2022年ACCA/CAT考試模擬考試題姓名:年級:學號:題型選擇題填空題解答題判斷題計算題附加題總分得分評卷人得分1x(ii)Commentonthefiguresinthestatementpreparedin(a)(i)above.(4marks)正確答案:(ii)ThestatementofproductprofitabiIityshowsthatCTCisforecasttoachieveaprofitof$2-185miIIionin2008givinga□profit:salesratioof11,9%.However,theforecastprofitin2009isonly$22,000whichwouldgiveaprofit:salesratioIofjust0-19%!TotalsalesvoIumein2008is390,000unitswhichrepresent97-5%utiIisationoftotaIannuaIcapacity.11nstarkcontrast,thetotaIsalesvolumein2009isforecasttobe240,000unitswhichrepresents60%utiIisationofItotaIannuaIcapacityandshowstheexpectedrapiddecIineinsaIesvolumesofBrunoandKongproducts.TherapidIdeeIineinthesaIesofthesetwoproductsisonIyoffsettoarelativelysmaIIextentbyincreasedsalesvoIumefromtheiLeoproduct.Itisvitalthatanewproductorproductswithhealthycontributiontosalesratiosareintroduced.IManagementshouIdaIsoundertakecost/benefitanalysesinordertoassessthepotentiaIofextendingtheIifeofBruno□andKongproducts.2、3DamianisthefinancedirectorofLindenLimited,amediurnsized,unquoted,UKtradingcompany,witha31JuIyyearend.DamianpersonaIIyowns10%oftheordinaryissuedsharecapitaIofLindenLimited,forwhichhepaid￡10,000inJune1998.HeestimatesthatthecurrentmarketvaIueofLindenLimitedis￡9millionandthatthecompanywiIImaketaxabIeprofitsof￡1,4miIIionintheforthcomingyearto31JuIy2007.(a)DamianbeIievesthatLindenLimitedshouIdconductitsactivitiesinasociaIIyresponsibIemannerandtothisendhasproposedthatinfutureaIIcarspurchasedbythecompanyshouIdbeIowemissionvehicIes.ThesaIesdirectorhasstatedthatseveraIofhisstaff,whoarethemainrecipientsofcompanycars,otherthanthedirectors,areextremeIyunhappywiththisproposaI,perceivingitasdowngradingtheirvaIueandstatus.Thecarscurrentlyprovidedtothesalesstaffhavealistpriceof￡19,600,onwhichLindenLimitedreceivesabuIkpurchasediscountof6%fromthedeaIer,andaC02emissionrateof168grams/kilometre.Thecompanypaysforupto￡400ofaccessories,ofthesalesmen'sownchoicetobefittedtothecarsandaIIoftherunningcosts,includingprivatepetroI.Thecarsarereplacedeverythreeyearsandthe'old'carsaresoldatauction,becausetheyarehighmiIeagevehicles.ThelowemissioncarsitisproposedtopurchasewiIIhavethesameIistpriceasthecurrentcars,butthedealerisonIypreparedtoofferabulkdiscountof5%onthesevehicles.DamiandoesnotproposetomakeanyotherchangestoLindenLimited'scompanycarpolicyorpractice.Required:ExplainthetaxconsequencesoftheproposedmovetolowemissionvehiclesforboththeindividuaIsalesmenandLindenLimited,iIIustratingyouranswerbymeansofrelevantcalculationsofthetaxandnationaIinsurance(NIC)savingsarising.(9marks)正確答案:(a)(i)IndividualsaIesmenIThetaxabIebenefitisdeterminedbytheIistpriceofthevehicIeplusthecostoftheaccessories(￡20,000)andtheC02,emissionrate.ThecurrentvehicIeshaveaC02emissionrateof168grams/kilometre,sothebenefitwillbecalculated□attherateof20%((168-140)/5+15),resu11inginatotaIannuaIcarandcarfueIbenefitchargeof￡6,880(20,000x20%+14,400x20%).TheIowemissionvehicleswiIIbechargeabIeatthebasicpercentagerateof15%resultinginatotalannualcarandfuelbenefitchargeof￡5,160(20,000x15%+14,400x15%).ThesalesmenwiIIthus」makeanannuaIincometaxsavingattheirmarginalrateoftax,i.e.￡378(1,720x22%)iftheyarebasicratetaxpayers□and￡688(1,720x40%)iftheyarehigherratetaxpayers.