2015年ACCA考试F6mock6月份考题

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。

Paper F6 (UK)
Fundamentals Level – Skills Module
Taxation (United Kingdom)
Tuesday 2 June 2015
Time allowed Reading and planning: Writing:
15 minutes 3 hours
£1 – £7,956 per year £7,957 and above per year Employment allowance
£2·75 per week Small earnings exemption limit
£1 – £7,956 per year £7,957 – £41,865 per year £41,866 and above per year
Official rate of interest Rate of interest on underpaid tax Rate of interest on overpaid tax
Rates of interest (assumed)
4
20% £81,000 £79,000
Nil 40% 20%
Not previously resident Automatically not resident Automatically not resident Resident if 4 UK ties Resident if 3 UK ties (or more) Resident if 2 UK ties (or more) Automatically resident
Car benefit percentage
The relevant base level of CO2 emissions is 95 grams per kilometre. The percentage rates applying to petrol cars with CO2 emissions up to this level are: 75 grams per kilometre or less 76 grams to 94 grams per kilometre 95 grams per kilometre

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。

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。

3A 6,100 – (23,700 – 10,400 – 11,000) = £3,800
4B 460,000 (1,380,000 x 4/12) at 23% 920,000 (1,380,000 x 8/12) at 21%
5B
£
105,800
193,200 –––––––– 299,000 ––––––––
Indexation to November 2014 (14,233 x (257·0 – 223·6)/223·6)
Disposal November 2014
Number 16,000
(10,000) –––––––
6,000
(6,000) –––––––
Indexed cost £
36,800
Income tax payable
(2) National insurance contributions (NIC) 2014–15:
1,600 2,386 6,688
––––––– 10,674 (4,444) –––––––
6,230 –––––––
Employee class 1 (10,044 (18,000 – 7,956) at 12%)
used to increase a loss.
1
(2) Where the indexation allowance is greater than a company’s unindexed gain, then the gain is simply
reduced to nil because the allowance cannot be used to create a loss.

Section A1.relevant cost for materials:A:2000*12=24000(Purchase cost)B:2000*10=20000(replacement cost)C:1400*5+600*8=11800(scrap value+purchase cost)D:6000(opportunity cost2.D3.BTarget cost=18000*0.9=16200Attainable cost=16286Cost gap=864.D5.D ZBB is not suitable for manufacturing cost and can be applied to service costs6.A7.D8.D9.C each staff only works for40*(52-5)=1880hours10.B11.B12.D(120*3.5vs410)*4=40(F)13.A contribution/unit=30-(10+8+4+2)=6BEP(units)=64000/6=1066714.DEV with perfect information=15.C16.C17.ATime9th=total time for1-8units–total time for1-7units(using the learning effect formular directly)18.A Using average growth model F=O(1+g)^419.A20.AAns for Q19+20MIX VARIANCEProduct actual mix std mix variance(units)std rate variance($)PP129803284304A123648APP230402736304F72128F60206020QUANTITY VARIANCEProduct actual QTY Budgeted qty variance(units)std rate variance($)@std mix@std mixPP132843000284F123408FPP227362500236F71652FSECTION BQUESTION1(A)Machine hour required=4000*(6+4+8)=72000hoursMachine hour available=70000Machine hour in shortage=2000Therefore machine hour is the limiting factorCP1CP2CP3$$$Relevant cost of making407248Relevant cost of buying588068Cost saving/unit18820Machine hours/unit648Cost saving/machine hour32 2.5Ranking132Machine hours available700000CP1:4000*6=24000CP3:4000*8=32000CP2:3500*4=14000TOTAL:700000Therefore the company should buy another500units of CP2from external supplier.(B)Three other factors(reference point only.In final exams please write in sentences)●the loss of control over the whole production process●the quantity and the quality supplied by the external contractor●the price stability can be sustained or not.●Any other possible ways to increase the capacity of the production etc.QUESTION2(A)Payoff tables:size demand sales@20vc/unit goodwill depre net profitsmall 11013022008801201501050 11020022008801201501050medium 1701302600915.23101374.8 170200340013601203101610large 2401302600915.24201264.8 240200400014084202172(B)Maximax rule:Size demand profit Small1101301050 Medium1702001610 Large2402002172Therefore the company should buy large oneMaximin ruleSize demand profit Small1102001050 Medium1702001374.8 Large2402001264.8Therefore the company should buy medium Mini max-regretsummary(A)demand 130200size 11010501050 1701374.81610 2401264.82172regretdemand maxregret 130200size 110324.811221122 1700562562 2401100110Therefore the company should buy large oneQUESTION3(A)ABC VarianceExpenditure variance=1800*45vs84000=3000(A)Efficicency variance=(2100vs1800)*45=13500(F)Std cost driver rate=90000/2000=45/movement10500units of product should use(10500*2000)/10000=2100movements(b)Original std:0.5hr@$20/hrRevised std0.5hr*1.1@$20*0.95/hrActual std11000hrs@140800Labor rate variance-planning=18500*0.55*(20vs20*0.95)=10175F-operational=11000*0.95*20vs140800=68200FLabor efficiency var-planning=18500*(0.5vs0.55)*20=18500A-Operational=(18500*0.55vs11000)*20*0.95=15675AQUESTION4(refer to REFERENCE ANSWER FOR DEC/2011Q3) QUESTION5(a)cost pool cost driver cost($)number of driverscost driver rateproduction set-ups production runs105,000150700process testing#of tests300,0003,000100material handling cost #of materialmovements50,0001,00050ordering cost order numbers225,0002,000112.5(b)TOTAL production overheads for10,000units are:set-ups7000number of tests800number of material movements750number of order16875Total:25425Volume:10000Production overheads/unit 2.54General overheads:OAR=1.8mil/600000hrs=$3/hrTotal labor hours for10000units of products=10000/4=2500hoursGeneral o/h per unit=2500/10000*3=$0.75/unitTotal unit cost and selling price for productCost$/unitComponent cost 1.5Direct labor(15/60*8)2Production overheads 2.54General O/H0.75Total unit cost 6.79Mark-up(6.79*0.4) 2.72Selling price9.51。

