ACCA模拟试题答案(3)_F6

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ACCAF6模考题--11年6月

ACCAF6模考题--11年6月Supplementary Instructions1 Calculations and workings need only be made to the nearest ￡.2 All apportionments should be made to the nearest month.3 All workings should be shown.The following tax rates and allowances are to be used in answering the questionsIncome tax Normal Rates Dividend Rates% %Basic rate ￡1 –￡37,400 20 10Higher rate ￡37,401 –￡150,000 40 32.5 Additional rate ￡150,000 and over 50 42.5A starting rate of 10% applies to savings income where it falls within the first ￡2,440 of taxable income.Personal allowancePersonal allowance Standard ￡6,475 Personal allowance 65–74 ￡9,490 Personal allowance 75 and over ￡9,640 Income limit for standard personal allowances ￡100,000 Income limit for age related allowances ￡22,900Car benefit percentageThe base level of CO2 emissions is 130 grams per kilometer.For a petrol car with CO2 emissions of 75 grams per kilometer or less, the percentage is 5%.For a petrol car with CO2 emissions of between 76 and 120 grams per kilometer, the percentage is 10%.Car fuel benefitThe base figure for calculating the car fuel benefit is ￡18,000.Pension scheme limitsAnnual allowance ￡255,000 The maximum contribution that can qualify for tax relief without any earnings is ￡3,600.Capital allowancesPlant and machineryMain pool 20% Special rate pool 10% Motor cars (purchases since 6 April 2009(1 April 2009 for limited companies)) CO2emissions up to 110g per kilometer 100%CO2emissions between 111 and 160g per kilometer 20%CO2 emissions over 160g per kilometer 10%Annual investment allowanceFirst ￡100,000 of expenditure 100%Industrial buildings allowance 1%Corporation taxFinancial year 2008 2009 2010 Small profits rate 21% 21% 21% Main rate 28% 28% 28% Lower limit 300,000 300,000 300,000 Upper limit 1,500,000 1,500,000 1,500,000 Marginal relief fraction 7/400 7/400 7/400Marginal reliefStandard fraction x (Upper limit –Augmented profits) x Taxable total profits/Augmented profitsValue added tax ￡ Standard rate – up to 3 January 2011 17.5% –from 4 January 2011 onwards 20.0% Registration limit 70,000 Deregistration limit 68,000Capital gains taxLower rate 18% Higher rate 28% Annual exemption ￡10,100 Entrepreneurs’ relief– Lifetime limit ￡5,000,000– Rate of tax 10% Inheritance tax: tax rate￡1 –￡325,000 Nil Excess –Death rate 40%–Lifetime rate 20%Inheritance tax: taper reliefYears before death Percentage reduction% Over 3 but less than 4 years 20Over 4 but less than 5 years 40Over 5 but less than 6 years 60Over 6 but less than 7 years 80National insurance contributions% Class 1 Employee ￡1 –￡5,715 per year Nil￡5,716 –￡43,875 per year 11·0￡43,876 and above per year 1·0Class 1 Employer ￡1 –￡5,715 per year Nil￡5,716 and above per year 12·8 Class 1A 12·8 Class 2 ￡2·40 per weekClass 4 ￡1 –￡5,715 per year Nil￡5,716 –￡43,875 per year 8·0￡43,876 and above per year 1·0Rates of interestOfficial rate of interest: 4.00% Rate of interest on underpaid tax: 3.0% Rate of interest on overpaid tax: 0·5%ALL FIVE questions are compulsory and MUST be attempted1 On 31 December 2010 Joe Jones aged 40 resigned as an employee of Firstly plc and on 1 January2011 commenced employment with Secondly plc. Joe was employed by both companies as a financial analyst. The following information is available for the tax year 2010–11:Employment with Firstly plc(1) From 6 April 2010 to 31 December 2010 Joe was paid a salary of ￡11,400 per month. In additionto his salary, Joe was paid a bonus of ￡12,000 on 12 May 2010. He had become entitled to thisbonus on 22 March 2010.(2) Joe contributed 6% of his monthly gross salary of ￡11,400 into Firstly plc’s HM Revenue andCustoms’ registered occupational pension scheme.(3) On 1 May 2010 Firstly plc provided Joe with an interest free loan of ￡120,000 so that he couldpurchase a holiday cottage. Joe repaid ￡50,000 of the loan on 31 July 2010, and repaid thebalance of the loan of ￡70,000 when he ceased employment with Firstly plc on 31 December2010.(4) During the period from 6 April 2010 to 31 December 2010 Joe’s three-year-old daughter wasprovided with a place at Firstly plc’s workplace nursery. The total cost to the company of providing this nursery place was ￡11,400 (190 days at ￡60 per day).(5) During the period 6 April 2010 to 31 December 2010 Firstly plc paid gym membership fees of￡1,050 for Joe.(6) Firstly plc provided Joe with a home entertainment system for his personal use costing ￡4,400 on6 April 2010.The company gave the home entertainment system to Joe for free, when he left thecompany on 31 December 2010, although its market value at that time was ￡3,860.Employment with Secondly plc(1) From 1 January 2011 to 5 April 2011 Joe was paid a salary of ￡15,200 per month.(2) During the period 1 January 2011 to 5 April 2011 Joe contributed a total of ￡3,000 (gross) into apersonal pension scheme.(3) From 1 January 2011 to 5 April 2011 Secondly plc provided Joe with living accommodation. Theproperty has an annual value of ￡10,400 and is rented by Secondly plc at a cost of ￡2,250 permonth. On 1 January 2011 Secondly plc purchased furniture for the property at a cost of ￡16,320.The company pays for all of the running costs relating to the property, and for the period 1January 2011 to 5 April 2011 these amounted to ￡1,900.(4) During the period 1 January 2011 to 5 April 2011 Secondly plc provided Joe with 13 weeks ofchildcare vouchers costing ￡100 per week. Joe used the vouchers to provide childcare for histhree-year-old daughter at a registered nursery near to his workplace.(5) During the period 1 January 2011 to 5 April 2011 Joe used Secondly plc’s company gym which isonly open to employees of the company. The cost to Secondly plc of providing this benefit to Joe was ￡340.(6) During the period 1 January 2011 to 5 April 2011 Secondly plc provided Joe with a mobiletelephone costing ￡560. The company paid for all of Joe’s business and private telephone calls.Besides employment, Joe does not have any other income.Required:(a) Calculate Joe Jones’ income tax liability for the tax year 2010–11. (19 marks)(b) For each of the PAYE forms P45, P60 and P11D, briefly describe the circumstances in whichthe form will be completed, state who will provide it, theinformation to be included, and the dates by which they should have been provided to Joe for the tax year 2010–11. (6 marks)(25 marks)2 (a) Neung Ltd is a UK resident company that runs a business providing financial services. The company’s business is mainly based in the UK, but Neung Ltd also has two overseas branches. The company’s summarized income statement for the year ended 31 March 2011 is as follows: Note ￡ Operating profit 1 & 2 374,100Income from investmentsLoan interest 3 37,800Dividends 4 54,000 Profit before taxation 465,900Note 1 – Operating profitThe operating profit does not include the results from either of Neung Ltd’s two overseas branches.Depreciation of ￡11,830 and amortization of leasehold property of ￡7,000 have been deducted inarriving at the operating profit of ￡374,100.Note 2 – Overseas branchesNeung Ltd’s first overseas branch made a trading profit of ￡41,000 for the year ended 31 March 2011.No overseas corporation tax was paid on this profit.The second overseas branch made a trading loss of ￡15,700 for the year ended 31 March 2011.Note 3 – Loan interest receivableThe loan was made for non-trading purposes on 1 July 2010. Loan interest of ￡25,200 was received on31 December 2010, and interest of ￡12,600 was accrued at 31 March 2011.Note 4 – Dividends receivedNeung Ltd holds shares in four UK resident companies as follows:Percentageshareholding StatusSecond Ltd 25% TradingThird Ltd 60% TradingFourth Ltd 100% DormantFifth Ltd 100% Trading During the year ended 31 March 2011 Neung Ltd received a dividend of ￡37,800 from Second Ltd, anda dividend of ￡16,200 from Third Ltd. These figures were the actual cash amounts received.Additional informationLeasehold propertyOn 1 April 2010 Neung Ltd acquired a leasehold office building, paying a premium of ￡140,000 for the grant of a 20-year lease. The office building was used for business purposes by Neung Ltd throughout the year ended 31 March 2011.Plant and machineryOn 1 April 2010 the tax written down values of Neung Ltd’s plant and machinery were as follows:￡Main pool 4,800Motor car [1] 22,800Special rate pool 12,700 The company purchased the following assets during the year ended 31 March 2011: ￡19 July 2010 Motor car [2] 15,40012 December 2010 Motor car [3] 28,60020 December 2010 Ventilation system 112,000Motor car [1] purchased on 18 June 2008 has a CO2 emissionrate of 220 grams per kilometer. Motor car [2] purchased on 19 July 2010 has a CO2 emission rate of 242 grams per kilometer. Motor car [3] purchased on 12 December 2010 has a CO2 emission rate of 148 grams per kilometer.The ventilation system purchased on 20 December 2010 for ￡112,000 is integral to the freehold office building in which it was installed.Required:(i) State, giving reasons, which companies will be treated as being associated with Neung Ltdfor corporation tax purposes; (2 marks)(ii) Calculate Neung Ltd’s corporation tax liability for the year ended 31 March 2011. (15 marks) (iii) Advise Neung Ltd of the taxation disadvantages of converting its two overseas branches into 100% overseas subsidiary companies. (3 marks)(b) Note that in answering this part of the question you are not expected to take account of any ofthe information provided in part (a) above.The following information is available in respect of Neung Ltd’s value added tax (VAT) for the quarter ended 31 March 2011:(1) Invoices were issued for sales of ￡44,600 to VAT registered customers. Of this figure, ￡35,200 wasin respect of exempt sales and the balance in respect of standard rated sales. The standard rated sales figure is exclusive of VAT.(2) In addition to the above, on 1 March 2011 Neung Ltd issued a VAT invoice for ￡8,000 plus VAT of￡1,600 to a VAT registered customer. This was in respect of a contract for standard rated financial services that will becompleted on 15 April 2011. The customer paid for the contracted services in two installments of ￡4,800 on 31 March 2011 and 30 April 2011 respectively.(3) Invoices were issued for sales of ￡289,300 to non-VAT registered customers. Of this figure,￡247,300 was in respect of exempt sales and the balance in respect of standard rated sales. The standard rated sales figure is inclusive of VAT.(4) The managing director of Neung Ltd is provided with free fuel for private mileage driven in hercompany motor car. During the quarter ended 31 March 2011 this fuel cost Neung Ltd ￡260. The relevant quarterly scale charge is ￡348. Both these figures are inclusive of VAT.For the quarters ended 30 September 2009 and 30 June 2010 Neung Ltd was one month late insubmitting its VAT returns and in paying the related VAT liabilities. All of the company’s other VAT returns have been submitted on time.Required:(i) Calculate the amount of output VAT payable by Neung Ltd for the quarter ended 31 March2011, assuming that all the transactions incurs after 4 January 2011. (4 marks)(ii) Advise Neung Ltd of the default surcharge implications if it is one month late in submitting its VAT return for the quarter ended 31 March 2011. (3 marks)(iii) State the circumstances in which Neung Ltd is and is not required to issue a VAT invoice, and the period during which such an invoice should be issued. (3 marks)(30 marks)3 Lim Lam is the controlling shareholder and managing director of Mal-Mil Ltd, an unquoted tradingcompany that provides support services to the oil industry.Lim LamLim disposed of the following assets during the tax year 2010–11:(1) On 8 April 2010 Lim sold five acres of land to Mal-Mil Ltd for ￡260,000. The land had beenpurchased by Lim on 17 January 2003 for ￡182,000.(2) On 13 August 2010 Lim made a gift of 5,000 ￡1 ordinary shares in Oily plc, a quoted tradingcompany, to her sister. On that date the shares were quoted on the Stock Exchange at ￡7·40–￡7·56, with recorded bargains of ￡7·36, ￡7·38 and ￡7·60.Lim had originally purchased 1,000 shares in Greasy plc on 8 July 2003 for ￡18,200. On 23November 2003 Greasy plc was taken over by Oily plc. Lim received five ￡1 ordinary shares andtwo ￡1 preference shares in Oily plc for each ￡1 ordinary share held in Greasy plc. Immediatelyafter the takeover each ￡1 ordinary share in Oily plc was quoted at ￡3·50 and each ￡1 preference share was quoted at ￡1·25.Entrepreneurs’ relief and h oldover relief are not available in respect of this disposal.(3) On 22 March 2011 Lim sold 40,000 ￡1 ordinary shares in Mal-Mil Ltd for ￡280,000. She hadoriginally purchased 125,000 shares in the company on 8 June 2002 for ￡142,000, and hadpurchased a further 60,000 shares on 23 May 2004 for￡117,000. Mal-Mil Ltd has a total sharecapital of 250,000 ￡1 ordinary shares. Lim has made no previous disposals eligible forentrepreneurs’ relief.During the tax year 2010–11 Lim has a taxable income of ￡4,000.Mal-Mil LtdOn 20 December 2010 Mal-Mil Ltd sold two of the five acres of land that had been purchased from Lim on 8 April 2010. The sale proceeds were ￡162,000 and legal fees of ￡3,800 were incurred inconnection with the disposal. The market value of the unsold three acres of land as at 20 December 2010 was ￡254,000. During April 2010 Mal-Mil Ltd had spent ￡31,200 levelling the five acres of land.The relevant retail price indexes (RPIs) are as follows:April 2010 211·5December 2010 218·0Mal-Mil Ltd’s o nly other income for the year ended 31 December 2010 was a trading profit of ￡163,000.Required:(a) Explain why Lim Lam’s disposal of 40,000 ￡1 ordinary shares in Mal-Mil Ltd on 22 March2011 qualifies for entrepreneurs’ relief. (2 marks)(b) Calculate Li m Lam’s capital gains tax liability for the tax year 2010–11 and state by when thisshould be paid. (11 marks)(c) Calculate Mal-Mil Ltd’s corporation tax liability for the year ended 31 December 2010, andstate by when this should be paid. (7 marks)(20 marks)4Jing died on 21 January 2011. She had made the following lifetime gifts:3 March 2003 A gift of ￡126,000 to a trust.12 January 2006 A gift of ￡40,000 to her husband.10 May 2007 A gift of ￡200 to a nephew23 June 2007 A gift of ￡240,000 to her daughter.2 September 2007 A gift of ￡300,000 to a trust.Jing paid any IHT arising from the gifts to the trusts.Nil rate bands are as follows:￡2002-03 250,0002005-06 275,0002007-08 300,000Required:(a) State the advantages for inheritance tax purposes of making lifetime gifts of assets. (3marks)(b) Calculate the inheritance tax that will be payable as a result of Jing’s death. (12 marks)(15 marks)5 You should assume that today’s date is 20 March 2010.Sammi Smith is a director of Smark Ltd. The company has given her the choice of being provided witha leased company motor car or alternatively being paid additional director’s remuneration and thenprivately leasing the same motor car herself.Company motor carThe motor car will be provided throughout the tax year 2010–11, and will be leased by Smark Ltd at an annual cost of￡26,540. The motor car will be petrol powered, will have a list price of ￡92,000, and will have an official CO2 emission rate of 320 grams per kilometer.The lease payments will cover all the costs of running the motor car except for fuel. Smark Ltd will not provide Sammi with any fuel for private journeys.Additional director’s remunerationAs an alternative to having a company motor car, Sammi will be paid additional gross directo r’sremuneration of ￡26,000 during the tax year 2010–11. She will then privately lease the motor car at an annual cost of ￡26,540.Other informationThe amount of business journeys that will be driven by Sammi will be immaterial and can be ignored.Sammi’s current annual director’s remuneration is ￡100,000. The lease of the motor car will commence on 6 April 2010.Required:(a) Advise Sammi Smith of the income tax and national insurance contribution implications forthe tax year 2010–11 if she (1) is provided with the company motor car; (2) receivesadditional director’s remuneration of ￡26,000. Determine which is beneficial. (5 marks)(b) Advise Smark Ltd of the corporation tax and national insurance contribution implications forthe year ended 5 April 2011 if the company (1) provides Sammi Smith with the companymotor car; (2) pays Sammi Smith additional director’sremuneration of ￡26,000. Determine which is beneficial. (5 marks)(10 marks)End of Question Paper。

ACCA F6 mock exam answer (for 2010年6月、12月 )

