ACCA F2 练习题(2012版)

2012年6月ACCA考试真题F82012年6月ACCA考试真题F8 ALL FIVE questions are compulsory and MUST be attempted1 Pear International Co (Pear) is a manufacturer of electrical equipment. It has factories across the country and its customer base includes retailers as well as individuals, to whom direct sales are made through their website. The company’s year end is 30 September 2012. You are an audit supervisor of Apple & Co and are currently reviewingd ocumentation of Pear’s internal control in preparation for the interim audit.Pear’s website allows individuals to order goods directly, and full payment is taken in advance. Currently the website is not integrated into the inventory system and inventory levels are not checked at the time when orders are placed.Goods are despatched via local couriers; however, they do not always record customer signatures as proof that the customer has received the goods. Over the past 12 months there have been customer complaints about the delay between sales orders and receipt of goods. Pear has investigated these and found that, in each case, the sales order had been entered into the sales system correctly but was not forwarded to the despatch department for fulfilling.Pear’s retail customers undergo credit checks prior to being accepted and credit limits are set accordingly by sales ledger clerks. These customers place their orders through one of the sales team, who decides on sales discount levels.Raw materials used in the manufacturing process are purchased from a wide range of suppliers. As a result of staffchanges in the purchase ledger department, supplier statement reconciliations are no longer performed. Additionally, changes to supplier details in the purchase ledger master file can be undertaken by purchase ledger clerks as well as supervisors.In the past six months Pear has changed part of its manufacturing process and as a result some new equipment has been purchased, however, there are considerable levels of plant and equipment which are now surplus torequirement. Purchase requisitions for all new equipment have been authorised by production supervisors and little has been done to reduce the surplus of old equipment.Required:(a) In respect of the internal control of Pear International Co:(i) Identify and explain FIVE deficiencies;(ii) Recommend a control to address each of these deficiencies; and(iii) Describe a test of control Apple & Co would perform to assess if each of these controls is operatingeffectively. (15 marks)(b) Describe substantive procedures you should perform at the year end to confirm each of the following for plant and equipment:(i) Additions; and(ii) Disposals. (4 marks)(c) Pear’s finance dir ector has expressed an interest in Apple & Co performing other review engagements in addition to the external audit; however, he is unsure how much assurance would be gained via these engagements and how this differs to the assurance provided by an externalRequired:Identify and explain the level of assurance provided by an external audit and other review engagements.(3 marks)2Pear’s directors are considering establishing an internal audit department next year, and the finance director has asked about the differences between internal audit and external audit and what impact, if any, establishing an internal audit department would have on future external audits performed by Apple & Co.Required:(d) Distinguish between internal audit and external audit. (4 marks)(e) Explain the potential impact on the work performed by Apple & Co during the interim and final audits, if Pear International Co was to establish an internal audit department. (4 marks)(30 marks)3 [P.T.O.2 (a) HKSA 300 Planning an Audit of Financial Statements provides guidance to assist auditors in planning an audit.Required:Explain the benefits of audit planning. (4 marks)(b) HKSA 530 Audit Sampling provides guidance on methods for selecting a sample of items for testing.Required:Identify and explain THREE methods of selecting a sample.(3 marks)(c) Describe the three types of modified audit opinions. (3(10 marks)3 (a) Explain the external auditors’ responsibilities in relation to the prevention and detection of fraud and error.(4 marks)You are the audit manager of Currant & Co and you are planning the audit of Orange Financials Co (Orange), who specialise in the provision of loans and financial advice to individuals and companies. Currant & Co has audited Orange for many years.The directors are planning to list Orange on a stock exchange within the next few months and have asked if theengagement partner can attend the meetings with potential investors. In addition, as the finance director of Orange is likely to be quite busy with the listing, he has asked if Currant & Co can produce the financial statements for thecurrent year.During the year, the assistant finance director of Orange left and joined Currant & Co as a partner. It has beensuggested that due to his familiarity with Orange, he should be appointed to provide an independent partner review for the audit.Once Orange obtains its stock exchange listing it will require several assignments to be undertaken, for example,obtaining advice about corporate governance best practice. Currant & Co is very keen to be appointed to theseengagements, however, Orange has implied that in order to gain this work Currant & Co needs to complete the external audit quickly and with minimal questions/issues.The finance director has informed you that once the stockexchange listing has been completed, he would like the engagement team to attend a weekend away at a luxury hotel with his team, as a thank you for all their hard work.In addition, he has offered a senior member of the engagement team a short-term loan at a significantly reduced interest rate.Required:(b) (i) Explain SIX ethical threats which may affect the independence of Currant & Co’s audit of OrangeFinancials Co; and(ii) For each threat explain how it might be reduced to an acceptable level. (12 marks)(c) Orange is aware that subsequent to the stock exchange listing it will need to establish an audit committee and has asked for some advice in relation to this.Required:Explain the benefits to Orange of establishing an audit committee. (4 marks)(20 marks)44 (a) (i) Identify and explain FOUR financial statement assertions relevant to account balances at the year end;and(ii) For each identified assertion, describe a substantive procedure relevant to the audit of year-endinventory. (8 marks)(b) Pineapple Beach Hotel Co (Pineapple) operates a hotel providing accommodation, leisure facilities andrestaurants. Its year end was 30 April 2012. You are the audit senior of Berry & Co and are currently preparingthe audit programmes for the year end audit of Pineapple.You are reviewing the notes of last week’s meetingbetween the audit manager and finance director where two material issues were discussed.DepreciationPineapple incurred significant capital expenditure during the year on updating the leisure facilities for the hotel.The finance director has proposed that the new leisure equipment should be depreciated over 10 years using the straight-line method.Food poisoningPineapple’s directors received correspondence in March from a group of customers who attended a wedding at the hotel. They have alleged that they suffered severe food poisoning from food eaten at the hotel and areclaiming substantial damages. Pineapple’s lawyers have received the claim and believe that the lawsuit against the company is unlikely to be successful.Required:Describe substantive procedures to obtain sufficient and appropriate audit evidence in relation to the abovetwo issues.Note: The total marks will be split equally between each issue.(8 marks)(c) List and explain the purpose of FOUR items that should be included on every working paper prepared by the audit team. (4 marks)(20 marks)5 [P.T.O.5 (a) Explain the three stages of an audit when analytical procedures can be used by the auditor. (3 marks) You are the audit manager of Kiwi & Co and you have beenprovided with financial statements extracts and thefollowing information about your client, Strawberry Kitchen Designs Co (Strawberry), who is a kitchen manufacturer.The company’s year end is 30 April 2012.Strawberry has recently been experiencing trading difficulties, as its major customer who owes $0·6m to Strawberry has ceased trading, and it is unlikely any of this will be received. However, the balance is included within the financial statements extracts below. The sales director has recently left Strawberry and has yet to be replaced.The monthly cash flow has shown a net cash outflow for the last two months of the financial year and is forecast as negative for the forthcoming financial year. As a result of this, the company has been slow in paying its suppliers and some are threatening legal action to recover the sums owing.Due to its financial difficulties, Strawberry missed a loan repayment and, as a result of this breach in the loancovenants, the bank has aske d that the loan of $4·8m be repaid in full within six months. The directors have decided that in order to conserve cash, no final dividend will be paid in 2012.Required:(b) Explain the potential indicators that Strawberry Kitchen Designs Co is not a going concern. (6 marks)(c) Describe the audit procedures that you should perform in assessing whether or not the company is a goingconcern. (6 marks)(d) Having performed the going concern audit procedures,you have serious concerns in relation to the going concern status of Strawberry. The finance director has informed you that as the cash flow issues are short term he doesnot propose to make any amendments to the financial statements.Required:(i) State Kiwi & Co’s responsibility for reporting on going concern to the directors of Strawberry KitchenDesigns Co; and (2 marks)(ii) If the directors refuse to amend the financial statements, describe the impact on the audit report.(3 marks)(20 marks)End of Question Paper。

