2015年6月ACCA考试《财务报告(International)》真题及详解
2015年ACCA考试F6mock6月份考题
Answer to Section A:1. B2. A￡Home to client travel 3,000 Professional subscription 700 Allowance deductions 3,700 3. A(£30,000 – £7,956) x 12% = £2,6454. A5. A22,000=22,500+3,700-4,2006. BProceeds 100,000Cost of the land (200,000*100,000/ (100,000+150,000)) (80,000)Chargeable capital gain 20,0007. 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%=101410. 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2014－15This 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. D13. D14. C15. DIHT liability = (800,000 – 3,000 – 3,000 – 325,000) x 20% /0.8 = £117,250 由捐赠者付遗产税时要在原来计算的基础上除以0.8Answer to Section B1. Flick Pick (TX 06/12 Q1)Answer: all figures are in one pound, unless indicated otherwiseWorking 2 tax-adjusted trading profitYear ended 30 April 2015=29,700- 300 (W2.1) =29,400Working 6 Personal allowancesAdjusted 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 incomeTutorials: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(W1) Trading profit(W2) Deduction for lease premium(W3) Capital allowances(W4) Corporation tax rateNeung Ltd has two associated companies; therefore there are three associated companies in total.£Upper limit (£1,500,000/3) 500,000Lower limit (£ 300,000/3) 100,0003. TomOrdinary shares in Kapook plc(W1) 13,600 Ordinary shares in Jooba Ltd (no gain no loss transfer between spouses) - Antique table (W2) 3,500UK Government securities (exempt) - Chargeable gains 17,100 Less: losses b/f (W3) (6,100)Net chargeable gains 11,000 Less: annual exempt amount (11,000) Taxable gains 0Tom 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 shares Cost££Purchase 19 February 2004 8,000 16,200 Purchase 6 June 2009 6,000 14,60014,000 30,800 Disposal 20 July 2014 £30,800 × 8,000/14,000 (8,000) (17,600) Balance c/f 6,000 13,200£Deemed proceeds (10,000 × £3.70) 37,000Less: cost (23,400)Chargeable gains 13,600(w2) The antique table is a non-wasting chattel.£proceeds 8,700Less: cost (5,200)Chargeable gains 3,500The 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) 280,000Less annual exemption- 2007/08 (3,000)- 2006/07 (3,000)274,000IHT liability274,000 x 0% = 0£PET (05/10/2013) 255,000Less annual exemption- 2013/14 (3,000)- 2012/13 (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) 249,000422,500 (W1) – 274,000 = 148,500 x 0% 0249,000 – 148,500 = 100,500 x 40% 40,200IHT liability 40,200Value of death estate£Property 850,000Building society deposits 460,000Proceeds of life assurance policy 275,000LessFuneral cost (18,000)1,567,000422,500 – 249,000 = 173,500 x 0% 01,567,000 – 173,500 = 1,393,500 x 40% 557,400IHT liability 557,400(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 2015 2014–15 Second payment on account 3,240 6,480 (5,240 + 1,240) x 50%31 January 2016 2014–15 Balancing payment 5,98012,460 (6,100 + 1,480 + 4,880) – 6,480 (3,240 x 2)31 January 2016 2015–16 First 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.。
2015年6月ACCA考试《公司报告(International)》真题及详解
2015年6月ACCA考试《公司报告（International）》真题(总分：100.00，做题时间：180分钟)一、Section A –THIS ONE question is compulsory and MUST be attempted(总题数：1，分数：50.00)Kutchen, a public limited company, operates in the technology sector and has investments in other entities operatingin the sector. The draft statements of financial position at 31 March 2015 are as follows: The following information is relevant to the preparation of the group financial statements: 1. On 1 October 2014, Kutchen acquired 70% of the equity interests of House, a public limited company. Thepurchase consideration comprised 20 million shares of $1 of Kutchen at the acquisition date and 5 million shareson 31 March 2016 if House’s net profit after taxation was at least $4 million for the year ending on that date.The market price of Kutchen’s shares on 1 October 2014 was $2 per share and that of House was $4•20 pershare. It is felt that there is a 20% chance of the profit target being met. Kutchen wishes to measure the non-controlling interest at fair value at the date of acquisition. At acquisition, thefair value of the non-controlling interest (NCI) in House was based upon quoted market prices. On 1 October2014, the fair value of the identifiable net assets acquired was $48 million and retained earnings of House were$18 million and other components of equity were $3 million. The excess in fair value is due to non-depreciableland. No entries had been made in the financial statements of Kutchen for the acquisition of House. 2. On 1 April 2014, Kutchen acquired 80% of the equity interests of Mach, a privately owned entity, for aconsideration of $57 million. The consideration comprised cash of $52 million and the transfer of non-depreciable land with a fair value of $5 million. The carrying amount of the land at the acquisition date was$3 million and the land has only recently been transferred to the seller of the shares in Mach and is still carriedat $3 million in the financial records of Kutchen at 31 March 2015. The only consideration shown in thefinancial records of Kutchen is the cash paid for the shares of Mach. At the date of acquisition, the identifiable net assets of Mach had a fair value of $55 million, retained earningswere $12 million and other components of equity were $4 million. The excess in fair value is due to non-depreciable land. Mach had made a net profit attributable to ordinary shareholders of $3•6 million for theyear to 31 March 2014. Kutchen wishes to measure the non-controlling interest at fair value at the date of acquisition. The NCI is to befair valued using a public entity market multiple method. Kutchen has identified two companies who arecomparable to Mach and who are trading at an average price to earnings ratio (P/E ratio) of 21. Kutchen hasadjusted the P/E ratio to 19 for differences between the entities and Mach, for the purpose of fair valuing theNCI.3. Kutchen had purchased an 80% interest in Niche for $40 million on 1 April 2014 when the fair value of theidentifiable net assets was $44 million. The partial goodwill method had been used to calculate goodwill and animpairment of $2 million had arisen in the year ended 31 March 2015. There were no other impairment chargesor items requiring reclassification. The holding in Niche was sold for $50 million on 31 March 2015 and thegain on sale in Kutchen’s financial statements is currently recorded in other components of equity. The carryingvalue of Niche’s identifiable net assets other than goodwill was $60 million at the date of sale. Kutchen hadcarried the investment in Niche at cost.4. Kutchenhas decided to restructure one of its business segments. The plan was agreed by the board of directorson 1 January 2015 and affects employees in two locations. In the first location, half of the factory units havebeen closed by 31 March 2015 and the affected employees’ pension benefits have been frozen. Any newemployees will not be eligible to join the defined benefit plan. After the restructuring, the present value of thedefined benefit obligation in this location is $8 million. The following table relates to location 1. Value before restructuring Location 1 –$m Present value of defined benefit obligation (10) Fair value of plan assets 7 Net pension liability (3) In the second location, all activities have been discontinued. It has been agreed that employees will receive apayment of $4 million in exchange for the pension liability of $2•4 million in the unfunded pension scheme.Kutchen estimates that the costs of the above restructuring excluding pension costs will be $6 million. Kutchenhas not accounted for the effects of the restructuring in its financial statements because it is planning a rightsissue and does not wish to depress the share price. Therefore there has been no formal announcement of therestructuring. The pension liability is shown in non-current liabilities. 5. Kutchen manufactures equipment for lease or sale. On 31 March 2015, Kutchen leased out equipment under a10-year finance lease. The selling price of the leased item was $50 million and the net present value of theminimum lease payments was $47 million. The carrying value of the leased asset was $40 million and thepresent value of the residual value of the product when it reverts back to Kutchen at the end of the lease term is$2•8 million. Kutchen has shown sales of $50 million and cost of sales of $40 million in its financial statements. 6. Kutchen has impairment tested its non-current assets. It was decided that a building located overseas wasimpaired because of major subsidence. The building was acquired on 1 April 2014 at a cost of 25 million dinarswhen the exchange was 2 dinars to the dollar. The building is carried at cost. At 31 March 2015, the recoverableamount of the building was deemed to be 17•5 million dinars. The exchange rate at 31 March 2015 is 2•5 dinars to the dolla r. Buildings are depreciated over 25 years. The tax base and carrying amounts of thenon-current assets before the impairment write down were identical.The impairment of the non-current assets is not allowable for tax purposes. Kutchen has not made anyimpairment or deferred tax adjustment for the above. Kutchen expects to make profits for the foreseeable futureand assume the tax rate is 25%. No other deferred tax effects are required to be taken into account other than on the above non-current assets. Required: （分数：50.01）(1).(a)Prepare the consolidated statement of financial position for the Kutchen Group as at 31 March 2015. (35 marks)（分数：16.67）_________________________________________________________________________________ _________正确答案：( Contingent consideration should be valued at fair value and will have to take into account the various milestones set underthe agreement. The expected value is (20% x 5 million shares) 1 million shares x $2, i.e. $2 million. There will be noremeasurement of the fair value in subsequent periods. If this were a liability, there would be remeasurement. The contingentconsideration will be shown in OCE. The fair value of the consideration is therefore 20 million shares at $2 plus $2 million(above), i.e. $42 million. The purchase should be accounted for as follows: Dr Investment in House $42 million Cr Ordinary share capital $20 million Cr Other components of equity $22 million The fair value of the NCI is 30% x 13 million x $4•20 =$16•38 million The fair value adjustment for land is $(48 –Share capital 13 –Retained earnings 18 –OCE 3)m, i.e. $14million. Working 2 Mach Net profit of Mach for the year to 31 March 2014 is $3•6 million. The P/E ratio (adjusted) is 19. Therefore the fair value ofMach is 19 x $3•6 million, i.e. $68•4 million. The NCI has a 20% holding; therefore the fair value of the NCI is $13•68 million. The land transferred as part of the purchase consideration should be valued at its acquisition date fair value of $5 million.Therefore the increase of $2 million over the carrying amount should be shown in retained earnings. The fair value adjustment for land is $13m (55 –Share capital 26 –Retained earnings 12 –OCE 4), i.e. $13 million. Total goodwill is therefore $(15•68 + 10•38) million, i.e. $26•06 million. Working 7 Finance lease Kutchen should have shown the lease receivable at the lower of the fair value of the asset and the present value of theminimum lease payments, i.e. $47 million. Therefore an adjustment of $3 million will have to be made to profit or loss andthe lease receivable. Similarly, the cost of transaction should have been $(40 –2•8) million, i.e. $37•2 million as the assetreverts back to Kutchen at the end of the lease. Therefore an adjustment should be made to profit or loss and lease recei vableof $2•8 million. Dr Profit or loss $3 million Cr Lease receivable $3 million Dr Lease receivable $2•8 million Cr Profit or loss $2•8 million (The net amount of $0•2 million could be adjusted in this case.) The finance lease receivable figure in the financial statements will be $(50 –3 + 2•8 + 14 + 8)m, i.e. $71•8 million Pensions After restructuring, the present value of the pension liability in location 1 is reduced to $8 million. Thus there will be anegative past service cost in this location of $(10 –8) million, i.e. $2 million. As regards location 2, there is a settlementand a curtailment as all liability will be extinguished by the payment of $4 million. Therefore there is a loss of $(2•4 –4) million, i.e. $1•6 million. The changes to the pension scheme in locations 1 and 2 will both affect profit or lossas follows: Location 1 Dr Pension obligation $2m Cr Retained earnings $2m Location 2 Dr Pension obligation $2•4m Dr Retained earnings $1•6m Cr Current liabilities $4m Even though there has been no formal announcement of the restructuring, Kutchen has started implementing it and therefore it must be accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets A provision of $6 million should also be made at the year end. Deferred taxation and impairment Carrying amount of building at 31 March 2015 $(25 –1 depreciation) million, i.e. 24 million dinars/2 = $12 million. Recoverable amount of building at 31 March 2015 17•5 million dinars/2•5 = $7 million. Impairment loss to profit or loss = $5 million. The tax base and carrying amount of the non-current assets are the same before the impairment charge. After the impairmentcharge, there will be a difference of $5 million. This will create a deferred tax asset of $5 million x 25%, i.e. $1•25 million.As Kutchen expects to make profits for the foreseeable future, this can be recognised in the financial statements. )(2).(b) When Kutchen acquired the majority shareholding in Mach, there was an option on the remaining non-controlling interest (NCI), which could be exercised at any time up to 31 December 2015. On 30 April 2015, Kutchenacquired the remaining NCI which related to the purchase of Mach. The payment for the NCI was structured sothat it contained a fixed initial payment and a series of contingent amounts payable over the following two years.The contingent payments were to be based on the future profits of Mach up to a maximum amount. Kutchen feltthat the fixed initial payment was an equity transaction. Additionally, Kutchen was unsure as to whether thecontingent payments were either equity, financial liabilities or contingent liabilities. After a board discussion which contained disagreement as to the accounting treatment, Kutchen is preparing todisclose the。
2015年6月ACCA考试《专业会计师》真题及详解
2015年6月ACCA考试《专业会计师》真题(总分：100，做题时间：120分钟)一、Section A – This ONE question is compulsory and MUST be attempted(总题数：1，分数：50.00)1.Lysus surgical supplies was founded 20 years ago by entrepreneur Simon Mara who has been the company’s chief executive since t he outset. Incorporated as a private company, Lysus began by importing small surgical devices such as syringes and bandages, and selling them to hospitals, clinics and medical facilities. But the company began to grow rapidly when Mr Mara realised the potential of a growing market in knee and hip joint replacements as the population in many countries was rapidly ageing due to the wider availability of more effective, low cost medicines.Fifteen years ago, he began to manufacture the surgical hip and knee joints used for most joint replacement surgery.As a company operating in the surgical supplies industry, Lysus has always been subject to regulation and must complete compliance reports every year to declare that it is using surgical grade materials for its manufacturing and also that it maintains the requisite level of hygiene in its processes. These reports are a legal compliance matter and must be signed by two directors. Lysus surgical supplies has been a private family (or ‘insider’) company throughout it s history. Owned jointly by Simon Mara, his wife and brother, Mr Mara owns 51% of the shares, his wife, 20% and his brother 29%. All three are directors of Lysus surgical supplies. As the company grew, they sought to employ members of the extended family as much as possible, partly to provide them with jobs and partly to ‘give a feeling of family’ in the company. It was often described as a ‘tight-knit’ culture with family members occupying the senior positions and with few appointments made from outside the company to important roles. When the company grew to a certain size, Mr Mara decided that he needed a qualified accountant on the board of directors to help with investment appraisals, costings, cash flow management, compliance issues and financial reporting. He eventually appointed Amy Tsang, a relatively inexperienced but ambitious person to the board. This was her first role as finance director. Simon Mara was known to be a strong and domineering person. Some former employees described him as a bully who was unable to discuss matters in a calm manner. He was described as quick to anger and capable of intimidating even his senior colleagues such that they would feel unable to challenge him at all. This was also the case with Amy Tsang, the new finance director. She found him overbearing and impossible to challenge. She always did as he asked,even when she felt uncomfortable with what she was being asked to do. When the joint replacement industry became more competitive, Mr Mara had the idea that he could reduce the company’s unit costs by switching some of the surgical-grade materials used in manufacture for a cheaper industrial grade instead. Such a switch would be undetectable to the surgeons using the artificial joints but did increase the risk of fracture and deterioration once the replacement joints were used in a patient. Mr Mara asked Amy Tsang, as an accountant and finance director, to produce detailed costing calculations for the switch and to forecast how this change would affect profits. She also calculated the costs of retooling the factory to allow the industrial grade material to be used. Later, on Mr Mara’s instruction, she approved the investment and oversaw the changes in manufacturing and the purchasing processes, in the full knowledge that such changes were both illegal and unethical. Mr Mara assumed that because many of the senior employees were family members, and that he could control Amy Tsang,that the switch toindustrial grade material would go undetected. The problem came to the public attention some time later when joints made from the inferior material began to deteriorate and immobilise previously mobile patients. The industrial grade material used in the joints often caused infection in patients and some vulnerable patients died of the effects of the product failure. John Qua was the investigative journalist who brought the problems at Lysus to national attention. He thought that the problems arose as a result of a probity risk and that the probity or integrity failure was on the part of Mr Mara and Amy Tsang. Mr Qua’s mother had received a Lysus hip joint and subsequently experienced a great deal of pain and distress when the joint deteriorated, producing some unfortunate side effects including blood poisoning. Although his mother was able to have the joint safely removed and replaced by a better quality artificial joint, John Qua researched further and found other patients who had not been so fortunate. It was John Qua’s investigations into Lysus which alerted the regulatory authorities to the use of the inferior materials in the joints. It soon emerged that the cause of the increased failure of the implants was the use of the inferior industrial-grade material. When the regulator responsible for the safety of surgical supplies disc overed, thanks to John Qua’s research, why the joints degraded, they investigated the use of the inferior materials. The legal officers investigating the case noted that two directors had signed the most recent compliance reports, certifying that the company was fully compliant with material usage and quality standards. These were Simon Mara and Amy Tsang. John Qua was angry with Lysus surgical supplies, because of how his mother and others had suffered. He was particularly angry with Simon Mara and Amy Tsang. As a business journalist, he often wrote articles on the behaviour and performance of listed companies. He became convinced that it was in the public interest for producers of surgical supplies, such as Lysus, to be subject to the regulatory requirements of listed companies. In a published article, he wrote: …whenever I look at company failures such as that at Lysus, I become increasingly convinced that robust ways of embedding risk awareness and risk management are essential in all companies and not just in listed companies. It was the fact that Mr Mara could get away with his offences that is most worrying. He bullied a young accountant,Miss Tsang, into highly unprofessional behaviour, and without the systems in place to enable the offence to be challenged internally, he initially got away with it. Had a whistleblowing system been in place, or a separation of roles at the head of the company, Mr Mara could not have done this terrible thing. Someone would have challenged him and told him not to be so unethical and arrogant. The result is that, with such a high impact business risk having been realised, innocent people working for Lysus may lose their jobs whilst patients may have to suffer the effects of this for many years. Once the case came to the public attention, Mr Mara was arrested and prosecuted for the illegal sale of non-compliant surgical materials. Amy Tsang was also prosecuted and then investigated by her professional accounting body. After an appeal, she was ‘struck off’, thereby preventing her from working as an accountant in the future. The company itself was wound up after sales declined, and all 130 employees lost their jobs. Patients continue to suffer the effects of the defective joint replacements and will do for several years into the future. Required:（分数：50.00）(1).(a) Distinguish between the governance of a family-owned company like Lysus anda publicly listed company,and explain how Mr Mara may not have committed the offences he did if Lysus had been a publicly listed company. (10 marks)（分数：12.50）_________________________________________________________________________________ _________正确答案：(Family and listed companies A family business, when incorporated as a company, is an example of a private limited company. This means that the shares are privately held and are not available for members of the investing public to buy and sell. This is in contrast to a public company, which is listed on a stock exchange and in which members of the public, including private and institutional shareholders, can purchase or sell shares. Being a public listed or public limited company carries a number of requirements,imposed either by statute or the stock exchange, which do not apply to private companies. These requirements include compliance with a number of corporate governance provisions which include the adoption of certain governance structures,adherence with internal control and internal audit standards, and the external reporting of some types of information. A private limited company, in contrast, must comply with company law and tax regulations, but is not subject to listing rules. Mr Mara’s behaviour was highly unethical and also illegal, given the regulatory regime controlling surgical supplies in the country in which he was based. His abuse of his office as CEO of Lysus was made possible by a number of failures, linked in part to the nature and culture of the company. The first such factor was the ‘tight-knit’ family culture which enabled the decision to be made and then go unchallenged among the senior management including his wife, brother and Amy Tsang. The unwillingness to appoint from outside meant that senior members of the company became familiar with Mr Mara’s management style and may, over time, have come to consider his behaviour as ‘normal’. The fact that Mr Mara was such a domineering figure may have become accepted rather than challenged by other directors, partly because of family ties and their prior knowledge of his character and management style. The fact that the company was family-dominated may have made it difficult for others to confront Mr Mara about his style as such an approach may have negatively affected family relationships. Being a family or ‘insider’ dominated business meant that the company did not have any external shareholders. This means that there was no need to account to public shareholders for either the performance of the company or its postures on such issues as ethics. External scrutiny of board performance was not present and Mr Mara was therefore not subject to questioning from anybody outside of the company who might have had a different view on his management than the other members of the company. Because it was not a listed company, there was no regulatory necessity for Lysus to employ governance structures and systems capable of detecting and challenging his irregular behaviour. Had Lysus had, for example, an internal control system which included a control over inbound materials or product design, the replacement of the surgical-grade material with industrial-grade would have been detected and an alert raised as it would have not have been in compliance with the regulations on surgical supplies. Likewise, a formal internal audit system would have been capable of investigating any regulatory non-compliance. This could have then been reported in internal reports and, if deemed necessary, to external authorities. A criticism common to many family-controlled companies is the lack of external expertise in the form of an effective non-executive presence. Although some companies employ non-executive directors (NEDs) on a voluntary and ‘best practice’basis, the private company status of Lysus usually means that there is no regulatory requirement to do so. The purposes of NEDs in a listed company are to represent the strategic interests of shareholders and to populate the main board committees.These committees, in turn, provide a level of assurance to shareholders of probity, transparency and robustness.)(2).(b) Criticise Amy Tsang’s behaviour as the finance director and a qualified。
ACCA国际注册会计师P5真题答案整理[推荐]
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第 2 章作业 1. 2012 December Q2 - Drinks Group (DG) –Pg80&66 2. 2014 June Q4 - Godel Goodies (Godel) –Pg218&160
第 2 章作业 1. 2012 December Q2 - Drinks Group (DG) –Pg80&66
(a) Evaluate the suitability of incremental budgeting at each division. (8 marks)
current method is incremental budgeting advantages simple and easy, does not take up much time and resources in the finance department suitable where business is stable so historic figures represent a solid base to consider small changes. problems consolidates existing practices into the targets and so tends to stifle innovation
Other support services
In accounting services,
broadly in line.