ACCA Fundamentals Level Paper F6 (FA 2009) Taxation (UK)Question Day Final Mock ExaminationGuidance, Marking scheme and Suggested solutionsGuidance on improving your exam performanceWhich questions to do first?It is important for you to decide which order to attempt the questions. Each question will carry different marks so you may prefer to attempt the question with the most marks first or, instead, you may prefer to attempt the topic you are more confident about first. This means you will build up marks early on giving you a solid base to tackle the harder questions later.Whichever you choose, do not spend too long on the questions you are confident about as you need to spend an appropriate amount of time on them all. You can work out how much time you should spend on each by looking at the mark allocation and multiplying by 1.8 (as you have 1.8 minute per mark, not including reading time). For instance, you must not spend more than 18 minutes on a 10-mark question. Remember, you cannot pass the exam answering two or three questions well and the rest poorly.An alternative strategy is to answer all questions in strict order. You could use the time saved choosing the order by starting to plan your answers. You may prefer to use this method if you find yourself spending too long on your favourite questions as it forces you to spend an appropriate amount of time on each before moving on. StrategyMake sure your answers are easy to follow. The focus of the exam is computations, so make sure you use the correct proformas and show your workings, referenced in clearly.If there is a written element to a question do write full sentences, even if you are using bullet points.Time managementUse the reading time to make sure that you get as many of the marks as possible. This is your opportunity to brainstorm areas that you are less confident with and even to make a brief outline of the proformas you are going to use in your answers.Whatever notes/plans you make, use them when writing up your answer when the writing time begins. Tick off each item as you complete it. If you do not use your planning notes it was a waste of time doing them in the first place.Never overrun on any question; once the time is up move on to the next one.1 William WiseMarking schemeMarks(a)Net profit½Depreciation1Private use of light/heat1Private motor expenses1Legal fees1Personal tax1Private rent/rates1Repairs/renewals1Food hampers1Donation1Daughter’s salary1Goods for own use1Capital allowances2½14(b)Taxable income2Income tax2Class 4 NICs15(c)Salary½Bonus1Car1Fuel½Mobile – exempt½Use of private jet½Computer1Healthcare 1625 Suggested solutionChapter references. The income tax computation is in Chapter 2. Employment income is in Chapter 3 and taxable benefits are in Chapter 4. Trading income is dealt with in Chapter 7 with capital allowances covered in Chapter 8. National insurance is in Chapter 12.Top tips. In our answer we have made notes on why various adjustments were made. This is done for tutorial purposes. You did not need to give the explanations in the exam as they were not asked for.Always read the question.Easy marks. The calculation of the tax liability should provide a good opportunity to obtain easy marks – the bands are given to you in the tax rates and allowances tables.(a)£ £ Net profit30,200Add: Depreciation4,760Private light and heat (40%)610Private motor expenses (75%)3,540Legalfees1,200Personaltax250Private rent and rates (40%)1,560Repairsandrenewals1,050Foodhampers640Donation100Daughter’s salary (excessive amount)4,500Goods for own use 65018,860 Less: Capital allowances (W1)(25,245) Taxable trading profit 23,815Notes1 The legal fees incurred in connection with the clothing shop are not allowable since theyrelate to a capital item.2 Personal or private expenses are not allowable.3 The £2,200 spent on repairs in June 2009 is allowable because the shop was in a fit stateto use on purchase.4 Giftsoffood are not allowable. However, the gifts of pens are allowable because the pens carry a conspicuous advertisement for the business and cost less than £50 each.5 A donation to a national charity is not allowable. The donation to the local charity can beallowed as it carried an advertisement for the business and could be said to be made forthe purposes of the trade.6 Goods taken for own use must be brought into the profit and loss account at selling price.7 The excessive part of William's wife's salary is not allowable.Workings1 Capital allowancesPrivate useAIA General pool Car (25%)Allowances£ £ £ £ Additions 24,620 20,000AIA (100%) AIA (10/12 x 50K) (24,620)–24,620WDA x 10/12 (2,500) x 25% 62517,500 25,245(b)Non- savings Dividendincome income££Taxable trading profit (1.6.09 – 31.3.10) 23,815Dividends (× 100/90)7,500Net Income23,8157,500Less: personal allowance(6,475)Taxable Income 17,3307,500£24,830 Tax on non-savings income £ £17,330 × 20%3,466 Tax on dividend income£7,500 × 10% 7504,216 Class 4 NICs:(£23,815 – £5,715) × 8%£1,448 Note: You were not told that a Gift Aid declaration had been made in respect of the gift to the national charity.Mary’s total taxable employment income for the year is as follows:£ Salary80,000 Bonus – receipts basis20,000 Use of company car: 25% × £19,200 (W)4,800 Private fuel: 25% × £16,900 (W)4,225 Use of private jet: 20% × £750,000 ×1/1212,500 Computer: £3,000× 20%600 Private healthcare: (marginal cost to employer) 250 Total employment income122,375 WorkingCar and fuel benefit percentage5135187−= 10% + 15%25% Note: The provision of one mobile phone is an exempt benefit2 Eagle LtdMarking schemeMarks(a)IBAsQualifying expenditure1Offices not qualifying12% allowance1Land not qualifying1CAs:Expensive car120% WDA1FYA 1AIA1Adjusted trading profitPatent royalties 19(b)Trading income1Property income: warehouse 1222 warehouseChargeable gain: 1Gift aid donation1Franked investment income1Divide CT limits1Marginal relief company2CT liability1Due date113(c)Associates 1Group relief group 1Gains group 2Current year in Wing Ltd 1Set against income before charges 1Loss of period since joined group1Effect on gift aid donations 1830 Suggested solutionChapter references. Calculating PCTCT and the corporation tax liability is dealt with in Chapters 18 and19. Groups are in Chapter 22 and losses in Chapter 21. Capital allowances are covered in Chapter 8.Top tips. Try and keep your calculations in separate workings then make sure you reference them into your main answer clearly.(a) Easy marks. If you had learnt your capital allowances proforma you should have been able topick up some easy marks simply by filling in the figures given to you in the question)Tax adjusted trading profit£Trading profit per accounts229,900Less: Patent royalties payable(20,000) Industrial buildings allowances (W1)(3,800)(W2) (48,940)allowancesCapitalcomputation – y/e 31.3.10(b) CT£ Trading income 157,160 Property income (W3) 49,950 Chargeable gain (W4) 22,932230,042 Less: gift aid donation (3,000) PCTCT 227,042 FII (£27,000 × 100/90) 30,000 ‘profits’ 257,042 Tax @ 28% (W5)63,571 Less: marginal relief227,042(7,619) 7/400× (£750,000 – 257,042) ×257,042CT due by 1 January 2011 55,952 (c) Group relationships between Eagle Ltd and Wing Ltd(i) Associates – as Eagle Ltd controls Wing Ltd (ie owns > 50%) the two companies areassociated for corporation tax purposes. Consequently the CT limits are divided by 2.(ii) Group relief group – as Eagle Ltd has at least a 75% shareholding the two companies can surrender trading (and certain other) losses of the current period between each othei)Gains group – as Eagle Ltd has at least a 75% shareholding the two companies are in agains group. This means that assets can be transferred between them at no gain/no lossfor chargeable gains purposes, that they form one ‘unit’ for rollover relief purposes, andthat where an asset is sold to a third party an election may be made to treat the gain/lossas transferred to the other company in the group.Use of Wing Ltd’s lossWing Ltd has a small amount of interest income in the year. This is partly covered by the gift aid donation, and the balance will be taxable at the small companies’ rate of 21%. If it uses its loss in the current year this will be set off before charges and would only save tax at 21% and waste the gift aid donation.As it is in a group relief group with Eagle Ltd, it could surrender its trading loss to that company where this would save tax at 29.75%.However, as Wing Ltd did not join the group until 1 September 2009, only the loss thatcorresponds to the period that it has been in the group may be surrendered. As both companies prepare accounts to 31 March there is no need to further consider corresponding periods.The maximum group relief that could be surrendered to Eagle Ltd would be £30,392 (W6).It is probable that Wing Ltd would not make the current year claim but instead carry forward the remainder of the loss automatically to set against future trade profits.Working1 Industrial buildings allowances£ Factory141,000Canteen32,000Site preparation12,000Archit’ct's fees 5,000190,000 Note. The cost of the general offices does not qualify as it exceeds 25% of the total cost(72,500/262,500 = 27.6%). Always exclude the cost of land.Therefore IBAS @ 2% = £3,82Capital allowancesExpensiveAIA FYA General pool Motor car Allowances£££££TWDV b/f64,70014,700Disposals(12,400)Addition11,300FYA 10% (11,300)2,30011,300WDA @ 20%–(12,940)12,940Balancing allowance(2,300)2,300Addition22,400AIA (100%)(22,400)22,40051,76048,940 -3 Property income£ Warehouse 1Premium (£50,000 – (2% × £50,000 × 7))43,000Rent (£12,600 × 9/12)9,450Warehouse 2Rent (£8,400 × 9/12)6,300Bad debt (8,400 x 3/12) (2,100)Repairs to roof (6,700)49,9504 Capital gain£Proceeds156,000Less: cost(112,800)43,200 Less: indexation(20,268)22,932 Note. Companies are entitled to indexation until the date of disposal of an asset.5 CT limitsAs Wing Ltd becomes an associate part way through the period, the CT limits must be divided by two.££1,500,000 ÷ 2 750,000£300,000 ÷ 2150,000Eagle Ltd’s ‘profits’ are between these limits so marginal relief applies.6 Available trading loss£Loss of y/e 31.3.1052,100Period since joined group: 1.9.09 – 31.3.10 = 7 months ie 7/12 × £52,10030,3923 Yvonne, Sally, Joanne and BelindaMarking schemeMarks(a)Match with shares bought in next 30 days1Gain1Match with Share pool shares1Bonus issues issue 1Gain1Total gain 16(b)Gain on building sold 1Calculation of taxable now1Rolled over amount1Base cost of new asset 14(c)Calculation of gain1Entrepreneurs relief1Annual exemption 1 Taxgain 1on4(d)LandPart disposal calculation 2VaseChattels rule to restrict loss 2Offset loss against gain 1Annual exemption 1620 Suggested solutionChapter references. The basics of calculating chargeable gains are in Chapters 13 . Chattels arecovered in Chapter 14 with shares and securities in Chapter 16. Business reliefs are covered in Chapter15.Top tips. Work through each asset separately, making sure you start with the easier disposals.Easy marks. Part disposal calculations and disposals of chattels have always been common topics in the exam. They are relatively straightforward topics so make sure you know how to deal with them.(a) The sale of Yvonne's shares is initially matched with the shares bought in the next 30 days.£ Proceeds (1,000/5,000 × £23,000)4,600Less: cost (28.3.10)(4,400)Chargeable gain 200Then the shares are matched with the Share pool.£ Disposal proceeds (4,000/5,000)18,400Less: cost (w1)(5,867)12,533 Yvonne's total gain before the annual exemption is £12,733.(W1)No. Cost £ 18.8.97 Purchase 3,000 6,000 19.9.06 Purchase 2,000 5,0005,000 11,000Bonus issue 1:2 2,5007,500 11,000 Disposal (4,000) (5,867) 3,500 5,133(b)Office £ Proceeds 442,800 Less: Cost (187,200)Gain 255,600 Taxable in 09/10 (£442,800 - £400,000) (2,800) Gain rolled over 252,800Base cost of new asset £ Price paid440,000 Less: gain rolled over (252,800)(c)Entrepreneurs’ relief £Proceeds 580,000 Less Costs (325,000)Gain 255,000 Less Entrepreneurs’ relief (255,000 x 4/9) (113,333) Gain 141,667 Annual exemption (10,100) Taxable gain 131,567 Tax at 18% 23,682 (d)Part disposal of land£ Proceeds15,000Less: costB A A + ie 65,00015,00015,000+× £24,000 (4,500) Chargeable gain 10,500 Vase – chattels rules£ Proceeds (deemed) 6,000 Less: cost (10,000) Loss(4,000)Taxable gain£ Gain 10,500 Less: loss (4,000) Gain 6,500£ Gain 6,500 Less: annual exemption(10,100) Taxable gain Nil4 Mr MurphyMarking schemeMarks 2004/05Profits – actual basis12005/06Profits – first 12 months2Overlap profits1½ 2006/07Current year basis profits12007/08Current year basis profits12008/09Profits of gap period2Overlap relief1½2009/10Current year basis to new date 111 Payment dates for 2009/10– Payments on account1– Based on previous year1– Balancing payment & 1st POA1– Once actual tax calculated1415 Suggested solutionChapter references. The basis period rules are in Chapter 9. Self-assessment for individuals is covered in Chapter 18.Top tips. You must set out the tax years that you are dealing with in order to pick up all of the available marks – simply stating ‘1st tax year’ is not enough.Easy marks. Stating payment dates should provide a good opportunity to pick up easy marks so long as you have learnt the material.(a)2004/05 Actual basis 1.8.04 – 5.4.05× £13,000£10,400 8/102005/06 First 12 months’ profit 1.8.04 – 31.7.0531.5.05£13,0001.8.04–1.6.05 – 31.7.05 2/12 × £36,000£ 6,000£19,000 2006/07 Current year basis31.5.06£36,0001.6.05–Overlap profits£1.8.04 – 5.4.05 8 months10,40031.7.052 months 6,0001.6.05–10 months16,4002007/08 Current year basis31.5.07£44,000–1.6.062008/09 19 months to new accounting date£1.6.07 – 31.5.08 (12 months)38,0001.6.08 – 31.12.08 (7 months) 16,00054,000 Overlap relief for 7 months profits7/10 x £16,400 (11,480)£42,520 2009/10 Current year basis–31.12.09£40,0001.1.09Overlap profits to carry forward = 3 months11,480)£4,920 (16,400–(b) Payment dates for 2009/10Two payments on account (POA) will have been made as follows:1st on 31 January 20102nd on 31 July 2010Based on 2008/09 liability (½ paid each time)Balancing payment to be made 31 January 2011 once final liability has been calculated, along with the first POA for 2010/11.5 Confused Ltd and Puzzled LtdMarking schemeMarks(a)(i)Training2(ii)Transport2(iii)Air ambulance services26(b)Errors up to £10,0002Errors over £10,0002410Suggested solutionChapter references. VAT is in Chapters 25 and 26.Top tips. You must allocate sufficient time to deal with both parts of the requirement. You only had 18minutes for this question, so do not allow yourself to overrun.Easy marks. Easy marks can be obtained simply by calculating the VAT on a VAT exclusive figure using17.5% or a VAT inclusive figure at 7/47, so read the question carefully to ensure you are using the correctrate.(a) (i) TrainingConfused Ltd will be required to register for VAT as it will be making taxable supplies inexcess of the registration threshold.Output tax£Sales (£75,000 × 17½%)13,125Less: input tax (£10,000 × 7/47) (1,489)VAT due11,636(ii) TransportConfused Ltd will be required to notify HMRC of a need to register for VAT but because itis making only zero-rated supplies it may ask HMRC's permission not to register for VAT.The advantage of registration is that input VAT of £1,489 per month will be reclaimable.£Output tax NILLess: input tax(1,489)VAT repayment due (1,489)(iii) Air ambulance servicesIf exempt supplies only are made the company will not be permitted to register for VAT. NoVAT will be due or reclaimable.(b) Errors on a VAT return of up to £10,000 (net under declaration minus over declaration) may becorrected on the next VAT return without giving rise to either a common penalty or default interest.Other errors may be voluntarily disclosed separately to HMRC. Default interest and, in certaincircumstances, the common penalty, will apply in respect of these errors.BPP House, Aldine Place, London W12 8AA Tel: 0845 0751 100 (for orders within the UK) Tel: +44 (0)20 8740 2211Fax: +44 (0)20 8740 1184。