PaperF8(INT) CAun.cnALL FIVE questions are compulsory and MUST be attempted 1Lily Window Glass Co (Lily) is a glass manufacturer, which operates from a large production facility, where it undertakes continuous production 24 hours a day, seven days a week. Also on this site are two warehouses, where the company’s raw materials and finished goods are stored. Lily’s year end is 31 December.Lily is finalising the arrangements for the year-end inventory count, which is to be undertaken on 31 December 2012.The finished windows are stored within 20 aisles of the first warehouse. The second warehouse is for large piles of raw materials, such as sand, used in the manufacture of glass. The following arrangements have been made for the inventory count:The warehouse manager will supervise the count as he is most familiar with the inventory. There will be ten teams of counters and each team will contain two members of staff, one from the finance and one from the manufacturing department. None of the warehouse staff, other than the manager, will be involved in the count.Each team will count an aisle of finished goods by counting up and then down each aisle. As this process is systematic, it is not felt that the team will need to flag areas once counted. Once the team has finished counting an aisle, they will hand in their sheets and be given a set for another aisle of the warehouse. In addition to the above,to assist with the inventory counting, there will be two teams of counters from the internal audit department and they will perform inventory counts.The count sheets are sequentially numbered, and the product codes and descriptions are printed on them but no quantities. If the counters identify any inventory which is not on their sheets, then they are to enter the item on a separate sheet, which is not numbered. Once all counting is complete, the sequence of the sheets is checked and any additional sheets are also handed in at this stage. All sheets are completed in ink.Any damaged goods identified by the counters will be too heavy to move to a central location, hence they are to be left where they are but the counter is to make a note on the inventory sheets detailing the level of damage.As Lily undertakes continuous production, there will continue to be movements of raw materials and finished goods in and out of the warehouse during the count. These will be kept to a minimum where possible.The level of work-in-progress in the manufacturing plant is to be assessed by the warehouse manager. It is likely that this will be an immaterial balance. In addition, the raw materials quantities are to be approximated by measuring the height and width of the raw material piles. In the past this task has been undertaken by a specialist; however, the warehouse manager feels confident that he can perform this task. Required:(a)For the inventory count arrangements of Lily Window Glass Co:(i)Identify and explain SIX deficiencies; and(ii)Provide a recommendation to address each deficiency.The total marks will be split equally between each part(12 marks)高顿财经A C C A a c c a .g a o d u n .c nYou are the audit senior of Daffodil & Co and are responsible for the audit of inventory for Lily. You will be attending the year-end inventory count on 31 December 2012.In addition, your manager wishes to utilise computer-assisted audit techniques for the first time for controls and substantive testing in auditing Lily Window Glass Co’s inventory.Required:(b)Describe the procedures to be undertaken by the auditor DURING the inventory count of Lily Window GlassCo in order to gain sufficient appropriate audit evidence. (6 marks)(c)For the audit of the inventory cycle and year-end inventory balance of Lily Window Glass Co:(i)Describe FOUR audit procedures that could be carried out using computer-assisted audit techniques(CAATS);(ii)Explain the potential advantages of using CAATs; and (iii)Explain the potential disadvantages of using CAATs.The total marks will be split equally between each part(12 marks)(30 marks)高顿财经A C C A a c c a .g a o d u n .c n2(a)In order for auditors to operate effectively and to provide an opinion on an entity’s financial statements, they aregiven certain rights.Required:State THREE rights of an auditor, excluding those related to resignation and removal.(3 marks)(b)ISA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and ItsEnvironment requires auditors to obtain an understanding of control activities relevant to the audit.Control activities are the policies and procedures that help ensure that management directives are carried out;and which are designed to prevent and detect fraud and error occurring. An example of a control activity is the maintenance of a control account.Required:Apart from maintenance of a control account, explain FOUR control activities a company may undertake to prevent and detect fraud and error.(4 marks)(c)Describe THREE limitations of external audits.(3 marks)(10 marks)高顿财经A C C A a c c a .g a o d u n .c n3Sunflower Stores Co (Sunflower) operates 25 food supermarkets. The company’s year end is 31 December 2012.The audit manager and partner recently attended a planning meeting with the finance director and have provided you with the planning notes below.You are the audit senior, and this is your first year on this audit. In order to familiarise yourself with Sunflower, the audit manager has asked you to undertake some research in order to gain an understanding of Sunflower, so that you are able to assist in the planning process. He has then asked that you identify relevant audit risks from the notes below and also consider how the team should respond to these risks.Sunflower has spent $1·6 million in refurbishing all of its supermarkets; as part of this refurbishment programme their central warehouse has been extended and a smaller warehouse, which was only occasionally used, has been disposed of at a profit. In order to finance this refurbishment, a sum of $1·5 million was borrowed from the bank.This is due to be repaid over five years.The company will be performing a year-end inventory count at the central warehouse as well as at all 25 supermarkets on 31 December. Inventory is valued at selling price less an average profit margin as the finance director believes that this is a close approximation to cost.Prior to 2012, each of the supermarkets maintained their own financial records and submitted returns monthly to head office. During 2012 all accounting records have been centralised within head office. Therefore at the beginning of the year, each supermarket’s opening balances were transferred into head office’s accounting records. The increased workload at head office has led to some changes in the finance department and in November 2012 the financial controller left. His replacement will start in late December. Required:(a)List FIVE sources of information that would be of use in gaining an understanding of Sunflower Stores Co,and for each source describe what you would expect to obtain. (5 marks)(b)Using the information provided, describe FIVE audit risks and explain the auditor’s response to each risk in planning the audit of Sunflower Stores Co.(10 marks)(c)The finance director of Sunflower Stores Co is considering establishing an internal audit department.Required:Describe the factors the finance director should consider before establishing an internal audit department.(5 marks)(20 marks)高顿财经A C C A a c c a .g a o d u n .c n4(a)Identify and explain each of the FIVE fundamental principles contained within ACCA’s Code of Ethics andConduct.(5 marks)(b)Rose Leisure Club Co (Rose) operates a chain of health and fitness clubs. Its year end was 31 October 2012.You are the audit manager and the year-end audit is due to commence shortly. The following three matters have been brought to your attention.(i)Trade payables and accrualsRose’s finance director has notified you that an error occurred in the closing of the purchase ledger at the year end. Rather than it closing on 1 November, it accidentally closed one week earlier on 25 October. All purchase invoices received between 25 October and the year end have been posted to the 2013 year-end purchase ledger. (6 marks)(ii)ReceivablesRose’s trade receivables have historically been low as most members pay monthly in advance. However,during the year a number of companies have taken up group memberships at Rose and hence the receivables balance is now material. The audit senior has undertaken a receivables circularisation for the balances at the year end; however, there are a number who have not responded and a number of responses with differences. (5 marks)(iii)Reorganisation The company recently announced its plans to reorganise its health and fitness clubs. This will involve closing some clubs for refurbishment, retraining some existing staff and disposing of some surplus assets. These plans were agreed at a board meeting in October and announced to their shareholders on 29 October. Rose is proposing to make a reorganisation provision in the financial statements.(4 marks)Required:Describe substantive procedures you would perform to obtain sufficient and appropriate audit evidence in relation to the above three matters.Note: The mark allocation is shown against each of the three matters above.(20 marks)高顿财经A C C A a c c a .g a o d u n .c n5(a)Explain the purpose of, and procedures for, obtaining written representations.(5 marks)(b)The directors of a company have provided the external audit firm with an oral representation confirming that thebank overdraft balances included within current liabilities are complete.Required:Describe the relevance and reliability of this oral representation as a source of evidence to confirm the completeness of the bank overdraft balances.(3 marks)(c)You are the audit manager of Violet & Co and you are currently reviewing the audit files for several of your clients for which the audit fieldwork is complete. The audit seniors have raised the following issues:Daisy Designs Co (Daisy)Daisy’s year end is 30 September, however, subsequent to the year end the company’s sales ledger has been corrupted by a computer virus. Daisy’s finance director was able to produce the financial statements prior to this occurring; however, the audit team has been unable to access the sales ledger to undertake detailed testing of revenue or year-end receivables. All other accounting records are unaffected and there are no backups available for the sales ledger. Daisy’s revenue is $15·6m, its receivables are $3·4m and profit before tax is $2m.Fuchsia Enterprises Co (Fuchsia)Fuchsia has experienced difficult trading conditions and as a result it has lost significant market share. The cash flow forecast has been reviewed during the audit fieldwork and it shows a significant net cash outflow.Management are confident that further funding can be obtained and so have prepared the financial statements on a going concern basis with no additional disclosures; the audit senior is highly sceptical about this. The prior year financial statements showed a profit before tax of $1·2m; however, the current year loss before tax is $4·4m and the forecast net cash outflow for the next 12 months is $3·2m.Required:For each of the two issues:(i)Discuss the issue, including an assessment of whether it is material;(ii)Recommend procedures the audit team should undertake at the completion stage to try to resolve theissue; and(iii)Describe the impact on the audit report if the issue remains unresolved.Notes:1 The total marks will be split equally between each issue.2 Audit report extracts are NOT required.(12 marks)(20 marks)End of Question Paper高顿财经A C C A a c c a .g a o d u n .c n。

一，ACCA对中国学员的免试政策金融专业免试5门课程（F1-F5）会计学–获得学士学位免试5门课程（F1-F5）会计学–辅修专业免试3门课程（F1-F3）二，ACCA目前的科目设置如下，共16门（学员需通过12门必修科目及2门选修科目共14门课程）（F只需有四级水平，P需要更高的英语能力）1.知识课程FUNDAMENTALS--KNOWLEDGEF1 会计师与企业 Accountant in Business (AB)F2 管理会计 Management Accounting (MA)F3 财务会计 Financial Accounting (FA)2.技能课程 FUNDAMENTALS—SKILLSF4 公司法与商法 Corporate and Business Law (CL)F5 业绩管理 Performance Management (PM)F6 税务 Taxation (TX)F7 财务报告 Financial Reporting (FR)F8 审计与认证业务 Audit and Assurance (AA)F9 财务管理 Financial Management (FM)专业阶段3.职业核心课程 PROFESSIONAL—ESSENTIALSP1 公司治理、风险和职业道德 Governance, Risk & Ethics (GRE)P2 公司报告 Corporate Reporting (CR)P3 商务分析 Business Analysis (BA)4.职业选修课程 PROFESSIONAL-- OPTIONS(四门任选二门)P4 高级财务管理Advanced Financial Management (AFM)P5 高级业绩管理 Advanced Performance Management。

有心企业高层P6 高级税务 Advanced Taxation (ATX)。

ACCA机考F1-F4考试题型及考试重点ACCA考试Fundamental level F阶段最开始的考试科目F1-F4就是机考科目，2018年3月以后，ACCA考试科目F5-F9也将全面进入机考时代。