2015年6月ACCA考试《税务》真题(总分：100，做题时间：180分钟)一、SUPPLEMENTARY INSTRUCTIONS (总题数：1，分数：0.00)二、Section A – ALL 15 questions are compulsory and MUST be attempted (总题数：15，分数：30.00)1.Chan died on 8 December 2014, having made a lifetime cash gift of ￡500,000 to a trust on 16 October 2013. Chan paid the inheritance tax arising from this gift. Who will be responsible for paying the additional inheritance tax arising from the gift made to the trust as a result of Chan’s death, and when will this be due?（分数：2.00）A.The trustees on 30 June 2015 √B.The personal representatives of Chan’s estate on 8 June 2015C.The personal representatives of Chan’s estate on 30 June 2015D.The trustees on 8 June 2015解析：2.Violet Ltd provides one of its directors with a company motor car which is used for both business and private mileage.For the quarter ended 31 March 2015, the total cost of petrol for the car was ￡600, of which 30% was for private use by the director. The relevant quarterly scale charge is ￡408. Both these figures are inclusive of value added tax (VAT). What output VAT and input VAT entries will Violet Ltd include on its VAT return for the quarter ended 31 March 2015 in respect of the company motor car?（分数：2.00）A.Output VAT of ￡68 and input VAT of ￡70B.Output VAT of Nil and input VAT of ￡70C.Output VAT of Nil and input VAT of ￡100D.Output VAT of ￡68 and input VAT of ￡100 √解析：Output VAT 408 x 20/120 = ￡68 Input VAT 600 x 20/120 = ￡1003.For the tax year 2014–15, Nog has a chargeable gain of ￡23,700 and a capital loss of ￡10,400. She has unused capital losses of ￡6,100 brought forward from the tax year 2013–14. What amount of capital losses can Nog carry forward to the tax year 2015–16? （分数：2.00）A.￡3,800 √B.NilC.￡6,100D.￡2,300解析：6,100 – (23,700 – 10,400 – 11,000) = ￡3,8004.For the year ended 30 November 2014, Mixiness Ltd has taxable total profits of ￡1,380,000 and franked investment income (FII) of ￡240,000. Mixiness Ltd does not have any associated companies. What is Mixiness Ltd’s corporation tax liab ility for the year ended 30 November 2014?（分数：2.00）A.￡351,000B.￡299,000 √C.￡308,200D.￡289,800解析：5.Which of the following statements correctly explains the difference between tax evasion and tax avoidance?（分数：2.00）A.Both tax evasion and tax avoidance are illegal, but tax evasion involves providing HM Revenue and Customs with deliberately false informationB.Tax evasion is illegal, whereas tax avoidance involves the minimisation of tax liabilities by the use of any lawful means √C.Both tax evasion and tax avoidance are illegal, but tax avoidance involves providing HM Revenue and Customs with deliberately false informationD.Tax avoidance is illegal, whereas tax evasion involves the minimisation of tax liabilities by the use of any lawful means解析：6.Quinn will not make the balancing payment in respect of her tax liability for the tax year 2013–14 until 17 October 2015. What is the total percentage of penalty which Quinn will be charged by HM Revenue and Customs (HMRC) in respect of the late balancing payment for the tax year 2013–14?（分数：2.00）A.15%B.10% √C.5%D.30%解析：7.Which classes of national insurance contribution is an employer responsible for paying? （分数：2.00）A.Both class 2 and class 4B.Class 1 onlyC.Both class 1 and class 1A √D.Class 2 only解析：8.Alice is in business as a sole trader. On 13 May 2014, she sold a freehold warehouse for ￡184,000, and this resulted in a chargeable gain of ￡38,600. Alice purchased a replacement freehold warehouse on 20 May 2014 for ￡143,000.Where possible, Alice always makes a claim to roll over gains against the cost of replacement assets. Both buildings have been, or will be, used for business purposes by Alice. What is the base cost of the replacement warehouse for capital gains tax purposes?（分数：2.00）A.￡181,600B.￡104,400C.￡143,000 √D.￡102,000解析：(184,000 – 143,000) > 38,600 The base cost is the actual cost of ￡143,000. There is no rollover relief because the proceeds not reinvested are greater than the chargeable gain.9.For the tax year 2013–14, Willard filed a paper self-assessment tax return on 10 August 2014. What is the deadline for Willard to make an amendment to his tax return for the tax year 2013–14, and by what date will HM Revenue and Customs (HMRC) have to notify Willard if they intend to carry out a compliance check into this return? Amendment Compliance check （分数：2.00）A.10 August 2015 31 January 2016B.10 August 2015 10 August 2015C.31 January 2016 10 August 2015 √D.31 January 2016 31 January 2016解析：10.For the tax year 2014–15, Chi has a salary of ￡53,000. She received child benefit of ￡1,771 during this tax year. What is Chi’s child benefit income tax charge for the tax year 2014–15?（分数：2.00）A.￡1,771B.NilC.￡1,240D.￡531 √解析：1,771 x 30% ((53,000 – 50,000)/100) = ￡53111.Samuel is planning to leave the UK to live overseas, having always previously been resident in the UK. He will not automatically be treated as either resident in the UK or not resident in the UK. Samuel has several ties with the UK and will need to visit the UK for 60 days each tax year. However, he wants to be not resident after he leaves the UK. For the first two tax years after leaving the UK, what is the maximum number of ties。

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。

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

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