BU has achieved a small 3 5% a·dvantage
2015年6月ACCA F8考试真题
Time allowed Reading and planning:15 minutes Writing: 3 hoursP a p e r F 8Section A – ALL 12 questions are compulsory and MUST be attemptedPlease use the grid provided on page two of the Candidate Answer Booklet to record your answers to each multiple choice question. Do not write out the answers to the MCQs on the lined pages of the answer booklet.1Which of the following audit procedures for obtaining audit evidence is correctly described?A Recalculation involves the auditor’s independent execution of procedures or controls which were originallyperformed as part of the entity’s internal controlB Confirmation consists of seeking information of knowledgeable persons, within the company or outside thecompanyC Reperformance consists of checking the mathematical accuracy of documents or recordsD Observation consists of looking at a procedure or process being performed by others(2 marks)2Auditors are required to undertake an overall review of the financial statements as the final step before they form their audit opinion. As part of this process they undertake a number of procedures.Which of the following procedures would an auditor NOT undertake as part of the overall review of the financial statements?A Reviewing the financial statements to ensure they are consistent with the auditor’s knowledge of the businessand the results of their audit workB Performing analytical procedures on the financial statements to form an overall conclusion on the financialstatementsC Undertaking a review of subsequent events to identify whether any adjustment or disclosure is required in thefinancial statementsD Reviewing the financial statements to ensure compliance with accounting standards and local legislationdisclosure(2 marks)3Which of the following is NOT an inherent limitation of internal control systems?A Insufficient segregation of dutiesB Possibility that employees may collude together fraudulentlyC Possibility of human error in undertaking tasks(1 mark)4Which of the following statements, relating to International Standards on Auditing (ISAs), if any, is/are correct?(1)International Standards on Auditing (ISAs) are issued by the International Accounting Standards Board (IASB)and provide guidance on the performance and conduct of an audit(2)In the event that ISAs differ from local legislation in a specific country, auditors must comply with therequirements of the ISAsA 1 onlyB 2 onlyC Both 1 and 2D Neither 1 nor 2(2 marks)5Which TWO of the following statements regarding the use of analytical procedures during the PLANNING stage of the audit are correct?(1)Analytical procedures are useful when forming an overall conclusion as to whether the financial statements areconsistent with the auditor’s understanding of the company(2)Analytical procedures can be used to obtain relevant and reliable audit evidence(3)Analytical procedures can assist in identifying the risks of material misstatement(4)Analytical procedures can assist in identifying unusual transactions and eventsA 1 and 2B 2 and 3C 3 and 4D 2 and 4(2 marks)6Which of the following substantive procedures provides evidence over the COMPLETENESS of non-current assets?A Select a sample of assets included in the non-current asset register and physically verify them at the clientpremisesB Review the repairs and maintenance expense account to identify any items of a capital natureC For assets disposed of, agree the sale proceeds to supporting documentation and cash book(1 mark)7Which of the following is NOT a principle of the UK Corporate Governance Code?A There should be a rigorous and transparent procedure for the appointment of new directors to the boardB The board should use the annual general meeting (AGM) to communicate with investorsC The non-executive chairman should decide on the remuneration of all directorsD All directors should receive induction training on joining the board(2 marks)8Which of the following is a substantive audit procedure for wages and salaries?A Inspect a sample of clock cards for evidence of authorisation by a responsible officialB Recalculate a sample of payroll deductions such as employment taxes to confirm accuracyC Attempt to access and make changes to the payroll master file using the log on for a junior clerk(1 mark)9Which of the following statements, relating to the auditor’s responsibilities regarding subsequent events, if any, is/are correct?(1)Auditors do not have a responsibility to perform procedures to identify subsequent events after the date of theauditor’s report(2)Where a material adjusting subsequent event is identified after the financial statements are issued, but prior toapproval by the shareholders, the auditor should include a qualified opinion in their audit report if management refuses to adjust the financial statements for the eventA 1 onlyB 2 onlyC Both 1 and 2D Neither 1 nor 2(2 marks)10Is the following statement true or false?A significant change in the ownership of an existing audit client is a factor which makes it appropriate for the auditorto review the terms of engagement.A T rueB False(1 mark)11Which of the following statements relating to internal and external auditors is correct?A Internal auditors are required to be members of a professional bodyB Internal auditors’ scope of work should be determined by those charged with governanceC External auditors report to those charged with governanceD Internal auditors can never be independent of the company(2 marks) 12Which TWO of the following controls of a sales system ensure that all goods despatched are completely and accurately invoiced?(1)Good despatched notes are matched to sales invoices(2)Sales invoices are sequentially numbered(3)Sales invoices are matched to customer orders(4)Regular review of unfulfilled ordersA 1 and 2B 2 and 4C 2 and 3D 1 and 4(2 marks)(20 marks)Section B – ALL SIX questions are compulsory and MUST be attemptedPlease write your answers to all parts of these questions on the lined pages within the Candidate Answer Booklet.1You are an audit senior of Beech & Co and have been allocated to the audit of Willow Wands Co (Willow), a listed company which has been an audit client for eight years and specialises in manufacturing musical instruments.Bethan Oak was the audit engagement partner for Willow and as she had completed seven years as the audit engagement partner, she has recently been rotated off the audit engagement. The current audit partner, Sandeep Pine, has suggested that in order to maintain a close relationship with Willow, Bethan should undertake the role of independent review partner this year. In addition Willow has requested that Bethan assist them by attending their audit committee meetings, as a non-executive director has recently left the company.Willow has also asked Sandeep and the other partners at Beech & Co to help them in recruiting a new non-executive director.The total fees received by Beech & Co for last year equated to 16% of the firm’s total fee income. The current year’s audit fee has not yet been confirmed, but along with taxation and other possible non-audit fees the total income from Willow this year could be greater than for last year. Last year’s audit fee was being paid monthly by Willow but no payments have been made for the last three months.The audit manager for Willow has just announced that he is leaving Beech & Co to join Willow as the financial controller.Required:Using the information above:(i)Identify and explain FIVE ethical threats which may affect the independence of Beech & Co’s audit of WillowWands Co; and(ii)For each threat explain how it might be reduced to an acceptable level.Note: The total marks will be split equally between each part.(10 marks)2(a)ISA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment describes the five components of an entity’s internal control.Required:Identify and briefly explain the FIVE components of an entity’s internal control.(5 marks)(b)Bonsai T rading Co (Bonsai) manufactures electrical equipment, and its year end is 30 September 2015. You arethe audit supervisor of Poplar & Co and are developing the audit programmes for the forthcoming interim audit.The company’s internal audit department has provided you with documentation relating to the non-current assets cycle including the related controls listed below.–Bonsai has a capital expenditure committee and all purchase orders for capital items are required to be authorised by this committee.–On receipt, each asset is assigned a unique serial number and this is recorded on the asset and in the non-current assets register.–When the asset arrives, a goods received note (GRN) is completed which details the nature of the expenditure (i.e. whether it is capital or revenue), and the GRN classification is reviewed and initialled by aresponsible official.Copies of the GRNs relating to capital expenditure are then submitted to the financedepartment for updating of the non-current assets register.–Periodically, internal audit undertakes a review of assets in the register and compares them to assets on site, using the serial number to confirm existence of the asset.–Access to the non-current assets register is restricted through passwords to a small number of staff in the finance department.Required:Describe a test of control which the auditor of Bonsai Trading Co would perform to assess whether or not each of the non-current asset controls listed above is operating effectively.(5 marks)(10 marks)3You are the audit manager of Chestnut & Co and are reviewing the key issues identified in the files of two audit clients.Palm Industries Co (Palm)Palm’s year end was 31 March 2015 and the draft financial statements show revenue of $28·2 million, receivables of $5·6 million and profit before tax of $4·8 million. The fieldwork stage for this audit has been completed.A customer of Palm owed an amount of $350,000 at the year end. T esting of receivables in April highlighted that noamounts had been paid to Palm from this customer as they were disputing the quality of certain goods received from Palm. The finance director is confident the issue will be resolved and no allowance for receivables was made with regards to this balance.Ash Trading Co (Ash)Ash is a new client of Chestnut & Co, its year end was 31 January 2015 and the firm was only appointed auditors in February 2015, as the previous auditors were suddenly unable to undertake the audit. The fieldwork stage for this audit is currently ongoing.The inventory count at Ash’s warehouse was undertaken on 31 January 2015 and was overseen by the company’s internal audit department. Neither Chestnut & Co nor the previous auditors attended the count. Detailed inventory records were maintained but it was not possible to undertake another full inventory count subsequent to the year end.The draft financial statements show a profit before tax of $2·4 million, revenue of $10·1 million and inventory of $510,000.Required:For each of the two issues:(i)Discuss the issue, including an assessment of whether it is material;(ii)Recommend ONE procedure the audit team should undertake to try to resolve the issue; and(iii)Describe the impact on the audit report if the issue remains UNRESOLVED.Notes:1The total marks will be split equally between each of the two issues.2Audit report extracts are NOT required.(10 marks)4Cherry Blossom Co (Cherry) manufactures custom made furniture and its year end is 30 April. The company purchases its raw materials from a wide range of suppliers. Below is a description of Cherry’s purchasing system.When production supervisors require raw materials, they complete a requisition form and this is submitted to the purchase ordering department. Requisition forms do not require authorisation and no reference is made to the current inventory levels of the materials being requested. Staff in the purchase ordering department use the requisitions to raise sequentially numbered purchase orders based on the approved suppliers list, which was last updated 24 months ago. The purchasing director authorises the orders prior to these being sent to the suppliers.When the goods are received, the warehouse department verifies the quantity to the suppliers despatch note and checks that the quality of the goods received are satisfactory. They complete a sequentially numbered goods received note (GRN) and send a copy of the GRN to the finance department.Purchase invoices are sent directly to the purchase ledger clerk, who stores them in a manual file until the end of each week. He then inputs them into the purchase ledger using batch controls and gives each invoice a unique number based on the supplier code. The invoices are reviewed and authorised for payment by the finance director, but the actual payment is only made 60 days after the invoice is input into the system.Required:In respect of the purchasing system of Cherry Blossom Co:(i)Identify and explain FIVE deficiencies; and(ii)Recommend a control to address each of these deficiencies.Note: The total marks will be split equally between each part.(10 marks)5You are the audit supervisor of Maple & Co and are currently planning the audit of an existing client, Sycamore Science Co (Sycamore), whose year end was 30 April 2015. Sycamore is a pharmaceutical company, which manufactures and supplies a wide range of medical supplies. The draft financial statements show revenue of $35·6 million and profit before tax of $5·9 million.Sycamore’s previous finance director left the company in December 2014 after it was discovered that he had been claiming fraudulent expenses from the company for a significant period of time. A new finance director was appointed in January 2015 who was previously a financial controller of a bank, and she has expressed surprise that Maple & Co had not uncovered the fraud during last year’s audit.During the year Sycamore has spent $1·8 million on developing several new products. These projects are at different stages of development and the draft financial statements show the full amount of $1·8 million within intangible assets. In order to fund this development, $2·0 million was borrowed from the bank and is due for repayment over a ten-year period. The bank has attached minimum profit targets as part of the loan covenants.The new finance director has informed the audit partner that since the year end there has been an increased number of sales returns and that in the month of May over $0·5 million of goods sold in April were returned.Maple & Co attended the year-end inventory count at Sycamore’s warehouse. The auditor present raised concerns that during the count there were movements of goods in and out the warehouse and this process did not seem well controlled.During the year, a review of plant and equipment in the factory was undertaken and surplus plant was sold, resulting in a profit on disposal of $210,000.Required:(a)State Maples & Co’s responsibilities in relation to the prevention and detection of fraud and error.(4 marks)(b)Describe SIX audit risks, and explain the auditor’s response to each risk, in planning the audit of SycamoreScience Co. (12 marks)(c)Sycamore’s new finance director has read about review engagements and is interested in the possibility of Maple& Co undertaking these in the future. However, she is unsure how these engagements differ from an external audit and how much assurance would be gained from this type of engagement.Required:(i)Explain the purpose of review engagements and how these differ from external audits; and(2 marks)(ii)Describe the level of assurance provided by external audits and review engagements.(2 marks)(20 marks)6(a)(i)Identify and explain FOUR financial statement assertions relevant to classes of transactions and events for the year under audit; and(ii)For each identified assertion, describe a substantive procedure relevant to the audit of REVENUE.(8 marks)(b)Hawthorn Enterprises Co (Hawthorn) manufactures and distributes fashion clothing to retail stores. Its year endwas 31 March 2015. You are the audit manager and the year-end audit is due to commence shortly. The following three matters have been brought to your attention.(i)Supplier statement reconciliationsHawthorn receives monthly statements from its main suppliers and although these have been retained, nonehave been reconciled to the payables ledger as at 31 March 2015. The engagement partner has asked theaudit senior to recommend the procedures to be performed on supplier statements.(3 marks) (ii)Bank reconciliationDuring last year’s audit of Hawthorn’s bank and cash, significant cut off errors were discovered with anumber of post year-end cheques being processed prior to the year end to reduce payables. The financedirector has assured the audit engagement partner that this error has not occurred again this year and thatthe bank reconciliation has been carefully prepared. The audit engagement partner has asked that the bankreconciliation is comprehensively audited. (4 marks) (iii)ReceivablesHawthorn’s receivables ledger has increased considerably during the year, and the year-end balance is$2·3 million compared to $1·4 million last year. The finance director of Hawthorn has requested that areceivables circularisation is not carried out as a number of their customers complained last year about theinconvenience involved in responding. The engagement partner has agreed to this request, and tasked youwith identifying alternative procedures to confirm the existence and valuation of receivables.(5 marks) Required:Describe substantive procedures you would perform to obtain sufficient and appropriate audit evidence in relation to the above three matters.Note: The mark allocation is shown against each of the three matters above.(20 marks)End of Question Paper。
2015年6月ACCA考试《高级审计与认证业务(International)》真题及答案
2015年6月ACCA考试《高级审计与认证业务（International）》真题(总分：100，做题时间：180分钟)一、Section A – BOTH questions are compulsory and MUST be attempted(总题数：2，分数：60.00)1.You are a manager in the audit department of Craggy & Co, a firm of Chartered Certified Accountants, and you have just been assigned to the audit of Ted Co, a new audit client of your firm, with a financial year ended 31 May 2015.Ted Co, a newly listed company, is a computer games designer and developer, and has grown rapidly in the last few years. The audit engagement partner, Jack Hackett, has sent you the following email: Notes from meeting with Len Brennan Ted Co was formed ten years ago by Dougal Doyle, a graduate in multimedia computing. The company designs,develops and publishes computer games including many highly successful games which have won industry awards.In the last two years the company invested $100m in creating games designed to appeal to a broad, global audience and sales are now made in over 60 countries. The software used in the computer games is developed in this country,but the manufacture of the physical product takes place overseas. Computer games are largely sold through retail outlets, but approximately 25% of Ted Co’s revenue is generated through sales made on the company’s website. In some countries Ted Co’s products are distributed under licences which give the licence holder the exclusive right to sell the products in that country. The cost of each licence to the distributor depends on the estimated sales in the country to which it relates, and licences last for an average of five years. The income which Ted Co receives from the sale of a licence is deferred over the period of the licence. At 31 May 2015 the total amount of deferred income recognised in Ted Co’s statement of financial position is $18 million. As part of a five-year strategic plan, Ted Co obtained a stock market listing in December 2014. The listing and related share issue raised a significant amount of finance, and many shares are held by institutional investors. Dougal Doyle retains a 20% equity shareholding, and a further 10% of the company’s shares are held by his family members. Despite being listed, the company does not have an internal audit department, and there is only one non-executive director on the board. The se problems, which Ted Co’s management is hoping to resolve in the next few months, are explained in the company’s annual report, as required by the applicable corporate governance code. Recently, a small treasury management function was established to man age the company’s foreign currency transactions, which include forward exchange currency contracts. The treasury management function also deals with short-term investments. In January 2015, cash of $8 million was invested in a portfolio of equity shares held in listed companies, which is to be held in the short term as a speculative investment. The shares are recognised as a financial asset at cost of $8 million in the draft statement of financial position. The fair value of the shares at 31 May 2015 is $6 million. As a listed company, Ted Co is required to disclose its earnings per share figure. Dougal Doyle would like this to be based on an adjusted earnings figure which does not include depreciation or amortisation expenses. The previous auditors of Ted Co, a small firm called Crilly & Co, resigned in September 2014. The audit opinion on the financial statements for the year ended 31 May 2014 was unmodified. Extract of draft financial statements and results of preliminary analytical review Statement of profit or loss(extract) Required: Respond to the email from the audit partner. (31 marks) Note: The split of the mark allocation is shown in the partner’s email. Professional marks will be awarded for the presentation, clarity of explanations and logical flow of the briefing notes. (4 marks)（分数：35.00）_________________________________________________________________________________ _________正确答案：(Briefing notes To: Jack Hackett, audit partner From: Audit manager Regarding: Audit planning of Ted Co Introduction These briefing notes are prepared for the use of the audit team in planning the audit of Ted Co, our firm’s new audit client which develops and publishes computer games. The briefing notes discuss the planning matters in respect of this being an initial audit engagement; evaluate the audit risks to be considered in planning the audit; and recommend audit procedures in respect of short-term investments and the earnings per share figure disclosed in the draft financial statements. (a)In an initial audit engagement there are several factors which should be considered in addition to the planning procedures which are carried out for every audit. ISA 300 Planning an Audit of Financial Statements provides guidance in this area. ISA 300 suggests that unless prohibited by laws or regulation, arrangements should be made with the predecessor auditor,for example, to review their working papers. Therefore communication should be made with Crilly & Co to request access to their working papers for the financial year ende d 31 May 2014. The review of the previous year’s working papers would help Craggy & Co in planning the audit, for example, it may highlight matters pertinent to the audit of opening balances or an assessment of the appropriateness of Ted Co’s accountingpo licies. It will also be important to consider whether any previous years’ audit reports were modified, and if so, the reason for the modification. As part of the client acceptance process, professional clearance should have been sought from Crilly & Co. Any matters which were brought to our firm’s attention when professional clearance was obtained should be considered for their potential impact on the audit strategy. There should also be consideration of the matters which were discussed with Ted Co’s manage ment in connection with the appointment of Craggy & Co as auditors. For example, there may have been discussion of significant accounting policies which may impact on the planned audit strategy. Particular care should be taken in planning the audit procedures necessary to obtain sufficient appropriate audit evidence regarding opening balances, and procedures should be planned in accordance with ISA 510 Initial Audit Engagements – Opening Balances. For example, procedures should be performed to determine whether the opening balances reflect the application of appropriate accounting policies and determining whether the prior period’s closing balances have been correctly brought forward into the current period. With an initial audit engagement it is particularly important to develop an understanding of the business, including the legal and regulatory framework applicable to the company. This understanding must be fully documented and will help the audit team to perform effective analytical review procedures and to develop an appropriate audit strategy. Obtaining knowledge of the business will also help to identify whether it will be necessary to plan for the use of auditors’ experts. Craggy & Co may have quality control procedures in place for use in the case of initial