ACCA F6 2006年6月考题

P a p e r F 6 ( U K )This is a blank page.The question paper begins on page 3.2SUPPLEMENTARY INSTRUCTIONS1.Calculations and workings need only be made to the nearest £.2.All apportionments should be made to the nearest month.3.All workings should be shown.TAX RATES AND ALLOWANCESThe following tax rates and allowances are to be used in answering the questions.Income tax% Basic rate£1 – £37,40020 Higher rate£37,401 and above40 A starting rate of 10% applies to savings income where it falls within the first £2,440 of taxable income.Personal allowancePersonal allowance Standard £6,475 Personal allowance65 – 74£9,490 Personal allowance75 and over£9,640 Income limit for age related allowances£22,900Car benefit percentageThe base level of CO2emissions is 135 grams per kilometre. A lower rate of 10% applies to petrol cars with CO2emissions of 120 grams per kilometre or less.Car fuel benefitThe base figure for calculating the car fuel benefit is £16,900.Pension scheme limitsAnnual allowance£245,000The maximum contribution that can qualify for tax relief without any earnings is £3,600.Authorised mileage allowances: carsUp to 10,000 miles40pOver 10,000 miles25p3[P.T.O.Capital allowances: rate of allowances% Plant and machineryMain pool–First year allowance40–Writing down allowance20 Special rate pool10The first-year allowance of 40% applies to expenditure during the period 6 April 2009 to 5 April 2010 (1 April 2009 to 31 March 2010 for limited companies).Motor carsCO2emissions up to 110 grams per kilometre100CO2emissions between 111 and 160 grams per kilometre20CO2emissions over 160 grams per kilometre10Annual investment allowanceFirst £50,000 of expenditure100Industrial buildingsWriting-down allowance2Corporation taxFinancial year200720082009Small companies rate20%21%21%Full rate30%28%28%Lower limit300,000300,000300,000Upper limit1,500,0001,500,0001,500,000Marginal relief fraction1/407/4007/400Marginal relief(M – P) x I/P x Marginal relief fractionExtended loss reliefExtended loss relief is capped at a maximum of £50,000. For limited companies it applies to loss making accounting periods ending between 24 November 2008 and 23 November 2010.Value added tax (VAT)Standard rate–Up to 31 December 200915·0%–From 1 January 2010 onwards17·5% Registration limit£68,000 Deregistration limit£66,000Capital gains taxRate of tax18%Annual exemption£10,100 Entrepreneurs’ relief–Lifetime limit£1,000,000–Relief factor 4/9ths4National insurance contributions(Not contracted out rates)%Class 1Employee£1 – £5,715 per year Nil£5,716 – £43,875 per year11·0£43,876 and above per year11·0Class 1Employer£1 – £5,715 per year Nil£5,716 and above per year12·8Class 1A12·8Class 2£2·40 per weekClass 4£1 – £5,715 per year Nil£5,716 – £43,875 per year8·0£43,876 and above per year1·0Rates of interest (assumed)Official rate of interest 4·75%Rate of interest on underpaid tax 2·5%Rate of interest on overpaid tax0·0%5[P.T.O.ALL FIVE questions are compulsory and MUST be attempted1Auy Man and Bim Men have been in partnership since 6 April 2000 as management consultants. The following information is available for the tax year 2009–10:Personal informationAuy is aged 32. During the tax year 2009–10 she spent 190 days in the United Kingdom. Bim is aged 56. During the tax year 2009–10 she spent 100 days in the United Kingdom. Bim has spent the same amount of time in the United Kingdom for each of the previous five tax years.Profit and loss account for the year ended 5 April 2010The partnership’s summarised profit and loss account for the year ended 5 April 2010 is as follows:Note££Sales1142,200Expenses2Depreciation3,400Motor expenses34,100Other expenses41,800Wages and salaries550,900–––––––60,200––––––––Net profit82,000––––––––(1)The sales figure of £142,200 is exclusive of output value added tax (VAT) of £21,600.(2)The expenses figures are exclusive of recoverable input VAT of:Motor expenses£180Other expenses£140(3)The figure of £4,100 for motor expenses includes £2,600 in respect of the partners’ motor cars, with 30% ofthis amount being in respect of private journeys.(4)The figure of £1,800 for other expenses includes £720 for entertaining employees. The remaining expenses areall allowable.(5)The figure of £50,900 for wages and salaries includes the annual salary of £4,000 paid to Bim (see the profitsharing note below), and the annual salary of £15,000 paid to Auy’s husband, who works part-time for the partnership. Another part-time employee doing the same job is paid a salary of £10,000 per annum.Plant and machineryOn 6 April 2009 the tax written down values of the partnership’s plant and machinery were as follows:£Main pool3,100Motor car [1]18,000Motor car [2]14,000The following transactions took place during the year ended 5 April 2010:Cost/(Proceeds)£8 May 2009Sold motor car [2](13,100)8 May 2009Purchased motor car [3]11,60021 November 2009Purchased motor car [4]14,20014 January 2010Purchased motor car [5]8,700Motor car [1] has a CO2emission rate of 185 grams per kilometre. It is used by Auy, and 70% of the mileage is forbusiness journeys.6Motor car [2] had a CO2emission rate of 145 grams per kilometre. It was used by Bim, and 70% of the mileage wasfor business journeys. Motor car [3] purchased on 8 May 2009 has a CO2emission rate of 105 grams per kilometre.It is used by Bim, and 70% of the mileage is for business journeys.Motor car [4] purchased on 21 November 2009 has a CO2emission rate of 135 grams per kilometre. Motor car [5]purchased on 14 January 2010 has a CO2emission rate of 200 grams per kilometre. These two motor cars are usedby employees of the business.Profit sharingProfits are shared 80% to Auy and 20% to Bim. This is after paying an annual salary of £4,000 to Bim, and interest at the rate of 5% on the partners’ capital account balances. The capital account balances are:£Auy Man56,000Bim Men34,000VATThe partnership has been registered for VAT since 6 April 2000. However, the partnership has recently started invoicing for its services on new payment terms, and the partners are concerned about output VAT being accounted for at the appropriate time.Required:(a)Explain why both Auy Man and Bim Men will each be treated for tax purposes as resident in the UnitedKingdom for the tax year 2009–10. (2 marks) (b)Calculate the partnership’s tax adjusted trading profit for the year ended 5 April 2010, and the tradingincome assessments of Auy Man and Bim Men for the tax year 2009–10.Note: Your computation should commence with the net profit figure of £82,000, and should also list all of the items referred to in notes (2) to (5) indicating by the use of zero (0) any items that do not require adjustment.(15 marks)(c)Calculate the class 4 national insurance contributions payable by Auy Man and Bim Men for the tax year2009–10.(3 marks)(d)(i)Advise the partnership of the VAT rules that determine the tax point in respect of a supply of services;(3 marks)(ii)Calculate the amount of VAT paid by the partnership to HM Revenue & Customs throughout the year ended 5 April 2010;Note: you should ignore the output VAT scale charges due in respect of fuel for private journeys.(2 marks)(iii)Advise the partnership of the conditions that it must satisfy in order to join and continue to use the VAT flat rate scheme, and calculate the tax saving if the partnership had used the flat rate scheme to calculate the amount of VAT payable throughout the year ended 5 April 2010.Note: you should assume that the relevant flat rate scheme percentage for the partnership’s trade was 11% throughout the whole of the year ended 5 April 2010.(5 marks)(30 marks)7[P.T.O.2(a)You should assume that today’s date is 28 March 2010.Mice Ltd commenced trading on 1 July 2006 as a manufacturer of computer peripherals. The company prepares accounts to 31 March, and its results for the first three periods of trading were as follows:Period ended Year ended Year ended31 March31 March31 March200720082009£££T rading profit83,20024,70051,200Property business profit2,8007,10012,200Gift aid donations(1,000)(1,500)–The following information is available in respect of the year ended 31 March 2010:Trading lossMice Ltd expects to make a trading loss of £180,000.Business property incomeMice Ltd lets out three office buildings that are surplus to requirements.The first office building is owned freehold. The property was let throughout the year ended 31 March 2010 at a quarterly rent of £3,200, payable in advance. Mice Ltd paid business rates of £2,200 and insurance of £460 in respect of this property for the year ended 31 March 2010. During June 2009 Mice Ltd repaired the existing car park for this property at a cost of £1,060, and then subsequently enlarged the car park at a cost f £2,640.The second office building is owned leasehold. Mice Ltd pays an annual rent of £7,800 for this property, but did not pay a premium when the lease was acquired. On 1 April 2009 the property was sub-let to a tenant, with Mice Ltd receiving a premium of £18,000 for the grant of an eight-year lease. The company also received the annual rent of £6,000 which was payable in advance. Mice Ltd paid insurance of £310 in respect of this property for the year ended 31 March 2010.The third office building is also owned freehold. Mice Ltd purchased the freehold of this building on 1 January 2010, and it will be empty until 31 March 2010. The building is to be let from 1 April 2010 at a monthly rent of £640, and on 15 March 2010 Mice Ltd received three months rent in advance. On 1 January 2010 Mice Ltd paid insurance of £480 in respect of this property for the year ended 31 December 2010, and during February 2010 spent £680 on advertising for tenants. Mice Ltd paid loan interest of £1,800 in respect of the period 1 January 2010 to 31 March 2010 on a loan that was taken out to purchase this property.Loan interest receivedOn 1 July 2009 Mice Ltd made a loan for non-trading purposes. Loan interest of £6,400 was received on31 December 2009, and £3,200 will be accrued at 31 March 2010.Overseas dividendOn 15 October 2009 Mice Ltd received a dividend of £7,400 (net) from a 3% shareholding in U SB Inc, a company that is resident overseas. Withholding tax was withheld from this dividend at the rate of 7·5%.Chargeable gainOn 20 December 2009 Mice Ltd sold its 3% shareholding in USB Inc. The disposal resulted in a chargeable gain of £10,550, after taking account of indexation.Required:(i)Calculate Mice Ltd’s property business profit for the year ended 31 March 2010;(8 marks)(ii)Assuming that Mice Ltd claims relief for its trading loss as early as possible, calculate the company’s profits chargeable to corporation tax for the nine-month period ended 31 March 2007, and each of theyears ended 31 March 2008, 2009 and 2010.(7 marks)8(b)Mice Ltd has owned 100% of the ordinary share capital of Web-Cam Ltd since it began trading on 1 April 2009.For the three-month period ended 30 June 2009 Web-Cam Ltd made a trading profit of £28,000, and is expected to make a trading profit of £224,000 for the year ended 30 June 2010. Web-Cam Ltd has no other taxable profits or allowable losses.Required:Assuming that Mice Ltd does not make any loss relief claim against its own profits, advise Web-Cam Ltd as to the maximum amount of group relief that can be claimed from Mice Ltd in respect of the trading loss of £180,000 for the year ended 31 March 2010.(3 marks) (c)Mice Ltd has surplus funds of £75,000 which it is planning to spend before 31 March 2010. The company willeither purchase new equipment for £75,000, or alternatively it will purchase a new ventilation system for £75,000, which will be installed as part of its factory.Mice Ltd has not made any other purchases of assets during the year ended 31 March 2010, and neither has its subsidiary company Web-Cam Ltd.Required:Explain the maximum amount of capital allowances that Mice Ltd will be able to claim for the year ended31 March 2010 in respect of each of the two alternative purchases of assets.Note: You are not expected to recalculate Mice Ltd’s trading loss for the year ended 31 March 2010, or redo any of the calculations made in parts (a) and (b) above.(4 marks) (d)Mice Ltd is planning to pay its managing director a bonus of £40,000 on 31 March 2010. The managing directorhas already been paid gross director’s remuneration of £80,000 during the tax year 2009–10, and the bonus of £40,000 will be paid as additional director’s remuneration.Required:Advise the managing director as to the additional amount of income tax and national insurance contributions (both employee’s and employer’s) that will be payable as a result of the payment of the additional director’s remuneration of £40,000.Note: You are not expected to recalculate Mice Ltd’s trading loss for the year ended 31 March 2010, or redo any of the calculations made in parts (a) and (b) above.(3 marks)(25 marks)9[P.T.O.3Problematic Ltd sold the following assets during the year ended 31 March 2010:(1)On 14 June 2009 16,000 £1 ordinary shares in Easy plc were sold for £54,400. Problematic Ltd had originallypurchased 15,000 shares in Easy plc on 26 June 1994 for £12,600. On 28 September 2006 Easy plc madea 1 for 3 rights issue. Problematic Ltd took up its allocation under the rights issue in full, paying £2·20 for eachnew share issued. The relevant retail prices indexes (RPIs) are as follows:June 1994144·7September 2006200·1June 2009213·0(2)On 1 October 2009 an office building owned by Problematic Ltd was damaged by a fire. The indexed cost of theoffice building on that date was £169,000. The company received insurance proceeds of £36,000 on10 October 2009, and spent a total of £41,000 during October 2009 on restoring the office building.Problematic Ltd has made a claim to defer the gain arising from the receipt of the insurance proceeds. The office building has never been used for business purposes.(3)On 28 January 2010 a freehold factory was sold for £171,000. The indexed cost of the factory on that date was£127,000. Problematic Ltd has made a claim to holdover the gain on the factory against the cost of a replacement leasehold factory under the rollover relief (replacement of business assets) rules. The leasehold factory has a lease period of 20 years, and was purchased on 10 December 2009 for £154,800. The two factory buildings have always been used entirely for business purposes.(4)On 20 February 2010 an acre of land was sold for £130,000. Problematic Ltd had originally purchased fouracres of land, and the indexed cost of the four acres on 20 February 2010 was £300,000. The market value of the unsold three acres of land as at 20 February 2010 was £350,000. Problematic Ltd incurred legal fees of £3,200 in connection with the disposal. The land has never been used for business purposes.Problematic Ltd’s only other income for the year ended 31 March 2010 is a tax adjusted trading profit of £108,055.Required:(a)Calculate Problematic Ltd’s profits chargeable to corporation tax for the year ended 31 March 2010.(16 marks)(b)Advise Problematic Ltd of the carried forward indexed base costs for capital gains purposes of any assetsincluded in (1) to (4) above that are still retained at 31 March 2010.(4 marks)(20 marks)104You should assume that today’s date is 30 June 2011.You are a trainee Chartered Certified Accountant and are dealing with the tax affairs of Ernest Vader.Ernest’s self-assessment tax return for the tax year 2009–10 was submitted to HM Revenue & Customs (HMRC) on15 May 2010, and Ernest paid the resulting income tax liability by the due date of 31 January 2011. However, youhave just discovered that during the tax year 2009–10 Ernest disposed of a freehold property, the details of which were omitted from his self-assessment tax return. The capital gains tax liability in respect of this disposal is £18,000, and this amount has not been paid.Ernest has suggested that since HMRC’s right to raise an enquiry into his self-assessment tax return for the tax year 2009–10 expired on 15 May 2011, no disclosure should be made to HMRC of the capital gain.Required:(a)Briefly explain the difference between tax evasion and tax avoidance, and how HMRC would view thesituation if Ernest Vader does not disclose his capital gain.(3 marks)(b)Briefly explain from an ethical viewpoint how you, as a trainee Chartered Certified Accountant, should dealwith the suggestion from Ernest Vader that no disclosure is made to HMRC of his capital gain.(3 marks)(c)State the action HMRC will take should they wish to obtain information from Ernest Vader regarding hiscapital gain.(1 mark)(d)Explain why, even though the right to raise an enquiry has expired, HMRC will still be entitled to raise anassessment should they discover that Ernest Vader has not disclosed his capital gain. (2 marks)(e)Assuming that HMRC discover the capital gain and raise an assessment in respect of Ernest Vader’s capitalgains tax liability of £18,000 for the tax year 2009–10, and that this amount is then paid on 31 July 2011:(i)Calculate the amount of interest that will be payable;Note: you should assume that the rates for the tax year 2009–10 continue to apply.(2 marks) (ii)Advise Ernest Vader as to the amount of penalty that is likely to be charged as a result of the failure to notify HMRC, and how this could have been reduced if the capital gain had been disclosed.(4 marks)(15 marks)11[P.T.O.5For the year ended 31 January 2010 Quagmire plc had profits chargeable to corporation tax of £1,200,000 and franked investment income of £200,000. For the year ended 31 January 2009 the company had profits chargeable to corporation tax of £1,600,000 and franked investment income of £120,000.Quagmire plc’s profits accrue evenly throughout the year.Quagmire plc has one associated company.Required:(a)Explain why Quagmire plc will have been required to make quarterly instalment payments in respect of itscorporation tax liability for the year ended 31 January 2010. (3 marks)(b)Calculate Quagmire plc’s corporation tax liability for the year ended 31 January 2010, and explain how andwhen this will have been paid.(3 marks)(c)Explain how your answer to part (b) above would differ if Quagmire plc did not have an associated company.Your answer should include a calculation of the revised corporation tax liability for the year ended 31 January 2010. (4 marks)(10 marks)End of Question Paper12。

ACCA考试F6mock答案

Answer to Section A:1. B2. A￡ 3,000 700 Home to client travel Professional subscription Allowance deductions 3,7003. A(£30,000 – £7,956) x 12% = £2,645 4. A5. A22,000=22,500+3,700-4,2006. BProceeds100,000 (80,000) 20,000Cost of the land (200,000*100,000/ (100,000+150,000)) Chargeable capital gain 7. AB,C,D 所指的期间如果加上”proceeded and followed by the actual occupation period” 才可以确定是 deemed occupation period.8. D这是生前对个人的赠送，属于 PET ，在赠送时不会产生 IHT 。

9. COutput VAT=5,000×(1-3%)×20%+220×20%=1014 10. ACease date 是在2015年4月5日之前，所以可以合并上期利润里一同申报在2014－15 This amount can then be reduced by the unused overlap profit. (£15,000 + £6,000) – £4,000 = £17,00011. AInterest from Individual Savings Accounts within the overall investment limit of £15,000 is an exempt income. 12. D 13. D 14. C 15. DIHT liability = (800,000 – 3,000 – 3,000 – 325,000) x 20% /0.8 = £117,250 付遗产税时要在原来计算的基础上除以 0.8由捐赠者Answer to Section B1. Flick Pick (TX 06/12 Q1)Answer: all figures are in one pound, unless indicated otherwise (a)Other income (Total income)Trading profit (W2)(W3)(W4) Employment income (W1) Property income (W5) Total (net) income8,220 34,388 5,940 48,548 -10,000 38,548Less: Personal allowance (W6) Taxable incomeWorking 1 Employment income Salary 25,665 Benefit:-accommodation benefit (W1.1) -furniture benefit 9,400*0.2 Total6,843 1,880 34,388 Working 1.1 accommodation benefit basic rate: annual value4,600 2,243 6,843additional charge: (144,000-75,000)*3.25% taxable benefit:Working 2 tax -adjusted trading profitYear ended 30 April 2015=29,700- 300 (W2.1) =29,400 Working 2.1 capital allowanceprivate -used carsBusiness use %Capital allowanceTWDV B/D addition 0 18,750 18,750 -500 Balance WDA (8%*4/12) Total60%300 30018,250Working 3 Partnership profit allocationFlickArtTotalTotal29,400 (W2)-2,000less: salary to art Remaining 6,000*4/12=2,00016,44027,400 profit sharing10,960-27,400ratio(4:6) Total10,960 18,440 Working 4 sole trader basis tax year Basis periodProfit2014/15from 1/1/2015-6/4/201510,960 (W3)*3/4=8,220Working 5 property income Rental 660*12 7,920 council tax -1,320 -660 W&T allowance Total(7,920-1,320)*10%5,940Working 6 Personal allowances Adjusted net income= 49,065Born on or after 6 April 1948, so the standard PA of 10,000 should be used(b)3D Ltd will be responsible for paying class 1 NIC (both primary and secondary contributions) in respect of Flick’s salary.3D Ltd will be responsible for paying class 1A NIC in respect of Flick’s taxable benefits. Flick will be responsible for paying class 2 NIC in respect of her trading income. Flick will be responsible for paying class 4 NIC in respect of her trading income Tutorials:1.第一个税务年度所对应的 basis period 应该为公司成立日至第一个税务年度日(06/04/20XX) 2. For accommodation benefit, since the property was acquired more than 6 years before being provided to Flick, the market value at the date it was provided to her is used as the cost of providing the benefit, instead of the original cost.3. Cost of replacing furniture 和 wear & tear allowance 只能选其一抵减,本题中 flick 选择使用 wear & tear allowance.4.对于求 trading income 的综合题，必须按照规定步骤按顺序计算：1.先求 tax -adjusted trading profit. 2. Partnership profit allocation 3. Basis period assessment.2. Neung Ltd （a ） Associates● ● Second Ltd and Fourth Ltd are not associated companies as Neung Ltd has ashareholding of less than 50% in Second Ltd, and Fourth Ltd is dormant. Third Ltd and Fifth Ltd is associated companies as Neung Ltd has ashareholding of over 50% in each case, and both are trading companies.（b ） Neung Ltd – Corporation tax computation for the year ended 31 March 2015£Trading profit(W1) 358,766(25,200 + 12,600) 37,800396,566Interest income Taxable total profitFranked investment income Augmented profits(37,800/90%) 42,000438,566Corporation tax at marginal rate £396,566 at 21% 83,279(139) Marginal relief1/400 * (500,000 – 438,566) x396,566/438,566 Corporation tax liability83,140(W1) Trading profit£622,536 11,830 Operating profit Depreciation Amortisation7,000 Less: Deduction for lease premium (w2) Capital allowances (w3) Trading profit(4,340) (278,260) 358,766(W2) Deduction for lease premium£140,000 (53,200 86,800 4,340Premium paidLess: £140,000*2%*(20-1)) Assessment on landlordAllowable deduction per year(£86,800/20)(W3) Capital allowancesMain poolSpecial rate poolAllowanceTWDV b/f4,80012,700Additional (no AIA ) Motor car (1) Motor car (2) Additional ( with AIA)15,40028,600 Ventilation system Less: AIA 270,000 (270,000) 28,100 270,000Balance 33,400 (6,012) WDA (18%) WDA (8%) 6,012 2,248 (2,248) 25,852TWDV C/F Total allowance27,388278,260 (W4) Corporation tax rateNeung Ltd has two associated companies; therefore there are three associated companies in total. £ 500,000 100,000Upper limit (£1,500,000/3) Lower limit (£ 300,000/3)3. TomOrdinary shares in Kapook plc(W1)Ordinary shares in Jooba Ltd (no gain no loss transfer between spouses) Antique table (W2)13,600- 3,500- UK Government securities (exempt) Chargeable gains 17,100 (6,100) 11,000 (11,000)Less: losses b/f (W3) Net chargeable gainsLess: annual exempt amount Taxable gainsTom therefore has a nil liability to capital gains tax in 2014/15 and capital losses carried forward of £ (15,900 – 6,100) = £9,800.(w1) The shares in Kapook plc are valued at the lower of: (a) 3.70 + ¼ × (3.90 – 3.70) = 3.75; (b) (3.60 + 3.80)/2 = 3.70The disposal is first matched against the purchase on 24 July 2014 (this is within the following 30 days) and then against the shares in the share pool. The cost of the shares disposed of is, therefore, £23,400 (5,800 + 17,600).No. of sharesCost£ £ Purchase 19 February 2004 Purchase 6 June 20098,000 6,00016,200 14,600 30,800 (17,600) 13,20014,000 (8,000) 6,000 Disposal 20 July 2014 £30,800 × 8,000/14,000 Balance c/f£ Deemed proceeds (10,000 × £3.70) Less: cost 37,000 (23,400) 13,600Chargeable gains(w2) The antique table is a non -wasting chattel. £ proceeds 8,700 (5,200) 3,500Less: cost Chargeable gainsThe maximum gain is 5/3 × £(8,700 − 6,000) = £4,500. The chargeable gain is the lower of £3,500 and £4,500, so it is £3,500.(w3)The set off of the brought forward capital losses is restricted to £6,100 (17,100 – 11,000) so that chargeable gains are reduced to the amount of the annual exempt amount.4. IHT£CLT (20/06/2007) 280,000 Less annual exemption - - 2007/08 2006/07 (3,000) (3,000) 274,000IHT liability274,000 x 0% = 0£PET (05/10/2013)255,000 Less annual exemption - - 2013/14 2012/13(3,000) (3,000) 249,000The PET is initially exemption from IHT liability.Death date: 12/03/2015CLT (20/06/2007) was made more than 7 years ago, so there is no additional IHT liability incurred.£PET (05/10/2013)249,0000 422,500 (W1) – 274,000 = 148,500 x 0% 249,000 – 148,500 = 100,500 x 40% IHT liability40,200 40,200Value of death estate£850,000 460,000 275,000 PropertyBuilding society depositsProceeds of life assurance policy Less Funeral cost(18,000) 1,567,000422,500 – 249,000 = 173,500 x 0%1,567,000 – 173,500 = 1,393,500 x 40%557,400557,400IHT liability(W1)Nil rate band for Nicola in tax year 2014/15 is 325,000 + 325,000 x (1 – 70%) = £422,500. 5.(a) (1) Wind can use both schemes because its expected taxable turnover for the next 12month does not exceed £1,350,000 exclusive of VAT; in addition, for both of the schemes the company is up to date with its VAT returns.(2) With the cash accounting scheme, output VAT will be accounted for one monthlater than at present since the scheme will result in the tax point becoming the date that payment is received from customers and the recovery of input VAT will not be affected as these are paid in cash.(3) With the annual accounting scheme, the reduced administration in only having tofile one VAT return each year should have save overtime costs.此处的考点为special scheme，注意三种不同的scheme的使用条件以及各自的优缺点，在回答优缺点时注意结合题目所给具体条件答题(b) (1) from suppliers situated outside EUWind Ltd will have to pay VAT of £8,000 (40,000×20%) to HM Revenue and Customs at the time of importation, and this will be reclaimed as input VAT on the VAT return for the period during which the equipment is imported.(2) From supplier situated within EUVAT will have to be accounted for according to the date of acquisition. This will be the Earlier of date that a VAT invoice is issued or the 15th day of the month following the Month in which the equipment transported to UK.The VAT charged of £8,000 will be declared on Wind Ltd’ VAT return as output VAT, But will then be reclaimed as input VAT on the same VAT return.6.(a) Sophie Shape – Schedule of tax paymentsDue date Tax year Payment £31 July 20152014–15Second payment on account 3,240 6,480 (5,240 + 1,240) x 50%31 January 20162014–15Balancing payment 5,98012,460 (6,100 + 1,480 + 4,880) – 6,480 (3,240 x 2)31 January 20162015–16First payment on account 3,790 7,580 (6,100 + 1,480) x 50%(b) (1) If Sophie’s payments on account for 2014–15 were reduced to nil, then she would be charged intereston the payments due of £3,240 from the relevant due date to the date of payment.(2) A penalty based on the amount of underpaid tax will be charged as the claim to reduce the payments on account to nil would appear to be made fraudulently or negligently.(c) (1) Unless the return is issued late, the latest date when Sophie can file a paperself-assessment tax return for 2014–15 is 31 October 2015.(d) (1) If HM Revenue and Customs (HMRC) intend to carry out a compliance check into Sophie’s 2014-15 tax return they will have to notify her within 12 months of the date when they receive the return.(2) HMRC has the right to carry out a compliance check as regards the completeness and accuracy of any return, and such a check may be made on a completely random basis.(3) However, compliance checks are generally carried out because of a suspicion that income has been undeclared or because deductions have been incorrectly claimed. For example, where accounting ratios are out of line with industry norms.X。