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考试《公司法与商法》真题(总分：100.00，做题时间：180分钟)一、Section B –ALL FIVE questions are compulsory and MUST be attempted. (总题数：5，分数：30.00)1.Mr Dong, the majority shareholder of Lide Company, provided his residential house as a mortgage for a loanagreement between Lide Company and the Bank. Both parties appropriately registered the loan agreement and themortgage agreement with the relevant government agent. Before the loan agreement matured, Mr Dong intended to sell the mortgaged house to Ms Lee and disclosed to Ms Lee the fact that the house had been mortgaged. Mr Dong also notified the Bank with respect to the transactionbetween Ms Lee and himself. Mr Dong and Ms Lee entered into a sales contract of real estate to proceed with thetransaction. However, their application for registration was denied by the relevant government authority, because theBank did not give consent in writing to this transaction. Required: In accordance with the relevant provisions of the Property Law:（分数：6.00）(1).(a)State whether the real estate contract was a valid one if the Bank disagrees with the transaction betweenMr Dong and Ms Lee.(2 marks)（分数：2.00）_____________________________________________________________________ _____________________正确答案：(The real estate contract was a valid one even if the Bank disagrees with the transaction between Mr Dong and Ms Lee.According to the Property Law, if a contract to create, modify, assign and terminate rights in immovables, it shall take effectupon conclusion of the contract; the fact that no registration has been made shall not affect the validity of such contract.)(2).(b) Explain whether the government authority should register the contract if Ms Lee promises to repay theoutstanding amount of the loan, even though the Bank did not give consent to this transaction.(2 marks)（分数：2.00）_____________________________________________________________________ _____________________正确答案：(The relevant government authority could lawfully refuse to register the real estate contract, even though Ms Lee promised torepay the outstanding amount of the loan. According to the Property Law, if a mortgagor transfers the mortgaged propertyduring the mortgage term, it shall receive the consent of the mortgagee or the transferee pays off the debts. Since the Bankrefused to give consent and Ms Lee merely promised to pay off the debts, the conditions to transfer a mortgaged propertywere not satisfied.)(3).(c)State whether the government authority should register the contract if Ms Lee repaid the outstanding amountof the loan, even though the Bank refused to give consent to this transaction.(2 marks)（分数：2.00）_____________________________________________________________________ _____________________正确答案：(Since Ms Lee repaid the outstanding amount of the loan and extinguished the mortgage, the government authority shouldregister the contract, as the conditions to transfer the mortgaged property have been satisfied.)2.Food Shop sent a fax to Sanyi Farm to inquire about the price of tomatoes as follows: ‘100,000 kg of tom atoes isurgently needed. Reply as soon as possible.’ Upon receipt of the fax, Sanyi Farm shipped 100,000 kg of tomatoes to Food Shop. The latter took delivery of thegoods without any objection. On selling the goods Food Shop found that the quality of tomatoes did not meet thestandard required and had to sell the goods at a 20% discount. Food Shop considered that there was no contractbetween the two parties, since its fax to Sanyi Farm did not contain the price, which was one of the essential factorsto be an effective offer. Required: In accordance with the Contract Law:（分数：6.00）(1).(a)Explain the legal nature of the fax sent by Food Shop.(2 marks)（分数：2.00）_____________________________________________________________________ _____________________正确答案：(The legal nature of the fax sent by Food Shop was an invitation to offer, not an effective offer, since this fax contained onlythe name and quantity of the goods, lacking the essential and necessary factor foran effective offer, i.e. the price of the goods.Hence, it was only an invitation to offer.)(2).(b) Describe the legal nature of the act to take delivery of the goods by Food Shop.(2 marks)（分数：2.00）_____________________________________________________________________ _____________________正确答案：(The legal nature of taking delivery of the goods by Food Shop was an acceptance. Since the delivery of the goods by SanyiFarm indicated its expression to enter into a contract with Food Shop in the way of action, it constituted an offer. Accordingto the Contract Law, an offeree may take various ways to accept the offer, such as written form, oral form or action. In thiscase Food Shop took delivery of the goods; it was an acceptance in the form of action.)(3).(c)Explain whether there was a contract between the two parties.(2 marks)（分数：2.00）_____________________________________________________________________ _____________________正确答案：(There was a contract between Sanyi Farm and Food Shop. According to relevant provisions of the Contract Law, the formationof a contract takes place by way of offer and acceptance. Where an acceptance made by the offeree reaches the offeror, acontract is formed. In this case Sanyi Farm delivered the goods, which was an offer. Food Shop, as an offeree, took over thegoods and resold the goods. This meant Food Shop accepted the offer by Sanyi Farm. Therefore, a contract was formed.)3.Zhao, Qian, Sun and Lee were four shareholders of a limited liability company specialising in bio-technology, eachholding 25% of the shares of the company. Several months later Qian intended to transfer his shares to a listed company for profit and sent notices to the otherthree shareholders asking for their consent. Zhao agreed and also expressed his willingness to buy Qian’s shares ifthe price was reasonable. Sun disagreed and claimed his right of priority to buy Qian’s shares. However, Zhao andSun could not reach an agreement as to the proportion of shares to buy. Lee kept silent upon receipt of the notice. Since Sun offered a price lower than that of the listed company, Qian entered into a contract。