当然，如果你已经免考ACCA F阶段了，这篇文章就可以略过了，But,如果你还需要跟ACCA F阶段继续周旋和鏖战，那么，以下内容，你要仔细看喽！ACCA考试科目F1-F4的考试内容分为2大模块，Section A &Section B, Section A以单选，多选和判断题为主要类型的题目。

每题1-2分，这个部分的题目，单选判断不必说，对则得分，错则不得分。

多选题则有统一标准，全对才得分，如果出现任一单一选项错误，也不得分。

所以，在做这类题目时，知识点掌握全面扎实才是得分王道！Section B 里面以多任务题为主，什么叫多任务题？题目会引入较长的案例分析，还有图表需要理解分析，题目会以单选或者多选的形式出现，这里的单选选项会超过4个，增加了选择难度，而这个部分的多选，如果能够选对部分选项也能够拿到部分分数，而不会像Section A里面的多选题卡分卡的那么严格。

以上2段内容讲述清楚了题目模块和题目类型，下面我们一起来看一下F1-F4题目分值分布：F1 / FABSection A （总计76分）：46道题，每道题1分或2分Section B （总计24分）：6道多任务题MTQs，每道题4分F2 / FMASection A （总计70分）：35道题，每道题2分Section B （总计30分）：3道多任务题，每道题10分F3 / FFASection A （总计70分）：35道题，每道题2分Section B （总计30分）：2道多任务题，每道题15分F4Section A （总计70分）：45道客观题，其中20道题每题1分；25道题每题2分Section B （总计30分）：5道多任务题，每道题6分考试开始前，监考人员会宣读考场纪律；考生需要在电脑上输入个人信息，监考人员会核对考生的身份；身份核对后，电脑上会显示出3页考试操作指南，考生仔细阅读，得到监考人员的允许后才可点击考试科目，开始考试。