ロLindenLimited□ThecurrentvehicleswiIIbeclassedas'expensive'carsbasedonthediscountedIistpricepIusthecostoftheaccessoriesof￡18,824(19,600x94%+400).TheannuaIwritingdownaIlowanceswiIIthusberestrictedto￡3,000throughouttheperiodofownership,buttherewiIIbenorestrictionofthebaIancingaIIowanceavaiIableondisposaI.TheIow□emissionvehicIeswiIIbeeligiblefora100%firstyearaIIowanceof￡19,020(19,600x95%+400),buttherewiIIコaIsobeabaIancingchargeondisposaIequivaIenttothesaIesproceeds.Therefore,thetotaIoftheaIIowancesavaiIabIe□overtheIifeofthecarswiIIbeeffectiveIythesameinbothcases.Asasinglecompanywithtaxableprofitsof□￡1,4miIIion,LindenLimitedwiIIpaycorporationtaxatthesmaIIcompaniesmarginaIrateof32?75%intheyearto□31July2007,givingataxbenefitinthatyearof￡5,247foreachlowemissioncarpurchased((19,020-3,000)x□32■75%).!IThecompanywiIIaIsomakeanannuaIsavingintermsoftheClass1AnationaIinsurancecontributionspayableonthe〔salesmen'sbenefitsof￡220((6,880-5,160)x12,8%).But,astheseClass1AcontributionsaredeductibIefor〔corporationtax,thenetsavingwillonlybe￡205(220x(100-32-75)%).IAstheVATliabilitypayableontheprovisionofprivatefueIisbasedonenginecapacity(nottheC02emissionrate)thisIwiIInotnecessarilybeaffected.3、(ii)ExplaintheaccountingtreatmentunderIAS39oftheIoantoBromwichinthefinanciaIstatementsofAmbushfortheyearended30November2005.(4marks)正確答案:(ii)ThereisobjectiveevidenceofimpairmentbecauseofthefinanciaIdifficultiesandreorganisationofBromwich.The,impairmentIossontheIoanwiIIbecaIcuIatedbydiscountingtheestimatedfuturecashfIows.ThefuturecashfIows□wiIIbe$100,000on30November2007.Thiswillbediscountedataneffectiveinterestrateof8%togiveapresent□valueof$85,733.Theloanwill,therefore,beimpairedby($200,000-$85,733)i.e.$114,267.(Note:IAS39requiresaccruaIofinterestonimpairedIoansattheoriginaleffectiveinterestrate.Intheyearto30November2006interestof8%of$85,733i.e.$6,859wouldbeaccrued.)□4、(ii)CaIcuIatePauI'staxliabilityifheexercisestheshareoptionsinMemphispIcandsubsequentIysellsthesharesinMemphisplcimmediateIy,asproposed,andshowhowhemayreducethistaxliability.(4marks)正確答案:(i)Raul'sincometaxliabilitywouldthusbeasfollows：￡Marketvalueofsharesonexercisedate(5.000x600) 30.000Pricepaidloexerciseoption⑸000x350) (17,500)Taxableincome 12,500TOC\o"1-5"\h\zIncometaxat40% 5,000Class1employeesnational insuranceat1% 125Totalincometaxandnationalinsurancepayable 5,125Onimmediatesaleoftheshares,nocapitalgainstaxwouldbedueastheshareswillnothaveincreasedinvalue.Hcwever.if內ulweretoexercisehisoptionsafter25June2006.thenhewouldbesubjectlocapitalgainstaxonthesubsequentsaleon?y.Foul'scapitalgainstaxliabilitywouldbeasfollows：￡Proceeds 30.000Pricepaidtoexerciseoption(5.000x350) (17,500)Gain 12.500Less；annualexemption (8,500)Taxablegain 4,000Capitalgainstaxat40% 1,600Note：taperreliefonlyrunsfromthedateofexerciseoftheoptions,thereforenoneisavailableAsaresultofdeferringtheexercisedate.%ulwillsavetaxof￡3,525(5.125-1,600).5、(c)Explainhowabsolutist(dogmatic)andrelativist(pragmatic)ethicaIassumptionswouldaffecttheoutcomeofAnne'sdecision.