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 p oor, 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 citi es 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: Yi landwe’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 twoyears. 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 currentselling 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 newprojects. 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 risksinvolved 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 bebeneficial 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 gover nment willbe 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考试《财务管理》真题(总分：100，做题时间：120分钟)一、Section A – ALL 20 questions are compulsory and MUST be attempted (总题数：20，分数：40.00)1.Which of the following statements is/are correct? (1)Monetary policy seeks to influence aggregate demand by increasing or decreasing the money raised through taxation (2)When governments adopt a floating exchange rate system, the exchange rate is an equilibrium between demand and supply in the foreign exchange market (3)Fiscal policy seeks to influence the economy and economic growth by increasing or decreasing interest rates （分数：2.00）A.2 only √B.1 and 2 onlyC.1 and 3 onlyD.1, 2 and 32.Which of the following statements are correct? (1)The general level of interest rates is affected by investors’ desire for a real return (2)Market segmentation theory can explain kinks (discontinuities) in the yield curve (3)When interest rates are expected to fall, the yield curve could be sloping downwards（分数：2.00）A.1 and 2 onlyB.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 3 √3.The following information relates to a company: Which of the following statements is correct?（分数：2.00）A.The dividend payout ratio is greater than 40% in every year in the periodB.Mean growth in dividends per share over the period is 4%C.Total shareholder return for the third year is 26%D.Mean growth in earnings per share over the period is 6% per year √4.Which of the following statements is correct?（分数：2.00）A.One of the problems with maximising accounting profit as a financial objective is that accounting profit can bemanipulated √B.A target for a minimum level of dividend cover is a target for a minimum dividend payout ratioC.The welfare of employees is a financial objectiveD.One reason shareholders are interested in earnings per share is that accounting profit takes account of risk5.Which of the following statements is NOT correct?（分数：2.00）A.Return on capital employed can be defined as profit before interest and tax dividedby the sum of shareholders’funds and prior charge capitalB.Return on capital employed is the product of net profit margin and net asset turnoverC.Dividend yield can be defined as dividend per share divided by the ex dividend share priceD.Return on equity can be defined as profit before interest and tax divided by shareholders’ funds √6. Which of the following statements are correct? (1)The sensitivity of a project variable can be calculated by dividing the project net present value by the present value of the cash flows relating to that project variable (2)The expected net present value is the value expected to occur if an investment project with several possible outcomes is undertaken once (3)The discounted payback period is the time taken for the cumulative net present value to change from negative to positive（分数：2.00）A.1 and 2 onlyB.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 37.Which of the following statements is/are correct? (1)The asset beta reflects both business risk and financial risk (2)Total risk is the sum of systematic risk and unsystematic risk (3)Assuming that the beta of debt is zero will understate financial risk when ungearing an equity beta（分数：2.00）A.2 only √B.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 38.Which of the following statements are correct? (1)Share option schemes always reward good performance by managers (2)Performance-related pay can encourage dysfunctional behaviour (3)Value for money as an objective in not-for-profit organisations requires the pursuit of economy, efficiency and effectiveness（分数：2.00）A.1 and 2 onlyB.1 and 3 onlyC.2 and 3 only √D.1, 2 and 39.Which of the following are financial intermediaries? (1)Venture capital organisation (2)Pension fund (3)Merchant bank（分数：2.00）A.2 onlyB.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 3 √10.A company has in issue loan notes with a nominal value of $100 each. Interest on the loan notes is 6% per year,payable annually. The loan notes will be redeemed in eight years’ time at a 5% premium to nominal value. The before-tax cost of debt of the company is 7% per year. What is the ex interest market value of each loan note?（分数：2.00）A.$94•03B.$96•94 √C.$102•91D.$103•10Market value = (6 x 5•971) + (105 x 0•582) = 35•83 + 61•11 = $96•9411.Which of the following statements are correct? (1)Capital market securities are assets for the seller but liabilities for the buyer (2)Financial markets can be classified into exchange and over-the-counter markets (3)A secondary market is where securities are bought and sold by investors（分数：2.00）A.1 and 2 onlyB.1 and 3 onlyC.2 and 3 only √D.1, 2 and 312.Which of the following statements are correct? (1)A certificate of deposit is an example of a money market instrument (2)Money market deposits are short-term loans between organisations such as banks (3)Treasury bills are bought and sold on a discount basis （分数：2.00）A.1 and 2 onlyB.1 and 3 onlyC.2 and 3 onlyD.1, 2 and 3 √13.A company is evaluating an investment project with the following forecast cash flows: Using discount rates of 15% and 20%, what is the internal rate of return of the investment project?（分数：2.00）A.15•8%B.17•2%C.17•8% √D.19•4%14.Which of the following statements are correct? (1)Interest rate options allow the buyer to take advantage of favourable interest rate movements (2)A forward rate agreement does not allow a borrower to benefit from a decrease in interest rates (3)Borrowers hedging against an interest rate increase will buy interest rate futures now and sell them at a future date（分数：2.00）A.1 and 2 only √B.1 and 3 onlyC.2 and 3 only。