engagements, for example, the involvement of another partner or senior individual to review the overall audit strategy prior to commencing significant audit procedures. Compliance with any such procedures should be fully documented. Given that this is a new audit client, that it is newly listed, and because of other risk factors to be discussed in the next part of these briefing notes, whendeveloping the audit strategy consideration should be given to using an experienced audit team in order to reduce detection risk. (b)Management bias The first audit risk identified relates to Ted Co becoming a listed entity during the year. This creates an inherent risk at the financial statement level and is caused by the potential for management bias. Management will want to show good results to the new shareholders of the company, in particular the institutional shareholders, and therefore there is an incentive for the overstatement of revenue and profit. The analytical review shows a significant increase in pro fit before tax of 48•1%,indicating potential overstatement. There is a related risk of overstatement due to Dougal Doyle and his family members retaining a 30% equity interest in Ted Co, which is an incentive for inflated profit so that a high level of dividend can be paid. It appears that governance structures are not strong, for example, there are too few non-executive directors, and therefore Dougal Doyle is in a position to be able to dominate the board and to influence the preparation of the financial statements.This increases the risk of material misstatement due to management bias. There is also a risk that management lacks knowledge of the reporting requirements specific to listed entities, for example, in relation to the calculation and disclosure of earnings per share which is discussed later in these briefing notes. E-commerce With 25% of revenue generated through the company’s website, this represents a significant revenue stream, and the income generated through e-commerce is material to the financial statements. E-commerce gives rise to a number of different audit risks, including but not limited to the following. For the auditor, e-commerce can give rise to detection risk, largely due to the paperless nature of the transactions and the fact there is likely to be a limited audit trail, making it difficult to obtain audit evidence. For the same reason, control risk is increased, as it can be hard to maintain robust controls unless they are embedded into the software which records the transaction. The auditor may find it difficult to perform tests on the controls of the system unless audit software is used, as there will be few manual controls to evaluate. A risk also arises in terms of the recognition of sales revenue, in particular cut-off can be a problem where sales are made online as it can be difficult to determine the exact point at which the revenue recognition criteria of IAS 18 Revenue have been met. Hence, over or understatement of revenue is a potential risk to be considered when planning the audit. Ted Co also faces risks relating to the security of the system, for example, risks relating to unauthorised access to the system,and there is an increased risk of fraud. All of these risks mean that there is high audit risk in relation to the revenue generated from the company’s website. Licence income The licence income which is deferred in the statement of financial position represents 13•4% of total assets and is therefore material. There is a risk that the accounting treatment is not appropriate, and there are two separate risks which need to be considered.First, it may be the case that the revenue from the sale of a licence should not be deferred at all. The revenue recognition criteria of IAS 18 need to be applied to the transaction, and if, for example, it were found that Ted Co has no ntinuing management involvement and that all risk and reward had been transferred to the buyer, then the revenue should be recognised immediately and not deferred. This would mean a significant understatement of revenue and profit. Second, if it is appropriate that the revenue is deferred, for example, if Ted Co does retain managerial involvement and has retained the risk and reward in relation to the licence arrangement, then the period over which the revenue is recognised could be inappropriate, resulting in over or understated revenue in the accounting period. Foreign exchange transactions Ted Co’s products sell in over 60 countries and the products are manufactured overseas, so the。
2015年ACCA考试《F7财务报告》重要讲义(3)
2015年ACCA考试《F7财务报告》重要讲义（3）本文由高顿ACCA整理发布，转载请注明出处History Question AnalysisQuestion 1 (Q3/December 2003)IAS 37’ Provisions，Contingent Liabilities and Contingent Assets’ was issued in 1998. The Standard sets out the rinciples of accounting for these items and clarifies when provisions should and should not be made. Prior to its issue，the inappropriate use of provisions had been an area where companies had been accused of manipulating the financial statements and of creative accounting.Required：(a) Describe the nature of provisions and the accounting requirements for them contained in IAS 37.(6 marks)(b) Explain why there is a need for an accounting standard in this area. Illustrate your answer with three practical examples of how the standard addresses controversial issues.(6 marks)(a) IAS 37 ‘Provisions，Contingent Liabilities and Contingent Assets’ only deals with those provisions that are regarded as liabilities. The term provision is also generally used to describe those amounts set aside to write down the value of assets such as depreciation charges and provisions for diminution in value (e.g. provision to write down the value of damaged or slow moving inventory). The definition of a provision in the Standard is quite simple; provisions are liabilities of uncertain timing or amount. If there is reasonable certainty over these two aspects the liability is a creditor. There is clearly an overlap between provisions and contingencies. Because of the ‘uncertainty’ aspects of the definition，it can be argued that to some extent all provisions have an element of contingency. The IASB distinguishes between the tow by stating that a contingency is not recognized as a liability if it is either only possible and therefore yet to be confirmed as a liability，or where there is a liability but it cannot be measured with sufficient reliability. The IASB notes the latter should be rare.The IASB intends that only those liabilities that meet the characteristics of a liability in its Framework for the Preparation and Presentation of Financial Statements should be reported in the balance sheet.IAS 37 summarises the above by requiring provisions to satisfy all of the following three recognition criteria：- there is a present obligation (legal or constructive) as a result of a past event;- it is probable that a transfer of economic benefits will be required to settle the obligation;A provision is triggered by an obligating event. This must have already occurred，future events cannot create current liabilities. The first of the criteria refers to legal or constructive obligations. A legal obligation is straightforward and uncontroversial，but constructive obligations are a relatively new concept. These arise where a company creates an expectation that it will meet certain obligations that is not legally bound to meet. These may arise due to a published statement or even by a pattern of past practice. In reality constrictive obligations are usually accepted because the alternative action is unattractive or may damage the reputation of the company. The most commonly quoted example of such is a commitment to pay for environmental damage caused by the company，even where there is no legal obligation to do so.To summarise：a company must provide for a liability where the three defining criteria of a provision are met，but conversely a company cannot provide for a liability where they are not met. The latter part of the above may seem obvious，but it is an area where there has been some past abuse of provisioning as is referred to in (b).(b) the main need for an accounting standard in this area is to clarify and regulate when provisions should and should not be made. Many controversial areas including the possible abuse of provision are based on contravening aspects of the above definitions. One of the most controversial examples of provisioning is in relation to future restructuring or recognization costs (often as part of an acquisition). This is sometimes extended to providing for future operating losses. The attraction of providing for this type of expense/loss is that once the provision has been made，the future costs are then charged to the provision such that they bypass the income statement (of the period when they occur). Such provisions can be glossed over by management as ‘exceptional items’，which analysts are expected to disregard when assessing the company’s future prospects. If thistype of provision were to be incorporated as a liability as part of a subsidiary’s n et assets at the date of costs and operating losses (unless they are for an onerous contract) do not constitute past events.Another important change initiated by IAS 37 is the way in which environmental provisions must be treated. Practice in this area has differed considerably. Some companies did provide for such costs and those that did often accrued for them on an annual basis. If say a company expected environmental site restoration cost of $10 million in 10 years time，it might argue that this is not a liability until the restoration is needed or it may accrue $1 million per annum for 10 years (ignoring discounting). Somewhat controversially this practice is no longer possible. IAS 37 requires that if the environmental costs are a liability (legal or constructive)，then the whole of the costs must be provided for immediately. That has led to large liabilities appearing in some companies’ balance sheets.A third example of bad practice is the use of‘big bath’ provisions and over provisioning. In its simplest form this occurs where a company makes a large provision，often for non-specific future expenses，or as part of an overall restructuring package. If the provision is deliberately overprovided，then its later release will improve future profits. Alternatively the company could charge to the provision a different cost than the one is was originally created for IAS 37 addresses this practice in two ways：by not allowing provisions to be created if they do not meet the definition of an obligation; and specifically preventing a provision made for one expense to be used for a different expense. Under IAS 37 the original provision would have to be reversed and a new one would be created with appropriate disclosures. Whilst this treatment does not affect overall profits，it does enhance transparency.Note：other examples would be acceptable.(c) Bodyline sells sports goods and clothing through a chain of retail outlets. It offers customers a full refund facility for any goods returned with in 28days of their purchase provided they are unused and in their original packaging. In addition，all goods carry a warranty against manufacturing defects for 12 months from their date of purchase. For most goods the manufacturer underwrites this warranty such that Bodyline is credited with the cost of the goods that are retumed as faulty. Goods purchased from one manufacturer，Header，are sold to Bodyline at a negotiated discount which is designed to compensate Bodyline for manufacturing defects. No refunds are given by Header，thus Bodyline has to bear the cost of any manufacturing faults of these goods.Bodyline makes a uniform mark up on cost of 25% on all goods it sells，except for those supplied from Header on which it makes a mark up on cost of 40%. Sales of goods manufactured by Header consistently account for 20% of all Bodyline’s sales.Sales in the last 28 days of the trading year to 30September 2003 were $1，750，000. Past trends reliably indicate that 10% of all goods are returned under the 28-day return facility. These are not faulty goods. Of these 70% are later resold at the normal selling price and the remaining 30% are sold as ‘sale’ items at half the normal retail price.In addition to the above expected returns，an estimated $160，000 (at selling price) of the goods sold during the year will have manufacturing defects and have yet to be returned by customers. Goods returned as faulty have no resale value更多ACCA资讯请关注高顿ACCA官网：。
2015年6月ACCA F9考试真题答案
Section B
(b) A forward rate agreement (FRA) can fix the borrowing rate on a sum of money for an agreed period starting on an agreed future date. A company can use an FRA to manage interest rate risk because the FRA fixes the future borrowing rate for an agreed period, and hence fixes the company’s future borrowing cost. If the future interest rate paid by the company turns out to be higher than the borrowing rate in the FRA, the bank will compensate the company with the difference between the two rates applied to the agreed sum for the agreed period. If the future interest rate paid by the company turns out to be less than the borrowing rate in the FRA, the opposite occurs and the company compensates the bank. The net effect is that the company is locked into the borrowing rate specified in the FRA. Because the company is locked into the FRA borrowing rate, the FRA does not allow the company to benefit from favourable interest rate movements. The bank which is a party to the FRA does not need to be the same bank which offers the funds to be borrowed.
ACCA《财务会计》真题及答案
ACCA《财务会计》真题及答案在xx年ACCA考试之际，为大家分享的是ACCA《财务会计》的真题及答案，希翼能匡助到大家!Cronin Auto Retail (CAR) is a car dealer that sellsused cars bought at auctions by its experienced team of buyers. Every car for sale is less than two years old and has a full service history. The pany concentrates on small family cars and, at any one time, there are about 120 on display at its purpose-built premises. The premises were acquired five years ago on a 25 year lease and they include a workshop, a small cafe and a children’s playroom. All vehicles are selected by one of five experienced buyers who attend auctions throughout the country. Each attendance costs CAR about $500 per day in staff and travelling costs and usually leads to the purchase of five cars. On average, each car costs CAR $10,000 and is sold to the customer for $12,000. The pany has a good sales and profitability record, although a recent economic recession has led the managing director to question ‘whether we are selling the righttype of cars. Recently, I wonder if we have been buyingcars that our team of buyers would like to drive, not what our customers want to buy?’ However, the personalselection of quality cars has been an important part of CAR’s business model and it is stressed in their marketing literature and website.Sales records show that 90% of all sales are to customers who live within two hours’ drive of CAR’s base. This is to be expected as there are many petitors and most customers want to buy from a garage that they can easily return the car to if it needs inspection, a service or repair. Consequently, CAR concentrates on display advertising in newspapers in this geographical area. It also has a customer database containing the records of people who have bought cars in the last three years. All customers receive a regular mail-shot, listing the cars for sale and highlighting any special offers or promotions. The pany has a website where all the cars are listed with a series of photographs showing each car from a variety of angles. The website also contains general information about the pany, special offers and promotions, and information about its service, maintenance and repair service.CAR is keen to expand the service and mechanical repair side of its business. It would particularly like customers who have purchased cars from them to bring them back for servicing or for any mechanical repairs that are subsequently required. However, although CAR holds basic spare parts in stock, it has to order many parts from specialist parts panies (called motor factors) or from the manufacturers directly. Mechanics have to raise paper requisitions which are passed to the procurement managerfor reviewing, agreeing and sourcing. Most parts are ordered from regular suppliers, but there is an increasing backlog and this can cause a particular problem if the customer’s car is in the garage waiting for the part to arrive. Customers are increasingly frustrated and annoyed by repairs taking much longer than they were led to expect. Another source of frustration is that the procurement manager only works from 10.00 to 16.00. The mechanics work on shifts and so the garage is staffed from 07.00 to 19.00. Urgent requisitions cannot be processed when the procurement manager is not at work. The backlog of requisitions is placing increased strain on the procurement manager who has recently made a number of clerical mistakes when raising a purchase order.Requests for stationery and other office supplies also go through the same requisitioning process, with orders placed with the office supplier who is offering the best current deal. Finding this deal can be time consuming and so employees are increasingly submitting requisitions earlier so that they can be sure that new supplies will be received in time.The managing director is aware of the problems of the requisitioning system but is reluctant to appoint a second procurement manager because he is trying to keep staff overheads down during a difficult trading period. He iskeen to address ‘more fundamental issues in the marketing and procurement processes’. He is particularly interested in how the ‘interactivity, intelligence, individualisation and independence of location offered by e-marketing media can help us at CAR’.(a) Evaluate how the principles of interactivity, intelligence, individualisation and independence oflocation mightbe applied in the e-marketing of the products and services of CAR. (16 marks)(b) Explain the principles of e-procurement and evaluate its potential application at CAR. (9 marks)(25 marks)(a) This question uses four of the ‘6 Is’ developed by McDonald and Wilson to explore the differences between traditional and e-marketing. Candidate answers do not have to be strictly classified within each of the factors identified below. In reality, suggestions will cross the boundaries of these factors.Interactivity concerns the development of a two-way relationship between the customer and the supplier. The traditional display advertising and mail-shots used by CAR are examples of ‘push media’ where the marketing message is broadcast to current and potential customers. Their current website continues this approach, with the stocklisting essentially representing a continually updated, but widely aessible, display advertisement. Supplementing mail-shots with e-mails could be immediately considered by CAR and would be a cheaper alternative to mail-shots. However, it still remains a ‘push technique’ with little dialogue with the customer.Here are three ideas that CAR could consider to improve the interactivity of its site. Other legitimate suggestions will also be given credit.(1) Encouraging potential buyers on their website to ask questions about any car that they are interested in. Both questions and answers are published. This may provide someone with the vital information that clinches the sale. It also creates a great enthusiasm around the car. Buyers may move quickly so that they do not lose the opportunity to buy the car. On e-bay, customers are encouraged to ‘ask a question’ of the seller and this often leads to long threads where the supplier and potential buyers interact.(2) Many buyers would like to test drive a car before they purchase it. CAR could provide the opportunity for customers to book a test drive over the Inter.(3) Once a purchase had been plete, CAR might encourage feedback which could be published on the website. In this instance, customers are actually providing information that is mercially useful to buyers. This may be in the form oftestimonials, or in the form of more structured feedback that e-bay encourages. Suppliers who have 100% positive feedback backed up by testimonials from previous buyers are powerfully reinforcing their marketing message.Intelligence is about identifying and understanding the needs of potential customers and how they wish to be municated with. It is traditionally the area of market research and marketing research. Currently CAR does very little research. It relies on a database that only consists of people who have actually bought cars from the pany. Collecting email addresses through promotions and interactivity initiatives (see above) provides a much greater pool of potential customers who can be kept up-to-date through email. It can also give CAR significant intelligence about the type of cars that they areinterested in and at what price. At present, the buyers for CAR use their experience when buying cars at auction and there is some concern that they buy what they would like to drive, not what the customers want to drive. It would be useful to support this experience with quantitative information about the type of cars potential buyers are really interested in. This may lead to a change in buying policy.Individualisation concerns the tailoring of marketing information to each individual, unlike traditional mediawhere the same message tends to be sent to everyone. Personalisation is a key element in building an effective relationship with the customer. In the context of CAR, individuals who have shown interest in a certain model or type of car may be selectively emailed when a similar car bees available. This approach may also be used for current customers. For example, someone who purchased a particular car two or three years ago might be e-mailed about an opportunity to upgrade to an updated model. For individualisation to be suessful, sufficient details must be collected through the intelligence and interactive facets of the‘6 Is’.Individualisation will also be key in offering relevant after-sales service. This may concern inviting customers to return their cars for servicing at the correct dates or offering services only appropriate to that type of car. For example, circulating details of air-conditioning renewal only to customers with air conditioned cars.Independence of location concerns the geographical location of the pany. Electronic media increases the geographical reach of a pany. For many panies this gives opportunities to sell into international markets which had previously been inaessible to them.This facet of the new media is unlikely to be appropriate to CAR. Most sales are to customers who are within two hours’ drive of the CAR premises. The modity nature of the cars that CAR are selling means that similar cars will be available throughout the country, often from garages that offer local service and support. Independence of location would be more significant if CAR was selling collectors or classic cars where each car is relatively rare and people are prepared to travel long distances to view the car they are interested in. Furthermore, the long term lease on CAR’s current premises makes it unlikely that they will be able to locate to a cheaper site and hence exploit the independence of location offered by the new media.(b) Procurement is concerned with purchasing goods or services for the organisation. It is concerned with sourcing items at the right price, delivered at the right time, to the right quality, in the right quantity and from the right source. Many contemporary definitions of procurement also include the inbound logistics required to get the product from the supplier to the customer.E-procurement looks at the opportunities presented by automating aspects of procurement to improve the performance of the five ‘rights’ identified above. There is a wide range of potential answers to this part of thequestion depending on the scope and focus of e-procurement selected by the candidate. Solutions may vary from the simple automation of part of the system, to re-thinking the way the pany does business.In the context of CAR, two distinct types of procurement can be identified. The first is production-related procurement and is directly related to the core activities of the organisation. This relates to the purchase of cars for sale and the purchase of parts required for servicing or repairing vehicles. The second is non-production procurement.CAR has always purchased its vehicles through experienced buyers attending auctions. On average this attendance costs the pany $500 per day, leading to the purchase (on average) of five cars. This purchasing cost of $100 per car represents 5% of the average profit margin on each car. This cost could be eliminated if cars were purchased through e-auctions, with bids made on-line. The risk here is that the cars bought were not of the right quality. CAR prides itself in the personal selection of its cars. However, it could be argued that cars which are less than two years old with a full service history are unlikely to have much wrong with them.The parts needed for servicing and mechanical repairs are ordered from motor factors or manufacturers. A numberof regular suppliers are retained, many in long-term relationships with CAR. This is known as systematic sourcing. Most of the problems here are caused by the needto pass requisitions for parts through a procurement manager. The first problem is the delay in the purchasing cycle. There is a backlog of requisitions that have to be reviewed, agreed and sourced by the procurement manager. This is particularly problematic when a customer’s car isin the garage awaiting a part. The customer is likely to be frustrated and annoyed by the delay, whilst the car is oupying garage space that could have been profitably usedfor a fee-paying job. The second problem is the cost of the paperwork and the processing time of the procurement manager associated with the purchase. The final problem is that purchases can only be made between 10.00 and 16.00 when the procurement manager is at work. Mechanics work07.00 to 19.00 and are frustrated that they cannot make orders outside the times the procurement manager is at work. Giving the mechanics the systems and authorisation to order parts (up to a certain value limit) from specifiedsuppliers over the Inter should deliver cost savings and speed up repairs and services. A direct ordering system should also reduce administrative errors and enhance customer goodwill. CAR might also use eprocurement to open up petitive bidding between potential suppliers; postingtheir requirements on their website and inviting peting bids. Parts could be sourced from a number of suppliers, taking advantage of the lowest prices for each part. This could be bined with just-in-time supply, reducing the cost of stock holding at CAR.Non-production procurement is concerned with ordering things such as stationery, paper, ink toner and other office supplies. Christa Degnan (quoted in Chaffney, E-Business and E-Commerce Management) suggested that for‘every dollar a pany earns in revenue, 50 cents to 55 cents is spent on indirect goods and services – things like office supplies and puter equipment. That half dollar represents an opportunity. By driving costs out of the purchasing process, panies can increase profits without having to sell more goods’. CAR is in this situation. It uses the same process for office supplies as it does for car parts. However, most office supplies are cheap, modity products where sometimes the cost of ordering the product exceeds the value of the purchased product, particularly where a cumbersome purchasing process is in place. With little differentiation between products, it is the availability and cost of the product that bee the most significant aspects in the procurement process. E-procurement should provide better information, identifyingalternative suppliers and allowing spot sourcing of office products to fulfil immediate need.Overall, e-procurement should reduce the administrative burden on the procurement manager, giving him or her the opportunity to concentrate on negotiating terms, agreements and product standardisation; more strategic tasks in the procurement process.。