ACCA考试复习回顾《税务F6》辅导3

ACCA考试复习回顾《税务F6》辅导3本文由高顿ACCA整理发布，转载请注明出处CHARGEABLE GAINSRELATED LINKSPDF versionThis article looks at chargeable gains in either a personal or corporate context. This article is relevant to candidates sitting Paper F6 （UK）in 2013This two-part article is relevant to candidates sitting Paper F6 （UK）in either the June or December 2013 sittings, and is based on tax legislation as it applies to the tax year （Finance Act 2012）。

Question 3 of Paper F6 （UK）focuses on chargeable gains in either a personal or a corporate context, and will be for 15 marks. A small element of chargeable gains may also be included in any of the other questions.PERSONAL CHARGEABLE GAINSScope of capital gains tax （CGT）CGT is charged when there is a chargeable disposal of a chargeable asset by a chargeable person.A chargeable disposal includes part disposals and the gift of assets. However, the transfer of an asset upon death is an exempt disposal. A person who inherits an asset takes it over at its value at the time of death.20 June 2012, and the land was inherited by his son, William. On that date the land wasThe transfer of th e land on Jorgeˇs death is an exempt disposal.All forms of property are chargeable assets unless exempted. The most important exempt assets as far as Paper F6 （UK）is concerned are:Certain chattels （see later）Motor carsUK Government securities （Gilts）In determining whether or not an individual is chargeable to CGT it is necessary to consider their residence status.Example 2 Explain when a person will be treated as resident or ordinarily resident in the UK for a particular tax year and state how a personˇs residence status establishes whether or not they are liable to CGT.A person will be resident in the UK during a tax year if they are present in the UK for 183 days or more.A person will also be treated as resident if they make substantial visits to the UK, with visits averaging 91 days or more over four consecutive tax years.Ordinary residence is not precisely defined, but a person will normally be ordinarily resident in the UK if this is where they habitually reside.A person is liable to CGT on the disposal of assets during any tax year in which they are either resident or ordinarily resident in the UK.Basic computation For individuals the basic CGT computation is quite straightforward.during March 2004. During May 2006 the roof of the factory was replaced at a cost ofCost164,000Enhancement expenditure 37,000Incidental costs （3,600 + 5,800）9,400_______ （210,400）________ Chargeable gain 109,600Annual exempt amount（10,600）_______Taxation gain99,000 _______The factory extension is enhancement expenditure as it has added to the value of the factory.The replacement of the roof is not enhancement expenditure, being in the nature of a repair.Note that the standardised term ˉchargeable gainˇ refers to the gain before deducting the annual exempt amount, while the term ˉtaxable gainˇ refers to the gain after deducting the annual exempt amount.Capital losses Capital losses are set off against any chargeable gains arising in the same tax year, even if this results in the annual exempt amount being wasted. Any unrelieved capital losses are carried forward, but in future years they are only set off to the extent that the annual exempt amount is not wasted.Example 4 FCapital losses brought forward（7,000）_______Chargeable gains10,600 Annual exempt amount （10,600）_______ Taxable gains Nil_______（10,600）so that chargeable gains are reduced to the amount of the annual exempt amount.（）。

ACCA F6 2015 June specimen 答案

P a p e r F 6 ( U K )SUPPLEMENTARY INSTRUCTIONS1.Calculations and workings need only be made to the nearest £.2.All apportionments should be made to the nearest month.3.All workings should be shown in Section B.TAX RATES AND ALLOWANCESThe following tax rates and allowances are to be used in answering the questions.Income taxNormal Dividendrates ratesBasic rate£1 – £31,86520%10%Higher rate£31,866 to £150,00040%32·5% Additional rate£150,001 and over45%37·5%A starting rate of 10% applies to savings income where it falls within the first £2,880 of taxable income.Personal allowancePersonal allowanceBorn on or after 6 April 1948£10,000Born between 6 April 1938 and 5 April 1948£10,500Born before 6 April 1938 £10,660Income limitPersonal allowance£100,000Personal allowance (born before 6 April 1948)£27,000Residence statusDays in UK Previously resident Not previously residentLess than 16Automatically not resident Automatically not resident16 to 45Resident if 4 UK ties (or more)Automatically not resident46 to 90Resident if 3 UK ties (or more)Resident if 4 UK ties91 to 120Resident if 2 UK ties (or more)Resident if 3 UK ties (or more)121 to 182Resident if 1 UK tie (or more)Resident if 2 UK ties (or more)183 or more Automatically resident Automatically residentChild benefit income tax chargeWhere income is between £50,000 and £60,000, the charge is 1% of the amount of child benefit received for every £100 of income over £50,000.Car benefit percentageThe relevant base level of COemissions is 95 grams per kilometre.2The percentage rates applying to petrol cars with COemissions up to this level are:275 grams per kilometre or less5%76 grams to 94 grams per kilometre11%95 grams per kilometre12%2Car fuel benefitThe base figure for calculating the car fuel benefit is £21,700.New individual savings accounts (NISAs)The overall investment limit is £15,000.Pension scheme limitAnnual allowance –2014–15£40,000–2011–12 to 2013–14£50,000 The maximum contribution that can qualify for tax relief without any earnings is £3,600.Authorised mileage allowances: carsUp to 10,000 miles45p Over 10,000 miles25pCapital allowances: rates of allowancePlant and machineryMain pool18% Special rate pool8% Motor carsNew cars with CO2emissions up to 95 grams per kilometre100%CO2emissions between 96 and 130 grams per kilometre18%CO2emissions over 130 grams per kilometre8%Annual investment allowanceRate of allowance100% Expenditure limit£500,000Cap on income tax reliefsUnless otherwise restricted, reliefs are capped at the higher of £50,000 or 25% of income.Corporation taxFinancial year201220132014Small profits rate20%20%20%Main rate24%23%21%Lower limit£300,000£300,000£300,000Upper limit£1,500,000£1,500,000£1,500,000Standard fraction1/1003/4001/400Marginal reliefStandard fraction x (U –A) x N/A3[P.T.O.Value added tax (VAT)Standard rate20% Registration limit£81,000 Deregistration limit£79,000Inheritance tax: tax rates£1 –£325,000Nil Excess–Death rate40%–Lifetime rate20%Inheritance tax: taper reliefYears before death Percentagereduction Over 3 but less than 4 years20% Over 4 but less than 5 years40% Over 5 but less than 6 years60% Over 6 but less than 7 years80%Capital gains taxRates of tax–Lower rate18%–Higher rate28% Annual exempt amount£11,000 Entrepreneurs’ relief–Lifetime limit£10,000,000–Rate of tax 10%National insurance contributions(Not contracted out rates)%Class 1Employee£1 – £7,956 per year Nil£7,957 – £41,865 per year12·0£41,866 and above per year12·0Class 1Employer£1 – £7,956 per year Nil£7,957 and above per year13·8Employment allowance£2,000Class 1A13·8Class 2£2·75 per weekSmall earnings exemption limit£5,885Class 4£1 – £7,956 per year Nil£7,957 – £41,865 per year9·0£41,866 and above per year2·0Rates of interest (assumed)Official rate of interest 3·25%Rate of interest on underpaid tax 3%Rate of interest on overpaid tax0·5%4Section A – ALL 15 questions are compulsory and MUST be attemptedPlease use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple-choice question.Each question is worth 2 marks.1During the tax year 2014–15, William was paid a gross annual salary of £82,700. He also received taxable benefits valued at £5,400.What amount of class 1 national insurance contributions (NIC) will have been suffered by William for the tax year 2014–15?A£4,994B£8,969C£4,886D£4,0692You are a trainee Chartered Certified Accountant and your firm has a client who has refused to disclose a chargeable gain to HM Revenue and Customs (HMRC).From an ethical viewpoint, which of the following actions could be expected of your firm?(1)Reporting under the money laundering regulations(2)Advising the client to make disclosure(3)Ceasing to act for the client(4)Informing HMRC of the non-disclosure(5)Warning the client that your firm will be reporting the non-disclosure(6)Notifying HMRC that your firm has ceased to act for the clientA2, 3 and 5B1, 2, 3 and 6C2, 3 and 4D1, 4, 5 and 63Martin was born on 28 June 1965. He is self-employed, and for the year ended 5 April 2015 his trading profit was £109,400. During the tax year 2014–15, Martin made a gift aid donation of £800 (gross) to a national charity.What amount of personal allowance will Martin be entitled to for the tax year 2014–15?A£10,000B£5,700C£5,300D Nil5[P.T.O.4For the year ended 31 March 2015, Halo Ltd made a trading loss of £180,000.Halo Ltd has owned 100% of the ordinary share capital of Shallow Ltd since it began trading on 1 July 2014. For the year ended 30 June 2015, Shallow Ltd will make a trading profit of £224,000.Neither company has any other taxable profits or allowable losses.What is the maximum amount of group relief which Shallow Ltd can claim from Halo Ltd in respect of the trading loss of £180,000 for the year ended 31 March 2015?A£180,000B£168,000C£45,000D£135,0005For the year ended 31 March 2014, Sizeable Ltd had a corporation tax liability of £384,000, and for the year ended31 March 2015 had a liability of £456,000.Sizeable Ltd is a large company, and is therefore required to make instalment payments in respect of its corporation tax liability.The company’s profits have accrued evenly throughout each year.What is the amount of each instalment payable by Sizeable Ltd in respect of its corporation tax liability for the year ended 31 March 2015?A£228,000B£114,000C£96,000D£192,0006For the year ended 31 December 2014, Lateness Ltd had a corporation tax liability of £60,000, which it did not pay until 31 March 2016. Lateness Ltd is not a large company.How much interest will Lateness Ltd be charged by HM Revenue and Customs (HMRC) in respect of the late payment of its corporation tax liability for the year ended 31 December 2014?A£900B£2,250C£300D£4507On 26 November 2014 Alice sold an antique table for £8,700. The antique table had been purchased on 16 May 2011 for £3,800.What is Alice’s chargeable gain in respect of the disposal of the antique table?A£4,500B£1,620C£4,900D Nil68On 14 November 2014, Jane made a cash gift to a trust of £800,000 (after deducting all available exemptions).Jane paid the inheritance tax arising from this gift. Jane has not made any other lifetime gifts.What amount of lifetime inheritance tax would have been payable in respect of Jane’s gift to the trust?A£95,000B£190,000C£118,750D£200,0009During the tax year 2014–15, Mildred made the following cash gifts to her grandchildren:(1)£400 to Alfred(2)£140 to Minnie(3) A further £280 to Minnie(4)£175 to WinifredWhich of the gifts will be exempt from inheritance tax under the small gifts exemption?A1, 2, 3 and 4B2, 3 and 4 onlyC 2 and 4 onlyD 4 only10For the quarter ended 31 March 2015, Zim had standard rated sales of £59,700 and standard rated expenses of £27,300. Both figures are inclusive of value added tax (VAT).Zim uses the flat rate scheme to calculate the amount of VAT payable, with the relevant scheme percentage for her trade being 12%.How much VAT will Zim have to pay to HM Revenue and Customs (HMRC) for the quarter ended 31 March 2015?A£6,396B£3,888C£6,480D£7,16411Which of the following assets will ALWAYS be exempt from capital gains tax?(1) A motor car suitable for private use(2) A chattel(3) A UK Government security (gilt)(4) A houseA 1 and 3B 2 and 3C 2 and 4D 1 and 47[P.T.O.12Winston has already invested £8,000 into a cash new individual savings account (NISA) during the tax year 2014–15. He now wants to invest into a stocks and shares NISA.What is the maximum possible amount which Winston can invest into a stocks and shares NISA for the tax year 2014–15?A£15,000B£7,000C NilD£7,50013Ming is self-employed. How long must she retain the business and non-business records used in preparing her self-assessment tax return for the tax year 2014–15?Business records Non-business recordsA31 January 201731 January 2017B31 January 201731 January 2021C31 January 202131 January 2021D31 January 202131 January 201714Moon Ltd has had the following results:Period Profit/(loss)£Year ended 31 December 2014 (105,000)Four-month period ended 31 December 201343,000Year ended 31 August 2013 96,000The company does not have any other income.How much of Moon Ltd’s trading loss for the year ended 31 December 2014 can be relieved against its total profits of £96,000 for the year ended 31 August 2013?A£64,000B£96,000C£70,000D£62,00015Nigel has not previously been resident in the UK, being in the UK for less than 20 days each tax year. For the tax year 2014–15, he has three ties with the UK.What is the maximum number of days which Nigel could spend in the UK during the tax year 2014–15 without being treated as resident in the UK for that year?A90 daysB182 daysC45 daysD120 days8Section B – ALL SIX questions are compulsory and MUST be attempted1(a)On 10 June 2014, Delroy made a gift of 25,000 £1 ordinary shares in Dub Ltd, an unquoted trading company, to his son, Grant. The market value of the shares on that date was £240,000. Delroy had subscribed for the 25,000 shares in Dub Ltd at par on 1 July 2004. Delroy and Grant have elected to hold over the gain as a gift of a business asset.Grant sold the 25,000 shares in Dub Ltd on 18 September 2014 for £240,000.Dub Ltd has a share capital of 100,000 £1 ordinary shares. Delroy was the sales director of the company from its incorporation on 1 July 2004 until 10 June 2014. Grant has never been an employee or a director of Dub Ltd.For the tax year 2014–15 Delroy and Grant are both higher rate taxpayers. Neither of them has made any other disposals of assets during the year.Required:(i)Calculate Grant’s capital gains tax liability for the tax year 2014–15.(3 marks)(ii)Explain why it would have been beneficial for capital gains tax purposes if Delroy had instead sold the 25,000 shares in Dub Ltd himself for £240,000 on 10 June 2014, and then gifted the cash proceedsto Grant.