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)。

F3 MockSection A — All 35 questions are compulsory and MUST be attempted:(Each question stands at 2 marks)1.Which TWO of the following investments would be treated as an associate inthe consolidated financial statements of Smith Co?A. Smith Co owns 15% of the ordinary shares of Red Co and has significant influence overRed CoB. Smith Co owns 45% of the ordinary shares of Pink Co and can appoint 4 out of 5 directsto the Board of Directors of Pink Co.C. Smith Co owns 40% of the preference shares (non-voting) and 15% of the ordinaryshares of Yellow Co.D. Smith Co owns 60% of the preference shares (non-voting) and 40% of the ordinaryshares of Aquamarine Co.2.Which of the following items should appear as items in a company’s statementof changes in equity?(1)Equity dividends paid(2)Income from investments(3) Profit for the financial year after tax(4) Gain on revaluation of non-current assetsA.(1), (3) and (4) onlyB.(1) and (3) onlyC.(2) and (3) onlyD.(2), (3) and (4) only3.The following information related to dividends declared and paid by acompany whose financial year ends on 30 June?2009 $ Nov Paid final dividend for year ended 30 June 2009 (Declared Aug 2009) 800,000 2010April Paid interim dividend 200,000 Nov Paid final dividend for year ended 30 Jun 2010 (Declared Aug 2010) 900,000What figures (if any) should be included in the income statement of the company for the year to 30 June 2010 and in the statement of financial position as at that date?Income Statement Statement of financial position: LiabilityA.$1,100,000 deduction $900,000B.$1,000,000 deduction NothingC.Nothing $900,000D.Nothing Nothing4.The following information is available for the year ended 31 October 2012:Property $Cost as at 1 November 2011 102,000Accumulated depreciation as at 1 November 2011 (20,400)81,600On 1 November 2011, the company revalued the property to $150,000The company’s policy is to charge depreciation on a straight-line basis over 50 years. On revaluation there was no change to the overall useful economic life. It has also chosen not to make an annual transfer of the excess depreciation onrevaluation between the revaluation reserve and retained earnings.What should be the balance on the revaluation reserve and the depreciation charge as shown in the financial statements for the year ended 31 October2012?Depreciation charge Revaluation reserve$ $A 3,750 68,400B 3,750 48,000A 3,000 68,400A 3,000 48,0005.At 1 July 2009 a company had an allowance for irrecoverable debts of $51,000.At 30 June 2010, total trade receivables were $942,000. It was decided to write off $86,000 of these debts and to adjust the allowance for irrecoverable debts to $65,000.What amounts should be included in the company’s statement of financialposition at 30 June 2010?Trade receivables Allowance for Net tradeReceivables receivables$ $ $A 942,000 65,000 877,000B 856,000 65,000 791,000C 856,000 116,000 740,000D 942,000 116,000 826,0006.Details of a company’s insurance policy costs are as followsPremium for year ending 31 March 2010, paid April 2009: $27,600Premium for year ending 31 March 2011, paid April 2010: $30,000What figures should be included within profit or loss for the year to 30 June 2010 for insurance costs, and what should be included in the statement offinancial position as at 30 June 2010?Income statement Statement of financial position $ $A 28,200 22,500 prepayment (Dr)B 29,400 22,500 prepayment (Dr)C 28,200 22,500 accrual (Cr)D 29,400 22,500 accrual (Cr)7. A company owns a number of office properties that it rents to tenants. Thefollowing information is available for the year ended 30 June 2010.Rent in advance Rent in arrears$ $30 June 2009 127,900 5,70030 June 2010 138,100 9,400Cash received from tenants during the year to 30 June 2010 was $948,300. All rental income in arrears was subsequently received in full.What figure should appear in profit or loss for the year to 30 June 2010 for rental income?A. $954,800B. $1,199,200C. $697,400D. $941,8008.An inexperienced bookkeeper has drawn up the following payables ledgercontrol account, which contains errors:Payables ledger control account(amounts owed tosuppliers) 212,500 Purchases 447,000 Cash paid to suppliers 491,000 Discount received 2,700Purchases returns 7,600 Contras againstreceivables ledger 12,800Refunds received fromsuppliers 3,200 Closing balance 251,800714,300 714,300What should the closing balance be after correcting the errors made in preparing the account?A $148,600B $276,400C $171,000D $154,0009. Luis sold goods to Pedro in May 2014 with a list price of $98,000. Luis allowed a trade discount of 10%. Pedro returned goods with a list price of $3,000 on 31 May and returned a further $5,000 of goods at list price on 6 June as they were found to be unsuitable.How much should Luis record in the sales returns account at 31 May?A. $2,700B. $3,000C. $8,000D. $7,20010.Bob uses the imprest method of accounting for petty cash. He counted the pettycash and there was $66.00 in hand.There were also the following petty cash vouchers:$Sundry purchases 22.00Loan to sales manager 10.00Purchase of staff beverage 19.00Sundry sales receipts 47.00What is Bob’s imprest amount?A $164B $50C $ 62D $7011. The following extract is from the financial statement of Peter, a limited liability company at 31 October:2014 2013$000 $000Equity & LiabilitiesShare capital 120 80Share premium 60 40Retained earnings 85 68265 188Non-current liabilitiesBank loan 100 150365 338What is the cash flow