2015年6月ACCA考试《审计与认证业务》真题及详解
2015年6月ACCA考试《审计与认证业务》真题(总分：100，做题时间：120分钟)一、Section A – ALL 12 questions are compulsory and MUST be attempted(总题数：12，分数：20.00)1.Which of the following audit procedures for obtaining audit evidence is correctly described?（分数：2.00）A.Recalculation invo lves the auditor’s independent execution of procedures or controls which were originally performed as part of the entity’s internal controlB.Confirmation consists of seeking information of knowledgeable persons, within the company or outside the companyC.Reperformance consists of checking the mathematical accuracy of documents or recordsD.Observation consists of looking at a procedure or process being performed by others √解析：Audit procedure A describes reperformance, B is describing inquiry rather than confirmation and procedure C is describing recalculation.2.Auditors are required to undertake an overall review of the financial statements as the final step before they form their audit opinion. As part of this process they undertake a number of procedures. Which of the following procedures would an auditor NOT undertake as part of the overall review of the financial statements?（分数：2.00）A.Reviewing the financial statemen ts to ensure they are consistent with the auditor’s knowledge of the business and the results of their audit workB.Performing analytical procedures on the financial statements to form an overall conclusion on the financial statementsC.Undertaking a review of subsequent events to identify whether any adjustment or disclosure is required in the financial statements √D.Reviewing the financial statements to ensure compliance with accounting standards and local legislation disclosure解析：Procedures A, B and D would be undertaken as part of the overall review of the financial statements. However, procedure C is undertaken when reviewing subsequent events occurring between the date of the financial statements and the date of the auditor’s report.3.Which of the following is NOT an inherent limitation of internal control systems?（分数：1.00）A.Insufficient segregation of duties √B.Possibility that employees may collude together fraudulentlyC.Possibility of human error in undertaking tasks解析：A is incorrect as it is not an inherent limitation of an internal control system; rather it is an internal control deficiency.4. Which of the following statements, relating to International Standards on Auditing (ISAs), if any,is/are correct? (1) International Standards on Auditing (ISAs) are issued by the International Accounting Standards Board (IASB)and provide guidance on the performance and conduct of an audit (2) In the event that ISAs differ from local legislation in a specific country, auditors must comply with the requirements of the ISAs（分数：2.00）A.1 onlyB.2 onlyC.Both 1 and 2D.Neither 1 nor 2 √解析：Statement 1 is incorrect as ISAs are issued by the International Auditing and Assurance Standards Board rather than the IASB who issue accounting standards. Statement 2 is incorrect as ISAs do not override local legislation.5. Which TWO of the following statements regarding the use of analytical procedures during the PLANNING stage of the audit are correct? (1) Analytical procedures are useful when forming an overall conclusion as to whether the financial statements are consistent with the auditor’s understanding of the company (2) Analytical procedures can be used to obtain relevant and reliable audit evidence (3) Analytical procedures can assist in identifying the risks of material misstatement (4) Analytical procedures can assist in identifying unusual transactions and events（分数：2.00）A.1 and 2B.2 and 3C.3 and 4 √D.2 and 4解析：Statement 1 refers to the use of analytical procedures at the final review or completion stage of the audit. Statement 2 refers to the use of analytical procedures to obtain substantive evidence during the fieldwork stage of the audit.6. Which of the following substantive procedures provides evidence over the COMPLETENESS of non-current assets?（分数：1.00）A.Select a sample of assets included in the non-current asset register and physically verify them at the client premisesB.Review the repairs and maintenance expense account to identify any items of a capital nature √C.For assets disposed of, agree the sale proceeds to supporting documentation and cash book解析：Procedure A gives assurance over existence and procedure C verifies valuation rather than completeness.7.Which of the following is NOT a principle of the UK Corporate Governance Code?（分数：2.00）A.There should be a rigorous and transparent procedure for the appointment of new directors to the boardB.The board should use the annual general meeting (AGM) to communicate with investorsC.The non-executive chairman should decide on the remuneration of all directors √D.All directors should receive induction training on joining the board解析：C is incorrect as the UK Corporate Governance Code states that no director should be involved in setting their own remuneration.Hence the non-executive chairman cannot set his own remuneration.8.Which of the following is a substantive audit procedure for wages and salaries?（分数：1.00）A.Inspect a sample of clock cards for evidence of authorisation by a responsible officialB.Recalculate a sample of payroll deductions such as employment taxes to confirm accuracy √C.Attempt to access and make changes to the payroll master file using the log on for a junior clerk解析：A and C are incorrect as they are tests of control for the payroll cycle rather than substantive procedures.9.Which of the following statements, relating to the auditor’s responsibilities regarding subsequent events, if any,is/are correct? (1) Auditors do not have a responsibility to perform procedures to identify subsequent events after the date of the auditor’s report (2) Where a material adjust ing subsequent event is identified after the financial statements are issued, but prior to approval by the shareholders, the auditor should include a qualified opinion in their audit report if management refuses to adjust the financial statements for the event（分数：2.00）A.1 only √B.2 onlyC.Both 1 and 2D.Neither 1 nor 2解析：Statement 2 is not correct as if an event occurs after the financial statements are issued, the auditor has already signed the audit report and so is not able to now include a qualified opinion.10. Is the following statement true or false? A significant change in the ownership of an existing audit client is a factor which makes it appropriate for the auditor to review the terms of engagement.（分数：1.00）A.True √B.False解析：Where there is a significant change in ownership of the company, ISA 210 Agreeing the Terms of Audit Engagements recommends that a new audit engagement letter is sent to avoid misunderstandings.11. Which of the following statements relating to internal and external auditors is correct?（分数：2.00）A.Internal auditors are required to be members of a professional bodyB.Internal auditors’ scope of work should be determined by those charged with governance√C.External auditors report to those charged with governance。
2015年6月ACCA F5考试真题答案
A 38·80 104·64
9·28 144·00 ––––––––– 296·72 –––––––––
1,200 800
––––––––– 2,296·72 –––––––––
B 58·20 209·28 37·12 288·00 ––––––––– 592·60 –––––––––
2,640 1,620 ––––––––– 4,852·60 –––––––––
A 14,600 14,600 350,400 14,600
B 22,400 33,600 1,075,200 89,600
Total 37,000 48,200 1,425,600 104,200
Cost driver rates
Administrative costs – $1,870,160/48,200 = $38·80 per admin hour
Overhead allocation per procedure Procedure
Administrative costs Nursing costs Catering costs General facility costs
Add direct costs: Surgical Anaesthesia Total cost per procedure
Answers
Fundamentals Level – Skills Module, Paper F5 Performance Management
Section A
1C
Divisional profit before depreciation = $2·7m x 15% = $405,000 per annum. Less depreciation = $2·7m x 1/50 = $54,000 per annum. Divisional profit after depreciation = $351,000 Imputed interest = $2·7m x 7% = $189,000 Residual income = $162,000.
2015年6月ACCA考试《财务报告(International)》真题及详解
2015年6月ACCA考试《财务报告（International）》真题(总分：100.00，做题时间：180分钟)一、Section A – ALL 20 questions are compulsory and MUST be attempted (总题数：20，分数：40.00)1.Faithful representation is a fundamental characteristic of useful information within the IASB’s Conceptual framework for financial reporting. Which of the following accounting treatments correctly applies the principle of faithful representation?（分数：2.00）A.Reporting a transaction based on its legal status rather than its economic substanceB.Excluding a subsidiary from consolidation because its activities are not compatible with those of the rest of the groupC.Recording the whole of the net proceeds from the issue of a loan note which is potentially convertible to equity shares as debt (liability)D.Allocating part of the sales proceeds of a motor vehicle to interest received even though it was sold with 0%(interest free) finance √解析：The substance is that there is no ‘free’ finance; its cost, as such, is built into the selling price.2.Which of the following statements relating to intangible assets is true? （分数：2.00）A.All intangible assets must be carried at amortised cost or at an impaired amount; they cannot be revaluedupwardsB.The development of a new process which is notexpected to increase sales revenues may still be recognised asan intangible asset √C.Expenditure on the prototype of a new engine cannot be classified as an intangible asset because the prototypehas been assembled and has physical substanceD.Impairment losses for a cash generating unit are first applied to goodwill and then to other intangible assets beforebeing applied to tangible assets解析：A new process may produce benefits (and therefore be recognised as an asset) other than increased revenues, e.g. it may reduce costs. 3.Each of the following events occurred after the reporting date of 31 March 2015, but before the financial statementswere authorised for issue.Which would be treated as a NON-adjusting event under IAS 10 Events After the Reporting Period?（分数：2.00）A.A public announcement in April 2015 of a formal plan to discontinue an operation which had been approved bythe board in February 2015 √B.The settlement of an insurance claim for a loss sustained in December 2014C.Evidence that $20,000 of goods which were listed as part of the inventory in the statement of financial positionas at 31 March 2015 had been stolenD.A sale of goods in April 2015 which had been held in inventory at 31 March 2015. The sale was made at aprice below its carrying amount at 31 March 2015解析：A board decision to discontinue an operation does not create a liability. A provision can only be made on the announcement of a formal plan (as it then raises a valid expectation that the discontinuance will be carried out). As this announcement occurs during the year ended 31 March 2016, this a non-adjusting event for the year ended 31 March 2015. 4.Metric owns an item of plant which has a carrying amount of $248,000 as at 1 April 2014. It is being depreciatedat 12?% per annum on a reducing balance basis. The plant is used to manufacture a specific product which has been suffering a slow decline in sales. Metric hasestimated that the plant will be retired from use on 31 March 2017. The estimated net cash flows from the use ofthe plant and their present values are: On 1 April 2015, Metric had an alternative offer from a rival to purchase the plant for $200,000. At what value should the plant appear in Metric’s statement of financial position as at 31 March 2015?（分数：2.00）A.$248,000B.$217,000C.$214,600 √D.$200,000解析：Is the lower of its carrying amount ($217,000) and recoverable amount ($214,600) at 31 March 2015. Recoverable amount is the higher of value in use ($214,600) and fair value less (any) costs of disposal ($200,000)). Carrying amount = $217,000 (248,000 – (248,000 x 12·5%)) Value in use is based on present values = $214,6005.Pact acquired 80% of the equity shares of Sact on 1 July 2014, paying $3·00 for each share acquired. Thisrepresented a premium of 20% over the market price of Sact’s shares at that date.Sact’s shareholders’funds (equity) as at 31 March 2015 were: The only fair value adjustment required to Sact’s net assets on consolidation was a $20,000 increase in the value of its land. Pact’s policy is to value non-controlling interests at fair value at the date of acquisition. For this purpose the marketprice of Sact’s shares at that date can be deemed to be representative of the fair value of the shares held by the non-controlling interest. What would be the carrying amount of the non-controlling interest of Sact in the consolidated statement offinancial position of Pact as at 31 March 2015? （分数：2.00）A.$54,000B.$50,000C.$56,000 √D.$58,000解析：Market price of Sact’s shares at acquisition was $2·50 (3·00 –(3·00 x 20/120)), therefore NCI at acq was $50,000 (100,000x 20% x $2·50). NCI share of the post-acq profit is $6,000 (40,000 x 9/12 x 20%). Therefore non-controlling interest as at 31 March 2015 is $56,000.6.The IASB’s Conceptual framework for financial reporting defines recognition as the process of incorporating in the financial statements an item which meets the definition of an element and satisfies certain criteria. Which of the following elements should be recognised in the financial statements of an entity in the mannerdescribed?（分数：2.00）A.As a non-current liability: a provision for possible hurricane damage to property for a company located in an area which experiences a high incidence of hurricanesB.In equity: irredeemable preference shares √C.As a trade receivable: an amount of $10,000 due from a customer which has been sold (factored) to a financecompany with no recourse to the sellerD.In revenue: the whole of the proceeds from the sale of an item of manufactured plant which has to be maintainedby the seller for three years as part of the sale agreement解析：By definition irredeemable preference shares do not have a contractual obligation to be repaid and thus do not meet the definition of a liability; they are therefore classed as equity7.At 31 March 2015, Jasim had shareholders’ funds (equity) of $200,000 and debt of $100,000. Which of the following transactions would increase Jasim’s gearing compared to what it would have been hadthe transaction NOT taken place? Gearing should be taken as debt/(debt + equity). Each transaction should be considered separately.（分数：2.00）A.During the year a property was revalued upwards by $20,000B.A bonus issue of equity shares of 1 for 4 was made during the year using other components of equityC.A provision for estimated damages was reduced during the year from $21,000 to $15,000 based on the most recent legal adviceD.An asset with a fair value of $25,000 was acquired under a finance lease on 31 March 2015 √解析：Is correct as it will increase debt but have no effect on equity.8.Germane has a number of relationships with other companies. In which of the following relationships is Germane necessarily the parent company?(i)Foll has 50,000 non-voting and 100,000 voting equity shares in issue with each share receiving the samedividend. Germane owns all of Foll’s non-voting shares and 40,000 of its voting shares (ii)Kipp has 1 million equity shares in issue of which Germane owns 40%. Germane also owns $800,000 out of $1 million 8% convertible loan notes issued by Kipp. These loan notes may be converted on the basis of 40 equity shares for each $100 of loan note, or they may be redeemed in cash at the option of the holder (iii)Germane owns 49% of the equity shares in Polly and 52% of itsnon-redeemable preference shares. As a result of these investments, Germane receives variable returns from Polly and has the ability to affect these returnsthrough its power over Polly（分数：2.00）A.(i) onlyB.(i) and (ii) onlyC.(ii) and (iii) only √D.All three解析：9.Tibet acquired a new office building on 1 October 2014. Its initial carrying amount consisted of: The estimated lives of the building structure and air conditioning system are 25 years and 10 years respectively. Whenthe air conditioning system is due for replacement, it is estimated that the old system will be dismantled and sold for$500,000. Depreciation is time apportioned where appropriate. At what amount will the office building be shown in Tibet’s statement of financial position as at 31 March 2015?$’000（分数：2.00）A.15,625 √B.15,250C.15,585D.15,600解析：Six months’depreciation is required on the building structure and air conditioning system.10.To which of the following items does IAS 41 Agricultureapply? (i)A change in the fair value of a herd of farm animals relating to the unit price of the animals (ii)Logs held in a wood yard (iii)Farm land which is used for growing vegetables (iv)The cost of developing a new type of crop seed which is resistant to tropical diseases（分数：2.00）A.All fourB.(i) only √C.(i) and (ii) onlyD.(ii) and (iii) only解析：11.Wilmslow acquired 80% of the equity shares of Zeta on 1 April 2014 when Zeta’s retained earnings were $200,000. During the year ended 31 March 2015, Zeta purchased goods from Wilmslow totalling $320,000. At 31 March2015, one quarter of these goods were still in the inventory of Zeta. Wilmslow applies a mark-up on cost of 25% toall of its sales. At 31 March 2015, the retained earnings of Wilmslow and Zeta were $450,000 and $340,000 respectively. What would be the amount of retained earnings in Wilmslow’s consolidated statement of financial position as at31 March 2015?（分数：2.00）A.$706,000B.$542,000C.$498,000D.$546,000 √解析：Retained earnings:12.IFRS requires extensive use of fair values when recording the acquisition of a subsidiary. Which of the following comments, regarding the use of fair values on the acquisition of a subsidiary, is correct? （分数：2.00）A.The use of fair value to record a subsidiary’s acquired assets does not comply with the historical cost principleB.The use of fair values to record the acquisition of plant always increases consolidated post-acquisitiondepreciation charges compared to the corresponding charge in the subsidiary’s own financial statementsC.Cash consideration payable one year after the date of acquisition needs to be discounted to reflect its fair value √D.Patents must be included as part of goodwill because it is impossible to determine the fair value of an acquiredpatent, as, by definition, patents are unique解析：The fair value of deferred consideration is its present value (i.e. discounted).13.The following trial balance extract relates to a property which is owned by Veeton as at 1 April 2014: What will be the depreciation charge in Veeton’s statement of profit or loss for the year ended 31 March 2015? （分数：2.00）A.$540,000B.$570,000C.$700,000 √D.$800,000解析：Six months’ depreciation to the date of the revaluation will be $300,000 (12,000/20 years x 6/12); six months’depreciation from the date of revaluation to 31 March 2015 would be $400,000 (10,800/13·5 years remaining life x 6/12). Total depreciation is$700,000.14.Under certain circumstances, profits made on transactions between members of a group need to be eliminated from the consolidated financial statements under IFRS. Which of the following statements aboutintra-group profits in consolidated financial statements is/are correct?(i) The profit made by a parent on the sale of goods to a subsidiary isonly realised when the subsidiary sells thegoods to a third party (ii)Eliminating intra-group unrealised profits never affectsnon-controlling interests (iii)The profit element of goods supplied by the parent to an associate and held in year-end inventory must be eliminated in full（分数：2.00）A.(i) only √B.(i) and (ii)C.(ii) and (iii)D.(iii) only解析：(i) is the only correct elimination required by IFRS.15.Which of the following statements about IAS 20 Accounting for Government Grants and Disclosure of Government Assistance are true? (i) A government grant related to the purchase of an asset must be deducted from the carrying amount of the assetin the statement of financial position (ii)A government grant related to the purchase of an asset should be recognised in profit or loss over the life of the asset (iii)Free marketing advice provided by a government department is excluded from the definition of government grants (iv)Any required repayment of a government grant received in an earlier reporting period is treated as prior period adjustment（分数：2.00）A.(i) and (ii)B.(ii) and (iii) √C.(ii) and (iv)D.(iii) and (iv)解析：16.In a review of its provisions for the year ended 31 March 2015, Cumla’s assistant accountant has suggested the following accounting treatments: (i) Making a provision for a constructive obligation of $400,000; this being the sales value of goods expected to bereturned by retail customers after the year end under the company’s advertised 30-day returns policy (ii)Based on past experience, a $200,000 provision for unforeseen liabilities arising after the year end (iii)The partial reversal (as a credit to the statement of profit or loss) of the accumulated depreciation provision on an item of plant because the estimate of its remaining useful life has been increased by three years (iv)Providing $1 million fordeferred tax at 25% relating to a $4 million revaluation of property during March 2015 even though Cumla has no intention of selling the property in the near future Which of the above suggested treatments of provisions is/are permitted by IFRS?（分数：2.00）A.(i) onlyB.(i) and (ii)C.(ii) and (iii)D.