(2 marks)(b)On 12 February 2015, Marlon sold a house for £497,000, which he had owned individually. The house hadbeen purchased on 22 October 1999 for £146,000. Marlon incurred legal fees of £2,900 in connection with the purchase of the house, and legal fees of £3,700 in connection with the disposal.Throughout the period of ownership the house was occupied by Marlon and his wife, Alvita, as their main residence. One-third of the house was always used exclusively for business purposes by the couple.Entrepreneurs’ relief is not available in respect of this disposal.For the tax year 2014–15 Marlon is a higher rate taxpayer, but Alvita did not have any taxable income. Neither of them has made any other disposals of assets during the year.Required:(i)Calculate Marlon’s chargeable gain for the tax year 2014–15.(3 marks)(ii)Calculate the amount of capital gains tax which could have been saved if Marlon had transferred 50% ownership of the house to Alvita prior to its disposal.(2 marks)(10 marks)9[P.T.O.2You should assume that today’s date is 15 March 2015.Opal Elder, aged 71, owns the following assets:(1)T wo properties respectively valued at £374,000 and £442,000. The first property has an outstanding repaymentmortgage of £160,000, and the second property has an outstanding endowment mortgage of £92,000.(2)Vintage motor cars valued at £172,000.(3)Investments in new individual savings accounts (NISAs) valued at £47,000, savings certificates from NS&I(National Savings and Investments) valued at £36,000, and government stocks (gilts) valued at £69,000.Opal owes £22,400 in respect of a personal loan from a bank, and she has also verbally promised to pay legal fees of £4,600 incurred by her nephew.Under the terms of her will, Opal has left all of her estate to her children. Opal’s husband is still alive.On 14 August 2005, Opal had made a gift of £100,000 to her daughter, and on 7 November 2014, she made a gift of £220,000 to her son. Both these figures are after deducting all available exemptions.The nil rate band for the tax year 2005–06 is £275,000.Required:(a)(i)Calculate Opal Elder’s chargeable estate for inheritance tax purposes were she to die on20 March 2015.(5 marks)(ii)Calculate the amount of inheritance tax which would be payable in respect of Opal Elder’s chargeable estate, and state who will be responsible for paying the tax. (3 marks)(b)Advise Opal Elder as to why the inheritance tax payable in respect of her estate would alter if she were tolive for another seven years until 20 March 2022, and by how much.Note: You should assume that both the value of Opal Elder’s estate and the nil rate band will remain unchanged.(2 marks)(10 marks)103Glacier Ltd runs a business providing financial services. The following information is available in respect of the company’s value added tax (VAT) for the quarter ended 31 March 2015:(1)Invoices were issued for sales of £44,600 to VAT registered customers. Of this figure, £35,200 was in respectof exempt sales and the balance in respect of standard rated sales. The standard rated sales figure is exclusive of VAT.(2)In addition to the above, on 1 March 2015 Glacier issued a VAT invoice for £8,000 plus VAT of £1,600 to aVAT registered customer. This was in respect of a contract for financial services which will be completed on15 April 2015. The customer paid for the contract in two instalments of £4,800 on 31 March 2015 and30 April 2015.(3)Invoices were issued for sales of £289,100 to non-VAT registered customers. Of this figure, £242,300 was inrespect of exempt sales and the balance in respect of standard rated sales. The standard rated sales figure is inclusive of VAT.(4)The managing director of Glacier Ltd is provided with free fuel for private mileage driven in her company motorcar. During the quarter ended 31 March 2015, this fuel cost Glacier Ltd £260. The relevant quarterly scale charge is £408. Both these figures are inclusive of VAT.For the quarters ended 30 September 2013 and 30 June 2014, Glacier Ltd was one month late in submitting its VAT returns and in paying the related VAT liabilities. All of the company’s other VAT returns have been submitted on time.Required:(a)Calculate the amount of output VAT payable by Glacier Ltd for the quarter ended 31 March 2015.(4 marks)(b)Advise Glacier Ltd of the default surcharge implications if it is one month late in submitting its VAT returnfor the quarter ended 31 March 2015 and in paying the related VAT liability.(3 marks)(c)State the circumstances in which Glacier Ltd is and is not required to issue a VAT invoice, and the periodduring which such an invoice should be issued.(3 marks)(10 marks)4Sophie Shape has been a self-employed sculptor since 1996, preparing her accounts to 5 April. Sophie’s tax liabilities for the tax years 2013–14 and 2014–15 are as follows:2013–142014–15££Income tax liability5,2406,100Class 2 national insurance contributions143143Class 4 national insurance contributions1,2401,480Capital gains tax liability04,880No income tax has been deducted at source.Required:(a)Prepare a schedule showing the payments on account and balancing payment which Sophie Shape will havemade, or will have to make, during the period from 1 April 2015 to 31 March 2016.Note: Your answer should clearly identify the relevant due date of each payment.(4 marks)(b)State the implications if Sophie Shape had made a claim to reduce her payments on account for the tax year2014–15 to nil without any justification for doing so.(2 marks)(c)Advise Sophie Shape of the latest date by which she can file a paper self-assessment tax return for the taxyear 2014–15.(1 mark)(d)State the period during which HM Revenue and Customs (HMRC) will have to notify Sophie Shape if theyintend to carry out a compliance check in respect of her self-assessment tax return for the tax year 2014–15, and the possible reasons why such a check would be made.Note: You should assume that Sophie will file her tax return by the filing date.(3 marks)(10 marks)5On 6 April 2014, Simon Bass, who was born on 14 June 1991, commenced employment with Echo Ltd as a music critic. On 1 January 2015, he commenced in partnership with Art Beat running a small music venue, preparing accounts to 30 April. The following information is available for the tax year 2014–15:Employment(1)During the tax year 2014–15, Simon was paid a gross annual salary of £23,700.(2)During May 2014, Echo Ltd paid £11,600 towards Simon’s removal expenses when he permanently moved totake up his new employment with the company, as he did not live within a reasonable commuting distance. The £11,600 covered both his removal expenses and the legal costs of acquiring a new main residence.(3)Throughout the tax year 2014–15, Echo Ltd provided Simon with living accommodation. The company hadpurchased the property in 2004 for £89,000, and it was valued at £143,000 on 6 April 2014. The annual value of the property is £4,600. The property was furnished by Echo Ltd during March 2014 at a cost of £9,400.Partnership(1)The partnership’s tax adjusted trading profit for the four-month period ended 30 April 2015 is £29,700. Thisfigure is before taking account of capital allowances.(2)The only item of plant and machinery owned by the partnership is a motor car which cost £18,750 on1 February 2015. The motor car has a CO2emission rate of 155 grams per kilometre. It is used by Art, and40% of the mileage is for private journeys.(3)Profits are shared 40% to Simon and 60% to Art. This is after paying an annual salary of £6,000 to Art. Property income(1)Simon owns a freehold house which is let out furnished. The property was let throughout the tax year 2014–15at a monthly rent of £660.(2)During the tax year 2014–15, Simon paid council tax of £1,320 in respect of the property, and also spent£2,560 on purchasing new furniture.(3)Simon claims the wear and tear allowance.Required:(a)Calculate Simon Bass’s taxable income for the tax year 2014–15.(13 marks)(b)State TWO advantages for the partnership of choosing 30 April as its accounting date rather than 5 April.(2 marks)(15 marks)6You are a trainee accountant and your manager has asked you to correct a corporation tax computation which has been prepared by the managing director of Naive Ltd, a company which manufactures children’s board games. The corporation tax computation is for the year ended 31 March 2015 and contains a significant number of errors: Naive Ltd – Corporation tax computation for the year ended 31 March 2015£T rading profit (working 1)494,200 Loan interest received (working 2)32,100–––––––––526,300 Dividends received (working 3)28,700–––––––––555,000–––––––––Corporation tax (555,000 at 21%)116,550–––––––––Working 1 – Trading profit£Profit before taxation395,830 Depreciation15,740 Donations to political parties400 Qualifying charitable donations900 Accountancy2,300 Legal fees in connection with the issue of loan notes (the loan was used to financethe company’s trading activities) 5,700 Entertaining suppliers3,600 Entertaining employees1,700 Gifts to customers (pens costing £40 each and displaying Naive Ltd’s name)920 Gifts to customers (food hampers costing £45 each and displaying Naive Ltd’s name)1,650 Capital allowances (working 4)65,460–––––––––T rading profit494,200–––––––––Working 2 – Loan interest received£Loan interest receivable32,800 Accrued at 1 April 201410,600 Accrued at 31 March 2015(11,300)–––––––––Loan interest received32,100–––––––––The loan was made for non-trading purposes.Working 3 – Dividends received£From unconnected UK companies20,700 From a 100% UK subsidiary company8,000–––––––––Dividends received28,700–––––––––These figures were the actual cash amounts received.Working 4 – Capital allowancesMain Motor Special Allowancespool car rate pool££££Written down value (WDV) brought forward12,40013,600AdditionsMachinery 42,300Motor car [1] 13,800Motor car [2] 14,000––––––––68,500Annual investment allowance (AIA)(68,500)68,500 Disposal proceeds(9,300)––––––––4,300Balancing allowance(4,300)(4,300)––––––––Writing down allowance (WDA) – 18%(2,520) x 50%1,260––––––––––––––––WDV carried forward 011,480––––––––––––––––––––––––T otal allowances65,460––––––––(1)Motor car [1] has a CO2emission rate of 110 grams per kilometre.(2)Motor car [2] has a CO2emission rate of 155 grams per kilometre. This motor car is used by the sales managerand 50% of the mileage is for private journeys.(3)All of the items included in the special rate pool at 1 April 2014 were sold for £9,300 during the year ended31 March 2015. The original cost of these items was £16,200.Other informationFrom your files, you note that Naive Ltd has one associated company (the 100% UK subsidiary company mentioned in working 3).Required:Prepare a corrected version of Naive Ltd’s corporation tax computation for the year ended 31 March 2015. Note: You should indicate by the use of zero any items in the computation of the trading profit for which no adjustment is required.(15 marks)End of Question PaperFundamentals Level – Skills Module, Paper F6 (UK)Specimen Exam Answers Taxation (United Kingdom)and Marking Scheme Section A1C(33,909 (41,865 –7,956) at 12%) + (40,835 (82,700 –41,865) at 2%) = £4,8862B3B£Personal allowance10,000Restriction (109,400 – 800 – 100,000 = 8,600/2)(4,300)––––––Restricted personal allowance5,700––––––4DLower of:£135,000 (180,000 x 9/12)£168,000 (224,000 x 9/12)5B456,000/4 = £114,0006A60,000 x 3% x 6/12 = £900 (period 1 October 2015 to 31 March 2016)7A2,700 (8,700 –6,000) x 5/3 = £4,500This is less than £4,900 (8,700 – 3,800)8C475,000 (800,000 – 325,000) x 20/80 = £118,7509D10D59,700 x 12% = £7,16411A12B15,000 – 8,000 = £7,00013CMarks 14D105,000 – 43,000 = £62,00015 A–––2 marks each30–––Section B Marks 1(a)Delroy and Grant(i)Grant – Capital gains tax liability 2014–15£Ordinary shares in Dub LtdDisposal proceeds240,000½Cost (25,000)1––––––––215,000 Annual exempt amount(11,000)½––––––––204,000––––––––Capital gains tax: 204,000 at 28%57,1201–––––––––––3–––Tutorial notes:(1)Because the whole of Delroy’s chargeable gain has been held over, Grant effectively took over theoriginal cost of £25,000.(2)The disposal does not qualify for entrepreneurs’ relief as Grant was neither an officer nor anemployee of Dub Ltd.(ii)(1)The disposal would have qualified for entrepreneurs’ relief as Delroy was the sales director of Dub Ltd, and his shareholding of 25% (25,000/100,000 x 100) was more than the minimum requiredholding of 5%.1(2)The capital gains tax liability would therefore have been calculated at the rate of 10%.½(3) There are no capital gains tax implications regarding a gift of cash. ½–––2–––(b)Marlon and Alvita(i)Marlon – Chargeable gain 2014–15££HouseDisposal proceeds497,000½Cost 146,000½Incidental costs (2,900 + 3,700)6,6001––––––––(152,600)––––––––344,400Principal private residence exemption (229,600)1–––––––––––114,8003–––––––––––(1)One-third of Marlon’s house was always used exclusively for business purposes, so the principalprivate residence exemption is restricted to £229,600 (344,400 x 2/3).(ii)(1)The capital gains tax saving if 50% ownership of the house had been transferred to Alvita prior to its disposal would have been £6,266, calculated as follows:£Annual exempt amount11,000 at 28%3,0801Lower rate tax saving31,865 at 10% (28% –18%)3,1861–––––––––6,2662–––––––––10–––Tutorial note:Transferring 50% ownership of the house to Alvita prior to its disposal would haveenabled her annual exempt amount and lower rate tax band of 18% for 2014–15 to be utilised.Marks 2(a)(i)Opal Elder – Chargeable estate££Property (374,000 + 442,000)816,000½Repayment mortgage160,000½Endowment mortgage01––––––––(160,000)––––––––656,000 Motor cars172,000½Investments (47,000 + 36,000 + 69,000)152,0001––––––––980,000 Bank loan22,400½Legal fees01––––––––(22,400)–––––––––––Chargeable estate 957,6005–––––––––––Tutorial notes:(1)There is no deduction in respect of the endowment mortgage as this will be repaid upon death bythe life assurance element of the mortgage.(2)The promise to pay the nephew’s legal fees is not deductible as it is not legally enforceable.(ii)Opal Elder – Inheritance tax on death estate£Chargeable estate957,600––––––––IHT liability 105,000 (working) at nil%0W 852,600 at 40% 341,040½––––––––341,040––––––––(1)The personal representatives of Opal’s estate will be responsible for paying the inheritance tax.1Working – Available nil rate band£Nil rate band325,000½Potentially exempt transfers – 14 August 20050½–7 November 2014(220,000)½––––––––––––105,0003––––––––––––Tutorial note:The potentially exempt transfer on 14 August 2005 is exempt from inheritance tax as itwas made more than seven years before 20 March 2015.(b)(1)If Opal were to live for another seven years, then the potentially exempt transfer on 7 November 2014would become exempt.1(2)The inheritance tax payable in respect of her estate would therefore decrease by £88,000 (220,000 at40%).1–––2–––10–––。

