2009年ACCAF4-F9真题

2009年ACCA F4-F9真题

1.Explain and distinguish between the following terms in relation to the doctrine of precedent in the English legal system:

(a) ratio decidendi and obiter dictum;

(b) binding precedent and persuasive precedent.

2.Yam Co is involved in the processing of sheet metal into products A, B and C using three processes, pressing,stretching and rolling. Like many businesses Yam faces tough price competition in what is a mature world market.

The factory has 50 production lines each of which contain the three processes: Raw material for the sheet metal is first pressed then stretched and finally rolled. The processing capacity varies for each process and the factory manager has provided the following data:

Processing time per metre in hours

Product A Product B Product C

Pressing 0·50 0·50 0·40

Stretching 0·25 0·40 0·25

Rolling 0·40 0·25 0·25

The factory operates for 18 hours each day for five days per week. It is closed for only two weeks of the year for holidays when maintenance is carried out. On average one hour of labour is needed for each of the 225,000 hours of factory time. Labour is paid $10 per hour.

The raw materials cost per metre is $3·00 for product A, $2·50 for product B and $1·80 for product C. Other factory costs (excluding labour and raw materials) are $18,000,000 per year. Selling prices per metre are $70 for product A, $60 for product B and $27 for product C.

Yam carries very little inventory.

Required:

(a) Identify the bottleneck process and briefly explain why this process is described as a

‘bottleneck’.

(b) Calculate the throughput accounting ratio (TPAR) for each product assuming that the bottleneck process is fully utilised.

(c) Assuming that the TPAR of product C is less than 1:

(i) Explain how Yam could improve the TPAR of product C.

(ii) Briefly discuss whether this supports the suggestion to cease the production of product C and briefly outline three other factors that Yam should consider before a cessation decision is

taken.

3.Domingo, Erigo and Fargo Gomez are three brothers. The following information is available for the tax year 2008–09:

Domingo Gomez

(1) Domingo is aged 67.

(2) During the tax year 2008-09 he received the state pension of ￡4,500 and a private pension of ￡2,300.

(3) In addition to his pension income Domingo received building society interest of ￡14,400 and interest of ￡600 on the maturity of a savings certificate from the National Savings and Investments Bank during the tax year 2008–09. These were the actual cash amounts received.

(4) During the tax year 2008–09 Domingo made donations of ￡300 (gross) to local charities. These were not made under the gift aid scheme.

Erigo Gomez

(1) Erigo is aged 56.

(2) He is employed as a business journalist by Economical plc, a magazine publishing company. During the tax year 2008–09 Erigo was paid a gross annual salary of ￡36,000.

(3) During the tax year 2008–09 Erigo used his private motor car for business purposes. He drove 18,000 miles in the performance of his duties for Economical plc, for which the company paid an allowance of 20 pence per mile.

(4) During June 2008 Economical plc paid ￡11,400 towards the cost of Erigo’s relocation when he was required to move his place of employment. Erigo’s previous main residence was 140 miles from his new place of employment with the company. The ￡11,400 covered the cost of disposing of Erigo’s old property and of acquiring a new property.

(5) Erigo contributed 6% of his gross salary of ￡36,000 into Economical plc’s HM Revenue and Customs’ registered occupational pension scheme.

(6) During the tax year 2008–09 Erigo donated ￡100 (gross) per month to charity under the payroll deduction scheme.

Fargo Gomez

(1) Fargo is aged 53.

(2) He commenced self-employment as a business consultant on 6 July 2008. Fargo’s tax adjusted trading profit based on his draft accounts for the nine-month period ended 5 April 2009 is ￡64,800. This figure is before making any adjustments required for:

(i) Advertising expenditure of ￡2,600 incurred during May 2008. This expenditure has not been

deducted in calculating the profit of ￡64,800.

(ii) Capital allowances.

(3) The only item of plant and machinery owned by Fargo is his motor car. This cost ￡11,000 on 6 July 2008.

During the nine-month period ended 5 April 2009 Fargo drove a total of 24,000 miles, of which 8,000 were for private journeys.

(4) During the tax year 2008-09 Fargo contributed ￡5,200 (gross) into a personal pension scheme, and made gift aid donations totalling ￡2,400 (net) to national charities.

Tax returns For the tax year 2008–09 Domingo wants to file a paper self-assessment tax return and have HM Revenue and Customs prepare a self-assessment on his behalf. Erigo also wants to file a paper tax return but will prepare his own self-assessment. Fargo wants to file his tax return online.

Required:

(a) Calculate the respective income tax liabilities for the tax year 2008–09 of:

(i) Domingo Gomez;

(ii) Erigo Gomez;

(iii) Fargo Gomez.

(b) Advise Domingo, Erigo and Fargo Gomez of the latest dates by which their respective

self-assessment tax returns for the tax year 2008–09 will have to be submitted given their stated filing preferences.

(c) Advise Domingo, Erigo and Fargo Gomez as to how long they must retain the records used in preparing their respective tax returns for the tax year 2008–09, and the potential consequences of not retaining the records for the required period.

4.Below are the summarised statements of financial position for three companies as at 31 March 2009:

Notes:

Pacemaker is a public listed company that acquired the following investments:

(i) Investment in Syclop

On 1 April 2007 Pacemaker acquired 116 million shares in Syclop for an immediate cash payment of $210 million and issued at par one 10% $100 loan note for every 200 shares acquired. Syclop’s retained earnings at the date of acquisition were $120 million.

(ii) Investment in Vardine

On 1 October 2008 Pacemaker acquired 30 million shares in Vardine in exchange for 75 million of its own shares. The stock market value of Pacemaker’s shares at the date of this share exchange was $1·60 each.