(iv) √解析：(iv) deferred tax relating to the revaluation of an asset must be provided for even if there is no intention to sell the asset in accordance with IAS 12.17.At 1 April 2014, Tilly owned a property with a carrying amount of $800,000 which had a remaining estimated life of 16 years. The property had not been revalued. On 1 October 2014, Tilly decided to sell the property and correctlyclassified it as being ‘held-for-sale’. A property agent reported that the property’s fair value less costs to sell at 1 October 2014 was expected to be $790,500 which had not changed at 31 March 2015. What should be the carrying amount of the property in Tilly’s statement of financial position as at 31 March2015?（分数：2.00）A.$775,000 √B.$790,500C.$765,000D.$750,000解析：The property would be depreciated by $25,000 (800,000/16 x 6/12) for six months giving a carrying amount of $775,000(800,000 – 25,000) before being classified as held-for-sale. This would also be the value at 31 March 2015 as it is no longer depreciated and is lower than its fair value less cost to sell.18.Johnson paid $1·2 million for a 30% investment in Treem’s equity shares on 1 August 2014. Treem’s profit after tax for the year ended 31 March 2015 was $750,000. On 31 March 2015, Treem had $300,000goods in its inventory which it had bought from Johnson in March 2015. These had been sold by Johnson at a mark-up on cost of 20%. Treem has not paid any dividends. On the assumption that Treem is an associate of Johnson, what would be the carrying amount of the investmentin Treem in the consolidatedstatement of financial position of Johnson as at 31 March 2015?（分数：2.00）A.$1,335,000 √B.$1,332,000C.$1,300,000D.$1,410,000解析：19.Hindberg is a car retailer. On 1 April 2014, Hindberg sold a car to Latterly on the following terms: The selling price of the car was $25,300. Latterly paid $12,650 (half of the cost) on 1 April 2014 and would paythe remaining $12,650 on 31 March 2016 (two years after the sale). Hindberg’s cost of capital is 10% per annum. What is the total amount which Hindberg should credit to profit or loss in respect of this transaction in the yearended 31 March 2015?（分数：2.00）A.$23,105B.$23,000C.$20,909D.$24,150 √解析：At 31 March 2015, the deferred consideration of $12,650 would need to be discounted by 10% for one year to $11,500(effectively deferring a finance cost of $1,150). The total amount credited to profit or loss would be $24,150 (12,650 + 11,500).20.Which of the following current year events would explain a fall in a company’s operating profit margin compared to the previous year? （分数：2.00）A.An increase in gearing leading to higher interest costsB.A reduction in the allowance for uncollectible receivablesC.A decision to value inventory on the average cost basis from the first in first out (FIFO) basis. Unit prices of inventory had risen during the current year √D.A change from the amortisation of development costs being included in cost of sales to being included inadministrative expenses解析：Is correct as use of average cost gives a higher cost of sales (and in turn lower operating profit) than FIFO during rising prices.二、Section B –ALL THREE questions are compulsory and MUST be attempted (总题数：3，分数：60.00)On 1 July 2014 Bycomb acquired 80% of Cyclip’s equity shares on the following terms: –a share exchange of two shares in Bycomb for every three shares acquired in Cyclip; and – a cash payment due on 30 June 2015 of $1·54 per share acquired (Bycomb’s cost of capital is 10% perannum). At the date of acquisition, shares in Bycomb and Cyclip had a stock market value of $3·00 and $2·50 eachrespectively. Statements of profit or lossfor the year ended 31 March 2015: The following information is also relevant: (i) At the date of acquisition, the fair values of Cyclip’s assets were equal to their carrying amounts with the exception of an item of plant which had a fair value of $720,000 above its carrying amount. The remaining lifeof the plant at the date of acquisition was 18 months. Depreciation is charged to cost of sales. (ii)On 1 April 2014, Cyclip commenced the construction of a new production facility, financing this by a bank loan. Cyclip has followed the local GAAP in the country where it operates which prohibits the capitalisation of interest.Bycomb has calculated that, in accordance with IAS 23 Borrowing Costs, interest of $100,000 (which accruedevenly throughout the year) would have been capitalised at 31 March 2015. The production facility is still underconstruction as at 31 March 2015. (iii)Sales from Bycomb to Cyclip in the post-acquisition period were $3 million at a mark-up on cost of 20%. Cyclip had $420,000 of these goods in inventory as at 31 March 2015. (iv)Bycomb’s policy is to value the non-controlling interest at fair value at the date of acquisition. For this purpose Cyclip’s share price at that date can be deemed to be representative of the fair value of the shares held by thenon-controlling interest. (v)On 31 March 2015, Bycomb carried out an impairment review which identified that the goodwill on the acquisition of Cyclip was impaired by $500,000. Impaired goodwill is charged to cost of sales. Required:（分数：15.00）(1).(a) Calculate the consolidated goodwill at the date of acquisition of Cyclip.(6 marks)（分数：7.50）_____________________________________________________________________ _____________________正确答案：(Bycomb: Goodwill on acquisition of Cyclip as at 1 July 2014 Note: The profit for the year for Cyclip would be increased by $100,000due to interest capitalised, in accordance with IAS 23 Borrowing Costs. Alternatively, this could have been calculated as: 2400 x 3/12 + 25. As the interest to be capitalised has accrued evenly throughout the year, $25,000 would relate to pre-acquisition profits and $75,000 topost-acquisition profits.)(2).(b) Prepare extracts from Bycomb’s consolidated statement of profit or loss for the year ended 31 March 2015,for: (i)revenue; (ii)cost of sales; (iii)finance costs; (iv) profit or loss attributable to thenon-controlling interest. The following mark allocation is provided as guidance for this requirement: (i)1 mark(ii)3 marks(iii)2? marks(iv) 2? marks (9 marks)（分数：7.50）_____________________________________________________________________ _____________________正确答案：(Bycomb: Extracts from consolidated statement of profit or loss for the year ended 31 March 2015 )解析：Yogi is a public company and extracts from its most recent financial statements are provided below: Statements of profit or loss for the year ended 31 March Notes On 1 April 2014, Yogi sold the net assets (including goodwill) of a separately operated division of its business for $8 million cash on which it made a profit of $1 million. This transaction required shareholder approval and,in order to secure this, the management of Yogi offered shareholders a dividend of 40 cents for each share in issue out of the proceeds of the sale. The trading results of the division which are included in the statement of profit or loss for the year ended 31 March 2014 above are: Required: （分数：15.00）(1).(a) Calculate the equivalent ratios for Yogi: (i) for the year ended 31 March 2014, after excluding the contribution made by the division that has beensold; and (ii)for the year ended 31 March 2015, excluding the profit on the sale of the division.(5 marks)（分数：7.50）_____________________________________________________________________ _____________________正确答案：(Calculation of equivalent ratios (figures in $’000): Note: The capital employed in the division sold at 31 March 2014 was $7 million ($8 million sale proceeds less $1 million profit on sale). The figures for the calculations of 2014’s adjusted ratios (i.e. excluding the effectsof the sale of the division) are given in brackets; the figures for 2015 are derived from the equivalent figures in the question, however, the operating profit margin and ROCE calculations exclude the profit from the sale of the division (as stated in the requirement) as it is a ‘one off’item.)(2).(b) Comment on the comparative financial performance and position of Yogi for the year ended 31 March 2015. (10 marks)（分数：7.50）_____________________________________________________________________ _____________________正确答案：(The most relevant comparison is the 2015 results (excluding the profit on disposal of the division) with the results of 2014(excluding the results of the division), otherwise like is not being compared with like. Profitability Although comparative sales have increased (excluding the effect of the sale of the division) by $4 million (36,000 –32,000),equivalent to 12·5%, the gross profit margin has fallen considerably (from 37·5% in 2014 down to 33·3% in 2015) and this deterioration has been compounded by the sale of the division, which was the most profitable part of the business (which earned a gross profit margin of 44·4% (8/18)). The deterioration of the operating profit margin (from 18·8% in 2014 down to 10·3% in 2015) is largely due to poor gross profit margins, but operating expenses are proportionately higher (as a percentage of sales) in 2015 (23·0% compared to 18·8%) which has further reduced profitability. This is due to higher administrative expenses (as distribution costs have fallen), perhaps relating to the sale of the division. Yogi’s performance as measured by ROCE has deteriorated dramatically from 40·0% in 2014 (as adjusted) to only 21·8% in 2015. As the net asset turnover has remained broadly the same at 2·1 times (rounded), it is the fall in the operating profit which is responsible for the overall deterioration in performance. Whilst it is true that Yogi has sold the most profitable part of its business, this does not explain why the 2015 results have deteriorated so much (by definition the adjusted 2014 figures exclude the favourable results of the division). Consequently, Yogi’s management need to investigate why profit margins have fallen in 2015; it may be that customers of the sold division also bought (more profitable) goods from Yogi’s remaining business and they have taken their custom to the new owners of the division; or it may berelated to external issues which are also being experienced by other companies such as an economic recession. A study of industry sector average ratios could reveal this. Other issues It is very questionable to have offered shareholders such a high dividend (half of the disposal proceeds) to persuade them to vote for the disposal. At $4 million (4,000 + 3,000 – 3,000, i.e. the movement on retained earnings or 10 million shares at 40 cents) the dividend represents double the profit for the year of $2 million (3,000 – 1,000) if the gain on the disposal is excluded. Another effect of the disposal is that Yogi appears to have used the other $4 million (after paying the dividend)from the disposal proceeds to pay down half of the 10% loan notes. This has reduced finance costs and interest cover;interestingly, however, as the finance cost at 10% is much lower than the 2015 ROCE of 21·8%, it will have had a detrimental effect on overall profit available to shareholders. Summary In retrospect, it may have been unwise for Yogi to sell the most profitable part of its business at what appears to be a very low price. It has coincided with a remarkable deterioration in profitability (not solely due to the sale) and the proceeds of the disposal have not been used to replace capacity or improve long-term prospects. By returning a substantial proportion of the sale proceeds to shareholders, it represents a downsizing of the business. )解析：The following trial balance relates to Clarion as at 31 March 2015: The following notes are also relevant: (i) The equity shares and share premium balances in the trial balance above include a fully subscribed 1 for 5 rightsissue at $1·60 per share which was made by Clarion on 1 October 2014. The market value of Clarion’s shareswas $2·50 on 1 October 2014. (ii)On 31 March 2015, one quarter of the 8% loan notes were redeemed at par and six months’ outstanding loan interest was paid. The suspense account represents the double entry corresponding to the cash payment for thecapital redemption and the outstanding interest. (iii)Property, plant and equipment: Included in property, plant and equipment are two major items of plant acquired on 1 April 2014: Item 1 had a cash cost $14 million, however, the plant will cause environmental damage which will have to berectified when it is dismantled at the end of its five year life. The present value (discounting at 8%) on 1 April2014 of the rectification is $4 million. The environmental provision has been correctly accounted for,however,no finance cost has yet been charged on the provision. Item 2 was plant acquired with a fair value of $8 million under a five-year finance lease. This required an initialdeposit of $2·3 million and annual payments of $1·5 million on 31 March each year. The finance leaseobligation in the trial balance above represents the fair value of the plant less both the deposit and the first annualpayment. The lease has an implicit interest rate of 10% and the asset has been correctly capitalised in plant andequipment. No depreciation has yet been charged on plant and equipment which should be charged to cost of sales on astraight-line basis over a five-year life (including leased plant). No plant is more than four years old. (iv)The investments through profit or loss are those held at 31 March 2015 (after the sale below). They are carried at their fair value as at 1 April 2014, however, they had a fair value of $6·5 million on 31 March 2015. During the year an investment which had a carrying amount of $1·4 million was sold for $1·6 million. Investmentincome in the trial balance above includes the profit on the sale of the investment and dividends received duringthe year (v)Clarion renewed an operating lease on a property on 1 April 2014. The operating lease payments represent an annual payment (in advance) of $1 million and a lease premium of $1 million. The lease is for four years andoperating lease expenses should be included in cost of sales. (vi)A provision for current tax for the year ended 31 March 2015 of $3·5 million is required. The balance on current tax in the trial balance above represents the under/over provision of the tax liability for the year ended 31 March2014. At 31 March 2015, the tax base of Clarion’s net assets was $12 million less than their carrying amounts.The income tax rate of Clarion is 25%. Required:（分数：30.00）(1).(a) Prepare the statement of profit or loss for Clarion for the year ended 31 March 2015.（分数：6.00）_____________________________________________________________________ _____________________正确答案：(Clarion – Statement of profit or loss for the year ended 31 March 2015 )(2).(b)Prepare the statement of changes in equity for Clarion for the year ended 31 March 2015.（分数：6.00）_____________________________________________________________________ _____________________。
2015年注册会计师《会计》真题及答案解析(完整版)
2015年注册会计师考试《会计》真题及答案(完整版)一、单项选择题(本题型共12小题，每小题2分，共24分。
每小题只有一个正确答案，请从每小题的备选答案中选出一个你认为正确的答案，用鼠标点击相应的选项。
)1.【题干】甲公司为制造企业，20X4年发生的现金流量：(1)将销售生产的应收账款申请保理，取得现金1 200万元，银行对于标的债权具有追索权;(2)购入的作为交易性金融资产核算的股票支付现金200万元;(3)收到保险公司对存货损毁的赔偿款120万元;(4)收到所得税返还款260万元;(5)向其他地方提供劳务收取现金400万元。
不考虑其他因素。
甲公司20X4年经营活动产生的现金流量净额是( )万元。
【选项】A.780B.2 180C.980D.1 980【答案】A【解析】事项(1)属于筹资活动;事项(2)属于投资活动;其他事项均属于经营活动，20X4年经营活动产生的现金流量净额=120+260+400=780(万元)。
【考点】2.【题干】下列各项关于无形资产会计处理的表述中，正确的是( )。
【选项】A.自行研究开发的无形资产在尚未达到预定用途前无须考虑减值B.非同一控制下企业合并中，购买方应确认被购买方在该项交易前未确认但可单独辨认且公允价值能够可靠计量的无形资产C.使用寿命不确定的无形资产在持有过程中不应该摊销也不考虑减值D.同一控制下企业合并中，合并方应确认被合并方在该项交易前未确认的无形资产【答案】B【解析】选项A不正确，尚未达到预定用途的无形资产，由于其价值具有较大的不确定性，应当每年进行减值测试;选项B正确，非同一控制下企业合并中，购买方在对企业合并中取得的被购买方资产进行初始确认时，应当对被购买方拥有的但在其财务报表中未确认的无形资产进行充分辨认和合理判断，满足以下条件之一的，应确认为无形资产：源于合同性权利或其他法定权利;能够从被购买方中分离或划分出来，并能单独或与相关合同、资产和负债一起，用于出售、转移、授予许可、租赁或交换;选项C不正确，使用寿命不确定的无形资产在持有期间无需进行摊销，但至少应当在每年年末进行减值测试;选项D不正确，同一控制下企业合并中，合并方在合并中确认取得的被合并方的资产、负债仅限于被合并方账面上原已确认的资产和负债，合并中不产生新的资产和负债，也不产生新的商誉。
2015年6月ACCA P3考试真题答案
AnswersProfessional Level – Essentials Module, Paper P3Business Analysis June 2015 Answers 1(a)(i)Introduction2T el is one of the largest network operators in the world. It is aware that licences for providing mobile networks in TheFederated States (TFS), a densely populated country with 70 million people, are due for renewal in three years’ time. Itis currently evaluating whether it wishes to bid for one of these licences, either in its own right, or through the prioracquisition of one of the current licensees.It has commissioned this briefing paper into the business environment which the current licensees operate in. Thisbriefing paper begins with an analysis of the wider macro-environment of the industry, using a PESTEL analysis. Thepaper then considers the competitive forces within the industry using aspects of Porter’s five forces framework.The briefing paper concludes with, as requested, a summary of the opportunities and threats which 2T el should considerbefore it decides to enter this market.Political perspectiveLicences are granted by the government for eight years and so it may, at first sight, appear that licence allocation is animportant political factor in the mobile network industry. However, the previous government effectively de-politicised theawarding of licences by defining selection rules based on certain minimum criteria (for example, financial andenvironmental criteria) and the size of the bid. The licences are awarded to the four highest bidders who fulfil theminimum criteria. So, the current performance of licensees is not currently taken into account in the bidding process.This has implications for 2T el. From a political perspective, there is no particular benefit to be gained by bidding as acurrent licensee. The praise of Ofnet and the gratitude of the government for the network operators’ phone and messageinformation used to convict offenders in the recent riots count for nothing in the selection process. At present, under thecurrent rules, 2T el has as much chance of winning a licence in its own right. Indeed, this is reflected in Professor T an’sresearch and his suggested bid success probabilities.However, it has to be recognised that the selection criteria are politically decided and so there is a possibility that thecurrent government will change the selection rules before the licences come up for renewal. Issues with the currentscheme have already been recognised and it has been agreed that companies who fail to retain their licence will be paidan exit fee of $100m. This will mean, for example, if 2Tel wins one of the licences in its own right then it will have tocompensate the company which has lost the licence. Thus there will be a $100m fee for new entrants, which isadditional to the bid for the licence. Furthermore, a possible change in selection rules raises at least two issues. Firstly,the government could change the rules so that incumbent licensees were favoured (as long as they have performedeffectively) and so there would be a benefit to be gained from acquiring a current licensee. Again, this has beenrecognised in Professor T an’s research and his allocation of bid success probabilities. There appears to be some supportfor this change of rules within the government. One government minister has suggested that ‘the help provided to us (bythe network operators) during the recent riots, should be acknowledged in some way’. Secondly, in an attempt to raisemore money to address the national debt, the government could decide that more than four companies should belicensed in the future, increasing competition in the sector and raising more income for the government. This might affectthe profitability of the existing licensees.A very significant political issue is the presence of a regulator (Ofnet) in the sector, who particularly focuses on pricing,service availability and service transfer. The prices of all the four licensees are negotiated with the Ofnet regulator and,consequently, the prices of all four networks are very similar. Ofnet also requires the four licensees to have arrangementsin place which allow customers to easily transfer from one network to another. Ofnet has generally praised theperformance of all four licensees, except in this last area. It has suggested that it is still too difficult for customers tomove network provider, and it intends to bring in regulations which make it easier. Fines will be imposed on networkswhich do not follow these regulations. The powerful role of the regulator is of particular significance to 2T el. 2T el hastraditionally operated in countries where there is little or no government regulation of network operators. In these marketsprices can be largely determined by the company itself, free from external influence.Technology of mobile networksT wo aspects of technology are important to licensees operating in TFS. Firstly, innovations in mobile telephonetechnology are very important to the network licensee because, as well as encouraging the use of the network, newproducts also tend to make greater demands on those networks, in terms of speed and bandwidth. Thus there is needfor continual investment in the network. Secondly, this investment includes a need to continually review the technologyand configurations available for constructing and supporting the network itself. There is a need to invest in newtechnologies and technical configurations which offer greater speed, reliability and, if possible, lower costs. However, ithas to be recognised that both of these technology factors are not unique to TFS, and are likely to be even moresignificant in markets which 2T el is already competing in.Sociocultural and economic considerationsThe possession of a state-of-the-art mobile device remains an important status symbol in TFS. Having the latest featuresand applications is important to people and so devices are regularly upgraded, hence having features which placesignificant demands on the network, as discussed in the previous section of this report.The role of the mobile phone network in assisting organised crime and civil disobedience has posed dilemmas for the network operators. On the one hand, they have been praised for their good citizenship in passing relevant information to the police. However, on the other hand, they have been criticised by civil liberties bodies for making this information available. An influential newspaper, whilst recognising the contribution of the networks to apprehending offenders, also criticised them for not withdrawing the networks at the height of the riots. ‘Instead of helping catch offenders, the networks, by making their services unavailable, might have prevented the offences in the first place.’ 2T el has to be aware that TFS is an increasingly socially fragmented country with vocal minority groups representing a wide range of pressure groups and communities.One of the licensees is currently subject to legal action where people are suing the company for releasing information to the government. The company, and the information it holds, is subject to the Data Protection Act, which exempts information held to prevent or aid the detection of crime, but lawyers for both the company and the offenders are confident of success when the case comes to court.The election of the current government was prompted by a belief that its policies would address the five years of economic decline presided over by the previous government. In general, the population is suffering from high unemployment, static incomes and, more recently, increased taxes and removal of benefits (this measure provoked the riots already discussed) imposed by the austerity government. However, these economic problems do not appear to have any discernible effect on the use of mobile devices. During this five-year period of decline, the use of the mobile networks has increased significantly. This may, of course, be partly as a result of the regulator, who can reasonably be assumed to exerting a pressure to keep prices low. However, it must also be some reflection of the importance which the population as a whole places on mobile phones and being able to make mobile calls. It is seen as a necessity, rather than a luxury.Legal and environmental issuesReference has already been made to the Data Protection Act (sociocultural) and regulation from Ofnet (political). TFS has many laws which are enacted within a complex and expensive legal system. Employees are expensive to employ and are difficult to dismiss. Furthermore, legal outcomes are difficult to forecast due to the unpredictable conduct of judges.Like all companies operating in TFS, the network operators are expected to comply with environmental regulations.However, environmental issues are more an issue for the mobile phone manufacturers and the environmentally-friendly disposal of these mobile phones is an ongoing problem for the manufacturers, but this is not a problem for the network operators.