Fundamentals Level –Skill Module, Paper F4 (CHN)Corporate and Business Law (China) December 2012 Answers1This question requires candidates to state the procedural ways to deal with the various situations when an assignment of contract takes place and a dispute, between the assignee and the other party to the contract, is brought to the people’s court under the Judicial Interpretation on Contract by the Supreme People’s Court.(a)In accordance with Article 27 of the Judicial Interpretation, where an obligee has assigned his rights to a third party and adispute between the obligor and the assignee regarding the performance of contract is brought to the people’s court, the court may add the original obligee as the third party in the litigation if the obligor raises a protest against the rights of the original obligee.(b)In accordance with Article 28 of the Judicial Interpretation, where an obligor has assigned his obligations to a third party,with the consent of the obligee, and a dispute between the assignee and the obligee regarding the performance of contract is brought to the people’s court, the court may add the obligor as the third party in the litigation if the assignee raises a protest concerning the right of the obligor against the obligee.(c)In accordance with Article 29 of the Judicial Interpretation, where after one party has assigned both his rights and obligationsunder the contract to an assignee and a dispute between the other party and the assignee regarding the performance of contract is brought to the people’s court, the court may add the assignor as the third party if the other party raises a protest concerning the rights or duties under the original contract.2This question requires candidates to explain the non-competition clause, and state the persons who are subject to non-competition obligations and the conditions for a labour contract to include a non-competition clause under the Labour Contract Law of China.(a)The non-competition clause refers to a clause contained in a labour contract or a confidentiality agreement, under which anemployee agrees to maintain the trade secret of the employer and the confidentiality of matters relating to the industrial properties of the employer for a period of time after the termination or dissolution of a labour contract.(b)In accordance with Article 24 of the Labour Contract Law, the persons who are subject to non-competition obligations includethe employer’s senior management, senior technicians and other personnel with confidentiality obligations.(c)In accordance with Articles 23 and 24 of the Labour Contract Law, where a labour contract contains a non-competitionclause, the same contract shall also stipulate that the employer pays monetary compensation to the employee on a monthly basis during the term of non-competition after the termination or dissolution of the labour contract. The term, counted from the termination or dissolution of the labour contract, shall not exceed two years.3This question requires candidates to explain a pre-contractual liability, distinguish between this and liability for breach of contract and state the conduct of a party that will result in pre-contractual liability under the Contract Law of China.(a)Pre-contractual liability refers to the liability incurred by a party’s conduct, as prescribed in the Contract Law, which causesa loss or damages to the other party during the process of negotiating a contract but the contract is finally not concluded.The major difference between the pre-contractual liability and the liability for breach of contract is: under the pre-contractual liability there is no contract by the two parties who have negotiated to conclude a contract; while under the liability for breach of contract an effective contract has been concluded but one of the parties breaches it. Under pre-contractual liability the form of liability is compensation for loss while under liability for breach of contract the form of liability includes specific performance, liquidated damages and damages.(b)In accordance with Article 42 of the Contract Law, a party with the following conduct in negotiating a contract shall be liablefor the losses caused to the other party:(i)under the pretext of concluding a contract, to negotiate in bad faith;(ii)deliberate concealment of the important facts relating to concluding a contract or providing false information;(iii)other conduct in violation of the principle of good faith.4This question requires candidates to state the composition of the board of directors in different forms of limited liability companies, and the ways to deal with the situation where the number of directors is less than a quorum under the Company Law of China.(a)In accordance with Article 45 of the Company Law, a general limited liability company shall set up a board of directors whichshall be composed of 3 to 13 members, unless otherwise stipulated by the law. The method of the creation of the chairman and vice-chairman of the board of directors shall be stipulated in the articles of association of the company.(b)In accordance with Article 45 of the Company Law, where a limited liability company is invested and established by two ormore state-owned enterprises, its board of directors shall include representatives of the employees of the company. Such representatives of employees shall be elected by the employees of the company through the staff and workers congress, workers’ assembly or other forms of election.(c)In accordance with Article 46 of the Company Law, where the members of the board of directors are/is less than the quorumbecause re-election is not conducted upon expiry of the term of office of a director, or a director resigns during his term of office, the said director shall still perform his functions as a director.5This question requires candidates to explain the term rectification, and state the legal effect of rectification on the right of guarantee during the period of rectification and the ways to deal with the situation that may damage the rights of a guarantor under the Enterprise Bankruptcy Law of China.(a)The term rectification refers to such a system under which a debtor or an investor whose investment accounts for 10% ormore of the registered capital of the debtor, after the application for bankruptcy has been accepted and before the declaration of bankruptcy of the debtor by the court, may apply to the court to rectify debts of the debtor. Under the conditions of acceptance of such application by the court and the suspension of the bankruptcy procedures, the debtor may continue its business operations, so as to avoid bankruptcy of the debtor and resume its ability of normal business operations.(b)In accordance with Article 75 of the Enterprise Bankruptcy Law, in the period of rectification, the right of guarantee on theparticular property of the debtor shall be suspended. However, if there is a possibility for the secured property to suffer damages or significant depreciation of value so that the right of guarantee is endangered, the guarantee may apply to the court for recovering the right to guarantee. A bankruptcy administrator may set a guarantee for a new loan for the purpose of continuing the debtor’s business operations.6This question requires candidates to explain a takeover by offer of a listed company, state the ways to deal with the shares of a listed company purchased after the expiration of the duration of takeover and the ways to deal with the legal status of the listed company purchased after the completion of takeover under the Securities Law of China.(a)In accordance with Article 88 of the Securities Law, takeover by offer refers to the form of taking over a listed company wherean investor comes to hold or jointly hold with others, through a stock exchange, 30% of the issued shares of a listed company and continues to buy such shares, the investor shall comply with the law to issue to all the shareholders of the listed companya takeover offer for buying the whole or part of the shares of the listed company.(b)In accordance with Article 97 of the Securities Law, the trading of the shares of the stock company under takeover shall beterminated on the stock exchange when the distribution of shares does not meet the requirements for listing, upon the expiration of the term of the takeover offer. The holders of the remaining shares of the target company shall be entitled to sell their shares to the purchaser on the same conditions as those in the takeover offer; while the purchaser is under an obligation to buy up these shares. The listed company taken over shall change its enterprise form where this company no longer meets the requirement for a joint stock company, upon the completion of the takeover.7This question requires candidates to describe various acts relating to the capital of a company that shall be regarded as fraudulent corporate behaviour, and state the reasons why such acts shall be regarded as fraudulent corporate behaviour.(a)In corporate management, the following acts relating to the capital of a company, committed by any personnel, shall beregarded as fraudulent behaviour:(i)to provide a false statement of the registered capital during the process of establishing a company;(ii)to make false capital contributions;(iii)to withdraw the capital, contributed during the process of incorporation, after the establishment of the company.(b)Due to the following reasons, the above-described acts are to be regarded as illegal and fraudulent behaviour:(i)providing a false statement of registered capital and making false capital contributions will result in a situation in whichthe registered capital of the company, as stipulated in the articles of association and registered with the governmentagency, cannot reflect its genuine situation of capital;(ii)withdrawal of the capital contributed in the process of incorporation after the establishment of the company will reduce its ability to satisfy debts with its own assets, which will increase the risks of other parties doing business with it.8This question requires candidates to deal with the legal issues relating to the transfer of contract under the Contract Law of China.(a)There was a contract between Aishen Garment Co and Conka Sales. The reasons to support this conclusion include:(i)In accordance with Article 89 of the Contract Law, where the rights and duties are transferred together, provisions ofArticles 79, 81 to 83 and 85 to 87 shall apply. This means that a party may, subject to the conditions as set in theprovisions, transfer its rights and obligations to a third party.(ii)In accordance with the relevant provisions listed in Article 89 of the Contract Law, a creditor shall notify the debtor in the case of the transfer of his credit and a debtor shall obtain the consent from the creditor in the case of the transfer ofhis obligations. Bulinger Store was a creditor to receive the goods and as a debtor to pay the price. Therefore, BulingerStore should notify the transfer to and obtain consent from Aishen Garment Co. In this case, Bulinger Store issued awritten notice to Aishen Garment Co. Therefore, the transfer of rights satisfied the requirements of the law.(iii)Bulinger Store Co issued a written notice to Aishen Garment Co, but failed to obtain consent from the latter. However, Aishen Garment Co sent a fax to advise Conka Sales to receive the goods, and actually delivered 10,000 piecesof sportswear as well as receiving the price paid by Conka Sales. This meant that Aishen Garment Co acknowledged thetransfer of contractual rights and obligations to Conka Sales.(b)In accordance with Article 81 of the Contract Law, where a creditor transfers his rights, the transferee acquires rightsaccessory to the creditor’s rights, unless the accessory right is exclusive for the creditor himself. Conka Sales, as a transferee, acquired the accessory right when it acquired the right to the goods. Hence, it was entitled to claim damages against Aishen Garment Co for the defects of the goods.9This question requires candidates to deal with the legal issues relating to derivative litigation under the Company Law of China.(a)Ms E was entitled to bring a lawsuit against Mr A. The legal basis for this conclusion is Articles 21, 150 and 152 of theCompany Law. The controlling shareholders, actual controllers or directors of a company shall not, by taking advantage of their affiliate relationship, damage the interests of the company. Where any of the above-mentioned persons violates laws or articles of association of a company and causes damages to a company, such person shall be liable for the damages. If sucha situation occurs, any shareholder may directly bring a lawsuit against the director, subject to the conditions as prescribedby the Company Law.(b)In accordance with Article 152 of the Company Law, the following conditions shall be satisfied:(i)Ms E requests the supervisory board in writing to bring a lawsuit against the director who causes the damage;(ii)the supervisory board, upon its receipt of Ms E’s request, fails to file a lawsuit within 30 days upon the receipt of such request;(iii)Ms E brings a lawsuit against the Mr A for the interests of the company, in her own name.(c)Assuming Ms E was granted a favourable judgement by the court, the beneficiary should be T enda Co Ltd. Although Ms Ebrought the lawsuit in her own name, the legal action was for the interests of the company. Therefore, the result of such a legal action should be attributed to the company.10This question requires candidates to deal with the legal issues relevant to the declaration of credits and the legal effect of bankruptcy procedures on the pending case under the Enterprise Bankruptcy Law of China.(a)In accordance with Article 20 of the Enterprise Bankruptcy Law, after the people’s court accepts an application for bankruptcy,any pending civil action involving the relevant debtor shall be suspended. Hence, the pending case between Construction Company and Dalie Co should be suspended. The action can be resumed after a bank takes over Dalie’s assets.(b)Industry Bank should declare its credit with the court accepting the bankruptcy application, submit relevant legal documentsto prove its credit and clarify the amount of credit as well as the existence of guarantee on part of the credit. Among its total credit of RMB 20 million yuan, Industry Bank was a general creditor for RMB 8 million yuan.(c)Merchant Bank was entitled to declare its credit and join the bankruptcy procedure. In accordance with Article 50 of theEnterprise Bankruptcy Law, the joint and several creditors may choose one from among them to declare their creditors’ right or may jointly declare the creditors’ right together. Dalie Co provided guarantee for a loan to Merchant Bank, but the principal, Jiqing Company, failed to settle the debt. Merchant Bank, as a creditor and guarantee, was entitled to choose Dalie Co to declare its credit.Fundamentals Level –Skills Module, Paper F4 (CHN)Corporate and Business Law (China) December 2012 Marking Scheme 18–10 A thorough answer which states the ways to deal with the situations in which an assignment of contract takes place, anda dispute between the assignee and the other party of the contract is brought to the people’s court. Especially the answercorrectly states that this is a procedural action during the litigation.6–7An answer which states correctly any two parts among the three parts and the nature of such a way to deal with the said situation, but fails to state the remaining part.3–5An answer which states correctly any one of the three parts, but fails to give any points for other two parts.0–2An answer which does not state any point or states very limited points in part (a) or part (b) or part (c).28–10 A thorough answer which explains a non-competition clause in a labour contract, and states the persons who are subject to non-competition obligations and the conditions and term of duration for a clause of non-competition in a labour contract.6–7An answer which explains a non-competition clause, and states some points in part (b) and part (c). As an alternative, an answer which fails to explain a non-competition clause but states all points in part (b) and part (c).3–5An answer which explains the basic meaning of a non-competition clause in part (a), but fails to state or states very limited points in part (b) and part (c). As an alternative, an answer which fails to explain a non-competition clause in part (a),but states some points both in part (b) and part (c), or states all points in part (c) but no point in part (b).0–2An answer which shows little or no knowledge of this area. As an alternative, an answer which fails to explain a non-competition clause, and fails to state any points both in parts (b) and (c), or states limited points in part (b) or (c). 38–10An answer which explains a pre-contractual liability and its difference with the liability for breach of contract, and states the conduct that will result in pre-contractual liability.5–7An answer which explains the basic meaning of a pre-contractual liability and its major difference with the liability for breach of contract in part (a), and states some points in part (b). As an alternative, an answer which explains some pointsto pre-contractual liability and its major difference with the liability for breach of contract in part (a), but fails to state anypoint in both part (b).3–4 An answer which explains some points in part (a), and fails to state or states very limited points in part (b). Alternatively, an answer which fails to explain the term and its major difference with the liability for breach of contract in part (a), butstates some points in part (b).0–2An answer which shows little or no knowledge of this area.48–10An answer which states the composition of the board of directors of a general limited liability company and that of a limited liability company incorporated by two or more state-owned enterprises, as well as the way to deal with the situation inwhich the numbers of directors are less than a quorum due to various causes.5–7An answer which states correctly parts (a) and (b), or correctly states parts (b) and (c). As an alternative, the answer states some points in any one of the three parts.3–4An answer which shows a limited understating of the rules on the composition of directors in different limited liability companies in parts (a) and (b), fails to state the ways to deal with the situation in which the numbers of directors are lessthan a quorum in part (c). Alternatively, the answer fails to state the composition of the board of directors in a generallimited liability company in part (a), but states major points in part (b) or (c).0–2An answer which shows little or no knowledge of this area.58–10An answer which explains the term rectification, and states correctly the legal effect of the rectification on the right of guarantee during the period of rectification and the possibility of setting a guarantee during the period of rectification by abankruptcy administrator.5–7An answer which explains the term rectification, states some points in part (b). As an alternative, an answer which fails to explain the term rectification, but states correctly the legal effect of rectification against the right of guarantee and thepossibility of setting a guarantee by a bankruptcy administrator in the period of rectification.3–4An answer which explains the term rectification, but fails to state any points in part (b). Alternatively, an answer which fails to explain the term in part (a), but states some points in part (b).0–2An answer which shows little or no knowledge of the area.68–10An answer which explains a takeover by offer, states correctly the ways to deal with the shares of a listed company purchased after the expiration of the duration of takeover by offer and the way to deal with the enterprise form of a listedcompany purchased after the completion of takeover.5–7An answer which explains a takeover by offer, states some points in part (b). As an alternative, an answer which fails to explain a takeover by offer, but states all or most of points in part (b).3–4An answer which gives a correct answer to any one of part (a) or (b). As an alternative, the answer gives limited points in both part (a) and (b).0–2An answer which shows little or no knowledge of the area.78–10An answer which describes the acts that shall be regarded as fraudulent behaviour, states correctly the reasons why such acts shall be regarded as fraudulent behaviour.5–7An answer which describes any two kinds of acts that shall be regarded as fraudulent behaviour, states some reasons in part (b). As an alternative, an answer which describes all the acts that shall be regarded fraudulent behaviour in part (a),but fails to state the reasons in part (b).3–4 An answer which describes any one kind of the acts that shall be regarded as fraudulent behaviour, states limited points in part (b). Alternatively, an answer which describes any two kinds of the acts that shall be regarded as fraudulentbehaviour, but fails to state any reasons in part (b).0–2An answer which shows little or no knowledge of the area.88–10An answer which correctly deals with the legal issues relating to the conditions for the transfer of contract and the accessory rights along with the transfer of rights.5–7An answer which correctly states that there was a contract between Aishen Garment Co and Conka Sales and the rules relating to accessory rights but states merely some reasons to support the answer. Alternatively, an answer which correctlystates the existence of a contract between Aishen Garment Co and Conka Sales and the reasons to support such aconclusion, but fails to answer the question in part (b).3–4An answer which shows some understanding of the legal issues and gives only a correct conclusion of part (a) or (b), but fails to give any reasons to support the conclusion.0–2The answer is very weak, showing no, or very little, understanding of the question.98–10An answer which shows a complete understanding of the rules as to the issues of derivative litigation in parts (a), (b) and(c), and gives reasons to support the conclusions to the question.5–7An answer which gives correct conclusions to any two parts among parts (a), (b) and (c), and gives relevant reasons to support such conclusions. Alternatively, an answer which gives correct conclusions to three parts, but fails to state, orstates limited, points of reasons to support such conclusions.3–4An answer which gives merely one correct conclusion among three parts, and states the reasons to support such conclusion.0–2An answer which shows no, or very little, understanding of the question.108–10An answer which gives a complete answer to each part of the question and gives correct reasons to support the answer.5–7An answer which shows a good understanding of the rules to deal with the pending case where the court accepts an application of bankruptcy against a debtor, and any one of the ways to deal with various forms of debts due by the debtor.Or as an alternative, an answer which shows a sound understanding of any one part among the three parts and gives acorrect reason to support such conclusion.3–4An answer which shows limited understanding of the rules to deal with the pending case in part (a) or the ways to deal with the debts secured by mortgage in part (b), or the ways to deal with the debts under a personal guarantee in part (c),but with very limited reasons.0–2An answer which shows very little or no understanding of the question.。