Pacemaker has not yet recorded the investment in Vardine.

(iii) Pacemaker’s other investments, and those of Syclop, are available-for-sale investments which are carried at their fair values as at 31 March 2008. The fair value of these investments at 31 March 2009 is $82 million and $37 million respectively.

Other relevant information:

(iv) Pacemaker’s policy is to value non-controlling interests at their fair values. The directors of Pacemaker assessed the fair value of the non-controlling interest in Syclop at the date of acquisition to be $65 million.

There has been no impairment to goodwill or the value of the investment in Vardine.

(v) At the date of acquisition of Syclop owned a recently built property that was carried at its (depreciated)

construction cost of $62 million. The fair value of this property at the date of acquisition was $82 million and it had an estimated remaining life of 20 years.

For many years Syclop has been selling some of its products under the brand name of ‘Kyklop’. At the date of acquisition the directors of Pacemaker valued this brand at $25 million with a remaining life of 10 years. The brand is not included in Syclop’s statement of financial position. The fair value of all other identifiable assets and liabilities of Syclop were equal to their carrying values at the date of its acquisition.

(vi) The inventory of Syclop at 31 March 2009 includes goods supplied by Pacemaker for $56 million (at selling price from Pacemaker). Pacemaker adds a mark-up of 40% on cost when selling goods to Syclop. There are no intra-group receivables or payables at 31 March 2009.

(vii) Vardine’s profit is subject to seasonal variation. Its profit for the year ended 31 March 2009 was $100 million.

$20 million of this profit was made from 1 April 2008 to 30 September 2008.

(viii) None of the companies have paid any dividends for many years.

Required:

Prepare the consolidated statement of financial position of Pacemaker as at 31 March 2009.

5.Background information

B-Star is a theme park based on a popular series of children’s books. Customers pay a fixed fee to enter the park, where they can participate in a variety of activities such as riding

roller-coasters, playing on slides and purchasing themed souvenirs from gift shops.

The park is open all year and has been in operation for the last seven years. It is located in a country which has very little rainfall – the park is open-air so poor weather such as rain results in a significant fall in the number of customers for that day (normally by 50%). During the last seven years there have been on average 30 days each year with rain.

B-Star is now very successful; customer numbers are increasing at approximately 15% each year. Ticket sales Customers purchase tickets to enter the theme park from ticket offices located outside the park. Tickets are only valid on the day of purchase. Adults and children are charged the same price for admission to the park. Tickets are preprinted and stored in each ticket office. Tickets are purchased using either cash or credit cards.

Each ticket has a number comprising of two elements – two digits relating to the ticket office followed by six digits to identify the ticket. The last six digits are in ascending sequential order.

Cash sales

1. All ticket sales are recorded on a computer showing the amount of each sale and the number of tickets issued.

This information is transferred electronically to the accounts office.

2. Cash is collected regularly from each ticket office by two security guards. The cash is then counted by two accounts clerks and banked on a daily basis.

3. The total cash from each ticket office is agreed to the sales information that has been transferred from each office.

4. Total cash received is then recorded in the cash book, and then the general ledger.

Credit card sales

1. Payments by credit cards are authorised online as the customers purchase their tickets.

2. Computers in each ticket office record the sales information which is transferred electronically to the accounts office.

3. Credit card sales are recorded for each credit card company in a receivables ledger.

4. When payment is received from the credit card companies, the accounts clerks agree the total sales values to the amounts received from the credit card companies, less the commission payable to those companies. The receivables ledger is updated with the payments received.

You are now commencing the planning of the annual audit of B-Star. The date is 3 June 2009 and B-Star’s year end is 30 June 2009.

Required:

(a) List and explain the purpose of the main sections of an audit strategy document and for each section, provide an example relevant to B-Star.

(b) (i) For the cash sales system of B-Star, identify the risks that could affect the assertion of completeness of sales and cash receipts;

(ii) Discuss the extent to which tests of controls and substantive procedures could be used to confirm the assertion of completeness of income in B-Star.

(c) (i) List the substantive analytical procedures that may be used to give assurance on the total income from ticket sales for one day in B-Star;

(ii) List the substantive analytical procedures that may be used to give assurance on the total income from ticket sales in B-Star for the year.

(d) List the audit procedures you should perform on the credit card receivables balance.

6.KFP Co, a company listed on a major stock market, is looking at its cost of capital as it prepares to make a bid to buy a rival unlisted company, NGN. Both companies are in the same business sector. Financial information on KFP Co and NGN is as follows:

NGN has a cost of equity of 12% per year and has maintained a dividend payout ratio of 45% for

several years. The current earnings per share of the company is 80c per share and its earnings have grown at an average rate of 4·5% per year in recent years.

The ex div share price of KFP Co is $4·20 per share and it has an equity beta of 1·2. The 7% bonds of the company are trading on an ex interest basis at $94·74 per $100 bond. The price/earnings ratio of KFP Co is eight times.

The directors of KFP Co believe a cash offer for the shares of NGN would have the best chance of success. It has been suggested that a cash offer could be financed by debt.

Required:

(a) Calculate the weighted average cost of capital of KFP Co on a market value weighted basis.

(b) Calculate the total value of the target company, NGN, using the following valuation methods: (i) Price/earnings ratio method, using the price/earnings ratio of KFP Co; and

(ii) Dividend growth model.

(c) Discuss the relationship between capital structure and weighted average cost of capital, and comment on the suggestion that debt could be used to finance a cash offer for NGN.

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