(ii)Importantly, from a Porter’s five forces perspective, there is no threat of new entrants into the industry during the licence period. However, at the end of the licence period, anyone who meets the bidding criteria can potentially be allocated a licence and enter the market place. So, the licences are an effective barrier to entry during the licence period. At bidding time, it is access to capital which forms the largest barrier to entry, as the success of the bid (at present) is largely determined by the size of the bid. This access to capital is particularly significant to potential new entrants as they will potentially be required to pay a $100m entry premium.Again, from a five forces perspective, the policy of Ofnet to make network transfer relatively easy theoretically increases the bargaining power of customers, and this should exert a downward pressure on prices. Customers are tied into annual contracts, but it should become increasingly easy for them to transfer supplier with no switching costs. At present, evidence suggests that few customers do actually change operators. This may be because of the difficulty of switching (which is the view of the regulator) or it may be because no great price advantage can be gained by switching provider.Evidence suggests that most move due to poor service or poor reception in their geographical area. The fact that mobile charges are so similar between the four rival companies (mainly due to the regulator) means that there is little incentive to move on price grounds.Porter’s five forces framework has competitive rivalry at its centre. When considering competitive rivalry within the industry, there are certain factors which should contribute to vigorous competition; for example, low switching costs and undifferentiated products. However, competition is limited to four similar size companies competing in a growing market place which is subject to price regulation. Competition on price grounds is very difficult because of the activities of the regulator, who is keen to satisfy the government’s wish for no supplier to dominate the market. Thus competitive rivalry is restrained and, to some extent, controlled and competition is based largely on coverage, service, and brand image. It is likely that if one supplier did begin to dominate the market, then the regulator would impose rules to re-balance competition.At present, it is difficult to envisage any threat of substitute products to the mobile networks. Even the threat of ‘doing without’ seems unlikely, given people’s increased dependence on the mobile phone.(iii)The conclusion of this briefing paper is, as requested, a summary of the opportunities and threats associated with this market.OpportunitiesThe relatively imminent re-licensing of mobile networks provides a significant business opportunity. This business is then largely protected (within constraints imposed by the regulator) for eight years. The licences provide an effective barrier to entry.Despite the economic decline of the country, sociocultural trends suggest a buoyant demand for network services. As mobile products become more sophisticated, it seems reasonable that this demand will continue to increase for the foreseeable future. There appears to be very little threat of substitutes to the mobile network and people are reluctant to ‘do without’.The current licensees acknowledge that technology has to be continually updated. 2T el is an acknowledged technology leader with expertise in markets which are, at least, as demanding.ThreatsThere is a concern that the government will change the licensing bidding criteria, to favour incumbent licensees, before the next granting of licences. This would be a threat to 2T el’s chance of entering the market in its own right.The market is highly regulated and pricing has to be agreed with a regulator. 2T el is inexperienced in working in such an environment and it may be seen as a threat to 2Tel’s independence and also to its long-term profitability.The legal framework in TFS is burdensome and legal outcomes are, to some extent, unpredictable. Threats of legal action and the effects of social disruption may lead to 2Tel to conclude that TFS is not a particularly attractive market to enter.There are threats associated with political interference, public criticism, legal action and legal compensation.(b)ScenariosDeveloping scenarios is particularly appropriate where there is a high level of uncertainty and so it is impossible to build a single view of how environmental influences might affect an organisation’s strategy. The case study scenario is dominated by two very significant environmental factors. The first is the bidding rules for the mobile technology licences. These rules are decided by government and current rules do not favour the current licensees. However, there is evidence that the government is moving its position on this and it has already introduced one measure which will help current licences, the payment of a $100m exit fee to licensees who fail to get their licence renewed, to be funded by an extra entry fee by the successful licensees. The other factor is the price which competing companies are willing to pay for the licences.2Tel wishes to evaluate the two options of bidding for a licence. The first option is to acquire T-Me, one of the current licensees. The second option is to bid directly for a licence. It wishes to consider four scenarios.(1)Acquire T-Me and then failing to gain a licence.(2)Acquire T-Me and then gaining a licence.(3)Bidding directly for a licence as 2T el and failing to gain a licence.(4)Bidding directly for a licence as 2T el and gaining a licence.Buying T-MeBuying T-Me offers a number of advantages:(1)If bidding rules are changed to favour current licensees, then 2T el (through T-Me) has a better chance of being granteda license. Research by Professor T an shows that in countries where current licensees are favoured, then a currentlicencee has a 0·6 probability of being granted a licence, compared with probability of 0·2 for new bidders.(2)T-Me has experience of the bidding process in TFS. It has been suggested that the cost of putting the bid together (bidcost), will be half that of a new inexperienced bidder.(3)T-Me is experienced in working in the TFS culture and with the people of TFS. It is a country which is heavily regulatedand T-Me has worked effectively with the industry’s regulator (Ofnet) over the period of this licence. 2T el does not have experience of operating in a heavily regulated environment. Its main networks are in countries where regulation is weak or non-existent.(4)There are short-term opportunities for improving the financial performance of T-Me. 2T el has suggested that it can raisenet profit to $100m per year in the final two years of the contract. This appears to be a very reasonable target. The figures in T able One suggest that T-Me’s net profit margin is currently 11·42%, the lowest of the four competing companies. A net profit of $100m (on current revenue) would bring the net profit margin up to 14·29%, still below the average industry performance of 14·7%.2T el has been informed that they may be able to acquire T-Me for $400m. Their research (conducted by Professor T an) suggests that the next eight-year contract can be won for $550m and that a net profit of $120m can be driven out of the company for the next eight years. Here is an analysis for the two scenarios which require the purchase of T-Me. All figures are in $million.Buy T-Me and fail Outflows InflowsPurchase of T-Me400Bid cost10Net profit (2 years)200Exit income 100––––––––T otal410300Net gain (loss)(110)Buy T-Me and gain Outflows InflowsPurchase of T-Me400Bid cost10Contract fee550Profit (2 years)200Profit (new contract)960Exit income (Note 1)100––––––––––T otal9601,260Net gain (loss)300(Note 1) Assumes exit at the end of the licence period and that this exit income is still at current levels.Bidding directly for a licenceBidding directly for a licence has a number of advantages:(1)If bidding rules are not changed, then 2Tel has the same probability of successfully gaining a licence as T-Me.(2)One of T-Me’s competitors is currently in a legal dispute concerning the disclosure of information to the government. Ifthey lose this court case (and many anti-government judgements are being made at present), then successful claims may be made against the other network operators. Bidding directly for a licence avoids any potential legal costs associated with contesting claims and compensating potential claimants.(3)It avoids the cost of purchasing T-Me. There are likely to be significant costs associated with performing due diligenceon T-Me and negotiating and finalising the acquisition.(4)It avoids having to impose organisational change at T-Me in an attempt to drive out short-term improvements in netprofit. 2T el has estimated that it can increase net profit to $100m per annum. It does appear to have a successful acquisition record, but it also has to be recognised that there is significant evidence to suggest that planned performance improvements in acquired companies are often not realised, particularly in the short term.Here is an analysis of the direct bidding scenarios.Bid and win Outflows InflowsBid cost20Contract fee550Exit fee (payable to losers)100Profit (new contract)960Exit costs (Note 1) 100––––––––––T otal6701,060Net gain (loss)390Bid and lose20Net gain (loss)(20)(Note 1) Assumes exit at the end of the licence period and that this exit income is still at current levels.AnalysisFrom the perspective of risk aversion, the bidding directly for licences appears the best option. Potential losses are minimised ($20m, compared to $110m) and potential returns maximised ($390m compared to $300m). If expected values are used which represent the current bidding rules, then this conclusion remains valid.Scenario Net gain (loss)Probability Expected valueBuy and lose(110)0·6(66)Buy and win3000·4120Bid and win3900·4156Bid and lose(20)0·6(12)The buying option has a net expected gain of $54, compared to a net expected gain for the bid option of $144m. However, if the bidding rules are changed to favour the incumbent, then the buy option has a greater expected return ($136m compared to $62m).Scenario Net gain (loss)Probability Expected valueBuy and lose(110)0·4(44)Buy and win3000·6180Bid and win3900·278Bid and lose(20)0·8(16)However, a number of issues have to be raised.(1)The statistical probability values for the changed bidding rules are based on research conducted in other countries wherebidding is biased towards the current licence holders. These may not be appropriate for TFS. They could be too high ortoo low.(2)Expected values are really more appropriate for a series of decisions, where, over time, the return will tend towards theexpected value. The actual values will occur (subject to forecast errors) –not the expected ones.(3)The bid price of $550m is itself an estimate and the probabilities of bid success only relate to this bid price. The analysismight suggest that a higher bid is made, which should have a higher probability of success. For example, a direct bidof $750m from 2T el would still lead to a net profit of $190m for the contract – a return of over 20%.(4)No probabilities have been attached to the chance of the government changing the selection rules before the nextlicences are allocated.2T el might also like to take a second look at the buy and lose option. The unattractiveness of this scenario is largely due to the proposed purchase price of T-Me. It may be possible to reduce or restructure this price, or both. For example, the company could offer $290m now, and $110m on successful gaining of the next contract. However, the possible compensation claims are problematic. They are difficult to predict and at this stage, it would seem unlikely that they can be insured against (risk transfer).ConclusionUnder the current licence allocation arrangements, the agreed price for T-Me is too high, given the risks involved. So, the recommendation is to bid directly for the licence. However, if the purchase price for T-Me could be re-negotiated or re-structured, then there are advantages of acquiring T-Me and using this as a vehicle for the bid.However, if the bidding rules change to favour the incumbent licensees, then purchasing T-Me becomes the preferred approach from a financial perspective. However, the spectre of possible compensation payments remains and these might be powerful enough to still persuade the board of 2T el that a direct bid, unencumbered by the past, might still be preferable, even though the chance of winning the licence might be reduced.2(a)Here is a monthly analysis of the data given in the scenario.Product A B C D TotalProduction (units)2,0005,5004,0003,000Unit marginal costsDirect materials3524Direct labour9696Variable production overheads2312Variable cost per unit14141212T otal monthly variable cost 28,00077,00048,00036,000Fixed monthly overheads4,0004,0004,0004,000T otal in-house monthly cost32,00081,00052,00040,000205,000Buying costs per unit11·516·512·513·5T otal monthly buy in cost23,00090,75050,00040,500204,250The data suggest that only products A and C can be sourced more cheaply through outsourcing. Products B and D can be produced more cheaply in-house.If products A and C are sub-contracted, the company would then have spare capacity. There is no evidence from the scenario that there is any demand for further production for B and D. More research has to be conducted to see if, in fact, production capacity is a limiting factor at the company and can be effectively utilised to produce more of B and D. If this is the case, then there would be a powerful argument for outsourcing A and C.The reaction of the company’s workforce also has to be taken into consideration. If production of B and D cannot be expanded to take up the spare capacity, then redundancies may be required and so strike action may take place as a result of an industrial dispute. Evidence also suggests that products A and C require more labour intensive processes. So even if spare capacity is used up, demand for labour would reduce. There are also likely to be costs associated with redundancies which do not appear to have been taken into consideration.The company has no experience in managing an outsourced supplier and ensuring that supplied products are of the required quality. Contractual terms will have to be established for specifying the terms of supply and for specifying service level agreements and penalties for failing to supply. Quality acceptance criteria will have to be established and a process set up for formally accepting the products produced by the outsourcer. This management of the outsource supplier will require one-off and continuing costs which do not appear to have been factored into the proposal.The company has always advertised itself as producing locally in the region. It is part of their marketing campaign and an attraction to local customers. Sourcing the products through geographically remote outsourcers invalidates the marketing message and may also lead to adverse customer reaction. The company needs to understand the reasons why customers buy its products in the first place before it makes such a decision.The justification for outsourcing product C is purely made on the saving of fixed costs attributable to its manufacture. The variable production cost of C is actually less than the buy-in cost ($48,000 compared with $50,000), but the addition of the fixed overhead makes the outsourcing option cheaper. There are two issues here: the reliability of this estimate of fixed costs and the likelihood that these savings can be delivered by management when the production of the product is outsourced. It seems unlikely that all four products will have exactly the same direct effect on fixed costs; it looks more like an arbitrary figure. Furthermore, on many occasions, fixed costs savings do not actually materialise. Management fails to deliver.Finally, the outsourcing prices offered may depend upon outsourcing the whole of production to Tinglia. If this is the case, then the outsourcing option is very slightly cheaper ($204,250 compared with $205,000) but this again depends upon the reliability of the fixed overhead data and the ability of management to save these fixed costs once production is outsourced.The cost of shutting the production capacity in Yvern and employee redundancy costs also have to be taken into consideration.SummaryThe decision to make or buy certain products should not be taken on cost savings alone. The company has considerable experience of making the products and the location they are produced in appears to be important to both the company (from its marketing message) and its customers. In contrast, the company has no experience in outsourcing and managing outsourced providers. In addition, the new managing director’s assertion that ‘all four products can be produced more cheaply by the supplier in Tinglia’ is ambiguous. If he means that the products can be made more cheaply in Tinglia if all four products are outsourced, then he is just about correct, although data on overhead costs would have to be reconsidered and other costs associated with outsourcing investigated. However, if he means that all products can individually be produced more cheaply in Tinglia, then he is clearly incorrect. Products B and D can be produced more cheaply in-house. However, partial outsourcing may lead to spare labour and machine capacity issues in the factory in Yvern.(b)The managing director states that he wishes to follow a generic strategy of cost leadership. However, it seems likely that hehas misunderstood the term or that he is knowingly using it as a euphemism for cost reduction. His slide missed out important information.Strategic advantageTarget Low cost UniqueAll customers Cost Leadership DifferentiationMarket segment Cost Focus Differentiation FocusA generic strategy of cost leadership means being the lowest cost producer in the industry as a whole.It seems unlikely that the company can pursue such a strategy. It has larger rivals (who will be able to obtain better economies of scale) both within the region and within the country as a whole. There is no evidence of technical advantage, and indeed the managing director has commented on outdated information technology. There is no suggestion, either, of other factors which would allow the company to achieve cost leadership, such as having favourable access to sources of supply, or raw materials or labour.A differentiation strategy assumes that competitive advantage can be gained, in the industry as a whole, through particularcharacteristics of a company’s product. Companies which pursue such a strategy worry less about costs and seek, instead, to be perceived in the industry as unique. For example, the product may be innovative or superior in some way. Again, this does not appear to apply to YTR, in the context of the industry.Both cost leadership and differentiation require superior performance, which does not appear to be a characteristic of YTR.A focused or niche strategy takes place when a firm concentrates its attention on one or more market segments or niches. Indoing so it could aim to be a cost leader for a particular segment. This is the cost focus strategy identified in the managing director’s slide. This is often associated with an environment where ‘broader scope’ companies exhibit an element of over-performance, offering a particular segment much more than it wants, at a price which reflects this. This may be a possible strategy for YTR if their products are largely indistinguishable from other producers in Yvern. However, outsourcing production does not appear to be the right way of pursuing this strategy.Alternatively, a company might pursue differentiation for a particular segment; a differentiation focus strategy. This strategy seeks to provide a perceived high quality product to a selected market segment or niche. Such products may be heavily branded and sold at a substantial price premium. There is evidence to suggest that YTR has a strong brand and meets a demand for regional, locally produced products.A better strategy for YTR is focus, where it can serve a particular niche where it can largely insulate itself from the competition.Porter suggests that a company must pursue one of these strategies. Both cost leadership and differentiation require superior performance and some form of focus strategy is easier, as it is simpler to dominate a niche market.3(a)Objectives and scopeFrom the perspective of the ‘traffic lite’ project, the change in mayor has led to an immediate change in the objectives driving the project. This illustrates how public sector projects are susceptible to sudden external environmental changes outside their control. The project initially proposed to reduce traffic congestion by making traffic lights sensitive to traffic flow. It was suggested that this would improve journey times for all vehicles using the roads of Brighttown. However, the incoming mayor now wishes to reduce traffic congestion by attracting car users onto public transport. Consequently she wants to develop a。
2015年6月ACCA考试《高级财务管理》真题及答案
2015年6月ACCA考试《高级财务管理》真题(总分：100，做题时间：180分钟)一、Section A – This ONE question is compulsory and MUST be attempted(总题数：1，分数：50.00)1.Yilandwe Yilandwe, whose currency is the Yilandwe Rand (YR), has faced extremely difficult economic challenges in the past 25 years because of some questionable economic policies and political decisions made by its previous governments.Although Yilandwe’s population is generally poor, its people are nevertheless well-educated and ambitious. Just over three years ago, a new government took office and since then it has imposed a number of strict monetary and fiscal controls, including an annual corporation tax rate of 40%, in an attempt to bring Yilandwe out of its difficulties. As a result, the annual rate of inflation has fallen rapidly from a high of 65% to its current level of 33%. These strict monetary and fiscal controls have made Yilandwe’s government popular in the larger cities and towns, but less popular in the rural areas which seem to have suffered disproportionately from the strict monetary and fiscal controls. It is expected that Yilandwe’s annual inflation rate will continue to fall in the coming few years as follows: Yilandwe’s government has decided to continue the progress made so far, by encouraging foreign direct investment into the country. Recently, government representatives held trade shows internationally and offered businesses a number of concessions, including: (i) zero corporation tax payable in the first two years of operation; and (ii) an opportunity to carry forward tax losses and write them off against future profits made after the first two years. The government representatives also promised international companies investing in Yilandwe prime locations in towns and cities with good transport links. Imoni Co Imoni Co, a large listed company based in the USA with the US dollar ($) as its currency, manufactures high tech diagnostic components for machinery, which it exports worldwide. After attending one of the trade shows, Imoni Co is considering setting up an assembly plant in Yilandwe where parts would be sent and assembled into a specific type of component, which is currently being assembled in the USA. Once assembled, the component will be exported directly to companies based in the European Union (EU). These exports will be invoiced in Euro (€). Assembly plant in Yilandwe: financial and other data projections It is initially assumed that the project will last for four years. The four-year project will require investments of YR21,000 million for land and buildings, YR18,000 million for machinery and YR9,600 million for working capital to be made immediately. The working capital will need to be increased annually at the start of each of the next three years by Yilandwe’s inflation rate and it is assumed t hat this will be released at the end of the project’s life. It can be assumed that the assembly plant can be built very quickly and production started almost immediately. This is because the basic facilities and infrastructure are already in place as the plant will be built on the premises and grounds of a school. The school is ideally located, near the main highway and railway lines. As a result, the school will close and the children currently studying there will be relocated to other schools in the city. The government has kindly agreed to provide free buses to take the children to these schools for a period of six months to give parents time to arrange appropriate transport in the future for their children. The current selling price of each component is €700 and this price is likely to increase by the average EU rate of inflation from year 1 onwards. The number of components expectedto be sold every year are as follows: The parts needed to assemble into the components in Yilandwe will be sent from the USA by Imoni Co at a cost of $200 per component unit, from which Imoni Co would currently earn a pre-tax contribution of $40 for each component unit. However, Imoni Co feels that it can negotiate with Yilandwe’s government and increase the transfer price to $280 per component unit. The variable costs related to assembling the components in Yilandwe are currently YR15,960 per component unit. The current annual fixed costs of the assembly plant are YR4,600 million. All these costs, wherever incurred, are expec ted to increase by that country’s annual inflation every year from year 1 onwards. Imoni Co pays corporation tax on profits at an annual rate of 20% in the USA. The tax in both the USA and Yilandwe is payable in the year that the tax liability arises. A bilateral tax treaty exists between Yilandwe and the USA. Tax allowable depreciation is available at 25% per year on the machinery on a straight-line basis. Imoni Co will expect annual royalties from the assembly plant to be made every year. The normal annual royalty fee is currently $20 million, but Imoni Co feels that it can negotiate this with Yilandwe’s government and increase the royalty fee by 80%. Once agreed, this fee will not be subject to any inflationary increase in the project’s four-year period. If Imoni Co does decide to invest in an assembly plant in Yilandwe, its exports from the USA to the EU will fall and it will incur redundancy costs. As a result, Imoni Co’s after-tax cash flows will reduce by the following amounts: Imoni Co normally uses its cost of capital of 9% to assess new projects. However, the finance director suggests that Imoni Co should use a project specific discount rate of 12% instead. Required:（分数：50.00）(1).