声明：考官屡次在考试报告中明确指出猜题的诸多弊端，同时他强调了只有完全深入的掌握了大纲要求的知识点才能顺利通过考试。

这也是ACCA对所有考生的基本要求。

本文并非对2010 6 月的考试进行预测，而是对考试大纲进行梳理，突出重要的知识章节，以帮助考生能更好的备考。

重点例题分析以下是针对2009年12月份考试出现的错误率（大于70%）最高的题目，Example 1A machine is no longer used by a company. It could be sold now for net proceeds of $300. Its only other use is on a short-term contract which is under consideration. The variable running costs of the machine during the period of the contract would be $400. On completion of the contract the machine would have no realisable value and would cost $150 to dismantle and remove.What is the total relevant cost of using the machine on the contract?A $450B $550C $700D $850官方解释：The correct answer was D. This question tested Sections F2(b) and (c) in the Study Guide, which require candidates to be able to calculate relevant costs for overheads and those for non-current assets.By not selling the machine now there is an opportunity cost of $300, the variable running cost($400) are relevant and at the end of the contract the dismantling and removal cost ($150) is also relevant. This gives a total relevant cost of $850.Answer B was chosen by more than 50% of the candidates. This wrong answer could have been obtained in two ways. First as $300 + $400 – $150, the mistake here is to treat the dismantling cost as revenue from the sale of the machine. Second as $400 + $150, the mistake here is to regard the realisable value now as being non-relevant.解释：这是一道考核固定资产相关成本的考题。

Contents in chapter 7In this chapter, we will•look at a number of methods of remuneration method •consider the various types of incentive scheme •examine the procedures and documents required for the accurate recording of labour costs•study labour turnover•But at first, let’s have a look about how to•1/5 Measuring Labour Activity1.1 Production and productivity●TermsProduction 产量Productivity 生产率、产出率●Measuring method of productivityOutput per man-hour / output per machine hourProductivity ratioStandard production / standard hour1.2 Productivity and its effect on cost●Conclusions from the example on P.144(1)An increase in production without an increase in productivity will not reduce unit costs.(2)An increase in productivity will reduce unit costs.1.3 Labour cost control●Labour cost control is largely concerned with productivity ●Where automation is introduced, productivity is often 1/5 Measuring Labour Activity1.4 Other measures of labour activity●Efficiency ratio, capacity ratio and production volume ratio计划工时定额工时计划工时实际工时实际工时定额工时=⨯●Examples 某公司计划期间预计生产25 000 units ，计划工时100 000 hours ，实际生产产品27 000 units ，实际消耗工时120 000 hours.Efficiency=Capacity=1/5 Measuring Labour Activity如何理解三个工时概念？2/5 Remuneration Methods2.1 Time work (计时工资)●In this system, wages are calculated by the following formula Wages=hours worked ×rate of pay per hourbasic payment / overtime payment / shift premium●Advantages and disadvantages (P.145)2.2 Piecework schemes（计件工资）●In this system, wages are calculated by the following formula,Wages=units produced ×rate of pay per unit●It is normal to offer a guaranteed minimum wage forpieceworkers, so that……●Example (P.146，standard time allowance)●Different piecework schemes for an incentive to employees (just for increasing output)●Advantages and disadvantages (P.147)2.3 Bonus / incentive schemes (奖金)●The purpose of bonus schemes●How to make the scheme works successfully?(P.147)●High day-rate systemExample 2/5 Remuneration Methods2/5 Remuneration Methods●Group bonus schemes●Profit-sharing schemesThe purpose of profit-sharing schemesAdvantages and disadvantagesShare option schemeEmployee share ownership planValue added incentive schemes2/5 Remuneration MethodsExample P.150某公司生产一种产品。