(6marks)正確答案:(c)AbsoIutismandrelativismHAbsolutismandrelativismrepresenttwoextremepositionsofethicaIassumptions.iDefinitionslAnabsolutistassumptionisonethatbeIievesthatthereare'eternaI'rulesthatshouIdguideaIIethicaIandmoraIdecision□makinginaIIsituations.Accordingly,inanygivensituation,thereislikelytobeonerightcourseofactionregardIessoftheLjoutcome.AnabsoIutistbeIievesthatthisshouIdbechosenregardIessoftheconsequencesorthecost.Adogmaticapproach□tomoraIityisanexampIeofanabsolutistapproachtoethics.Adogmaticassumptionisonethatisacceptedwithout□discussionordebate.ReIativistassumptionsare4situationaI'innature.Ratherthanarguingthatthereisasinglerightchoice,arelativistwiIItend□toadoptapragmaticapproachanddecide,intheIightofthesituationbeingconsidered,whichisthebestoutcome.ThiswiIIinvolveadecisiononwhatoutcomeisthemostfavourabIeandthatisamatterofpersonaIjudgment.□Outcomes〇IfAnneweretoadoptabsoIutist/dogmaticassumptions,shewouIdbelikelytodecidethatshewouIdneedtopursuewhat」sheperceivesistherightcourseofactionregardIessofcosttoherseIforthereIationshipwiththecIientorhermanager.Given」thatsheunearthedasuspectandunaccounted-forpayment,andthatshereceivedaninadequateexpIanationfromthecIient,shewouIdprobabIyrecommendextensiontotheauditbeyondtheweekend.IfAnnweretoadoptrelativistorpragmaticassumptions,shewouldhaveapotentiaIIymuchmorecompIicateddecisionto□make.Shewouldhavetodecidewhetheritwasmoreimportant,ethicaIIy,toyieldtothepressurefromZacharyintheinterestsofhershort-termcareerinterestsor*holdout'toprotecttheinterestsofthesharehoIders.AnnecouldrecommendsignoffandtrusttheFD'sexpIanationbutsheismoreIikeIytoseekfurtherevidenceorassurancefromthecompanybeforeIIshedoesso.6、6TheexpIosivegrowthofinvestingandraisingcapitaIinthegIobaImarketshasputnewemphasisonthedeveIopmentofinternationaIaccounting,auditingandethicaIstandards.TheInternationaIFederationofAccountants(IFAC)hasbeenattheforefrontofthedevelopmentoftheworIdwideaccountancyprofessionthroughitsactivitiesinethics,auditingandeducation.Required:ExplainthedeveIopmentsineachofthefollowingareasandindicatehowtheyaffectCharteredCertifiedAccountants:(a)IFAC's'CodeofEthicsforProfessionaIAccountants';(5marks)正確答案:6DEVELOPMENTSANDCERTIFIEDCHARTEREDACCOUNTANTS□TutoriaInote:Theanswerwhichfollowsisindicativeoftherangeofpointswhichmightbemade.OtherreIevantmateriaIwiII□begivensuitablecredit.(a)IFAC's'CodeofEthicsforProfessionaIAccountants'□Sinceitsissuein1996,IFAC's'CodeofEthicsforProfessionalAccountants'('TheCode')hasundergoneseveraIrevisions(1996,1998,2001,2004and2005).IFACholdstheviewthatduetonationaIdifferences(ofculture,language,legalandDsociaIsystems)thetaskofpreparingdetaiIedethicaIrequirementsisprimariIythatofthememberbodiesineachcountry□concerned(andthattheyaIsohavetheresponsibiIitytoimpIementandenforcesuchrequirements).ロInrecognizingtheresponsibiIitiesoftheaccountancyprofession,IFACconsidersitsownroIetobeinprovidingguidanceandHpromotingharmonization.IFAChasestabIished'TheCode'toprovideabasisonwhichtheethicaIrequirementsfor」professionaIaccountantsineachcountryshouIdbefounded.0IFAC'sconceptuaIapproachisprinciples-based.Itprovidesaroutetoconvergencethatemphasisestheprofession'sintegrity.