ACCA F1-F3模拟题及解析(6)

第1章 ACCA F1-F3模拟题及解析（6）1. a) Explain the doctrine of binding precedent in English law paying particular regard to the hierarchy of the courts; (5 marks) b) Assess the importance of delegated legislation as a source of contemporary law paying particular attention to the power of the Courts with respect to it. (5 marks)2.In relation to the contents of a contract explain the following:(a) Conditions; (4 marks)(b) Warranties; (3 marks)(c) Innominate terms. (3 marks)3. Explain the liability of the members of partnerships formed under the following Acts:(a) Partnership Act 1890; (3 marks)(b) Limited Partnerships Act 1907; (3 marks)(c) Limited Liability Partnership Act 2000. (4 marks)4. a) Explain what legal limitations there are on the names that may be adopted by companies, paying particular regard to the tort of ‘passing off’. (5 marks)b) promoter5. In relation to companies’ loan capital explain the following terms:(a) debenture; (3 marks)(b) fixed charge; (3 marks)(c) floating charge. (4 marks)6.(a) Annual general meeting and extraordinary general meeting; (5 marks)(b) State and explain the grounds under which a company may be wound up under section 122 of the Insolvency Act 1986; (5 marks)7. (a) Explain the term ‘money laundering’ and how such activity is conducted. (5 marks)(b) Explain how the Proceeds of Crime Act 2002 seeks to control money laundering. (5 marks)8.Ali is an antique dealer and one Saturday in November 2007 he put a vase in the window of his shop with a sign which stated ‘exceptional piece of 19th century pottery – on offer for £500’. Ben happened to notice the vase as he walked past the shop and thought he would like to have it. Unfortunately, as he was late for an important meeting, he could not go into the shop to buy it, but as soon as his meeting was finished he wrote to Ali agreeing to buy the vase for the stated price of £500. The letter was posted at 11:30 am.Later on the same day, Chet visited Ali’s shop and said he would like the vase but was only willing to pay £400 for it. Ali replied that he would accept £450 for the vase, but Chet insisted that he was only willing to pay £400 and left the shop. However, on his journey home Chet realised that £450 was actually a very good price for the vase and he immediately wrote to Ali agreeing to buy it for that price. His letter was posted at 12:30 pm.Just before closing time at 5 pm. Di came into Ali’s shop and she also offered £400 for the vase. This time Ali agreed to sell the vase at that price and Di promised to return the following Monday with the money.On the Monday morning Ali received both of the letters from Ben and Chet before Di could arrive to pay and collect the vase.Required:From the point of view of the law of contract advise Ali as to his legal relations with Ben, Chet and Di.9. Fine Ltd specialises in providing software to the financial services industry. It has two offices, one in Edinburgh and the other, its main office, in London. In January 2003 Gus was employed as a software designer attached to the Edinburgh office. However, by May 2004, Gus was informed that he was to be transferred to the head office in London, which is more than 350 miles from his usual workplace.Gus refused to accept the transfer on the basis that he had been employed to work in Edinburgh not London. Consequently, on 1 June 2004 he wrote to Fine Ltd terminating his contract with them. Required:Analyse the scenario from the point of view of employment law and in particular advise Gus as to:(a) his rights on the termination of his contract of employment with Fine Ltd;(b) the likelihood of a successful claim for unfair dismissal;(c) the remedies which might be available were he to win such an action.10. Three years ago Norm, a wealthy retired accountant, agreed to become a director of his son Owen’s company, Push Ltd, which had been established three years previously. Owen told Norm that he only wanted his name amongst the directors in order to give Push Ltd increased credibility. Norm never actually took part in the management of the company and never attended any company meetings. Norm has now learned that Push Ltd is insolvent and owes considerable debts. Owen has confessed to Norm that he had deliberately hidden the fact that Push Ltd has been insolvent and carried on trading for the past two years, in which time Push Ltd’s debts have increased from £50,000 to £300,000.Required:Advise Norm in regard to the following:(a) the common law duty of care owed by directors to their companies;(b) any potential liability on behalf of himself or Owen for fraudulent trading under s.213 of the Insolvency Act 1986;(c) any potential liability of himself or Owen for wrongful trading under s.214 of the Insolvency Act 1986.试题答案1. a)The doctrine of binding precedent, or stare decisis, lies at the heart of the English legal system. The doctrine refers to the fact that within the hierarchical structure of the English courts, a decision of a higher court will be binding on a court lower than it in that hierarchy. When judges try cases they will check to see if a similar situation has come before a court previously. If the precedent was set by a court of equal or higher status to the court deciding the new case then the judge in the present case should normally follow the rule of law established in the earlier case.The Hierarchy of the CourtsThe House of Lords stands at the summit of the English court structure and its decisions are binding on all courts below it in the hierarchy. As regards its own previous decisions, up until 1966 the House of Lords regarded itself as bound by its previous decisions. In a Practice Statement ([1966] 3 All ER 77) of that year, however, Lord Gardiner indicated that the House of Lords would in future regard itself as free to depart from its previous decisions where it appeared right to do so.The Court of Appeal. In civil cases the Court of Appeal is generally bound by previous decisions of the House of Lords and its own previous decisions. There are, however, a number of exceptions to this general rule. The exceptions arise where:(i) there is a conflict between two previous decisions of the Court of Appeal.(ii) a previous decision of the Court of Appeal has been overruled by the House of Lords. The Court of Appeal can ignore a previous decision of its own which is inconsistent with European Community law or with a later decision of the European Court.(iii) the previous decision was given per incuriam, i.e. in ignorance of some authority that would have led to a different conclusionThe High Court is bound by the decisions of superior courts. Decisions by individual High Court judges are binding on courts inferior in the hierarchy, but such decisions are not binding on other High Court judges although they are of strong persuasive authority and tend to be followed in practice.Crown Courts cannot create precedent and their decisions can never amount to more than persuasive authority. County courts and Magistrates’ courts do not create precedents.It is important to establish that it is not the actual decision in a case that sets the precedent; that is set by the rule of law on which the decision is founded. This rule, which is an abstraction from the facts of the case, is known as the ratio decidendi of the case.Any statement of law that is not an essential part of the ratio decidendi is, strictly speaking, superfluous; and any such statement is referred to as obiter dictum, i.e. said by the way. Although obiter dicta statements do not form part of the binding precedent they are persuasive authority and can be taken into consideration in later cases.b)Within the United Kingdom Parliament has the sole power to make law by creating legislation. Parliament, however, can pass on, or delegate, its law making power to some other body or individual. Delegated legislation is of particular importance in the contemporary legal context. Instead of definitive Acts of Parliament, which attempt to lay down detailed provisions, the modern form of legislation tends to be of the enabling type, which simply states the general purpose and aims of the Act. Such Acts merely lay down a broad framework, whilst delegating to ministers of state the power to produce detailed provisions designed to achieve those general aims. Thus delegated legislation is law made by some person, or body, to whom Parliament has delegated its general law making power. The output of delegated legislation in any year greatly exceeds the output of Acts of Parliament and, therefore, at least statistically it could be argued that delegated legislation is actually more significant than primary Acts of Parliament.There are various types of delegated legislation:(i) Orders in Council permit the government, through the Privy Council to make law. The Privy Council is nominally a non partypolitical body of eminent parliamentarians, but in effect it is simply a means through which the government, in the form of a committee of Ministers, can introduce legislation without the need to go through the full Parliamentary process.(ii) Statutory Instruments are the means through which government ministers introduce particular regulations under powers delegated to them by Parliament in enabling legislation.(iii) Bye-laws are the means through which local authorities and other public bodies can make legally binding rules and may be made under such enabling legislationThe use of delegated legislation has the following advantages:(i) Time-saving. Delegated legislation can be introduced quickly where necessary in particular cases and permits rules to be changed in response to emergencies or unforeseen problems. The use of delegated legislation, also saves Parliamentary time generally. It is generally considered better for Parliament to spend its time in a thorough consideration of the principles of enabling legislation, leaving the appropriate minister, or body, to establish the working detail under their authority.(ii) Access to particular expertise. Given the highly specialised and extremely technical nature of many of the regulations that are introduced through delegated legislation, the majority ofMembers of Parliament simply do not have sufficient expertise to consider such provisions effectively. It is necessary therefore, that those authorised to introduce delegated legislation should have access to the external expertise required to make appropriate regulations. In regard to bye-laws, local knowledge should give rise to more appropriate rules than general Acts of Parliament.(iii) Flexibility. The use of delegated legislation permits ministers to respond on an ad hoc basis to particular problems as and when they arise.There are, however, some disadvantages in the prevalence of delegated legislation:(i)Accountability. A key issue involved in the use of delegated legislation concerns the question of accountability. Parliament is presumed to be the source of statute law, but with respect to delegated legislation government ministers, and the civil servants who work under them to produce the detailed provisions, are the real source of the legislation. As a consequence, it is sometimes suggested that the delegated legislation procedure gives more power than might be thought appropriate to such un-elected individuals.(ii) Bulk. Given the sheer mass of such legislation, both Members of Parliament, and the general public, face difficulty in keeping abreast of delegated legislation.These potential shortcomings in the use of delegated legislation are, at least to a degree, mitigated by the fact that specific controls have been established to oversee it.(i) Parliamentary control over delegated legislation.Power to make delegated legislation is ultimately dependent upon the authority of Parliament. Parliament, therefore, retains general control over the procedure for enacting such law. New regulations in the form of delegated legislation are required to be laid before Parliament. (ii) Judicial control of delegated legislation.A validly enacted piece of delegated legislation has the same legal force and effect as the Act of Parliament under which it is enacted; but equally it only has effect to the extent that its enabling Act authorises it. Consequently, it is possible for delegated legislation to be challenged, through the procedure of judicial review, on the basis that the person or body to whom Parliament has delegated its authority has acted in a way that exceeds the limited powers delegated to them or has failed to follow the appropriate procedure set down in the enabling legislation. Any provision made in this way is said to be ultra vires and is void. Additional powers have been given to the courts under the Human Rights Act 1998 with respect to delegated legislation.Section 4 of the HRA expressly states that the courts cannot declare primary legislation invalid as being contrary to the rights protected by the Act and limits them to issuing a declaration of incompatibility in such circumstances. It is then for Parliament to act on such a declaration to remedy any shortcoming in the law if it so wishes.However, such limitation does not apply to secondary legislation, which the courts can now declare invalid on the grounds of not being compatible with the HRA. Orders in Council are treated as primary legislation for this purpose.2.Contractual terms, are statements which form part of the contract. Parties to a contract will normally be bound to perform any promise that they have agreed to and failure to perform will lead to an action for breach of contract, although the precise nature of the remedy will depend upon the nature of the promise broken. Some statements do not form part of a contract, even though they might have induced the other party to enter into the contract. These pre-contractual statementsare called representations.The consequences of such representations being false is an action for misrepresentation not an action for breach of contract, and leads to different remedies. It is important, therefore, to decide precisely what promises are included in the contract. Once it is decided that a statement is a term, rather than merely a pre-contractual representation, it is further necessary to decide which type of term it is, in order to determine what remedies are available for its breach. Terms can be classified as one of three types.a) ConditionsA condition is a fundamental part of the agreement – it is something which goes to the root of the contract. Breach of a condition gives the injured party the right either to terminate the contract and refuse to perform their part of it, or to go through with the agreement and sue for damages. The classic case in relation to breach of condition is Poussard v Spiers & Pond (1876) in which the plaintiff had contracted with the defendants to sing in an opera they were producing. Due to illness she was unable to appear on the first night, or for some nights thereafter. When Mme Poussard recovered, the defendants refused her services as they had hired a replacement for the whole run of the opera. It was held that her failure to appear on the opening night had beena breach of a condition, and the defendants were at liberty to treat the contract as discharged.b) WarrantiesA warranty is a subsidiary obligation which is not vital to the overall agreement, and in relation to which failure to perform does not totally destroy the whole purpose of the contract. Breach of a warranty does not give the right to terminate the agreement. The injured party has to complete their part of the agreement, and can only sue for damages. As regards warranties, the classic case is Bettini v Gye (1876) in which the plaintiff had contracted with the defendants to complete a number of engagements. He had also agreed to be in London for rehearsals six days before his opening performance. Due to illness, however, he only arrived three days before the opening night, and the defendants refused his services. On this occasion it was held that there was only a breach of warranty. The defendants were entitled to damages, but could not treat the contract as discharged.c) Innominate terms In this case, the remedy is not prescribed in advance simply by whether the term breached is a condition or a warranty, but depends on the consequence of the breach.If the breach deprives the innocent party of ‘substantially the whole benefit of the contract’, then the right to repudiate will be permitted; even if the term might otherwise appear to be a mere warranty.If, however, the innocent party does not lose ‘substantially the whole benefit of the contract’, then they will not be permitted to repudiate but must settle for damages, even if the term might otherwise appear to be a condition.3.(a) Section 1 of the Partnership Act 1890 which governs ordinary partnerships states that partnership is the relationship which subsists between persons carrying on a business in common with a view to profit. Ordinary partnerships do not benefit from any limitation on the liability of the various partners. Consequently the individual members of a partnership are jointly and severally liable for the debts of the partnership to the full extent of their personal wealth. This applies equally to sleeping partners who take no active part in the day to day operation of the partnership business. Outsiders have the choice of taking action against the firm collectively or against the individual partners. Where damages are recovered from one partner only, the otherpartners are under a duty to contribute equally to the amount paid.(b) The Limited Partnership Act 1907 allows for the formation of limited partnerships. For members of a partnership to gain the benefit of limited liability under this legislation, the following rules apply:– limited partners are not liable for partnership debts beyond the extent of their capital contribution, but in the ordinary course of events they are not permitted to remove their capital; – at least one of the partners must retain full, that is, unlimited, liability for the debts of the partnership;– a partner with limited liability is not permitted to take part in the management of the business enterprise and cannot usually bind the partnership in any transaction. If a partner acts in contravention of this rule they will lose the right to limited liability;– the partnership must be registered with the Companies Registry.(c) Limited Liability PartnershipsAs has already been seen the main shortcoming with regard to the standard partnership is the lack of limited liability for its members. The Limited Liability Partnership Act 2000 provides fora new form of business entity, the limited liability partnership. Although stated to be a partnership, the new form is a corporation, with a distinct legal existence apart from its members. As such it will have the ability– to hold property in its own right– to sue and be sued in its own name.It will have perpetual succession and consequently alterations in its membership will not have any effect on its existence.Most importantly however, the new legal entity will allow its members to benefit from limited liability in that they will not be liable for more than the amount they have agreed to contribute to its capital.4.a)Except in relation to specifically exempted companies, such as those involved in charitable work, companies are required to indicate that they are operating on the basis of limited liability. Thus private companies are required to end their names, either with the word ‘limited’ or the abbreviation ‘ltd’, and public companies must end their names with the words ‘public limited company’ or the abbreviation ‘plc’.Although there is no longer an official Business Names Registry, the Registrar of companies maintains a register of business names, and will refuse to register any company with a name that is the same as one already on that index (CA 85 s.26(c)). This control is less rigorous than that exercised under the previous legislation and has led to an increase in the use of the tort of ‘passing off’, as a means of protecting the goodwill attached to particular business names.Certain categories of names are, subject to the decision of the Secretary of State, unacceptable per se, as follows:– names which in the opinion of the Secretary of State constitute a criminal offence. As an example, it is illegal for non-designated businesses to claim to be banks, but the powers of the Secretary of State are wide enough to control names which might be considered as inciting race hatred. – names which in the opinion of the Secretary of State are offensive– names which are likely to give the impression that the company is connected with either government or local government authorities (s.26(2)(a).Under s.28 of the Companies Act 1985 the Secretary of State has power to require a company to alter its name under the following circumstances:– where it is the same as a name already on the Registrar’s index of company names.– where it is ‘too like’ a name that is on that index.Although a company’s name must not be the same as any already registered (s.26 CA), the Business Names Act 1985 does not prevent one business from using the same, or a very similar, name as another business. However, the tort of passing off prevents one person from using any name which is likely to divert business their way by suggesting that the business is actually that of some other person or is connected in any way with that other business. It thus enables people to protect the goodwill they have built up in relation to their business activity.b) A promoter is a person who exercises some control over the affairs of the company both before and after it is formed up until the process of formation is completed. The following are typical acts which promoters perform – taking the procedural steps necessary to form a company, inviting other persons to become directors and issuing a prospectus. A person is not to be treated as a promoter of a company simply on the basis that they act in a professional capacity with respect to the establishment of a company. Thus solicitors and accountants employed purely in their professional capacity in order to establish a company will not be considered to be promoters. As with directors, so promoters are said to be in a fiduciary relationship with the company they are establishing. This is a position akin to that of a trustee and the most important consequence that flows from it is that the promoter is not entitled to make a profit from establishing the company, without full disclosure of that profit to either an independent board of directors, or to the existing and prospective shareholders in the company. Such a situation usually arises in situations where the promoters sell assets to the company they are in the process of forming. Failure to make such a disclosure will enable the company to: rescind the contract; claim damages or hold the promoter liable to account for any profit made.Although problems in relation to the promotion of companies have been greatly diminished by the introduction of rigorous rules relating to the provision of information in company prospectuses, nevertheless the Company Directors Disqualification Act 1986 also provides for the disqualification of anyone who has been convicted of an indictable offence in relation to the promotion or formation of a company.panies ordinarily raise the money they need to finance their operations through the issue of share capital, but it is equally common for companies to raise additional capital through borrowing. The essential difference between share capital and loan capital is that whereas the share represents a proportionate interest in the business and constitutes the shareholder a member of the company, the lender, even where they hold loan-stock, remains a creditor of the company rather than a member. Such borrowing on the part of the company does not give the lender any interest in the company but represents a claim against the company. The relationship between company and the provider of loan capital is the ordinary relationship of debtor/creditor(a) DebenturesA debenture is a document which acknowledges the fact that a company has borrowed money. The use of the term debenture, however, has been extended to cover the loan itself. A debenture may be issued to a single creditor or to a large number of peopleAs creditors of the company, debenture holders receive interest on their loans and are entitled to receive payment whether the company is profitable or not.Debentures which have no security are referred to as ‘unsecured loan stock’. It is usual, however, for debentures to provide security for the amount loaned. Security means that if the company is wound up, the secured creditor will have priority in terms of repayment over any unsecured creditor. There are two types of security for company loans:(b) Fixed chargeIn this situation a specific asset of the company is made subject to a charge in order to secure a debt. Once the asset is subject to the fixed charge the company cannot dispose of it without the consent of the debenture holders. The asset most commonly subject to fixed charges is land, although any other long-term capital asset may also be charged.It would not be appropriate, however, to give a fixed charge against stock in trade as the company would be prevented from freely dealing with it without the prior approval of the debenture holders. Such a situation would obviously prevent the company from carrying on its day to day business. If the company fails to honor the commitments set out in the document creating the debenture, such as meeting its interest payments, the debenture holders can appoint a receiver who will if necessary sell the asset charged to recover the money owed. If the value of the asset that is subject to the charge is greater than the debt against which it is charged then the excess goes to pay off the rest of the company’s debts. If it is less than the value of the debt secured then the debenture holders will become unsecured creditors for the amount remaining outstanding.(c) Floating chargeThe floating charge does not attach to any specific property whilst the company is meeting its requirements as stated in the debenture document. The security is provided by all the property owned by the company, some of which may be continuously changing, such as stock in trade. Thus, in contrast to the fixed charge, the use of the floating charge permits the company to deal with its property without the need to seek the approval of the debenture holders. However, if the company commits some act of default, such as not meeting its interest payments, or going into liquidation, the floating charge is said to crystallise. This means that the floating charge becomes a fixed equitable charge over the assets detailed, and their value may be realised in order to pay the debt owed to the floating charge holder.All charges, including both fixed and floating, have to be registered with the Companies’ Registry within 21 days of their creation. Failure to register the charge as required has the effect of making the charge void, i.e. ineffective, against any other creditor, or the liquidator of the company. The charge, however, remains valid against the company, which means in effect that the holder of the charge loses their priority as against other company creditors. In addition to registration at the Companies’ Registry, companies are required to maintain a register of all charges on their property. Although a failure to comply with this requirement constitutes an offence, it does not invalidate the charge.6.a) The annual general meeting. By virtue of s.366 of CA 1985, every company is required to hold an annual general meeting (AGM) every calendar year; subject to a maximum period of 15 months. If a company fails to hold an AGM then any member may apply to the Secretary of State to calla meeting in default. The business conducted at AGMs tends to be routine such as the re-election。

ACCA F6真题

ACCA F6真题
2014年08月28日
2019ACCA备考资料财务英语入门历年真题答案 2019考纲白皮书 2019考前冲刺资料高顿内部名师讲义高顿内部在线题库
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ACCA模拟考试卷答案(3)—F7

F7 Assignment 1 SolutionLAND AND BUILDINGS(a) FRS 16 requires the cost, less residual value, of property, plant and equipment (PPE) to be depreciated over its useful life. This is so even if the item is revalued. In principle land and buildings (property) are no different from plant and equipment, but:•in most cases land has an indefinite life and is therefore not depreciated;•buildings often have very long lives and thus have low depreciation rates;•certain types of buildings e.g. major institutions open to the public, are maintained by the business so that they do not 'wear out'. In such cases the buildings should still be depreciated.The only exception is if the carrying amount is less than its residual value, in which case there is nothing to depreciate;•due to their long lives it is quite common for land and buildings to be periodically revalued. IAS 40 allows a choice of accounting treatments for investment properties:•the cost model, as set out in FRS 16; or•the fair value model, measuring the properties in the statement of financial position at fair value and recognising changes in fair value in the income statement.(b) The key difference between properties held for their investment potential and those used within the business by their owners is the different purpose for which each type was originally acquired. FRS 40 considers that a different treatment is required for investment properties because:•the assets are not consumed in the business operations;•the disposal of the assets would not materially affect any manufacturing or trading operations; •knowledge of the fair value of the assets is of greater relevance to the user of the accounts;•disclosure of the changes in the fair value provides information about how successful management has been in achieving its objective.(c) Accrual basisRevaluation recognises gains or losses (arising from changes in value) in the accounting period in which they occur, not in the period in which the asset is ultimately sold for cash. This is fully compatible with the accrual basis.Going concernUnder the going concern assumption the business will continue in operation for the foreseeable future, so assets and liabilities should be measured on the basis that there is no need to sell/settle them any sooner than normal. Fair value is the amount at which the asset could be exchanged in an arm's length transaction, which approximates to realisable value. There is therefore some conflict between periodic revaluation and going concern.Relevant informationRevaluation provides much more relevant information than does the cost model. Even if the business will continue in operation, the fair value of land and buildings provides useful information as to the ability of a business to borrow on secured terms.Reliable informationRevaluation to fair value is based on a hypothetical arm's length transaction, i.e. one which has not actually taken place. Two different people can justifiable come up with different amounts for fair value, because they are both making estimates. The information provided is therefore less reliable than that under the cost based approach.。

2015年ACCA考试F6科目大解析

2015年ACCA考试F6科目大解析科目介绍：F6《税法》的大纲为学员介绍税法科目的核心知识点和主要的税法计算部分，它们影响着个人和商业活劢。

首先大纲介绍了英国的税法系统；其次介绍作为一名会计师必须详绅理解开掌握各种税收及其义务，例如个体所得税义务，公司所得税义务，应税利得，遗产税，国民保险制度，增值税和纳税人义务及其代理人。

除了掌握基础税法的核心部分，学员还应该能够计算应纳税义务，解释计算的依据，应用避税计划技巧为个体和公司避税，仍商业或者个人案例中识别各种税的合规问题。

近几年考试通过率趋势图：知识结构：科目关联性：F6课程是ACCA基础阶段唯一的一门税务科目，在整个ACCA课程体系中相对来说比较独立，和它直接相关的科目只有与业阶段的P6（高级税务）。

相关知识掌握：学习f6之前应该要有财务报表有基本的学习认知，因为在个人所得税和企业所得税的计算中需要懂得财务利润是怎么得来的，权责发生制和收付实现制的差别。

考试形式：今年f6暂时不做考题的变化。

F6的考试时长为3小时。

考试题共有五道全为必选题，以计算为主。

第一题主要是考察的是个人所得税和第事题主要考察的是公司税，这两道题一共55分，一题30分，另一题25分。

第三题主要考察的是个人戒者公司的应税利得，15分。

第四第五题考察的是大纲的其他部分，每题15分。

至少10分的内容会涉及增值税的考察，通常会包含在第一或第二题，但是增值税也有可能单独作为一题进行考察。

遗产税会出现在第三，第四或者第五题中考察，分值为5分至15分。

社会保险不会单独作为一题，一般在个人所得税戒公司税中考察。

集团的公司税可能会在第事题或第四，第五题中考察。

除了第三题之外，应税利得还可能会在其他题目中涉及一小部分。

关于税负最小化或者递延纳税义务的相关事项可能会在五道题目中任何一道出现。

acca所有考试科目一模拟试题及答案

acca所有考试科目一模拟试题及答案科目：财务会计（F3）题目一：单项选择题1. 在准备财务报表时，以下哪一项不是必须遵循的原则？A. 历史成本原则B. 权责发生制原则C. 持续经营原则D. 现金流量原则答案： D. 现金流量原则题目二：计算题假设一家公司在2023年1月1日购买了一台设备，成本为$50,000，预计使用年限为5年，残值为$5,000。

请计算该公司在2023年的折旧费用。

答案：使用直线折旧法计算折旧费用：\[ \text{年折旧费用} = \frac{\text{成本} - \text{残值}}{\text{使用年限}} \]\[ \text{年折旧费用} = \frac{50,000 - 5,000}{5} = 9,000 \]科目：管理会计（F2）题目一：简答题简述标准成本和实际成本的区别。

答案：标准成本是指在理想条件下，根据预定的生产效率和成本结构计算出的成本。

实际成本则是在实际生产过程中产生的成本。

两者的主要区别在于，标准成本用于预算和控制，而实际成本用于衡量和评估实际生产过程中的成本表现。

科目：税务（F6）题目一：案例分析题某公司在2023年的总收入为$200,000，允许的税前扣除项为$50,000。

请计算该公司的应纳税所得额。

答案：\[ \text{应纳税所得额} = \text{总收入} - \text{税前扣除项} \] \[ \text{应纳税所得额} = 200,000 - 50,000 = 150,000 \]结束语：以上模拟试题及答案仅供参考，实际考试内容和难度可能会有所不同。

考生应以ACCA官方发布的考试大纲和学习材料为依据，进行系统的学习和复习。

希望所有考生都能在ACCA考试中取得优异的成绩。

ACCA F1-F3模拟题及解析(3)