ACCA F1精选模拟测试题第1 题（单选）What name is given to a ‘task culture’ by Charles Handy.A. AthenaB. ApolloC. ZeusD. Dionysus第2 题（单选）How is ‘true and fair view’ generally defined for practical purposes?A. Managers have promised that the accounts are correctB. The accounts have been produced with the best intentionsC. All statements are honest and unlikely to deceiveD. The accounts are accurate and not misleadin第3 题（单选）In order for the purchase of a non-current asset to be processed, what must the manager of the department which requires the asset firstly fill out?A. Business caseB. Purchase requisitionC. Company chequeD. Order form第4 题（单选）‘The usefulness of information is reduced if it does not appear until long after the period to which it relates.’To which feature of good accounting information does this sentence relate?A. ReliabilityB. ObjectivityC. TimelinessD. Relevance第5 题（单选）Why does unemployment result in loss of output?A. Unemployed people earn less than employed peopleB. Unemployed labour will gradually lose its skills, and ability to contribute to production levelsC. Unemployment brings social problemsD. The economy is not producing as much as it could, because the potential labour force is not fully utilize第6 题（单选）What does Porter analyse the micro environment into?A. Generic competitive factorsB. Five competitive forcesC. PEST factorsD. Product/market strategies第7 题（单选）Lee , Mark, Bridget and Joey work for a company that makes coffee machines. A free packet of coffee is supplied with each machine sold. Lee repairs faulty machines which customers have sent back. Mark works in the warehouse and is in charge of storing the coffee. Bridget, the warehouse manager, is Mark’s supervisor. Joey monitors the number of machines in the warehouse and the coffee supplies in order to ensure that customer demand can be met.Whose work is NOT related to inbound logistics?A. LeeB. MarkC. BridgetD. Joey第8 题（单选）Which of the following provides an example of ‘ad-hoc’ outsourcing?A. Employing programmers on a short-term contractB. Ongoing website managementC. A third party owns or is responsible for equipment and staffD. Contractual hardware maintenance第9 题（单选）For information to be cost beneficial, it should cost ________ to obtain it, when compared with the benefit obtained from using it.Which word best completes this sentence?A. The sameB. MoreC. LessD. Nothing第10 题（单选）Buying behaviour is an important aspect of marketing. What is an inhibitor?A. An individual’s personalityB. A factor that makes a person less likely to purchase somethingC. An individual’s social classD. An individual’s culture第11 题（单选）Which of the following statements concerning directors’ remuneration is NOT accurate?A. The packages of individual directors need not be disclosed, for reasons of confidentialityB. Directors' remuneration should be set by a remuneration committeeC. Remuneration should be dependent upon performanceD. Accounts should disclose remuneration policy第12 题（单选）What does ‘GAAP’ stand for?A. Generally accepted accounting policyB. Generally accepted accounting procedureC. Generally accepted accounting principlesD. Generally accepted accounting process第13 题（单选）When there is an input to X Ltd’s invoicing module, authorising the despatch of an invoice to a customer, there are automatic links to the receivables ledger which then updates the customer’s account.This is a feature of what type of system?A. Database management systemB. Internal control systemC. Executive information systemD. Integrated accounting system第14 题（单选）Separating the signing of cheques from the authorisation of payments is an example of which type of control?A. Physical controlB. Internal checkC. Segregation of dutiesD. Reconciliation第15 题（单选）What is the usual intention behind a research and development function?A. To improve products or processesB. To attract resources and fundingC. To provide employee trainingD. To understand buyer behavior第16 题（单选）Which one of the following is a benefit of the informal organisation?A. Social networkingB. Knowledge sharingC. Getting work done more quicklyD. Prompt communication of company policies第17 题（单选）Committees are a key part of organisational ________ processes.Which word best completes this sentence?A. CommunicationB. PayrollC. TrainingD. Development第18 题（单选）Which of the following is regarded as a primary stakeholder?A. One who is more strategically important than othersB. The governmentC. One who has a contractual relationship with the organisationD. An external stakeholder第19 题（单选）Which of the following is NOT a factor when considering social class?A. Educational attainmentB. Inherited wealthC. Number of childrenD. Status第20 题（单选）Value _________ are the means by which a firm creates value in its products.Which word correctly completes this sentence?A. InputsB. ActivitiesC. PromotionsD. Outputs第21 题（单选）Why are the accounting statements drawn up by a management accountant often prepared and presented very differently from those of the financial accountant?A. They are mainly interested in reporting to external partiesB. They are not concerned with policy or decision makingC. They do not need to comply with company law or accounting standardsD. They do not need to be done on a regular basis第22 题（单选）Which one of the following is NOT a type of internal check?A. Sequential invoicingB. Pre-listC. Post-listD. Control total第23 题（单选）How is ‘structural unemployment’caused?A. Long-term changes occur in the conditions of an industryB. Strong trade unions resist a fall in their wagesC. The demand for labourfluctuates throughout the yearD. There is difficulty in matching workers with jobs.第24 题（单选）Which of the following is NOT a potential disadvantage of outsourcing?A. An organisation may find itself locked in to an unsatisfactory contractB. There is no onus upon internal management to keep up with new developmentsC. Certain functions may be too important to be contracted outD. There is often a long-term contract where services are specified for a fixed price第25 题（单选）Which of the following could be found as a feature of an organisational health and safety policy?A. Employees’ medical assessmentsB. Detailed instructions on how to use equipmentC. The company mission statementD. An analysis of employee benefits in kind, including private health care第26 题（单选）Which of the following would cause a firm’s demand curve for labour to shift to the right?A. A rise in the demand of a firm’s productB. A fall in the level of wagesC. An increase in the supply of labourD. A fall in output per worker第27 题（单选）Why can conflict between stakeholders be quite common?A. Different shareholders will have different risk/return profilesB. Managers do not need to take their views into accountC. Their interests will generally be widely differentD. All of the above第28 题（单选）The term ________ is often used to describe the process of gathering external information. Which phrase correctly completes this sentence?A. Environmental scanningB. SWOT analysisC. Data captureD. PEST analysis第29 题（单选）Which of the following features typifies a ‘role culture’ within an organisation?A. Capable of adapting quickly to meet changeB. Power and influence stems from a central sourceC. A formal structure, operated by well-established rulesD. Best suited to smaller entrepreneurial organisations第30 题（单选）What does the ‘informal organisation’ consist of?A. Social relationshipsB. Casual communication networksC. Behavioural normsD. All of the above第31 题（单选）Which of the following attitudes reflects a marketing orientation?A. ‘Customers will buy whatever we produce’B. ‘Add more features to the product’C. ‘Customers must be persuaded to buy’D. ‘Determine the needs, wants and values of our target market’第32 题（单选）Asim, Bill, Claire and Dennis work for a construction company. Dennis sometimes requests a list of advances of employee pay for his department. Asim usually produces this. Dennis also sometimes requests an analysis of employee training expenditure. Bill produces this list. A report on aged receivables is usually produced by Claire. If Asim, Bill or Claire need to claim back expenses then Dennis has to authorise this.Who is most likely to work as a payables clerk?A. AsimB. BillC. ClaireD. Dennis第33 题（单选）What is the ‘purchasing mix’?A. Quantity, price, supply, demandB. Quantity, quality, demand, costC. Quantity, price, quality, deliveryD. Quantity, cost, demand, delivery第34 题（单选）A rise in the price of a good accompanied by a fall in the quantity sold would result fromA. A decrease in supplyB. An increase in demandC. A decrease in demandD. An increase in supply第35 题（单选）Which of the following best describes a ‘standing committee’?A. It is formed to deal with routine business delegated to it on a permanent basisB. One with the power to govern or administerC. Formed to co-ordinate the activities of two or more committeesD. Appointed to relieve the parent committee of some of its routine work第36 题（单选）The strength of the threat of a new entrant into an industry can depend on?A. The price awareness of consumersB. The likely response of existing competitors to the new entrantC. How much the customer buysD. How critical the product is to the customer第37 题（单选）What is an ‘employee report’?A. An analysis of recruitment figuresB. A productivity assessmentC. A disciplinary procedureD. Financial information for issue to employees第38 题（单选）Which of the following is NOT a key feature of the Accounting Standards Board?A. It is concerned with departures from accounting standardsB. It issues Financial Reporting StandardsC. It is supported by the Urgent Issues Task ForceD. It is overseen by the Financial Reporting Council第39 题（单选）What does the term ‘information market’ refer to?A. The transfer of information between networks and systems can be carried outB. Systems are likely to be superseded by newer onesC. Any user can share or exchange informationD. Information is a commodity which can be bought, sold or exchanged第40 题（单选）When a country is in deficit, it is__________ more goods and services than it is______. Which words, in correct order, correctly complete this sentence?A. Exporting; importingB. Importing; exportingC. Buying; sellingD. Selling; buying第41 题（单选）Which of the following areas is covered by company law?A. Pollution controlB. Directors and their dutiesC. Unfair dismissalD. Safety procedures第42 题（单选）Why is the study of population relevant for all types of business?A. An ageing population is less likely to buy new productsB. It affects demand for servicesC. It affects an organisations supply of labourD. A declining population is a sign of a declining economy第43 题（单选）What is a possible symptom of board members losing touch with their shareholders?A. Concealment of problems or errorsB. Manipulation of accountsC. Not carrying out necessary questioning of senior managementD. Payment of excessive remuneration packages第44 题（单选）What is Schein’s ‘third level’ in determining culture?A. BehaviourB. AttitudesC. Values and beliefsD. Assumptions第45 题（单选）H Co is a firm of chartered certified accountants. Vimal and Kate work as trainee accountants for H Co, for a manager called Lesley. Lesley is keen for the trainees to pass their exams and so shesends Kate and Vimal on accountancy training courses on a regular basis with a training company called PBB. PBB supply Vimal and Kate with all of the books and courses that they need to pass the exams. Which one of the following options is/are connected stakeholders of H Co?A. The Association Of Chartered Certified AccountantsB. Kate and VimalC. PBBD. Lesley第46 题（单选）The diagram below relates to the demand for and supply of ginThe market is initially in equilibrium at point X. The government imposes a specific tax on gin whilst at the same time, the price of whisky (a substitute for gin) rises. Which point, A, B, Y, or Z represents the new market equilibrium?A. AB. BC. YD. Z第47 题（单选）Which of the following provides an example of a ‘boundary’ separating an organisation from its environment?A. A divisional structureB. Systems and proceduresC. Factory gatesD. Recruitment policy第48 题（单选）What was the main conclusion of the Hawthorne studies?A. Job status is a strong motivatorB. Informal groups exercise a powerful influence in the workplaceC. Group psychology has a strong effect on establishing normsD. Informal networks indicate who people trust第49 题（单选）What kind of information would be found at the ‘tactical level’ in a finance information system?A. Sources of funds for borrowingB. Bank reconciliationsC. Cash flow forecastsD. All of the above第50 题（单选）L Co have a management committee meeting every month. Pippa, Ben, Joanne and George all attend the meetings. Pippa has a sound knowledge of the relevant issues and gives immediate rulings on points of dispute during the meeting. After the meetings, Ben communicates the decisions made. Joanne is the manager of the administration department of L Co. George works as a receptionist on the front desk at L Co. Which member of L Co is likely to be the management committee secretary?A. PippaB. BenC. JoanneD. George。