□Thisapproachmaybesummarisedas:——identifyingandevaIuatingcircumstancesandreIationshipsthatcreatethreats(e.g.toindependence);and■takingappropriateactionto:-eIiminatethesethreats;or-reducethemtoanacceptabIeIeveIbytheappIicationofsafeguards.IfnosafeguardsareavaiIabIetoreduceathreattoanacceptableIeveIanassuranceengagementmustberefusedorIdiscontinued.IIThisapproachwasfirstintroducedtoSection8ofTheCode,onindependence,andisappIicabletoassuranceengagementsIwhentheassurancereportisdatedonorafter31December2004.IFurthertothecasesofEnron,WorIdcomandParmaIat,IFACissuedarevisedCodeinJuIy2005thatappIiestoaIIprofessionaIlaccountants,whetherinpubIicpractice,business,industryorgovernment2.IAmemberbodyofIFACmaynotappIyIessstringentstandardsthanthosestatedintheCode.TheCodeiseffectivefrom□30June2006.iPracticingaccountantsandmembersinbusinessmustmaintainthehighstandardsofprofessionaIethicsthatareexpected□bytheirprofessionaIbodies(suchasACCA).ThesedeveIopmentscodifycurrentbestpracticeinthewakeofthe,aforementionedrecentcorporatescandaIs.□ThedeveIopmentsinTheCodehavewiderappIicationinthatit:■appIiestoaIIassuranceservices(notjustaudit);?considersthestandpointsofthefirmandoftheassuranceteam.□SineeACCAisamember-bodyofIFACtheeIevationofTheCodetoastandardwiIIaffecta11CharteredCertifiedAccountants.□.7、2Tyre,apubIicIimitedcompany,operatesinthevehicIeretaiIingsector.ThecompanyiscurrentIypreparingitsfinanciaIstatementsfortheyearended31May2006andhasaskedforadviceonhowtodeaIwiththefollowingitems:i)Tyrerequirescustomerstopayadepositof20%ofthepurchasepricewhenplacinganorderforavehicle.IfthecustomercanceIstheorder,thedepositisnotrefundabIeandTyreretainsit.IftheordercannotbefuIfiIledbyTyre,thecompanyrepaysthefuIIamountofthedeposittothecustomer.ThebalanceofthepurchasepricebecomespayabIeonthedeIiveryofthevehicIewhenthetitletothegoodspasses.TyreproposestorecognisetherevenuefromthedepositsimmediateIyandthebaIanceofthepurchasepricewhenthegoodsaredeIiveredtothecustomer.ThecostofsaIesforthevehicIeisrecognisedwhenthebaIanceofthepurchasepriceispaid.AdditionaIIy,TyrehadsoldafIeetofcarstoHubandgaveHubadiscountof30%oftheretaiIpriceonthetransaction.ThediscountgivenisnormaIforthistypeoftransaction.TyrehasgivenHubabuybackoptionwhichentitlesHubtorequireTyretorepurchasethevehiclesafterthreeyearsfor40%ofthepurchaseprice.ThenormaIeconomicIifeofthevehiclesisfiveyearsandthebuybackoptionisexpectedtobeexercised.(8marks)Required:AdvisethedirectorsofTyreonhowtotreattheaboveitemsinthefinanciaIstatementsfortheyearended31May2006.(ThemarkaIlocationisshownagainsteachoftheaboveitems)正確答案:Adviceonsundryaccountingissues:yearended31May2006「ThefollowingdetaiIsthenatureoftheadvicerelevanttotheaccountingissues.iRevenuerecognition□(i)Saletocustomers□IAS18'Revenue'requiresthatrevenuereIatingtothesaleofgoodsisrecognisedwhenthesignificantrisksandrewardsareHtransferredtothebuyer.AIsothecompanyshouIdnotretainanycontinuingmanageriaIinvoIvementassociatedwith二〇wnershiporcontroIofthegoods.AdditionaIIytherevenueandcostsmustbecapabIeofreIiabIemeasurementanditshouId□beprobabIethattheeconomicbenefitsofthetransactionwiIIgotothecompany.__IAIthoughthedepositisnonrefundabIeoncanceIIationoftheorderbythecustomer,thereisavalidexpectationthatthe□depositwiIIberepaidwherethecompanydoesnotfulfiIitscontractuaIobIigationinsupplyingthevehicIe.ThedepositshouId,□therefore,onlyberecognisedinrevenuewhenthevehiclehasbeendeIiveredandacceptedbythecustomer.Itshouldbe□treatedasaliabilityuptothispoint.Atthispointalso,thebaIanceofthesaIeproceedswiIIberecognised.IfthecustomerIdoescanceItheorder,thenthedepositwouldberecognisedinrevenueatthedateofthecanceIIationoftheorder.