第1章 ACCA F1-F3模拟题及解析（3）1.A jobbing company operates a premium bonus scheme for its employees of 75% of the time saved compared with the standard time allowance for a job, at the normal hourly rate. According to the company policy, the guaranteed pay for each job is £102.The data relating to Job 1206 completed by an employee is as follows:Allowed time for Job 1206 14 hoursTime taken to complete Job 1206 10 hoursNormal hourly rate of pay £8What is the total pay of the employee for Job 1206?A. £104B. £110C. £102D. £1082.A paint manufacturer has a number of departments. Each department is located in a separate building on the same factory site. In the mixing department the basic raw materials are mixed togetherin very large vessels. These are then moved on to the colour adding department where paints of different colours are created in these vessels. In the next department – the pouring department – the paint is poured from these vessels into litre sized tins. The tins then go on to the labeling department prior to going on to the finished goods department.The following statements relate to the paint manufacturer:(i) The mixing department is a cost centre.(ii) A suitable cost unit for the colour adding department is vessel.(iii) The pouring department is a profit centre.Which statement or statements is/are correct?A. (i) onlyB. (i) and (ii) onlyC. (i) and (iii) onlyD. (ii) and (iii) only3.The following statements relate to spreadsheets:(i) A spreadsheet consists of records and files.(ii) Most spreadsheets have a facility to allow data within them to be displayed graphically. (iii) A spreadsheet could be used to prepare a budgeted profit and loss account.(iv) A spreadsheet is the most suitable software for storing large volumes of data.Which of the above statements are correct?A.(i) and (ii) onlyB.(i),(iii) and (iv) onlyC.(ii) and (iii) onlyD.(iii) and (iv) only4.A company uses absorption costing with a predetermined hourly overhead absorption rate. The following situations have both occurred:(i) Actual overhead expenditure exceeded planned expenditure; and(ii) Actual hours worked were less than the planned hours.Which of the following statements is correct?A. Situation (i) would cause overheads to be over absorbed and situation (ii) would cause overheads to be under absorbed.B. Situation (i) would cause overheads to be under absorbed and situation (ii) would cause overheads to be over absorbed.C. Both situations would cause overheads to be over absorbed.D. Both situations would cause overheads to be under absorbed.5.A company operates a job costing system. Job 812 requires £60 of direct materials, £40 of direct labour and £20 of direct expenses. Direct labour is paid £8 per hour. Production overheads are absorbed at a rate of £16 per direct labour hour and non-production overheads are absorbed at a rate of 60% of prime cost.What is the total cost of Job 812?A. £240B. £260C. £272D. £3206.At the end of manufacturing in Process I, product K can be sold for £10 per litre. Alternatively product K could be further processed into product KK in Process II at an additional cost of £1 per litre input into this process. Process II is an existing process in which a loss of 10% of the input volume occurs. At the end of the further processing, product KK could be sold for £12 per litre.Which of the following statements is correct in respect of 9,000 litres of product K?A. Further processing into product KK would increase profits by £9,000.B. Further processing into product KK would increase profits by £8,100.C. Further processing into product KK would decrease profits by £900.D. Further processing into product KK would decrease profits by £1,800.The following information relates to questions 17 and 18:The standard direct material cost for a product is £50 per unit (12·5 kg at £4 per kg). Last month the actual amount paid for 45,600 kg of material purchased and used was £173,280 and the direct material usage variance was £15,200 adverse.7.What was the direct material price variance last month?A. £8,800 AdverseB. £8,800 FavourableC. £9,120 AdverseD. £9,120 Favourable8. What was the actual production last month?A. 3,344 unitsB. 3,520 unitsC. 3,952 unitsD. 4,160 units9. Equipment owned by a company has a net book value of £1,800 and has been idle for some months. It could now be used on a six months contract which is being considered. If not used on this contract, the equipment would be sold now for a net amount of £2,000. After use on the contract, the equipment would have no saleable value and would be dismantled. The cost of dismantling and disposing of it would be £200.What is the total relevant cost of the equipment to the contract?A. £1,200B. £1,800C. £2,000D. £2,20010. A contract is under consideration which requires 800 labour hours to complete. There are 450 hours of spare labour capacity for which the workers are still being paid the normal rate of pay. The remaining hours required for the contract can be found either by overtime working paid at 50% above the normal rate of pay or by diverting labour from the manufacture of product OT. If the contract is undertaken and labour is diverted, then sales of product OT will be lost. Product OT takes seven labour hours per unit to manufacture and makes a contribution of £14 per unit.The normal rate of pay for labour is £8 per hour.What is the total relevant labour cost to the contract?A. £3,500B. £4,200C. £4,500D. £4,90011. A company determines its order quantity for a raw material by using the Economic Order Quantity (EOQ) model.What would be the effects on the EOQ and the total annual holding cost of a decrease in the cost of ordering a batch of raw material?EOQ Total annual holding costA. Higher LowerB. Higher HigherC. Lower HigherD. Lower Lower12. A company manufactures two products, X and Y, in a factory divided into two production cost centres, Primary and Finishing. The following budgeted data are available:Cost centre Primary FinishingAllocated and apportioned fixedoverhead costs £96,000 £82,500Direct labour minutes per unit:– product X 36 25– product Y 48 35Budgeted production is 6,000 units of product X and 7,500 units of product Y.Fixed overhead costs are to be absorbed on a direct labour hour basis.What is the budgeted fixed overhead cost per unit for product Y?A. £11B. £12C. £14D. £1513. A company has three shops (R, S and T) to which the following budgeted information relates:Shop R Shop S Shop T Total£000 £000 £000 £000Sales 400 500 600 1,500–––– –––– –––– ––––Contribution 100 60 120 280Less: Fixed costs (60) (70) (70) (200)–––– –––– –––– ––––Profit/(Loss) 40 (10) 50 80–––– –––– –––– ––––60% of the total fixed costs are general company overheads. These are apportioned to the shops on the basis of sales value. The other fixed costs are specific to each shop and are avoidable if the shop closes down.If shop S is closed down and the sales of the other two shops remained unchanged, what would be the revised budgeted profit for the company?A. £50,000B. £60,000C. £70,000D. £90,00014.An organization manufactures a single product which has a variable cost of £36 per unit. The organization’s total weekly fixed costs are £81,000 and it has a contribution to sales ratio of 40%. This week it plans to manufacture and sell 5,000 units.What is the organization’s margin of safety this week (in units)?A. 1,625B. 2,750C. 3,375D. 3,50015. An organization has the following total costs at two activity levels:Activity level (units) 15,000 24,000Total costs £380,000 £470,000Variable cost per unit is constant in this activity range but there is a step up of£18,000 in the total fixed costs when the activity exceeds 20,000 units.What are the total costs at an activity level of 18,000 units?A. £404,000B. £410,000C. £422,000D. £428,00016. The following statements refer to different types of planning within a manufacturing organization:(i) Operational planning includes the scheduling of work to be done in the short term.(ii) Tactical planning includes consideration of ways in which the productivity of the factory workforce could be improved.(iii) Strategic planning includes the setting of the organization’s long term objectives. Which of the statements are correct?A. (i) and (ii) onlyB. (i) and (iii) onlyC. (ii) and (iii) onlyD. (i), (ii) and (iii)17.The following statements relate to spreadsheets:(i) A spreadsheet is the most suitable software for the storage of large amounts of data. (ii) A spreadsheet consists of rows, columns and cells.(iii) A forecast profit and loss account could be prepared using a spreadsheet.Which of the statements are correct?A. (i) and (ii) onlyB. (i) and (iii) onlyC. (ii) and (iii) onlyD.(i), (ii) and (iii)18. Data relating to one particular stores item are as follows:Average daily issues 70 unitsMaximum daily issues 90 unitsMinimum daily issues 50 unitsLead time for the replenishment of stock 11 to 17 daysReorder quantity 2,000 unitsReorder level 1,800 unitsWhat is the maximum stock level (in units) for this stores item?A. 2,950B. 3,100C. 3,250D. 3,80019.A company determines its order quantity for a component using the Economic Order Quantity (EOQ) model.What would be the effects on the EOQ and the total annual ordering cost of a decrease in the annual cost of holding one unit of the component in stock?EOQ Total annual ordering costA Lower No effectB Higher No effectC Lower HigherD Higher Lower20. A company operates a job costing system. Job number 607 requires £300 of direct materials, £400 of direct labour and £100 of direct expenses. Direct labour is paid at a rate of £8 per hour. Production overheads are absorbed at a rate of £40 per direct labour hour and non-production overheads are absorbed at a rate of 150% of prime cost.What is the total cost of job number 607?A. £3,750B. £3,850C. £4,000D. £4,20021. A company uses absorption costing with a predetermined hourly fixed overhead absorption rate. The following situations arose last month:(i) Actual overhead expenditure was less than the planned expenditure.(ii) Actual hours worked exceeded planned hours.Which statement is correct?A. Situation (i) would cause overheads to be under absorbed and situation (ii) would cause overheads to be over absorbed.B. Situation (i) would cause overheads to be over absorbed and situation (ii) would cause overheads to be under absorbed.C. Both situations would cause overheads to be over absorbed.D. Both situations would cause overheads to be under absorbed.22.A company manufactures two products K1 and K2 in a factory consisting of two cost centres, Y and Z. The following budgeted data are available:Cost centreY ZAllocated and apportioned fixedoverhead costs £576,000 £288,000Direct labour hours per unit:Product K1 5 2Product K2 3 4Budgeted output is 12,000 units of each product. Fixed overhead costs are absorbed on a direct labour hour basis.What is the budgeted fixed overhead cost per unit for product K2?A. £34B. £36C. £38D. £4223.A factory consists of two production cost centres (P and Q) and two service cost centres (T and V). The total overheads allocated and apportioned to each cost centre are as follows:P Q T VTotal overheads £180,000 £120,000 £128,000 £140,000The work done by the service cost centres can be represented as follows:P Q T VPercentage of service cost centre T to: 70% 30% – –Percentage of service cost centre V to: 40% 30% 30% –The service cost centre costs are apportioned to production cost centres using a method that fully recognises any work done by one service cost centre for another.What are the total overheads for production cost centre P after the reapportionment of all servicecost centre costs?A. £325,600B. £349,600C. £355,000D. £379,000The following information relates to questions 34 and 35:A company operates a process costing system using the first-in-first-out (FIFO) system of valuation. No losses occur in the process. The following data relate to last month:UnitsOpening work-in-progress 200 with a total value of £1,530Input to the process 1,000Completed production 1,040Last month the cost per equivalent unit of production was £20 and the degree of completion of the work-in-progress was 40% throughout the month.24.What was the value (at cost) of last month’s closing work-in-progress?A. £1,224B. £1,280C. £1,836D. £1,92025.What was the cost of the 1,040 units completed last month?A. £19,200B. £19,930C. £20,730D. £20,80026.The following statements relate to the calculation of the regression line y = a + bx using the information on the formulae sheet at the end of this examination paper:(i) _xy is calculated by multiplying _x by _y.(ii) _y2 is not the same as (_y)2 .(iii) n represents the number of pairs of data items used.Which statements are correct?A. (i) and (ii) onlyB. (i) and (iii) onlyC. (ii) and (iii) onlyD. (i), (ii) and (iii)27.Which of the following correlation coefficients indicates the weakest relationship between two variables?A. +0·9B. – 0·6C. – 0·8D. – 1·028. The following statements relate to responsibility centres:(i) The manager of a revenue centre is responsible for sales and costs in a segment of an organisation. (ii) Return on capital employed is a suitable measure of performance in a profit centre.(iii) Cost centres are found in manufacturing and service organisations.Which of the statements, if any, is correct?A. (i) onlyB. (ii) onlyC. (iii) onlyD. None of them.29.A company operates a standard absorption costing system in which the standard fixed production overhead rate is £9 per hour.The following data relate to last month:Budgeted hours 8,000Standard hours for actual production 8,200Actual hours worked 8,400What was the fixed production overhead capacity variance for last month?A. £1,800 AdverseB. £1,800 FavourableC. £3,600 AdverseD. £3,600 Favourable30.A company operates a standard marginal costing system. Last month the company sold 200 unitsmore than it planned to sell. The following data relate to last month:Standard Actual£ £Selling price per unit 40 38Variable cost per unit 30 29What was the favourable sales volume contribution variance last month?A.£1,600B. £1,800C. £2,000D. £2,2001.【答案】A【解析】(10 x £8) + [(14 – 10) x 0·75 x £8] = £1042.【答案】B3.【答案】C4.【答案】D5.【答案】C【解析】(60 + 40 + 20) + [(40 ÷ 8) x 16] + (0·60 x 120) = £2726.【答案】D£【解析】Sales value after further processing = (9,000 x 0·9) x £12 = 97,200Sales value without further processing = (9,000 x £10) 90,000––––––Increase in sales revenue 7,200Less: Further processing cost = (9,000 x £1) (9,000)––––––Decrease in profit by further processing (£1,800)7.【答案】D【解析】[(45,600 x 4) – 173,280] = £9,120 Favourable8.【答案】A£【解析】Actual usage at standard cost (45,600 x 4) 182,400Less: Adverse usage variance (15,200)–––––––Standard cost for actual production 167,200–––––––Actual production (units) = (167,200 ÷ 50) = 3,3449.【答案】 D【解析】Opportunity cost now + disposal cost at end of contract (2,000 + 200) = £2,20010.【答案】A【解析】(800 – 450) x [8 + (14 ÷ 7)] = £3,50011.【答案】D12.【答案】D【解析】Total direct labour hours:Primary (6,000 x 36 ÷ 60) + (7,500 x 48 ÷ 60) 9,600Finishing (6,000 x 25 ÷ 60) + (7,500 x 35 ÷ 60) 6,875Absorption rates:Primary (96,000 ÷ 9,600) £10 per hourFinishing (82,500 ÷ 6,875) £12 per hourFixed cost per unit (Y): (48 ÷ 60) x 10 + (35 ÷ 60) x 12 = £1513.【答案】 A£【解析】Total fixed costs for shop S 70,000Less: Apportioned general costs (200 x 0.60) ÷ (500 ÷ 1,500) (40,000)–––––––Specific fixed costs for shop S 30,000–––––––If shop S closed down net contribution lost (60,000 – 30,000) 30,000Revised budgeted profit for company (80,000 – 30,000) £50,00014. 【答案】A【解析】Contribution per unit (CPU) = (36 ÷ 0·60) ⋅ 0·40 = £24Break-even point = (81,000 ÷ 24) = 3,375 unitsMargin of safety = (5,000 – 3,375) = 1,625 units15. 【答案】A【解析】Using the high low method:Variable cost per unit = [(470,000 – 18,000) – 380,000] ÷ [24,000 – 15,000] = £8 Total fixed costs (below 20,000 units) = 380,000 – (15,000 ⋅ 8) = £260,000Total costs for 18,000 units = 260,000 + (18,000 ⋅ 8) = £404,00016. 【答案】D17. 【答案】C18. 【答案】C【解析】Reorder level – (Minimum usage in shortest lead time) + Reorder quantity =1,800 – (50 ⋅ 11) + 2,000 = 3,250 units = Maximum stock level19. 【答案】D20. 【答案】C £【解析】Prime cost (300 + 400 + 100) = 800+ Production overheads (400 ÷ 8) ⋅ 40 = 2,000+ Non-production overheads (1·5 ⋅ 800) = 1,200–––––Total cost 4,00021. 【答案】C22. 【答案】A【解析】Absorption rate (Y) = 576,000 ÷ [(5 + 3) ⋅ 12,000] = £6 per hourAbsorption rate (Z) = 288,000 ÷ [(2 + 4) ⋅ 12,000] = £4 per hourFixed overhead cost per unit (K2) = [(3 ⋅ £6) + (4 ⋅ £4)] = £3423.【答案】 C【解析】Total overheads (T) = 128,000 + (0·30 ⋅ 140,000) = £170,000Total overheads (P) = 180,000 + (0·70 ⋅ 170,000) + (0·40 ⋅ 140,000) = £355,00024.【答案】B【解析】Closing work in progress (WIP) = (200 + 1,000 – 1,040) = 160 units WIP valuation = (160 ⋅ 0·40 ⋅ 20) = £1,28025.【答案】 C£【解析】Opening WIP value 1,530+ Completion of opening WIP (200 ⋅ 0·60 ⋅ 20) 2,400+ Units started and finished in the month [(1,040 – 200) ⋅ 20] 16,800–––––––Total value of 1,040 completed units 20,73026.【答案】C27.【答案】B28.【答案】C29.【答案】D【解析】Fixed production overhead capacity variance:(Budgeted hours – Actual hours worked) ⋅ Standard fixed overhead rate =(8,000 – 8,400) ⋅ 9 = £3,600 Favourable30.【答案】C【解析】200 units ⋅ standard contribution per unit = [200 ⋅ (40 – 30)] = £2,000 (F)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设计考试科目一模拟试题及答案

acca设计考试科目一模拟试题及答案ACCA设计考试科目一模拟试题及答案一、选择题（每题1分，共20分）1. 根据ACCA准则，以下哪项不是会计信息质量要求？A. 可靠性B. 相关性C. 及时性D. 可比性答案：C2. 在财务报表中，以下哪项属于非流动资产？A. 存货B. 应收账款C. 固定资产D. 现金及现金等价物答案：C3. 以下哪项不是财务报表的组成部分？A. 资产负债表B. 利润表C. 现金流量表D. 预算表答案：D4. 根据权责发生制原则，以下哪项交易应该在发生时确认？A. 收到现金B. 销售商品C. 支付工资D. 收到发票答案：B5. 以下哪项不是财务报表分析的目的？A. 评估企业的盈利能力B. 评估企业的流动性C. 评估企业的市场价值D. 评估企业的长期偿债能力答案：C...（此处省略其他选择题）二、简答题（每题5分，共30分）1. 解释什么是会计政策，并给出两个例子。

答案：会计政策是指企业在编制财务报表时所采用的具体会计原则和方法。

例如，存货的计价方法（先进先出或加权平均法）和固定资产的折旧方法（直线法或双倍余额递减法）。

2. 什么是现金流量表？它在财务分析中的作用是什么？答案：现金流量表是一份记录企业在一定时期内现金和现金等价物流入和流出情况的财务报表。

它的作用在于帮助分析者了解企业的现金流动性、偿债能力和财务健康状况。

...（此处省略其他简答题）三、计算题（每题10分，共30分）1. 假设某公司本年度的营业收入为500,000元，营业成本为300,000元，销售和管理费用为100,000元，利息费用为20,000元，税收为50,000元。

请计算该公司的净利润。

答案：净利润 = 营业收入 - 营业成本 - 销售和管理费用 - 利息费用 - 税收 = 500,000 - 300,000 - 100,000 - 20,000 - 50,000 = 30,000元。