2012年金融专业英语证书考试FECT模拟试题-7(总分：100.00，做题时间：90分钟)一、SECTION ONE (Compulsory)：Answer all ten questions in this section. Each question carries 1 mark. (总题数：10，分数：20.00)1.Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. Which of the following is least likely to be classified as a financial statement element? () （分数：2.00）A.AssetB.RevenueC.Liability income √解析：2. Amy, a CFA candidate, recently joined A&F Asset Management, and reports directly to Tammy. Shortly after joining the firm, Amy learned that A&F Asset Management does not have a copy of the Code and Standards. Which of the following statements best complies with AIMR Standards of Professional Conduct? ()（分数：2.00）A.Amy must deliver a copy of the Code and Standards to Tammy.B.Amy must notify Tammy, in writing, of her obligation to comply with the Code and Standards.C.Statement A and B. √D.None of the above.解析：pared with an otherwise identical amortizing security, a zero-coupon bond will most likely have: ()（分数：2.00）A.Less interest rate risk and more reinvestment risk.B.Less reinvestment risk and more interest rate risk. √C.The same reinvestment risk and less interest rate risk.D.The same interest rate risk and more reinvestment risk.解析：4.A futures trader goes long one futures contract at $450. The settlement price 1 day before expiration is $500. On expiration day, the future is trading at $505. The least likely way the futures trader will lock in her profits on expiration is: ()（分数：2.00）A.Take delivery of the underlying asset and pay $500 to the short.B.Close out the futures position by selling the futures contract at $505.C.Take delivery of the underlying asset and pay the expiration settlement price to the short. √D.Cash settle the futures and receive the difference between $500 and the expiration settlement price.解析：5.Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. Bishop Ltd. received an advanced payment of $10,000 on December 1, for rent on a property for December and January. On receipt they correctly recorded it as cash and unearned revenue. If at December 31, their year-end, they failed to make an adjusting entry related to this payment, ignoring taxes, what would the effect on the financial statements for the year be? ()（分数：2.00）A.Assets are overstated by $5,000 and Liabilities are overstated by $5,000.B.Liabilities are overstated by $5,000 and Net income is overstated by $5,000. √C.Assets are overstated by $5,000 and Owner’s equity is overstated by $5,000.D.Liabilities are overstated by $5,000 and Owners’ equity is understated by $5,000.解析：6.A market participant has a view regarding the potential movement of a stock. He sells a customized over-the-counter put option on the stock when the stock is trading at $38. The put has an exercise price of $36 and the put seller receives $2.25 in premium. The price of the stock is $35 at expiration. The profit or loss for the put seller at expiration is: ()（分数：2.00）A.$1.25.B.$1.00.C.$1.25 √D.$2.25.解析：7.As part of an AIMR investigation into the conduct of Helen, CFA, AIMR requests records from Helen about her investment accounts. Helen writes AIMR a letter stating that under Standard IV (B.5), Preservation of Confidentiality that she is unable to comply with their request. Which of the following statement is TRUE? ()（分数：2.00）A.Is correct in her interpretation of Standard IV (B.5).B.Should not turn over the information because it will violate federal material nonpublic information statutes and AIMR’s Standard V (A) Prohibit against Use of Material Nonpublic information.C.Will no be in violation of Standard IV (B.5) by turning over the requested information because under the Professional Conduct Program, the Disciplinary Review Subcommittee is considered an extension of Helen. √D.All of the above.解析：8.Which of the following is the least accurate statement about the short sale of stocks? () （分数：2.00）A.The short seller must pay any dividends due to the lender of shares.B.A stop buy order would enable a short seller to minimize potential losses.C.Short sales involve time limits for returning the shares borrowed to the lender. √D.A short sale can be made only on an uptick or a zero uptick trade if the previous trade was an uptick trade.解析：9.The appropriate measures of free cash flow and discount rate to use when estimating the total（分数：2.00）A.Answer A.B.Answer B.C.Answer C.D.Answer D. √解析：10. Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. An analyst gathered the following information from a company’s accounting records: Theanalyst’s estimate of net income for 2007 would be closest to: ()（分数：2.00）A.$650,000.B.$850,000.C.$1,050,000. √D.$1,850,000.解析：二、SECTION TWO(Compulsory)：Answer the questions in this section. (总题数：1，分数：10.00)Kammel Capital Management is an institutional money manager that oversees over $12 billion in client assets. Most of its assets under management are invested in the Kammel Funds, a family of 12 mutual funds encompassing 9 growth and value equity funds, and 3 fixed income funds. Linda Karazim is an analyst for the Kammel Strategic Income Fund, a flexible fixed-income fund benchmarked to the Lehman Brothers Aggregate Index. The fund owns a substantial portion of subordinated debentures that were issued by Gernot Incorporated to finance the acquisition of a major competitor in 2002. Karazim has been assigned by the Strategic Income Senior Portfolio Manager, Mark Davidson, to analyze the subordinated debt of Gernot, Inc. Karazim decides that the best way to assess the credit quality of the Gernot’s bonds is to analyze the firm’s financial statements and calculate ratios that will identify trends in the firm’s operations and financing decisions. Karazim searches online and pulls up Gernot’s financial statements for the last threeyears. The statements Karazim uses for her analysis are shown below: As Karazim is working on her project, Jacob Cannon, an analyst for Kammel’s Large Cap Growth F und, stops by Karazim’s office to chat. When Karazim tells him that she is working on a ratio analysis project to assess Gernot Inc.’s subordinated debt, Cannon tells her that Kammel’s growth equity team is potentially looking to purchase Gernot’s stock fo r their fund. Karazim tells Cannon that the return on assets ratio that she has calculated for evaluating Gernot’s debt rating would also be considered one of the most effective ratios for use in valuing Gernot’s stock. Cannon replies that he has been doin g his own ratio analysis to assess Gernot’s systematic risk and one of the most useful ratios for identifying relationships between accounting variables and beta is the current ratio, which would also be useful in forecasting the possibility of Gernot, Inc. going bankrupt. After Karazim completes her analysis, she has a meeting with Davidson to discuss her findings. At the meeting, Karazim tells Davidson that Gernot’s Inc.’s sustainable growth rate based on 2004 data is 9 percent, and that a growing company has a much lower chance of defaulting on its debt. Davidson, always critical of the work of the analysts that work for him, concludes the meeting by telling Karazim that she did good work, but one of the major limitations of the cross-sectional analysis she has performed is that comparisons are made difficult due to different accounting treatments. （分数：10.00）(1).What are Gernot’s total asset turnover for 2004 and the change in the ratio from 2002 to 2004? () 2004 Ratio Change in Ratio （分数：2.00）A.2. 08 decline of 0.18B.1 .52 decline of 0.56 √C.2.08 increase of 0.18D.1.52 increase of 0.56解析：The total asset turnover ratio = sales/assets. In 2002, the ratio was (10,424/5,012) = 2.08. In 2004, the ratio was (11,606/7,636) = 1.52. From 2002 to 2004 the ratio declined by (2.08 –1.52) = 0.56.(2).What is the change in Gernot Inc.’s cash conversion cycle from 2003 to 2004? The cash conversion cycle has: () （分数：2.00）A.Increased by 17 days.B.Increased by 33 days.C.Increased by 25 days. √D.Decreased by 13 days.解析：The cash conversion cycle = (average receivables collection period) + (average inventory processing period) –(payables payment period). For 2003: Receivables turnover = (sales/average receivables) = 11,718/((625+798)/2) = 11,718/712 = 16.46 Average receivables collection period = (365/receivables turnover) = 365/16.46 = 22.17 days Inventory turnover = (COGS/average inventory) = 7183/((1342+937)/2) = 7183/1140 = 6.3 Average inventory processing period = (365/inventory turnover) = 365/6.3 = 57.94 days. Payables turnover = (COGS/average payables) = 7183/((620 + 544)/2) = 7183/582 = 12.34 Payables payment period = (365/12.34) = 29.58 days 2003 cash conversion cycle = 22.17 + 57.94 –29.58 = 50.53 days. For 2004: Receivables turnover = (sales/average receivables) = 11,606/((1294+798)/2) = 11,606/1046 = 11.10 Average receivables collection period =(365/receivables turnover) = 365/11.10 = 32.88 days Inventory turnover = (COGS/average inventory) = 7150/((1342+1552)/2) = 7150/1447 = 4.94 Average inventory processing period = (365/inventory turnover) = 365/4.94 = 73.89 days. Payables turnover = (COGS/average payables) = 7150/((620 + 597)/2) = 7150/609 = 11.74 Payables payment period = (365/11.74) = 31.09 days 2004 cash conversion cycle = 32.88 + 73.89 –31.09 = 75.68 days. From 2003 to 2004, the cash conversion cycle increased by (75.68-50.53) = 25.15 days.(3). Karazim has noted in her analysis that Gernot Inc.’s return on equity has fallen significantly from 2002 to 2004. Using the extended DuPont system, which of the following components had the most impact on Gernot’s ROE decline? () （分数：2.00）A.Financial leverage multiplier.B.Operating profit margin.C.Interest coverage ratio.D.Tax retention rate. √解析：From 2002 to 2004, ROE declined from (328/1575) = 20.8% to (304/2292) = 13.3%. The extended DuPont formula states that ROE = [(operating profit margin)(total asset turnover) – (interest expense rate)](financial leverage multiplier)(tax retention rate) For 2002: Operating profit margin = (EBIT/sales) = (513 + 147)/10,424 = 0.0633 = 6.33%. Total Asset Turnover = (sales/assets) = 10424/5012 = 2.08x Interest Expense rate = (interest expense/assets) = 147/5012 = 2.93% Financial leverage multiplier = (assets/equity) = 5012/1575 = 3.18 Tax retention rate = (1-tax rate) = 1 – (185/513) = 1 – 0.36 = 64%. For 2004: Operating profit margin = (EBIT/sales) = (516 + 340)/11,606 = 0.0738 = 7.38%. Total Asset Turnover = (sales/assets) = 11,606/7,636 = 1.52x Interest Expense rate = (interest expense/assets) = 340/7,636 = 4.45% Financial leverage multiplier = (assets/equity) = 7,636/2,292 = 3.33 Tax retention rate = (1-tax rate) = 1 – (212/516) = 1 – 0.41 = 59%. Since the operating profit margin and the financial leverage multiplier both increased, these did not have an adverse impact on the ROE. The interest coverage ratio is not part of the DuPont formula. The only viable answer is the tax retention rate, which, in fact did decline significantly.(4).Regarding Karazim’s conver sation with Cannon regarding the most useful ratios for various tasks: () （分数：2.00）A.Karazim’s statement is incorrect; Cannon’s statement is incorrect.B.Karazim’s statement is incorrect; Cannon’s statement is correct.√C.Karazim’s statement is correct; Cannon’s statement is correct.D.Karazim’s statement is correct; Cannon’s statement is incorrect.解析：Although return on assets is one of the ratios that bond agencies rely on heavily for deriving their debt ratings, it is not one of the ratios that is deemed most useful for stock valuation, therefore Karazim’s statement is incorrect. Return on equity, (not ROA), is a ratio that is deemedto be very effective for both stock valuation and determining credit ratings. Cannon’s statement is correct – the current ratio is considered to be one of the most effective ratios for both determining systematic risk (beta) based on accounting variables and for forecasting bankruptcy.(5).Karazim decides to enhance her analysis by creating common size statements for Gernot, Inc. Which of the following statements is CORRECT? A common size balance sheet expresses all balance sheet accounts as a percent of: () （分数：2.00）A.Total assets and a common size income statement expressall items as a percentage of net income.B.Sales and a common size income statement expressall items as a percentage of net income.C.Sales and a common size income statement expressall items as a percentage of total assets.D.Total assets and a common size income statement expressall items as a percentage of sales. √解析：Common size statements normalize balance sheet items by expressing each item as a percentage of total assets, and normalize income statements by expressing each item as a percentage of sales. Using common size statements allows the analyst to make easier comparisons of different sized firms. Explanations of terms：(10 points) 1. Legal tender：The status of legal tender simply means that coins and paper currency cannot lawfully be refused in payment for goods and services and in discharge of debts. 