□TheappendixtoIAS18,althoughnotpartofthestandard,agreesthatrevenueisrecognisedwhengoodsofthisnatureare□deIiveredtothebuyer.SaleofFIeetcarsコThecompanyhasnottransferredthesignificantrisksandrewardsofownershipasrequiredbyIAS18asthebuybackoptionisexpectedtooccur.ThereasonforthisconeIusionisthatthecompanyhasretainedtheriskassociatedwiththeresiduaI□vaIueofthevehicles.Therefore,thetransactionshouIdnotbetreatedasasaIe.ThevehiclesshouldbetreatedasanoperatingleaseasessentiaIIyonIy60%ofthepurchasepricewiIIbereceivedbyTyre.Ownershipoftheassetsarenotexpectedtobe(transferredtoHub,theleasetermisarguabIynotforthemajorpartoftheassets*Iife,andthepresentvaIueoftheminimum11easepaymentswiIInotbesubstantiaIIyequivalenttothefairvaIueoftheasset.Thereforeitisanoperatinglease(IAS17).INo*outrightsaIeprofit*wiIIberecognisedastherisksandrewardsofownershiphavebeenretainedandnosalehasoccurred.iThevehicleswiIIbeshowninproperty,pIantandequipmentattheircarryingamount.TheIeaseincomeshouIdberecognised」onastraightIinebasisovertheleasetermofthreeyearsunIesssomeotherbasisismorerepresentative.ThevehicleswiIIIbedepreciatedinaccordancewithIAS16,'Property,PIantandEquipment*.Ifthereisanyindicationofimpairmentthenthe□companywiIIappIyIAS36'ImpairmentofAssets,.AsthediscountgivenisnormaIforthistypeoftransaction,itwiIInotbedtakenintoaccountinestimatingthefairvaIueoftheassets.□ThebuybackoptionwiIIprobabIymeetthedefinitionofafinanciaIliabilityandwiIIbeaccountedforunderIAS39'FinanciaI□Instruments:recognitionandmeasurement,.Theliabilityshouldbemeasuredat'fairvaIue,andsubsequentIyatamortisedcostunlessdesignatedattheoutsetasbeingatfairvaIuethroughprofitorIoss.8、(ii)BrieflyexplaintheimpIicationsofParrCo,sauditopinionforyourauditopinionontheconsoIidatedfinanciaIstatementsofCIeevesCofortheyearended30September2006.(3marks)正確答案:(ii)ImpIicationsforauditopiniononconsolidatedfinanciaIstatementsofCleevesロ?IfthepotentiaIadjustmentstonon-currentassetcarryingamountsandlossarenotmateriaItotheconsoIidatedロfinancialstatementstherewiIIbenoimpIication.However,asHowardismateriaItoCleevesandthemodification」appearstobe'somaterial'(givingrisetoadverseopinion)thisseemsuniikeIy.QTutoriaInote:ThequestioncIearIystatesthatHowardismateriaItoCIeeves,thusthereisnocaIIforspecuIationOonthis.」?AsHowardiswhoIIy-ownedthemanagementofCIeevesmustbeabIetorequestthatHoward'sfinancialstatements□areadjustedtorefIecttheimpairmentoftheassets.Theauditor'sreportonCIeeveswiIIthenbeunmodified□(assumingthatanyimpairmentoftheinvestmentinHowardisproperIyaccountedforintheseparatefinancial□statementsofCleeves).1?IftheimpairmentIossesarenotrecognisedinHoward'sfinancialstatementstheycanneverthelessbeadjustedonIconsolidationofCleevesanditssubsidiaries(bywritingdownassetstorecoverableamounts).TheauditopinionIonCleevesshouldthenbeunmodifiedinthisrespect.IHIfthereisnoadjustmentofHoward'sassetvaIues(eitherinHoward'sfinancialstatementsoronconsolidation)itIismostIikeIythattheauditopiniononCleeves'sconsolidatedfinancialstatementswouIdbe'exceptfor'.(ItshouId、」notbeadverseasitisdoubtfuIwhethereventheopiniononHoward'sfinanciaIstatementsshouldbeadverse.)iTutoriaInote:ThereiscurrentIynorequirementinISA600todisclosethatcomponentshavebeenauditedbyanother□auditorunlesstheprincipalauditorispermittedtobasetheiropinionsolelyuponthereportofanotherauditor.9、(b)HowmightthemarketingmixvarybetweenthethreechanneIsHeIenisconsi