2. 如果上述公司有100,000元的应收账款和50,000元的存货，计算其流动资产总额。

accaf6词汇

accaf6词汇一、税收相关词汇。

1. Taxpayer.- 发音：[ˈtækspeɪə(r)]- 词性：名词。

- 释义：纳税人。

2. Income tax.- 发音：[ˈɪnkəm tæks]- 词性：名词短语。

- 释义：所得税。

3. Tax liability.- 发音：[tæks ˌlaɪəˈbɪləti]- 词性：名词短语。

- 释义：纳税义务。

4. Taxable income.- 发音：[ˈtæksəbl ˈɪnkəm]- 词性：名词短语。

- 释义：应税所得。

5. Allowance.- 发音：[əˈlaʊəns]- 词性：名词。

- 释义：免税额；津贴。

6. Deduction.- 发音：[dɪˈdʌkʃn]- 词性：名词。

- 释义：扣除；减除。

7. Tax rate.- 发音：[tæks reɪt]- 词性：名词短语。

- 释义：税率。

二、财务相关词汇（与F6中财务税务结合部分）1. Gross income.- 发音：[ɡrəʊs ˈɪnkəm]- 词性：名词短语。

- 释义：总收入。

2. Net income.- 发音：[net ˈɪnkəm]- 词性：名词短语。

- 释义：净收入。

3. Asset.- 发音：[ˈæset]- 词性：名词。

- 释义：资产。

4. Liability.- 发音：[ˌlaɪəˈbɪləti] - 词性：名词。

- 释义：负债。

ACCA(P3)考试模拟真题

xx年ACCA（P3）考试模拟真题Section A – This ONE question is pulsory and MUST be attemptedThe following information should be used when answering question 11 IntroductionHammond Shoes was formed in 1895 by Richard and William Hammond, two brothers who owned and farmed landin Petatown, in the country of Arnland. At this time, Arnland was undergoing a period of rapid industrial growth andmany panies were established that paid low wages and expected employees to work long hours in dangerous and dirty conditions. Workers lived in poor housing, were largely illiterate and had a life expectancy of less than forty years.The Hammond brothers held a set of beliefs that stressed the social obligations of employers. Their beliefs guided theiremployment principles – education and housing for employees, secure jobs and good working conditions. Hammond Shoes expanded quickly, but it still retained its principles. Today, the pany is a private limited pany whose shares are wholly owned by the Hammond family. Hammond Shoes still produce footwear in Petatown, but they nowalso own almost one hundred retail shops throughout Arnland selling their shoes and boots. The factory (and surrounding land) in Petatown is owned by the pany and so are the shops, which is unusual in a country where most mercial properties are leased. In many respects this policy reflects the principles of the family. They are keento promote ownership and are averse to risk and borrowing. They believe that all stakeholders should be treated fairly.Reflecting this, the pany aims to pay all suppliers within 30 days of the invoice date. These are the standard termsof supply in Arnland, although many panies do, in reality, take much longer to pay their creditors.The current Hammond family are still passionate about the beliefs and principles that inspired the founders of thepany.Recent historyAlthough the Hammond family still own the pany, it is now totally run by professional managers. The last Hammond to have operational responsibility was Jock Hammond, who missioned and implemented the lastupgrade of the production facilities in 1991. In the past five years the Hammond family has taken substantial dividends from the pany, whilst leaving the running of the pany to the professional managers that they had appointed. During this period the pany has been under increased petitive pressure from overseas suppliers who have much lower labour rates and more efficient production facilities. The financial performance of thepanyhas declined rapidly and as a result the Hammond family has recently missioned a firm of business analysts to undertake a SWOT analysis to help them understand the strategic position of the pany.SWOT analysis: Here is the summary SWOT analysis from the business analysts’ report.StrengthsSignificant retail expertise: Hammond Shoes is recognised as a suessful retailer with excellent supply systems,bright and weling shops and shop employees who are regularly recognised, in independent surveys, for their excellent customer care and extensive product knowledge.Excellent puter systems/software expertise: Some of the suess of Hammond Shoes as a retailer is due to itsinnovative puter systems developed in-house by the pany’s information systems department. These systems not only concern the distribution of footwear, but also its design and development. Hammond is acknowledged, by the rest of the industry, as a leader in puter-aided footwear design and distribution.Significant property portfolio: The factory in Petatown is owned by the pany and so is a significant amount of the surrounding land. All the retail shops are owned by the pany. The pany also owns a disused factory in the north of Arnland. This was originally bought as a potential production site, but increasingly petitive importsmade its development unviable. The Petatown factorysite incorporates a retail shop, but none of the remaining retailshops are near to this factory, or indeed to the disused factory site in the north of the country.WeaknessesHigh production costs: Arnland is a high labour cost economy.Out-dated production facilities: The actual production facilities were last updated in 1991. Current equipment is notefficient in its use of either labour, materials or energy.3 [P.T.O.Restricted inter site: Software development has focused on internal systems, rather than inter development.The current website only provides information about Hammond Shoes; it is not possible to buy footwear from the pany’s website.OpportunitiesIncreased consumer spending and consumerism: Despite the decline of its manufacturing industries, Arnland remains a prosperous country with high consumer spending. Consumers generally have a high disposable ine and are fashion conscious. Parents spend a lot of money on their children, with the aim of ‘making sure that they geta good start in life’.Increased desire for safe family shopping environment: A recent trend is for consumers to prefer shopping in safe,car-free environments where they can visit a variety of shops and restaurants. These shopping villages are increasinglypopular.Growth of the green consumer: The numbers of ‘greenco nsumers’ is increasing in Arnland. They are conscious ofthe energy used in the production and distribution of the products they buy. These consumers also expectsuppliersto be socially responsible. A recent television programme on the use of cheap and exploited labour in Orietaria wasgreeted with a call for a boycott of goods from that country. One of the political parties in Arnland has emphasisedenvironmentally responsible purchasing in its manifesto. It suggests that ‘shorter shipping dis tances reduce energy use and pollution. Purchasing locally supports munities and local jobs’.ThreatsCheap imports: The lower production costs of overseas countries provide a constant threat. It is still much cheaperto make shoes in Orietaria, 4000 kilometres away, and transport the shoes by sea, road and train to shops in Arnland,where they can be offered at prices that are still significantly lower than the footwear produced by Hammond Shoes.Legislation within Arnland: Arnland has prehensive legislation on health and safety as well as a statutoryminimum wage and generous redundancy rights and payments for employees. The government is likely to extend itsemployment legislation programme.Recent strategiesSenior management at Hammond Shoes have recently suggested that the pany should consider closing its Petatown production plant and move production overseas, perhaps outsourcing to established suppliers in Orietaria and elsewhere. This suggestion was immediately rejected by the Hammond family, who questioned the values of the senior management. The family issued a press release with the aim of re-affirming the core values which underpinnedtheir business. The press release stated that ‘in our view, the day that Hammond Shoes ceases to be a Petatown pany, is the day that it closes’. Consequently, the senior management team was asked to propose an alternative strategic direction.The senior management team’s alternative is for the pany to upgrade its production facilities to gain labour andenergy efficiencies. The cost of this proposal is $37·5m. At a recent scenario planning workshop the managementteam developed what they considered to be two realistic scenarios. Both scenarios predict that demand for Hammond Shoes’ footwear would be low for the next three years. However, increased productivity and lower labour costs wouldbring benefits of $5m in each of these years. After three years the two scenarios differ. The first scenario predictsa continued low demand for the next three years with benefits still running at $5m per year. The team felt that this option had a probability of 0·7. The alternative scenario (with a probability of 0·3) predicts a higher demand forHammond’s products due to changes in the external environment. This would lead to benefits of $10m per year in years four, five and six. All estimated benefits are based on the discounted future cash flows.Financial information: The following financial information (see Figure 1) is also available for selected recent years forHammond Shoes manufacturing division.Section B – TWO questions ONLY to be attempted2 IntroductionFlexipipe is a suessful pany supplying flexible pipes to a wide range of industries. Its suess is based on a veryinnovative production process which allows the pany to produce relatively small batches of flexible pipes at very petitive prices. This has given Flexipipe a significant petitive edge over most of its petitors whose batch set-up costs are higher and whose lead times are longer. Flexipipe’s innovative process is partly automated and partlyreliant on experienced managers and supervisors on the factory floor. These managers efficiently schedule jobsfromdifferent customers to achieve economies of scale and throughput times that profitably deliver high quality productsand service to Flexipipe’s customers.A year ago, the Chief Executive Officer (CEO) at Flexipipe decided that he wanted to extend the automatedpart of theproduction process by purchasing a software packagethat promised even further benefits, including the automationof some of the decision-making tasks currently undertaken by the factory managers and supervisors. He had seenthis package at a software exhibition and was so impressed that he placed an order immediately. He statedthat thepackage was ‘ahead of its time, and I have seennothing else like it on the market’.This was the first time that the pany had bought a software package for something that was not to be used in a standard application, such as payroll or aounts. Most other software applications in the pany, such as the automated part of the current production process, have been developed in-house by a small programming team. The CEO felt that there was, on this oasion, insufficient time and money to develop a bespoke in-house solution. He aepted that there was no formal process for software package procurement ‘but perhaps we can put one in place as t his project progresses’.This relaxed approach to procurement is not unusual at Flexipipe, where many of the purchasing decisions are taken unilaterally by senior managers. There is a small procurement section with two full-time administrators, but they onlybee involved once purchasing decisions have been made.It is felt that they are not technically proficient enough to get involved earlier in the purchasing lifecycle and, in any case, they are already very busy with purchase orderadministration and aounts payable. This approach to procurement has caused problems in the past. For example, the pany had problems when a key supplier of raw materials unexpectedly went out of business. This caused short-term production problems, although the CEO has now found an aeptable alternative supplier.The automation projectOn returning to the pany from the exhibition, the CEO missioned a business analyst to investigate the current production process system so that the transition from the current system to the new software package solution couldbe properly planned. The business analyst found that some of the decisions made in the current production processwere difficult to define and it was often hard for managers to explain how they had taken effective action. They tendedto use their experience, memory and judgement and were still innovating in their control of the process. One mented that ‘what we do today, we might not do tomorrow; requirements are constantly evolving’.When the software package was delivered there were immediate difficulties in technically migrating some of the datafrom the current automated part of the production process software to the software package solution. However, aftersome difficulties, it was possible to hold trials with experienced users. The CEO was confident that these users didnot need training and would be ‘able to learn the software as they went along’. However, in reality, they found thesoftware very difficult to use and they reported that certain key functions were missing. One of the supervisors mented that ‘the monitoring process variance facility is missing pletely. Yet we had this in the old automated system’. Despite these reservations, the software package solution was implemented, but results were disappointing.Overall, it was impossible to replicate the suess of the old production process and early results showed that costshad increased and lead times had bee longer.After struggling with the system for a few months, support from the software supplier began to bee erratic.Eventually, the supplier notified Flexipipe that it had gone into administration and that it was withdrawing support forits product. Fortunately, Flexipipe were able to revert to the original production process software, but the ill-fatedpackage selection exercise had cost it over $3m in costs and lost profits. The CEO missioned a post-project reviewwhich showed that the supplier, prior to the purchase of the software package, had been very highly geared and hadvery poor liquidity. Also, contrary to the statement of the CEO, the post-project review team reported that there wereat least three other packages currently available in the market that could have potentially fulfilled the requirements ofthe pany. The CEO now aepts that using a software package to automate the production process was an inappropriate approach and that a bespoke in-house solution should have been missioned.6Required:(a) Critically evaluate the decision made by the CEO to use a software package approach to automating the production process at Flexipipe, and explain why this approach was unlikely to sueed. (12 marks)(b) The CEO remends that the pany now adopts a formal process for procuring, evaluating and implementing software packages which they can use in the future when a software package approach appears to be moreappropriate.Analyse how a formal process for software package procurement, evaluation and implementation would have addressed the problems experienced at Flexipipe in the production process project. (13 marks)(25 marks)7 [P.T.O.3 IntroductionThe country of Mahem is in a long and deep economic recession with unemployment at its highest since the countrybecame an independent nation. In an attempt to stimulate the economy the government has launched aPrivate/Publicinvestment policy where the government invests in capital projects with the aim of stimulating the involvement ofprivate sector firms. The building of a new munity centre in the industrial city of Tillo is an example of such aninitiative. Community centres are central to theculture of Mahem. They are designed as places where people canmeet socially, local organisations can hold conferences and meetings and farmers can sell their produce to thelocalmunity. The centres are seen as contributing to a vibrant munity life. The munity centre in Tillo is in a sprawling old building rented (at $12,000 per month) from a local landowner. The current munity centre is also relatively energy inefficient.In xx a business case was put forward to build a new centre on local authority owned land on the outskirts of Tillo.The costs and benefits of the business case are shown in Figure 1. As required by the Private/Public investment policythe project showed payback during year four of the investment.Construction of the centre xx–xxIn October xx the centre was missioned with a planned delivery date of June xx at a cost of $600,000 (as per Figure 1). Building the centre went relatively smoothly. Progress was monitored and issues resolved in monthlymeetings between the pany constructing the centre and representatives of the local authority. These meetings focused on the building of the centre, monitoring progress and resolving issues. Most of these issues were relativelyminor because requirements were well specified in standard architectural drawings originally agreed between theproject sponsor and the pany constructing the centre. Unfortunately, the original project sponsor (an employee of the local authority) who had been heavily involved in the initial design, suffered ill health and died in April xx. Thenew project sponsor (again an employee of the local authority) was less enthusiastic about the project and began toraise a number of objections. Her first concern wasthat the construction pany had used sub-contracted labour and had sourced less than 80% of timber used in the building from sustainable resources. She pointed out the contractual terms of supply for the Private/Public policy investment initiatives mandated that sub-contracting was notallowed without the local authority’s permission and that at least 80% of the timber used must e from sustainableforests. The pany said that this had not been brought to their attention at the start of the project. However, theywould try to ply with these requirements for the rest of the contract. The new sponsor also refused to sign off aeptance of the centre because of the poor quality of the internal paintwork. The construction pany explained that this was the intended finish quality of the centre and had been agreed with the previous sponsor. They produceda letter to verify this. However, the letter was not counter-signed by the sponsor and so its validity was questioned. Inthe end, the construction pany agreed to improve the internal painting at their own cost. The new sponsor felt that she had delivered ‘value for money’ by challenging the construction pany. Despite this problem with theinternal painting, the centre was finished in May xx at a cost of $600,000. The centre also included disabilityaess built at the initiative of the construction pany. It had found it difficult to find local authority staff willingand able to discuss disability aess and so it was therefore left alone to interpret relevant legal requirements.Fortunately, their interpretation was correct and the new centre was deemed, by an independent assessor, to meet aessibility requirements.8Unfortunately, the new centre was not as suessful as had been predicted, with ine in the first year well below expectations. The project sponsor began to be increasingly critical of the builders of the centre and questioned thewhole value of the project. She was openly sceptical of the project to her fellow local authority employees. She suggested that the project to build a cost-effective centre had failed and called for an inquiry into the performance ofthe project manager of the construction pany who was responsible for building the centre. ‘We need him to explainto us why the centre is not delivering the benefits we expected’, she explained.Required:(a) The local authority has missioned the independent Project Audit Agency (PAA) to look into how the project had been missioned and managed. The PAA believes that a formal ‘terms of reference’ or ‘project initiation document’ would have resol ved or clarified some of the problems and issues encountered in the project. It also feels that there are important lessons to be learnt by both the local authority and the construction pany.Analyse how a formal ‘terms of reference’ (project initiation document) would have helped address problems encountered in the project to construct the munity centre and lead to improved project management in future projects. (13 marks)(b) The PAA also believes that the four sets ofbenefits identified in the original business case (rental savings, energysavings, increased ine and better staff morale) should have been justified more explicitly.Draft an analysis for the PAA that formally categorises and critically evaluates each of the four sets ofproposed benefits defined in the original business case.(12 marks)(25 marks)9 [P.T.O.4 Jayne Cox Direct is a pany that specialises in the production of bespoke sofas and chairs. Its products areadvertised in most quality lifestyle magazines. The pany was started ten years ago. It grew out of a desire to provide customers with the chance to specify their own bespoke furniture at a cost that pared favourably with standard products available from high street retailers. It sells furniture directly to the end customer. Its website allowscustomers to select the style of furniture, the wood it is to be made from, the type of upholstery used in cushion andseat fillings and the textile position and pattern of the covering. The current website has over 60 textile patternswhich can be selected by the customer. Once the customer has finished specifying the kind of furniture they want, aprice is given. If this price is aeptable to the customer, then an order is placed and an estimated delivery date isgiven. Most delivery dates are ten weeks after the order has been placed. This relatively long delivery timeisunaeptable to some customers and so they cancel the order immediately, citing the quoted long delivery time as their reason for cancellation.Jayne Cox Direct orders wood, upholstery and textiles from long-established suppliers. About 95% of its wood is currently supplied by three timber suppliers, all of whom supplied the pany in its first year of operation. Purchaseorders with suppliers are placed by the procurement section. Until last year, they faxed purchase orders through tosuppliers. They now email these orders. Recently, an expected order was not delivered because the supplier claimedthat no email was received. This caused production delays. Although suppliers like working with Jayne Cox Direct,they are often critical of payment processing. On a number of oasions the aounts section at Jayne Cox Direct hasbeen unable to match supplier invoices with purchase orders, leading to long delays in the payment of suppliers.The sofas and chairs are built in Jayne Cox Direct’s factory. Relatively high inventory levels and a relaxed productionprocess means that production is rarely disrupted. Despite this, the pany is unable to meet 45% of the estimateddelivery dates given when the order was placed, due to the required goods not being finished in time. Consequently,a member of the sales team has to telephone the customer and discuss an alternative delivery date.Telephoning the customer to change the delivery date presents a number of problems. Firstly, contacting the customerby telephone can be difficult and costly. Secondly, many customers are disappointed that the original, promised delivery date can no longer be met. Finally, customers often have to agree a delivery date much later than the new delivery date suggested by Jayne Cox Direct. This is because customers often get less than one week’s notice of thenew date and so they have to defer delivery to much later. This means that the goods have to remain in the warehousefor longer.A separate delivery problem arises because of the bulky and high value nature of the product. Jayne Cox Directrequires someone to be available at the delivery address to sign for its safe receipt and to put the goods somewheresecure and dry. About 30% of intended deliveries do not take place because there is no-one at the address to aept delivery. Consequently, furniture has to be returned and stored at the factory. A member of the sales staff will subsequently telephone the customer and negotiate a new delivery date but, again, contacting the customer by telephone can be difficult and costly.Delivery of furniture is made using the pany’s own vans. Each of these vans follow a defined route each day of the week, irrespective of demand.The pany’s original growth was primarily due to the innovative business idea behind specifying petitively priced bespoke furniture. However, established rivals are now offering a similar service. In the face of this petitionthe managing director of Jayne Cox Direct has urged a thorough review of the supply chain. She feels that costs andinventory levels are too high and that the time taken from order to delivery is too long. Furthermore, in a recentcustomer satisfaction survey there was major criticism about the lack of information about the progress of the orderafter it was placed. One mented that ‘as soon as Ja yne Cox Direct got my order and my money they seemed to forget about me. For ten weeks I heard nothing. Then, just three days before my estimated delivery date, I receiveda phone call telling me that the order had been delayed and that the estimated delivery date was now 17 June. I had already taken a day off work for 10 June, my original delivery date. I could not re-arrange this day off and so I hadto agree a delivery date of 24 June when my mother would be here to receive it’.People were also critical about after-sales service. One mented ‘I aidently stained my sofa. Nobody at Jayne Cox Direct could tell me how to clean it or how to order replacement fabrics for my sofa’. Another said‘organising thereturn of a faulty chair was ve ry difficult’.When the managing director of Jayne Cox Direct saw the results of the survey she understood ‘why our customer retention rate is so low’.10Required:(a) Analyse the existing value chain, using it to highlight areas of weakness at Jayne Cox Direct. (12 marks)(b) Evaluate how technology could be used in both the upstream and the downstream supply chain to address the problems identified at Jayne Cox Direct. (13 marks)(25 marks)。