from financing activities to be disclosed in the statement of cash flows for the year ended 31 October 2010?A. $60,000 inflowB. $10,000 inflowC. $110,000 inflowD. $27,000 inflow12. The statement of financial position of Pretty, a limited liability company, shows closing retained earnings of $320,568. The income statement showed profit of $79,285. Pretty paid last year’s final dividend of $12,200 during the current year and proposed a dividend of $13,500 at the year end. This had not been approved by the shareholders at the end of the year.What is the opening retained earnings balance?A. $241,283B. $387,653C. $254,783D. $253,48313.At 1 July 2009 a limited liability company’s capital structure was as follows$000Share capital: Ordinary shares of $1 each 200,000Share premium account 160,000In the year ended 30 June 2010 the company made the following share issues.1 December 2009A bonus issue of one share for every two held, using the share premium account.1 February 2010A right issue of two shares for every five held at that date, at $2 per share.What will be the balances on the company’s share capital and share premium accounts at 30 June 2010 as a result of these issues?Share capital Share premium$000 $000A 420,000 180,000B 420,000 120,000C 540,000 60,000D 540,000 160,00014. A payables ledger control account showed a credit balance of $856,460. Thepayables ledger balances totaled $871,260.Which of the following possible errors could account in full for the difference?A.$14,800 cash paid to a supplier was entered on the credit side of the supplier’saccount in the payables ledger.B.The total of discounts allowed $31,300 was recorded as a debit entry in thepayables ledger control account instead of the correct figure for discountsreceived of $16,500.C.The total of discount received $7,400 has been entered on the credit side of thepayables ledger control account.D. A contra against a receivables ledger debit balance of $7,400 has been enteredon the credit side of the payables ledger control account.15.Beta Co has total assets of $555,000 and profit for the year of $160,000 recorded inthe financial statements for the year ended 31 December 2013. Inventory costing $45,000, which was received into the warehouse on 2 January 2014, was included in the financial statements at 31 December 2013 in error.What would be the profit for the year and total assets after adjusting for thiserror?Profit for the year Total assetsA. $205,000 $600,000B. $115,000 $600,000C. $205,000 $510,000D. $115,000 $510,00016.In preparing a bank reconciliation statement, a bookkeeper identified the followingdifferences between the bank statement balance and the cash book balance.1.Customer cheque for $525 dishonored2.Lodgements not credited $52,8903.Bank charges $2904.Interest on bank overdraft $5835.Outstanding cheque $68,9426. Direct debit $350Which of these items will require an entry in the cash book?A.1,3,4 and 6B.2,3 and 5C.1,2,5 and 6D. 3 and 417.The total of the list of balances in the payables ledger of Bounce on 30 June 2010was $289,500. This balance did not agree with the payables ledger control account balance. The following errors were discovered.1.The total of purchases returns was undercast by $3,0002. A contra entry of $690 was recorded in the payables ledger control accountbut not in the payables ledger.3.An invoice for $8,720 was recorded in the supplier’s account as $7,820.What amount should Bounce record in its statement of financial position as the amount of trade payables as at 30 June 2010?A.$291,090B.$289,710C.$286,710D.$291,51018.A draft statement of cash flows contains the following calculation of net cash inflowfrom operating activities $Operating profit 18Depreciation 4Decrease in inventories (3)Increase in trade and other receivables (5)Reduction in trade payables 2Net cash flow from operating activities 16Which of the following corrections need to be made to the calculation?1.Depreciation should be deducted, not added2.Decrease in inventories should be added, not deducted3. Increase in receivables should be added, not deducted4. Reduction in payables should be deducted, not addedA. 1 and 3B. 2 and 4C. 3 and 4D. 1 and 219.A fire on 31 March destroyed some of the inventory of a company, and its inventoryrecords were also lost. The following information is available$Inventory at 1 March 127,000Purchases for March 253,000Sales for March 351,000Inventory in good condition at 31 March 76,000The company makes a standard gross profit of 30% on its salesWhat was the cost of the inventory lost in the fire?A.$45,000B.$134,300C.$34,000D.$58,30020.Venus Co acquired 75% of Mercury Co’s 100,000 $1 ordinary share capital on 1November 2011. The consideration consisted of $2 cash per share and 1 share in Venus Co for every 1 share acquired in Mercury Co. Venus Co shares have a nominal value of $1 and a fair value of $1.75. The fair value of the non-controlling interest was $82,000 and the fair value of net assets acquired was $215,500. (2011 Decsession)What should be recorded as goodwill on acquisition of Venus in the consolidated financial statements?A.$16,500B.$147,750C.$91,500D.