU-powered workstation to be accessed remotely. No need to change drivers. Work from home or on-site with the same certifications and performance as if you were seated at your workstation.Light to Medium WorkloadsMedium to Heavy WorkloadsHeavy to Extreme Workloads/RadeonPROW5700 /RadeonPROW6600 /RadeonPROW6800Edificius + AIrBIMpro2, features a machine learning, GPU accelerated,denoiser capable of comparing noisy images with their completely processed counterparts and reconstruct the final render much faster than standard rendering. This means that there’s no need for the software to trace all the light rays in the scene with hundreds or thousands of passes, with the GPU doing all the heavy computational work.Learn more about VR capabilities of Radeon PRO Graphics at /PRO-VR/Workstation。
F2ACCA离职周转率知识点解析
F2 .Labor turnover在 F2 的考纲当中，对大家有这样的一个要求“calculate the level, and analyze the costs and causes of labor turnover”。
这篇文章就是对于 labor turnover rate(离职周转率)的计算就考试当中有可能会出到的考题类型为大家做一个说明和总结。
Labor turnover rate 这是一个非常小的知识点，正如大家所见它的计算公式也非常简单，但是它却成了很多同学比较容易错的一个知识点，归其原因，还是大家对于公式的理解不是特别透彻。
下面我们就先从它的定义出发来分析一下什么叫做 labor turnover.“Labor turnover is a measure of the proportion of people leaving relative to the average number of people employed”. 离职周转率是指离职且需要替换回来的员工数量和公司平均员工总人数的比。
用公式表示也就是首先，我们来看一下分母。
分母的含义是公司平均员工总人数。
一年之中人员变动会非常频繁，对每一个时刻都进行人员总数的统计耗时耗资源，所以人力部门一般会在期初和期末对总人数进行统计。
题目中经常出现的考题形式就是告知期初总人数和期末总人数，我们所需要的分母，就是对这两个总人数进行算术平均数的计算。
用公式表示就等于（期初总人数+期末总人数）/2。
例如题目中会给出这样的条件”A company employed3641 employees at the beginning of 20x1 and at the end of the year employees number were 3735”，那么公司平均员工数就等于（3641+3735)/2。
可以说分母干扰的可能性比较小，同学们在分母的计算上面犯错的可能性也很小，主要会出现问题的地方是对于分子计算的把握。
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ACCA F9 Financial managementInvestment appraisal Assignment two (10%)Day of submission 25/11/2010Department of Accountancy.Nanfang college ,Sun Yat-Sen University.Question 1:oracle plc invests in a new machine at the beginning of year 1 which costs $15,000. it is hoped that the net cash flows over the next five years will correspond to those given in the table below.Year 1 2 3 4 5 Net cash flow $1,500 $2,750 $4,000 $ 5,700 $7,500 You are required to calculate:(1)the net present value assuming a 15% cost of capital.(2)The net present value assuming a 10% cost of capital.Question 2Calculate the payback period in years and months for the following project.Year Cash flow$0000(3,100)110002900380045005500Question 3(A)Explain the differences between NPV and IRR as methods of discounted cashflow anlysis.(B)Explain how inflation affects the rate of return required on an investmentproject, and the distinction between a real and a nominal( or “money terms”)Approach to the evaluation of an investment project under inflationBasics limited is considering whether to invest $90,000 in the purchase of a new item of equipment. The equipment would be paid for with a down-payment of $60,000 and the payment of the remaining $30,000 six weeks later. The company has already spent $8,000 on design and feasibility work, and the operational management team are keen to purchase the equipment quickly.The equipment is expected to have a life of three years, after which time it should have a resale value of $5,000. the equipment will be depreciated by the straightline method over three years. It has been estimated that an investment of $20,000 in working capital will be needed.As a result of acquiring the equipment, it is expected that there will be an increase in annual cash profits, as follows:Year $1$37,0002$48,0003$26,000Required:(A). Calculate the expected NPV of the investment, if the cost of capital is 8%.(B). Calculate the expected IRR of the investment, using the interpolation method and taking 12% as the cost of capital for calculating another NPV.Question 5 (ACCA exam-type Question)KL Ltd is considering manufacturing a new product. This requires machinery costing $20,000, with a life of four years and a terminal value of $5000. Profits before depreciation from the project will be $8000 per year. However, there will be cash flows which will differ from profits by the build-up working capital during the first year of operation and its run-down during the fourth year, amounting to $2,000.Tax allowance on the machine are 25% per year reducing balance. At the end of project’s life a balancing charge or allowance will arise equal to the difference between the scrap proceeds and tax written down value.Tax is payable one year after the end of the accounting year on which it is based, at a rate of 30%. The start of the project is also the start of the accounting year.The cost of capital is 15%.Should the project be accepted ?Question 6(A)Identify the limitations of Net Present Value techniques when appliedgenerally to investment appraisal.(B)Briefly discuss how inflation may complicate the analysis of businessfinancial decision.A company is considering an investment in an item of equipment costing $80,000. the equipment would attract a 25% annual writing down allowance. The operating cash flows are forecast as :$Year 1 30,000240,000320,000These estimates do not allow for an investment of $25,000 in working capital that would be required, the project is expected to have a three-year life , at the end of which the equipment would have a sell-off value of $50,000.The rate of tax on profits is 30%. The company’s cost of capital is 8%.Required calculate the NPV of the project and suggest whether it should be undertaken.Question 8 (ACCA exam-type Question)Bacher Ltd is considering investing $500,000 in equipment to produce a new type of ball. Sales of the product are expected to continue for three years, at the end of which the equipment will have a scrap value of $80,000. Sales revenue of $600,000 per annum will be generated at a variable cost of $350,000. annual fixed costs will be increase by $40,000.You are required:(A)to determine whether , on the basis of the estimates given, the project should beundertaken, assuming that all cash flows occur at annual intervals and that Bacher Ltd has a cost of capital of 15%.(B)To find the percentage changes required in the following estimates for theinvestment decision to change.(2)initial investment(3)Scrape value(4)Selling price(5)Sales volume(6)Cost of capital。