2. Double-entry bookkeeping：Bookkeeper debits the transaction to one account and credits it to another bill of exchange: A non-interest-bearing written order used primarily in international trade that binds one party to pay a fixed sum of money to another party at a predetermined future date. 3. Arbitrage pricing theory：An equilibrium model of asset pricing that states that the expected return on a security is a linear function of the security’s sensit ivity to various common factors. 4. Soft law：Quasi-legal instruments which do not have any legally binding force, or whose binding force is somewhat "weaker" than the binding force of traditional law, often contrasted to soft law by being referred to as "hard law". 5. Gold markets：According to its nature and the influence on the entire world gold transaction, gold market may be divided into leading market and regional market. According to the difference of transaction type and the transaction way, gold market may be divided into spot transaction and future transaction. Following international experiences, gold market participants include; gold enterprises, banks, hedge funds, organizations and personal investors, broker companies and the exchanges. Factors that Affect Gold Market are the quantity change of structure of supply and demand, economic factors and political situation and unexpected significant events. There are many different ways to invest in gold, such as gold futures, gold exploration companies, blue-chip gold mining stocks, gold mutual funds, gold bars, gold bullion and gold coins.三、Explanations of terms：(总题数：5，分数：30.00)11.Legal tender（分数：6.00）__________________________________________________________________________________________正确答案：()解析：12.Double-entry bookkeeping（分数：6.00）__________________________________________________________________________________________正确答案：()解析：13.Arbitrage pricing theory（分数：6.00）__________________________________________________________________________________________正确答案：()解析：14.Soft law（分数：6.00）__________________________________________________________________________________________ 正确答案：()解析：15.Gold markets（分数：6.00）__________________________________________________________________________________________ 正确答案：()解析：四、Question and Answer(总题数：4，分数：40.00)16. What is the Theory of Money Supply by the Monetarist School?（分数：10.00）__________________________________________________________________________________________ 正确答案：(Friedman held that money demand is relatively stable and money supply must be guaranteed stable, too, if there should be equilibrium between money demand and money supply. So Friedman opposed the management of the aggregate demand raised by Keynes and focused on the importance of money supply. According to the Monetarist School, the core of economic policies is placed on monetary policy, which should be the only important wander-working among all economic policies. Without monetary policy, other eco nomic policies can’t achieve their anticipated effect. Friedman assumed that the best choice in controlling money supply was the "single rule" of monetary policy, i. e. , making it known to the public to adapt a fixed increasing rate of money supply, excluded other factors, such as interest rates, credit flow, excess reserves on a voluntary basis, and so on. So monetary policy should just take a certain money stock as the only decisive factor. In order to carry out the "single rule”, three problems should be solved; the first is how to define the scope of the aggregate money supply; the second is how to decide the increasing rate of money supply and the third is whether or not fluctuation of the increasing rate of money supply is allowed during a certain period, a year or a season. The solution to the above problems is as follows; firstly, M2 should be the scope of the aggregate money supply; secondly, the increasing rate of money supply should be suited to economic growth rate and thirdly, it couldn’t be c hanged at will when the increasing rate of money supply had been decided. If there is need for change of the increasing rate of money supply, it should be announced and the band of fluctuation should be as small as possible. )解析：17.Explain the Open Market Operations.（分数：10.00）__________________________________________________________________________________________ 正确答案：(The most widely used instrument of monetary policy is open market operations. Open market operations involve the purchase of securities by a central bank to put additional reserves at the disposal of the banking system or the sale of securities to reduce reserves so that money supply can be altered. Open market operations are the bread-and-butter instrument of Federal Reserve policy in U. S. Because the central bank earns interest income from its securities portfolio, the total revenues earned by the central bank vary in direct proportion to the magnitude of its portfolio. However, this consideration plays no role in the central bank’s decision to acquire or sell securities. Indeed, if it did, the central bank could not perform the chief function of a central bank—conducting monetary policy in a way that contributes to the stability of aggregate expenditures and economic activity. Suppose the U. S. economy is encountering excessive aggregate demand and escalating inflation. The central bank is therefore intent on implementing a policy of monetary restraint. In that event, the central bank would sell securities on the openmarket. Assume that the central bank sells $225 million in U. S. Treasury bills to a government securities dealer, receiving payment via a check written against the dealer’s bank checking account. When the central bank receives the check, it "collects" by debiting the reserve account of (making a bookkeeping entry against) the dealer’s commercial bank and returns the check to that bank. Upon receipt of the check, the commercial bank debits the dealer’s demand deposit account. The relevant balance sheets exhibit the following changes. )解析：18.(1) State the difference between a documentary credit and a documentary collection. (2) Why is a documentary credit arrangement important to an exporter? (3) What is the difference between a revocable credit and an irrevocable credit?（分数：10.00）__________________________________________________________________________________________正确答案：((1) A documentary credit is a written undertaking by a banker who is the agent fro the importer or the buyer. The function of a documentary collection is to provide both importer (buyer) and exporter (seller) with a compromise to settle their trade transactions between payment in advance and on open account terms. The parties involved in a documentary credit arrangement include issuing banker, advising banker, the applicant and the beneficiary. Parties involved in a documentary collection include the drawer (exporter or seller), the remitting bank, the collecting bank and the drawee (importer or buyer). . Their processes are different. (2) In accordance with the instructions of the importer, the bank undertakes to pay the exporter, up to a limit, within a designated time period and against any stipulated terms and documents. The credit created for international settlement among banks not only provides a sense of security for the traders involved , but also a reliable source of finance for foreign trade where required .(3) A "revocable credit" may be cancelled at any time up to the moment the advising bank pays. This type of credit is the least favorable to the exporter. An irrevocable credit may not be amended or even cancelled without the consent of all the parties involved. This type of credit guarantees payment to the beneficiary, provided that the credit terms and conditions are met. ) 解析：19.What are the Countering Financial Abuse and Crime? What Others Are Doing?（分数：10.00）__________________________________________________________________________________________正确答案：((1) Since the late 1980s, the growing concerns about drug trafficking and the uses made of globalization facilitated by the advancements in communication technology have led to direct and indirect approaches by different international institutions and the international community to combat financial crime and money laundering. (2) The FATF and affiliated regional organizations lead the international efforts in directly combating money laundering. Members of the FATF engage in annual self-assessments and in periodic mutual evaluations of members’ anti-money laundering efforts. In June 2000, the FATF identified 15 non-member jurisdictions that it considers as "non-cooperative with international efforts against money laundering". Since the FATF is a voluntary task force and not a treaty organization, its recommendations do not constitute a binding international convention. Fund staff has participated, as observers, in most FATF plenaries since 1980. At the request of the FATF, Fund staff made a statement at the Junel996 FATF Plenary on the macroeconomic impact of money laundering, and the Managing Director made a statement at the February 1998 FATF plenary. The FATF has recently agreed to share results from their exercises with Fund staff conducting financial assessments, in the context of FSAP and OFC assessments. At a recent IMF Executive Board meeting, the possibility was raised that the FATF could be invited to prepare ROSC modules on Fund members’ observance of the FATFs Forty Recommendations. Some members of the FATF have asked that the Fund’s Article IV"? Surveill ance and program conditionally include anti-money laundering considerations. The FATF President, ina letter to Fund management, suggested that the FATF Forty Recommendations be adopted as the anti-money laundering standard. (3) Other direct efforts to counter financial crime are undertaken mainly by the International Criminal Police Organization (Interpol) and national financial intelligence units (FIUs). The United Nations takes part in the direct efforts through the United Nation’s Office for Drug Cont rol and Crime Prevention Global Program against Money Laundering (UNDCCP), which monitors weaknesses in global financial systems and assists countries in criminal investigations. Recently, the international community’s awareness of financial system abuse has been heightened by the work of the FSF. In May 2000, the FSF classified 42 OFCs into three groupings, and called on the Fund to take the lead in assessing OFCs adherence to internationally accepted standards and codes. (4) Indirect efforts to counter financial system abuse focus on the preconditions for the proper functioning of financial systems and the formulation and enforcement of relevant laws. These efforts encompass general standards for the supervision and regulation of banks, securities markets, and insurance, as incorporated in the standards developed by the Basel Committee, the IOSCO, and the IAIS. The substance of relevant FATF recommendations is incorporated in the principles of supervision of the Basel Committee and other international supervisory standard-setters. (5) Banking, insurance, and securities markets supervisors are involved in both indirect and direct efforts to combat financial system abuse. Supervisors in different countries exchange information (often based on a network of memoranda of understandings) about individual banks, insurance companies, or agents in the securities markets, with a view to uncover unsound and illegal activities such as securities fraud, insider trading, or misreporting. Supervision is also exercised over the internal mechanisms to control risks, particularly operational risks, which also contributes to countering fraud and other forms of financial crime. (6) Out of concern over the potential impact of tax-induced distortions in capital and financial flows on welfare and on individual countries tax bases, the OECD initiated coordinated action for the elimination of harmful tax practices. In May 1998, the OECD issued a report on Harmful Tax Competition including a series of 19 recommendations for combating harmful tax practices, established a Forum on Harmful Tax Practices, and proposed Guidelines for Dealing with Harmful Preferential Regimes in Member Countries (Annex II). In June 2000, OECD issued a list of countries it considers as engaged in harmful tax practices. )解析：。