$63,37521.A company’s statement of profit or loss for the year ended 31 December 20*5showed a profit for the year of $65,000. It was later found that $18,000 paid for maintenance to motor vehicles had been debited to the motor vehicles at costaccount and had been depreciated as if it was a new motor vehicle. It is thecompany’s policy to depreciate motor vehicles at 25% per year on the straight line basis, with a full year’s charge in the year of acquisition.What would the profit for the year be after adjusting for this error?A $78,500B $47,000C $83,000D $51,50022.Roger Co purchased goods on credit with a list price of $75,000 from Bob Co andreceived a trade discount of 10%. Roger Co paid the full amount due to Bob Cowithin 25 days and received a settlement discount of 5% for prompt payment. The trainee accountant at Roger Co recorded the purchase of goods in the purchases account net of both discounts. At the year end all these goods had been sold.What is the effect on gross profit and profit for the year of correcting the trainee accountant’s mistake?Gross profit Profit for the yearA decrease by $3,375 no effectB decrease by $3,375 decrease by $3,375C increase by $10,875 increase by $10,875D decrease by $10,875 no effect23. The closing inventory of Epson amounted to $284,000 at 30 September 2014, thebalance sheet date. This total includes two inventory lines about which the inventory taker is uncertain.1.500 items which had cost $15 each and which were included at $7,500. Theseitems were found to have been defective at the balance sheet date. Remedialwork after the balance sheet date cost $1,800 and they were then sold for $20each. Selling expenses were $400.2.100 items which had cost $10 each. After the balance sheet date they were soldfor $8 each, with selling expenses of $150.What figure should appear in Epson balance sheet for inventory?A.$283,650B.$283,800C.$292,150D.$283,95024.Which of these statements about research and development expenditure arecorrect?1.If certain conditions are satisfied, research and development expenditure mustbe capitalized.2.One of the conditions to be satisfied if development expenditure is to becapitalized is that the technical feasibility of the project is reasonably assured.3.If capitalized, development expenditure must be amortized over a period notexceeding five years.4.The amount of capitalized development expenditure for each project should bereviewed each year. If circumstances no longer justify the capitalization, thebalance should be written off over period not exceeding five years.5.Development expenditure may only be capitalized if it can be shown thatadequate resources will be available to finance the completion of the projectA. 2 and 5B.3, 4 and 5C.2, 3 and 5D.1, 2 and 325.A company with an accounting date of 31 October carried out a physical check ofinventory on 4 November 2014, leading to an inventory value at cost at this date of $483,700.Between 1 November 2014 and 4 November 2014 the following transactions took place:(1)Goods costing $38,400 were received from suppliers.(2)Goods that had cost $14,800 were sold for $20,000(3)A customer returned, in good condition, some goods which had been sold to himin October for $600 and which had cost $400.(4)The company returned goods that had cost $1,800 in October to the supplier,and received a credit note for them.What figure should appear in the company’s financial statements at 31 Oct ober 2014 for closing inventory, based on this information?A.$458,700B.$505,900C.$508,700D.$461,50026.The plant and machinery at cost account of a business for the year ended 31December 2013 was as follows:The company’s policy is to charge depreciation at 20% per year on the straight line basis, with proportionate depreciation in the years of purchase and disposal.What should be the depreciation charge for the year ended 31 December 2013?A.$138,600B.$144,450C.$143,550D.$138,15027.Mercy Co has owned 100% of Ben Co since incorporation. At 31 March 2009 extractsfrom their individual statements of financial position were as followsDuring the year ended 31 March 2009, Ben Co has sold goods to Mercy Co for$50,000. Mercy Co still had these goods in inventory at the year end. Ben Co uses a 25% mark up on all goods.What were the consolidated retained earnings of Mercy Group at 31 March 2009?A.$560,000B.$580,000C.$570,000D.$557,50028.Copper Co acquired 90% of the $100,000 ordinary share capital of Mine Co for$300,000 on 1 January 2010 when the retained earnings of Mine Co were $156,000.At the date of acquisition the fair value of plant held by Mine Co was $20,000 higher than its carrying value. The fair value of the non-controlling interest at the date of acquisition was $75,000.What is the goodwill arising on the acquisition of Mine Co?A.$119,000B.$99,000C.$139,000D.$24,00029.The following receivables ledger control account has been prepared by a traineeaccountantWhat should the closing balance on the account be when the errors in it are corrected?A.$290,150B.$286,430C.$282,830D.$284,43030.The trial balance of Z failed to agree, the totals being: Debit $836,200Credit $819,700A suspense account was opened for the amount of the difference and the followingerrors were found and corrected:1 The totals of the cash discount columns in the cash book had not been posted tothe discount accounts. The figures were discount allowed $3,900 and discountreceived $5,100.2 A cheque for $19,000 received from a customer was correctly entered in the cashbook but was posted to the control account as $9,100.What will be the remaining balance on the suspense be after the correction of these errors?A.$25,300 creditB.$7,700 creditC.$27,700 creditD.$5,400 credit31.Which of the following statements about contingent assets and contingent liabilitiesare correct?1 A contingent asset should be disclosed by note if an inflow of economic benefits isprobable.2 A contingent liability should be disclosed by note if it is probable that a transfer ofeconomic benefits to settle it will be required, with no provision being made.3 No disclosure is required for a contingent liability if it is not probable that atransfer of economic benefits to settle it will be required.4 No disclosure is required for either a contingent liability or a contingent asset if thelikelihood of a payment or receipt is remote.A. 1 and 4 onlyB. 