(a) Discuss the possible benefits and drawbacks to Imoni Co of setting up its own assembly plant in Yilandwe,compared to licensing a company based in Yilandwe to undertake the assembly on its behalf. (5 marks)（分数：25.00）_________________________________________________________________________________ _________正确答案：(Benefits of own investment as opposed to licensing Imoni Co may be able to benefit from setting up its own plant as opposed to licensing in a number of ways. Yilandwe wants to attract foreign investment and is willing to offer a number of financial concessions to foreign investors which may not be available to local companies. The company may be able to control the quality of the components more easily, and offer better and targeted training facilities if it has direct control of the labour resources. The company may also be able to maintain the confidentiality of its products, whereas assigning the assembly rights to another company may allow that company to imitate the products more easily. Investing internationally may provide opportunities for risk diversification, especially if Imoni Co’s shareholders are not well-diversified internationally themselves. Finally, direct investment may provide Imoni Co with new opportunities in the future, such as follow-on options. Drawbacks of own investment as opposed to licensing Direct investment in a new plant will probably require higher, upfront costs from Imoni Co compared to licensing the assembly rights to a local manufacturer. It may be able to utilise these saved costs on other projects. Imoni Co will most likely be exposed to higher risks involved with international investment such as political risks, cultural risks and legal risks. With licensing these risks may be reduced somewhat. The licensee, because it would be a local company, may understand the operational systems of doing business in Yilandwe better. It will therefore be able to get off-the-ground quicker. Imoni Co, on the other hand, will need to become familiar with the local systems and culture, which may take time and make it less efficient initially. Similarly, investing directly inYilandwe may mean that it costs Imoni Co more to train the staff and possibly require a steeper learning curve from them. However, the scenario does say that the country has a motivated and well-educated labour force and this may mitigate this issue somewhat. (Note: Credit will be given for alternative, relevant suggestions))解析：(2).(b) Prepare a report which: (i) Evaluates the financial acceptability of the investment in the assembly plant in Yilandwe; (21 marks) (ii) Discusses the assumptions made in producing the estimates, and the other risks and issues which Imoni Co should consider before making the final decision; (17 marks) (iii) Provides a reasoned recommendation on whether or not Imoni Co should invest in the assembly plant in Yilandwe.(3 marks) Professional marks will be awarded in part (b) for the format, structure and presentation of the report.(4 marks) （分数：25.00）_________________________________________________________________________________ _________正确答案：(Report on the proposed assembly plant in Yilandwe This report considers whether or not it would be beneficial for Imoni Co to set up a parts assembly plant in Yilandwe. It takes account of the financial projections, presented in detail in appendices 1 and 2, discusses the assumptions made in arriving at the projections and discusses other non-financial issues which should be considered. The report concludes by giving a reasoned recommendation on the acceptability of the project. Assumptions made in producing the financial projections It is assumed that all the estimates such as sales revenue, costs, royalties, initial investment costs, working capital, and costs of capital and inflation figures are accurate. There is considerable uncertainty surrounding the accuracy of these and a small change in them could change the forecasts of the project quite considerably.A number of projections using sensitivity and scenario analysis may aid in the decision making process. It is assumed that no additional tax is payable in the USA for the profits made during the first two years of the project’s life when the company will not pay tax in Yilandwe either. This is especially relevant to year 2 of the project. No details are provided on whether or not the project ends after four years. This is an assumption which is made, but the project may last beyond four years and therefore may yield a positive net present value. Additionally, even if the project ceases after four years, no details are given about the sale of the land, buildings and machinery. The residual value of these non-current assets could have a considerable bearing on the outcome of the project. It is assumed that the increase in the transfer price of the parts sent from the USA directly increases the contribution which Imoni Co earns from the transfer. This is probably not an unreasonable assumption. However, it is also assumed that the negotiations with Yilandwe’s government will be successful with respect to increasing the transfer price and the royalty fee.Imoni Co needs to assess whether or not this assumption is realistic. The basis for using a cost of capital of 12% is not clear and an explanation is not provided about whether or not this is an accurate or reasonable figure. The underpinning basis for how it is determined may need further investigation. Although the scenario states that the project can start almost immediately, in reality this may not be possible and Imoni Co may need to factor in possible delays. It is assumed that future exchange rates will reflect the differential in inflation rates between the respective countries. However,it is unlikely that the exchange rates will move fully in line with the inflation rate differentials. Other risks and issues Investing in Yilandwe may result in significant political risks. The scenario states that the current political party is not very popular。
2015年6月ACCA P4考试真题答案
Professional Level – Options Module, Paper P4 Advanced Financial Management
June 2015 Answers
1 (a) Benefits of own investment as opposed to licensing Imoni Co may be able to benefit from setting up its own plant as opposed to licensing in a number of ways. Yilandwe wants to attract foreign investment and is willing to offer a number of financial concessions to foreign investors which may not be available to local companies. The company may be able to control the quality of the components more easily, and offer better and targeted training facilities if it has direct control of the labour resources. The company may also be able to maintain the confidentiality of its products, whereas assigning the assembly rights to another company may allow that company to imitate the products more easily. Investing internationally may provide opportunities for risk diversification, especially if Imoni Co’s shareholders are not well-diversified internationally themselves. Finally, direct investment may provide Imoni Co with new opportunities in the future, such as follow-on options.
2015年6月ACCA F5考试真题
Time allowedReading and planning:15 minutes Writing:3 hoursP a p e r F 5Section A – ALL 20 questions are compulsory and MUST be attemptedPlease use the grid provided on page two of the Candidate Answer Booklet to record your answers to each multiple choice question. Do not write out the answers to the MCQs on the lined pages of the answer booklet.Each question is worth 2 marks.1 A division is considering investing in capital equipment costing $2·7m. The useful economic life of the equipment isexpected to be 50 years, with no resale value at the end of the period. The forecast return on the initial investment is 15% per annum before depreciation. The division’s cost of capital is 7%.What is the expected annual residual income of the initial investment?A$0B($270,000)C$162,000D$216,0002The Fruit Company (F Co) currently grows fruit which customers pick themselves from the fields before paying. F Co is concerned that a large number of customers are eating some of the fruit whilst picking it and are therefore not paying for all of it. As a result, it has to decide whether to hire staff to pick and package the fruit instead. The following values and costs have been identified:(i)The total sales value of the fruit currently picked and paid for by customers(ii)The cost of growing the fruit(iii)The cost of hiring staff to pick and package the fruit(iv)The total sales value of the fruit if it is picked and packaged by staff insteadWhich of the above are relevant to the decision?A All of the aboveB(ii), (iii) and (iv) onlyC(i), (ii) and (iv) onlyD(i), (iii) and (iv) only3Which of the following statements describes target costing?A It calculates the expected cost of a product and then adds a margin to it to arrive at the target selling priceB It allocates overhead costs to products by collecting the costs into pools and sharing them out according to eachproduct’s usage of the cost driving activityC It identifies the market price of a product and then subtracts a desired profit margin to arrive at the target costD It identifies different markets for a product and then sells that same product at different prices in each market4The Mobile Sandwich Co prepares sandwiches which it delivers and sells to employees at local businesses each day.Demand varies between 325 and 400 sandwiches each day. As the day progresses, the price of the sandwiches is reduced and, at the end of the day, any sandwiches not sold are thrown away. The company has prepared a regret table to show the amount of profit which would be foregone each day at each supply level, given the varying daily levels of demand.Regret tableDaily supply of sandwiches (units)325350375400325$0$21$82$120Daily demand350$36$0$44$78for sandwiches (units)375$82$40$0$34400$142$90$52$0Applying the decision criterion of minimax regret, how many sandwiches should the company decide to supply each day?A325B350C375D4005The following statements have been made about transaction processing systems and executive information systems:(i) A transaction processing system collects and records the transactions of an organisation(ii)An executive information system is a way of integrating the data from all operations within the organisation intoa single systemWhich of the above statements is/are true?A(i) onlyB(ii) onlyC Both (i) and (ii)D Neither (i) nor (ii)6The following information is available for a manufacturing company which produces multiple products:(i)The product mix ratio(ii)Contribution to sales ratio for each product(iii)General fixed costs(iv)Method of apportioning general fixed costsWhich of the above are required in order to calculate the break-even sales revenue for the company?A All of the aboveB(i), (ii) and (iii) onlyC(i), (iii) and (iv) onlyD(ii) and (iii) only7Which of the following is an external source of information?A Value of sales, analysed for each customerB Value of purchases, analysed for each supplierC Prices of similar products, analysed for each competitor companyD Hours worked, analysed for each employee8 C Co uses material B, which has a current market price of $0·80 per kg. In a linear program, where the objective isto maximise profit, the shadow price of material B is $2 per kg. The following statements have been made:(i)Contribution will be increased by $2 for each additional kg of material B purchased at the current market price(ii)The maximum price which should be paid for an additional kg of material B is $2(iii)Contribution will be increased by $1·20 for each additional kg of material B purchased at the current market price(iv)The maximum price which should be paid for an additional kg of material B is $2·80Which of the above statements is/are correct?A(ii) onlyB(ii) and (iii)C(i) onlyD(i) and (iv)9X Co uses a throughput accounting system. Details of product A, per unit, are as follows:Selling price$320Material costs$80Conversion costs$60Time on bottleneck resource 6 minutesWhat is the return per hour for product A?A$40B$2,400C$30D$1,80010The following ratios have been calculated for a company:Gross profit margin42%Operating profit margin28%Gearing (debt/equity)40%Asset turnover65%What is the return on capital employed for the company?A27·3%B18·2%C11·2%D16·8%11 A company manufactures three products using different amounts of the same grade of labour, which is in short supply.The following budgeted data relates to the products:Per unit:P1P2P3$$$Selling price12014095Materials ($2 per kg)(40)(32)(22)Labour ($10 per hour)(10)(20)(11)Variable overheads(20)(28)(24)Fixed overheads(6)(9)(12)––––––––––––Profit per unit445126––––––––––––What order should the products be manufactured in to ensure that profit is maximised?P1P2P3A2nd1st3rdB2nd3rd1stC1st3rd2ndD1st2nd3rd12The following statements have been made about life cycle costing:(i)It focuses on the short-term by identifying costs at the beginning of a product’s life cycle(ii)It identifies all costs which arise in relation to the product each year and then calculates the product’s profitability on an annual basis(iii)It accumulates a product’s costs over its whole life time and works out the overall profitability of a product (iv)It allocates costs to each stage of a product’s life cycle and writes them off at the end of each stageWhich of the above statements is/are correct?A(i) and (iii)B(iii) onlyC(i) and (iv)D(ii) only13 A company’s sales and cost of sales figures have remained unchanged for the last two years. The following informationhas been noted:Year ended 31 May 201531 May 2014Inventory turnover period45 days38 daysPayables payment period40 days35 daysReceivables payment period60 days68 daysCurrent ratio1·11·3Quick ratio1·31·4The following statements have been made about the company’s performance for the most recent year:(i)Customers are taking longer to pay and this may have contributed to the decline in the company’s current ratio(ii)Inventory levels have increased and this may have contributed to the decline in the company’s quick ratio Which of the above statements is/are true?A(i) onlyB(ii) onlyC Both (i) and (ii)D Neither (i) nor (ii)14Caf Co budgeted to sell 10,000 units of a new product in the period at a budgeted selling price of $5 per unit. Actual sales volumes in the period were as budgeted but the actual sales price achieved was only $4 per unit. This was because a competitor launched a similar product at the same time. Caf Co had been unaware that this was going to happen when it prepared its budget and, had it known this, it would have revised its expected selling price to $3·80 per unit, which was the price of the competitor’s product.What is the sales price planning variance?A$12,000 AB$12,000 FC$2,000 FD$2,000 A15The following budgeted data for a particular period was available for a company selling two products:Sales price Variable cost Sales volumeper unit per unit in unitsProduct A$20$815,840Product B$24$1110,560The actual results for the period were as follows:Sales price Variable cost Sales volumeper unit per unit in unitsProduct A$22$814,200Product B$26$1112,500What is the total sales quantity contribution variance for the period?A$3,720 FB$3,720 AC$4,320 FD$4,320 A16 A company predicted that the learning rate for production of a new product would be 80%. The actual learning ratewas 75%. The following possible reasons were stated for this:(i)The number of new employees recruited was lower than expected(ii)Unexpected problems were encountered with production(iii)Unexpected changes to Health and Safety laws meant that the company had to increase the number of breaks during production for employeesWhich of the above reasons could have caused the difference between the expected rate of learning and the actual rate of learning?A All of the aboveB(ii) and (iii) onlyC(i) onlyD None of the above17When activity-based costing is used for environmental accounting, which statement is correct for environment-related costs and environment-driven costs?A Environment-related costs can be attributed to joint cost centres and environment-driven costs cannot beB Environment-driven costs can be attributed to joint cost centres and environment-related costs cannot beC Both environment-related costs and environment-driven costs can be attributed to joint cost centresD Neither environment-related costs nor environment-driven costs can be attributed to joint cost centres18The following statements have been made about the materials mix variance for a company manufacturing different products using the same type of material (measured in kgs):(i)The mix variance can be calculated by taking the difference between the actual quantity in the standard mix andthe actual quantity in the actual mix, then multiplying it by the actual cost per kg(ii)The mix variance arises because there is a difference between what the input should have been for the output achieved and the actual outputWhich of the above statements is/are correct?A Neither (i) nor (ii)B Both (i) and (ii)C(i) onlyD(ii) only19At the start of the year, a division has non-current assets of $4 million and makes no additions or disposals during the year. Depreciation is charged at a rate of 10% per annum on all non-current assets held at the end of the year.Working capital is $0·5 million at the start of the year although this is expected to increase by 20% by the end of the year. The budgeted profit of the division after depreciation is $1·2m.What is the expected ROI of the division for the year, based on average capital employed?A27·59%B26·37%C18·39%D31·58%20The following statements have been made in relation to the concepts outlined in throughput accounting:(i)Inventory levels should be kept to a minimum(ii)All machines within a factory should be 100% efficient, with no idle timeWhich of the above statements is/are correct?A(i) onlyB(ii) onlyC Both (i) and (ii)D Neither (i) nor (ii)(40 marks)Section B –ALL FIVE questions are compulsory and MUST be attemptedPlease write your answers to all parts of these questions on the lined pages within the Candidate Answer Booklet.1Beckley Hill (BH) is a private hospital carrying out two types of procedures on patients. Each type of procedure incurs the following direct costs:Procedure A B$$Surgical time and materials1,2002,640Anaesthesia time and materials8001,620BH currently calculates the overhead cost per procedure by taking the total overhead cost and simply dividing it by the number of procedures, then rounding the cost to the nearest 2 decimal places. Using this method, the total cost is $2,475·85 for Procedure A and $4,735·85 for Procedure B.Recently, another local hospital has implemented activity-based costing (ABC). This has led the finance director at BH to consider whether this alternative costing technique would bring any benefits to BH. He has obtained an analysis of BH’s total overheads for the last year and some additional data, all of which is shown below:Cost Cost driver$Administrative costs Administrative time per procedure1,870,160Nursing costs Length of patient stay6,215,616Catering costs Number of meals966,976General facility costs Length of patient stay8,553,600–––––––––––T otal overhead costs17,606,352–––––––––––Procedure A BNo. of procedures14,60022,400Administrative time per procedure (hours)11·5Length of patient stay per procedure (hours)2448Average no. of meals required per patient14Required:(a)Calculate the full cost per procedure using activity-based costing.(6 marks)(b)Making reference to your findings in part (a), advise the finance director as to whether activity-based costingshould be implemented at BH.(4 marks)(10 marks)2Mobe Co manufactures electronic mobility scooters. The company is split into two divisions: the scooter division (Division S) and the motor division (Division M). Division M supplies electronic motors to both Division S and to external customers. The two divisions run as autonomously as possible, subject to the group’s current policy that Division M must make internal sales first before selling outside the group; and that Division S must always buy its motors from Division M. However, this company policy, together with the transfer price which Division M charges Division S, is currently under review.Details of the two divisions are given below.Division SDivision S’s budget for the coming year shows that 35,000 electronic motors will be needed. An external supplier could supply these to Division S for $800 each.Division MDivision M has the capacity to produce a total of 60,000 electronic motors per year. Details of Division M’s budget, which has just been prepared for the forthcoming year, are as follows:Budgeted sales volume (units)60,000Selling price per unit for external sales of motors$850Variable costs per unit for external sales of motors$770The variable cost per unit for motors sold to Division S is $30 per unit lower due to cost savings on distribution and packaging.Maximum external demand for the motors is 30,000 units per year.Required:Assuming that the group’s current policy could be changed, advise, using suitable calculations, the number of motors which Division M should supply to Division S in order to maximise group profits. Recommend the transfer price or prices at which these internal sales should take place.Note: All relevant workings must be shown.(10 marks)3Bokco is a manufacturing company. It has a small permanent workforce but it is also reliant on temporary workers, whom it hires on three-month contracts whenever production requirements increase. All buying of materials is the responsibility of the company’s purchasing department and the company’s policy is to hold low levels of raw materials in order to minimise inventory holding costs. Bokco uses cost plus pricing to set the selling prices for its products once an initial cost card has been drawn up. Prices are then reviewed on a quarterly basis. Detailed variance reports are produced each month for sales, material costs and labour costs. Departmental managers are then paid a monthly bonus depending on the performance of their department.One month ago, Bokco began production of a new product. The standard cost card for one unit was drawn up to include a cost of $84 for labour, based on seven hours of labour at $12 per hour. Actual output of the product during the first month of production was 460 units and the actual time taken to manufacture the product totalled 1,860 hours at a total cost of $26,040.After being presented with some initial variance calculations, the production manager has realised that the standard time per unit of seven hours was the time taken to produce the first unit and that a learning rate of 90% should have been anticipated for the first 1,000 units of production. He has consequently been criticised by other departmental managers who have said that, ‘He has no idea of all the problems this has caused.’Required:(a)Calculate the labour efficiency planning variance and the labour efficiency operational variance AFTER takingaccount of the learning effect.Note: The learning index for a 90% learning curve is –0·1520(5 marks)(b)Discuss the likely consequences arising from the production manager’s failure to take into account thelearning effect before production commenced. (5 marks)(10 marks)4ALG Co is launching a new, innovative product onto the market and is trying to decide on the right launch price for the product. The product’s expected life is three years. Given the high level of costs which have been incurred in developing the product, ALG Co wants to ensure that it sets its price at the right level and has therefore consulted a market research company to help it do this. The research, which relates to similar but not identical products launched by other companies, has revealed that at a price of $60, annual demand would be expected to be 250,000 units.However, for every $2 increase in selling price, demand would be expected to fall by 2,000 units and for every $2 decrease in selling price, demand would be expected to increase by 2,000 units.A forecast of the annual production costs which would be incurred by ALG Co in relation to the new product are asfollows:Annual production (units)200,000250,000300,000350,000$$$$Direct material2,400,0003,000,0003,600,0004,200,000Direct labour1,200,0001,500,0001,800,0002,100,000Overheads1,400,0001,550,0001,700,0001,850,000Required:(a)Calculate the total variable cost per unit and total fixed overheads.(3 marks)(b)Calculate the optimum (profit maximising) selling price for the new product AND calculate the resulting profitfor the period.Note: If P = a – bx then MR = a – 2bx.(7 marks)(c)The sales director is unconvinced that the sales price calculated in (b) above is the right one to charge on theinitial launch of the product. He believes that a high price should be charged at launch so that those customers prepared to pay a higher price for the product can be ‘skimmed off’ first.Required:Discuss the conditions which would make market skimming a more suitable pricing strategy for ALG, and recommend whether ALG should adopt this approach instead.(5 marks)(15 marks)5Lesting Regional Authority (LRA) is responsible for the provision of a wide range of services in the Lesting region, which is based in the south of the country ‘Alaia’. These services include, amongst other things, responsibility for residents’ welfare, schools, housing, hospitals, roads and waste management.Over recent months the Lesting region experienced the hottest temperatures on record, resulting in several forest fires, which caused damage to several schools and some local roads. Unfortunately, these hot temperatures were then followed by flooding, which left a number of residents without homes and saw higher than usual numbers of admissions to hospitals due to the outbreak of disease. These hospitals were full and some patients were treated in tents. Residents have been complaining for some years that a new hospital is needed in the area.Prior to these events, the LRA was proudly leading the way in a new approach to waste management, with the introduction of its new ‘Waste Recycling Scheme.’ T wo years ago, it began phase 1 of the scheme and half of its residents were issued with different coloured waste bins for different types of waste. The final phase was due to begin in one month’s time. The cost of providing the new waste bins is significant but LRA’s focus has always been on the long-term savings both to the environment and in terms of reduced waste disposal costs.The LRA is about to begin preparing its budget for the coming financial year, which starts in one month’s time. Over recent years, zero-based budgeting (ZBB) has been introduced at a number of regional authorities in Alaia and, given the demand on resources which LRA faces this year, it is considering whether now would be a good time to introduce it.Required:(a)Describe the main steps involved in preparing a zero-based budget.(3 marks)(b)Discuss the problems which the Lesting Regional Authority (LRA) may encounter if it decides to introduceand use ZBB to prepare its budget for the coming financial year.(9 marks)(c)Outline THREE potential benefits of introducing zero-based budgeting at the LRA.(3 marks)(15 marks)Formulae Sheet Learning curve Y = ax bDemand curveWhere Y =cumulative average time per unit to produce x unitsa =the time taken for the first unit of outputx =the cumulative number of units producedb =the index of learning (log LR/log2)LR =the learning rate as a decimalP =a –bQb =change in pricechange in quantitya =price when Q =0MR =a –2bQEnd of Question Paper。
2015年ACCA6月考试F5mock考题
SECTION A1.Relly ltd has been approached by a customer who would like a special job to be done forthem,and is willing to pay$44,000for it.The special job-order will require the following materials:Total units units already BV of units Realisable Replacement Material required in stock in stock value cost$/unit$/unit$/unitA20000--12B200012004 5.0010C200014006 5.008D400400812.0018Material B is used regularly by Relly Ltd,and if units of B are required for this job,they would need to be replaced to meet other production demand.Material C and D are in stock as the result of previous over-buying,and they have a restricted use. No other use could be found for material C,but the units of material D could be used in another job as substitute for600units of material E,which currently costs$10per unit(of which the company has no units in stock at the moment).What is the relevant material cost for the job?A:$61,800B:$52,800C:$64,800D:$52,4002.When the company produce a new product that the following cost arise:i.R&D costs in development stageii.Product design costiii.Testing and appraisal cost to ensure that new product meets its qualityiv.Building the facility to produce the productWhich of the above would be excluded in considering life-cycle cost?A.i and iiB.i onlyC.i,ii and iiiD.none of them3.A car manufacturer wants to calculate a target cost for a new car,a price in the similarmarket will be set at$18,000.The company’s required rate of return is10%profit margin.The expected cost is$16,286what is the cost gap?A.$80B.$86C.$82D.$854.The following statements have been made about the disadvantage ofparticipation in standard setting?1.More communication between staff is needed.2.Collective decision making should improve3.Budget slack problem may be more serious for this budgeting system4.Morale and performance of the staff are suppressedWhich of the above statements are correct?A.1and2onlyB.1,2and4onlyC.1,2and3onlyD.3only5.Which one of the following is not correct for the zero based budgeting(ZBB)A.ZBB will not use historical budget or actual results.B.ZBB will find budgeting slack every time when it is prepared.C.ZBB will consume a considerable amount of time and efforts.D.ZBB is suitable for manufacturing costs and cannot be applied to service costs.6.Under controllable principle,who should be responsible for the material usage variances?A.Production managersB.Purchasing managersC.Sales managersD.Investment managers7.ABC company sells two products X&Y,the standard contribution of X is$10and Y is6.Thetotal budget sales were set at1500units including both X&Y,and the sales mix of X:Y is2:1.The actual sales quantity of X is1250units and Y is550units.What is the sales quantity and mix variance for product X and Y?A.Sales quantity variance for X is$2,000F and for Y is$600ASales mix variance for X is$500F,and for Y is$300AB.Sales quantity variance for X is$2,000F and for Y is$600FSales mix variance for X is$500A,and for Y is$300FC.Sales quantity variance for X is$2,000A and for Y is$600ASales mix variance for X is$500F,and for Y is$300AD.Sales quantity variance for X is$2,000F and for Y is$600FSales mix variance for X is$500F,and for Y is$300A8.Which one of the following is not a limitation of financial performance indicators?A.Easy to calculateB.Focus on pastC.Focus on short termD.Do not convey the full picture of a company’s performance in a modern businessenvironment e.g.Quality,customer satisfaction9.There are five members of staff employed by private hospital located in county Wicklow.Each works a standard40-hour per week,each member of staff has five weeks’holidays by law.It provides three type of services,A,B and C.Maximum annual demand for each is1600，1800,and2,200procedures.Time spent by each of the five different staff members on each procedure is as follows:per A per B per CHours Hours Hoursadvisor0.250.250.25nurse0.280.290.29anaesthetist0.490.670.91surgeon0.80 1.10 1.15recovery specialist0.590.690.75A.AnaesthetistB.SurgeonC.Anaesthetist and SurgeonD.Surgeon and Recovery specialist10.A linear programming model has been formulated for two products,A and B.the objectivefunction is to maximize the contribution represented as C=5X+6Y,where=contribution,X= the number of product A to be produced and Y=number of product B to be produced.Each unit of A uses2kg of material Z and each unit of B uses3kg of material Z.the standard cost of the material Z is$2per kg.The shadow price for material Z has been worked out and found to be$2.8per kg.If an extra20kg of material Z becomes available at3.6per kg,what will the maximum increase in contribution be?A.Increase of$56B.Increase of$24C.Decrease of$16D.Decrease of$3211.Which of the following is not a accounting treatment for environmental cost?A.Activity based costingB.Target costingC.Life-cycle costingD.Flow cost accounting12.A standard product uses3meters of direct material costing$4per meter.During the mostrecent month,120units of product were manufactured.These required410meters of material costing$4.5per meter.It has been revised that the standard usage quantity of material should have been3.5meter not3meterWhat is the material operational usage variance,if it is chosen to use planning and operational variances for reporting performance?A.$270(A)B.$60(F)C.$60(A)D.$40(F)13.Riding Ltd makes and sells a single product for which the variable costs are as follows:Direct material$10.00,Direct labor$8.00,Variable Production Overhead$4.00and Variable Sales Overhead$2.00.the fixed costs per-annum are$64,000.00and the agreed sellingprice is$30.00per unit.The company wishes to make a profit of$16,000.00per annumWhat is the break-even point in units for the company?A.10667B.8000C.13333D.1000014.A company wishes to go ahead with one of two mutually exclusive projects,but the profitoutcome from each project will depend on the strength of sales demand,as followsstrong demand moderate demand weak demandprofit profit profit$$$project180,00050,000-5,000project260,00025,00010,000probability of0.20.40.4demandThe company could purchase market research information,at a cost of$4,500.This would predict demand conditions with perfect accuracyWhat is the value of this piece of perfect information?A.$1,500B.$3,500C.$4,500D.$6,00015.The following statements have bee made about the features of the information needed inthe three tiers of Robert Anthony’s Management Hierarchy(1)Strategic information is concerned about futures and it cannot provide with completecertainty(2)Tactical information is mainly from internal source and mostly quantitative in nature.Which of the above statement is/are true?A.1onlyB.2onlyC.Both1and2D.Neither1and216.The following issues are about responsibility centers:(1)Investment center managers are responsible for investment issues only.(2)ROI&RI are two methods frequently used in measuring the performance of the profitcenter manager(3)Revenue center managers are held responsible for both sales and selling expenditures.Which of the above statement is/are true?A.1and3onlyB.1,2and3C.3onlyD.Neither of them17.A company has estimated that an85%learning curve will apply to the production of a newitem for which the time to produce the first unit was800hoursWhat is the expected time to produce the9th unit?A.370.86hoursB.417.61hoursC.477.92hoursD.491.30hourspany P has gathered the following information:Year sales revenue$20x1150,00020x2192,00020x3206,00020x4245,00020x5262,350What is average growth rate in sales revenue during this periodA.15%B.11.8%C.74.9%D.None of themLoop company operates a marginal costing system and sells2types of products-pp1and pp2 The budgeted information regarding the products were as followsProduct budgeted sales standard selling standard variableName quantity price per unit cost per unitPp130003018Pp225003528During the month of May,the actual result is achieved:Product actual sales actual sellingName quantity price per unitPp1298031Pp230403519.What is the sales mix variance for product PP1A.$3648(A)B.$9120(A)C.$400(A)D.$240(A)20.What is the sales quantity variance for product PP2A.$1652(F)B.$3780(F)C.$18900(F)D.$8260(F)Section BQuestion1Pot Ltd.Manufactures3components,CP1,CP2and CP3,using the same machinery for each.The production units for all the components are at4,000units for each CP’s.these components are used to make a final good called the FG.The variable production costs per-unit of the FG is as follows:Machine hour/unit variable cost$fixed cost$1unit of CP1640.0031unit of CP2472.008I unit of CP3848.002Assembly costs70.00230.00Only70,000machine hours time is available and a sub-contractor has offered the following prices for supplying the components:CP1=$58,CP2=$80and CP3=$68Required:1)Advice Pot Ltd,how many products should buy from the external supplier?(7marks)2)Briefly explain THREE other factors that the management should consider before making afinal decision to buy in components from other suppliers.(3marks)Question2Bobo is considering changing some of its lorries it uses to transport crates for customers.The new lorries come in three sizes;small,medium and large.Bobo is unsure about which type to buy. The capacity is110for small lorry,170for medium and240for large one.Demand for crates varies and be either130or200crates per period,with the probability of thelower demand being0.3The sale price per crate is$20and the variable cost$8per crate for all lorry types subject to the case that if the capacity of the lorry is greater than the demand variable cost will be lower by 12%to allow for the fact that the lorries will be partly empty when transporting crates.Bobo is also concerned that if the demand for crates exceeds the capacity of the lorries then customers will be lost.Bobo estimates that in such situation,goodwill of$120would be charged into the profits per period to allow for such losses,regardless of the number of customers who are turned away.Depreciation charged would be$150per period for the small,$310for the medium and$420for the large van.Required:(a)Prepare a profits table showing the SIX possible profit figures per period.(9marks)(b)Using maximax,maximin and mini max-regret criteria to advise Bobo on which type of lorry to buy(6marks)Question3Tom Company has used activity-based costing to allocate its overheads for many years.One of its main overheads is material receiving and handling cost.For the period ended30April2014,the following information was available in relation to such costs:BudgetTotal number of batches produced10,000Total material receiving and handling cost:$90,000Total number of material movements:2,000ActualTotal number of batches produced10,500Total material receiving and handling cost:$84,000Total number of material movements:1,800Calculate the following ABC variance in relation to the material receiving and handling cost:(a)The expenditure variance(3marks)(b)The efficiency variance(3marks)Tom Co makes high quality,hand-made soaps.The standard cost of labour for each unit of soap is$10·00which is made of0.5hour/unit at $20/hour)In January,Tom Co budgeted to produce20,000units;actual production was only18,500 batches.11,000labour hours were used to complete the work and there was no idle time.All workers were paid for their actual hours worked.The actual total labour cost in Jan was $140,800.At the end of December,the managing director decided to hold a meeting and offer staff the choice of either accepting a5%pay cut or facing a certain number of redundancies.All staff subsequently agreed to accept the5%pay cut with immediate effect.At the same time,the retailer requested that the soap should be made using another design.This change was implemented immediately and made the soap more difficult to do.When designchanges as such it takes time for the workers become familiar with the proess,therefore makingthe process10%slower for at least the first month of the new operation.The company revises its standard once in a year in October and no changes over other times Required:(c)Analyse the total labour rate and total labour efficiency variances into component parts forplanning and operational variances in as much detail as the information allows.(9marks)Question4Lily,a member staff of the company,has known about budget but she has no idea why hermanager asks a new budget for every financial year.In her believes budgeting is useless andmostly wasting of time and effort as actual results are always different from what they plannedfor.Required:Identify and explain six objectives of a budgetary control system(10marks)Question5Leo co operates an activity based costing system and forecast the following information for thenext year.cost pool cost($)cost driver number of drivers production set-ups105,000production runs150 process testing300,000tests3,000 material supply and storage50,000material movements1,000 ordering cost225,000order numbers2,000General fixed production overheads such as rental are budgeted to be1.8million and thecompany uses direct labor hour basis to absorb the overhead.There is no fixed overheadsspecifically relate to any activity or even the product.The normal activity level for direct labourhour is to be600,000hours annuallyLeo company expects the sales for product MM next year would be10,000units.The companyuses JIT system,and plans to hold zero inventories.In order to meet such productionrequirement it would consume in the following activities levelsset-ups10number of tests8number of material movements15number of orders150The following additional cost and profit information relates to product MMcomponent costs$1.5per unitdirect labor15minutes/unit at$8/hour profit mark-up50%of total unit costRequired:(a)Calculate the recovery rates for each of the activities(2marks)(b)Calculate the selling price of product MM.(8marks)。
2015年6月ACCA F8考试真题答案
A non-executive director of Willow has recently left and the management of Willow have asked whether the partners of Beech & Co can assist them in recruiting to fill this vacancy.
3 A is incorrect as it is not an inherent limitation of an internal control system; rather it is an internal control deficiency.
4 Statement 1 is incorrect as ISAs are issued by the International Auditing and Assurance Standards Board rather than the IASB who issue accounting standards. Statement 2 is incorrect as ISAs do not override local legislation.
(ii) Managing these risks As Willow is a listed company, then Bethan Oak should not serve as the independent review partner for a period of two years. An alternative review partner should be appointed instead.
The total fees received from Willow for last year equated to 16% of the firm’s total income. The fees for this year have not been finalised, but it is anticipated that they could be greater than 16%.
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2015年6月ACCA考试《财务报告（International）》真题(总分：100.00，做题时间：180分钟)一、Section A – ALL 20 questions are compulsory and MUST be attempted (总题数：20，分数：40.00)1.Faithful representation is a fundamental characteristic of useful information within the IASB’s Conceptual framework for financial reporting. Which of the following accounting treatments correctly applies the principle of faithful representation?（分数：2.00）A.Reporting a transaction based on its legal status rather than its economic substanceB.Excluding a subsidiary from consolidation because its activities are not compatible with those of the rest of the groupC.Recording the whole of the net proceeds from the issue of a loan note which is potentially convertible to equity shares as debt (liability)D.Allocating part of the sales proceeds of a motor vehicle to interest received even though it was sold with 0%(interest free) finance √解析：The substance is that there is no ‘free’ finance; its cost, as such, is built into the selling price.2.Which of the following statements relating to intangible assets is true? （分数：2.00）A.All intangible assets must be carried at amortised cost or at an impaired amount; they cannot be revaluedupwardsB.The development of a new process which is notexpected to increase sales revenues may still be recognised asan intangible asset √C.Expenditure on the prototype of a new engine cannot be classified as an intangible asset because the prototypehas been assembled and has physical substanceD.Impairment losses for a cash generating unit are first applied to goodwill and then to other intangible assets beforebeing applied to tangible assets解析：A new process may produce benefits (and therefore be recognised as an asset) other than increased revenues, e.g. it may reduce costs. 3.Each of the following events occurred after the reporting date of 31 March 2015, but before the financial statementswere authorised for issue.Which would be treated as a NON-adjusting event under IAS 10 Events After the Reporting Period?（分数：2.00）A.A public announcement in April 2015 of a formal plan to discontinue an operation which had been approved bythe board in February 2015 √B.The settlement of an insurance claim for a loss sustained in December 2014C.Evidence that $20,000 of goods which were listed as part of the inventory in the statement of financial positionas at 31 March 2015 had been stolenD.A sale of goods in April 2015 which had been held in inventory at 31 March 2015. The sale was made at aprice below its carrying amount at 31 March 2015解析：A board decision to discontinue an operation does not create a liability. A provision can only be made on the announcement of a formal plan (as it then raises a valid expectation that the discontinuance will be carried out). As this announcement occurs during the year ended 31 March 2016, this a non-adjusting event for the year ended 31 March 2015. 4.Metric owns an item of plant which has a carrying amount of $248,000 as at 1 April 2014. It is being depreciatedat 12?% per annum on a reducing balance basis. The plant is used to manufacture a specific product which has been suffering a slow decline in sales. Metric hasestimated that the plant will be retired from use on 31 March 2017. The estimated net cash flows from the use ofthe plant and their present values are: On 1 April 2015, Metric had an alternative offer from a rival to purchase the plant for $200,000. At what value should the plant appear in Metric’s statement of financial position as at 31 March 2015?（分数：2.00）A.$248,000B.$217,000C.$214,600 √D.$200,000解析：Is the lower of its carrying amount ($217,000) and recoverable amount ($214,600) at 31 March 2015. Recoverable amount is the higher of value in use ($214,600) and fair value less (any) costs of disposal ($200,000)). Carrying amount = $217,000 (248,000 – (248,000 x 12·5%)) Value in use is based on present values = $214,6005.Pact acquired 80% of the equity shares of Sact on 1 July 2014, paying $3·00 for each share acquired. Thisrepresented a premium of 20% over the market price of Sact’s shares at that date.Sact’s shareholders’funds (equity) as at 31 March 2015 were: The only fair value adjustment required to Sact’s net assets on consolidation was a $20,000 increase in the value of its land. Pact’s policy is to value non-controlling interests at fair value at the date of acquisition. For this purpose the marketprice of Sact’s shares at that date can be deemed to be representative of the fair value of the shares held by the non-controlling interest. What would be the carrying amount of the non-controlling interest of Sact in the consolidated statement offinancial position of Pact as at 31 March 2015? （分数：2.00）A.$54,000B.$50,000C.$56,000 √D.$58,000解析：Market price of Sact’s shares at acquisition was $2·50 (3·00 –(3·00 x 20/120)), therefore NCI at acq was $50,000 (100,000x 20% x $2·50). NCI share of the post-acq profit is $6,000 (40,000 x 9/12 x 20%). Therefore non-controlling interest as at 31 March 2015 is $56,000.6.The IASB’s Conceptual framework for financial reporting defines recognition as the process of incorporating in the financial statements an item which meets the definition of an element and satisfies certain criteria. Which of the following elements should be recognised in the financial statements of an entity in the mannerdescribed?（分数：2.00）A.As a non-current liability: a provision for possible hurricane damage to property for a company located in an area which experiences a high incidence of hurricanesB.In equity: irredeemable preference shares √C.As a trade receivable: an amount of $10,000 due from a customer which has been sold (factored) to a financecompany with no recourse to the sellerD.In revenue: the whole of the proceeds from the sale of an item of manufactured plant which has to be maintainedby the seller for three years as part of the sale agreement。