2 and 3 onlyC.2,3 and 4D.1,2 and 432.A sole trader fixes his prices to achieve a gross profit percentage on sales revenue of40%. All his sales are for cash. He suspects that one of his sales assistants is stealing cash from sales revenue.His trading account for the month of June 20*3 is as follows:$Recorded sales revenue 181,600Cost of sales 114,000Gross profit 67,600Assuming that the cost of sales figure is correct, how much cash could the salesassistant have taken?A.$5,040B.$8,400C.$22,000D.It is not possible to calculate a figure from this information33. Which of the following material events after the reporting date and before thefinancial statements are approved are adjusting events?1. A valuation of property providing evidence of impairment in value at thereporting date.2.Sale of inventory held at the reporting date for less than cost.3.Discovery of fraud or error affecting the financial statements.4.The insolvency of a customer with a debt owing at the reporting date which isstill outstanding.A.1, 2 and 4 onlyB.1, 2, 3 and 4C. 1 and 4 onlyD. 2 and 3 only34. Which of the following statements is/are correct?1. A statement of cash flows prepared using the direct method produces a differentfigure to net cash from operating activities from that produced if the indirectmethod is used.2. Right issues of shares do not feature in a statement of cash flows.3. A surplus on revaluation of a non-current asset will not appear as an item in asstatement of cash flows.4. A profit on the sale of a non-current asset will appear as an item under cashflows from investing activities in the statement of cash flows.A. 1 and 3 onlyB. 3 and 4 onlyC. 2 and 4 onlyD. 3 only35.Annie is a sole trader who does not keep full accounting records. The followingdetails relate to her transactions with credit customers and suppliers for the year ended 30 June 2006:What figure should appear for purchases in Annie’s statement of profit or loss for the year ended 30 Jun 2006?A.$325,840B.$330,200C.$331,760D.$327,760Section B BOTH questions are compulsory and MUST be attempted1.The accountant of Zebra Co has prepared the following trial balance as at 31 December 2007.$’00050c ordinary shares (fully paid) 3507% $1 preference shares (fully paid) 10010% loan stock (secured) 200Retained earnings 1.1 2007 242General reserve 1.1 2007 171Land and buildings 1.1 2007 (cost) 430Plant and machinery 1.1 2007(cost) 830Accumulated depreciationBuildings 1.1 2007 20Plant and machinery 1.1 2007 222Inventory 1.1 2007 190Sales 2,695Purchases 2,152Preference dividend 7Ordinary dividend (interim) 8Loan interest 10Wages and salaries 254Light and heat 31Sundry expenses 113Suspense account 135Trade accounts receivable 179Trade accounts payable 195Cash 126Notes(a)Sundry expenses include $9,000 paid in respect of insurance for the year ending 1 September 2008. Light and heat does not include an invoice of $3,000 for electricity for the three months ending 2 January 2008, which was paid in February 2008. Light and heat also includes $20,000 relating to salesmen’s commission.(b) The suspense account is in respect of the following items.$’000Proceeds from the issue of 100,000 ordinary shares 120Proceeds from the sale of plant 300420Less consideration from the acquisition of Mary & Co 285135(c) The net assets of Mary & Co were purchased on 3 March 2007. Assets were valued as follows.$’000Investments 231Inventory 34265All the inventory acquired was sold during 2007. The were still held by Zebra at 31.12 2007.(d) The property was acquired some years ago. The buildings element of the cost was estimated at $100,000 and the estimated useful life of the assets was fifty years at the time of purchase. As at 31 December 2007 the property is to be revalued at $800,000. (e) The plant which was sold had cost $350,000 and had a carrying amount of $274,000 as on 1.1,2007. $36,000 depreciation is to be charged on plant and machinery for 2007.(f) The loan stock has been in issue for some years. The 50c ordinary shares all rank for dividends at the end of the year.(g) The management wished to provide for:(i) Loan stock interest due(ii) A transfer to general reserve of $16,000(iii) Audit fees of $4,000(h) Inventory as at 31 December 20*7 was valued at $220,000(cost).(i) Taxation is to be ignored.Required:Prepare the financial statements of Zebra Co as at 31 December 2007 including the statement of changes in equity. No other notes are required. (15 marks)2. The draft statements of financial position of Simon and its subsidiary Pepper at 31 October 2005 are as follows:Simon Pepper$000 $000 $000 $000 AssetsNoncurrent assetsTangible assetsLand and buildings 315,000 278,000 Plant 285,000 220,000600,000 498,000 InvestmentShares in Pepper at cost 660,000Current assetsInventory 357,000 252,000Receivables 525,000 126,000Bank 158,000 30,0001,040,000 408,0002,300,000 906,000 Equity and liabilitiesEquity$1 ordinary shares 1,500,000 600,000 Reserves 580,000 212,0002,080,000 812,000 Current liabilitiesPayables 220,000 94,000 Total equity and liabilities 2,300,000 906,000 The following information is also available(a) Simon purchased 480 million shares in Pepper some years ago, when Pepperhad a credit balance of $95 million in reserves. The fair value of the non-controlling interest at the date of acquisition was $165 million.(b) At the date of acquisition the freehold land of Pepper was valued at $70 millionin excess of its book value. The revaluation was not recorded in the accounts ofPepper.(c) Pepper’s inventory includes goods purchased from Simon at a price that includesa profit to Simon of $12 million.(d)At 31 October 2005 Pepper owes Simon $25 million for goods purchased duringthe year.Required: (15 marks)(a)Calculate the total goodwill on acquisition.(b)Prepare the consolidated statement of financial position for Simon as at 31October 2005.。