ACCA F4-F9模拟题及解析(2)
ACCA机考考试科目F9重点解析
对于ACCA机考你知道多少?下面中公财经小编就F9机考题型中几类给大家详细介绍一下吧。
具体情况如下所示;我们经常把风险(Risk)和不确定性(Uncertainty)挂嘴边，一般的人通常傻傻分不清楚他们两者。
但是!作为一个合格的ACCAer一定要知道风险和不确定性的差异。
我们通常无法提前知道商业(甚至生活)中某件事情的具体结果，这简直逼死强迫症和投资者，尤其是有强迫症的投资者。
因此，人们投入了大量的时间研究这个问题。
芝加哥经济学家Frank Knight最开始在他的书Risk,Uncertainty and Profit里面对Risk和Uncertainty进行了准确的定义。
对这种无法知道事件具体结果的情况，Knight称之为Uncertainty。
而这种Uncertainty被细分为两类，Uncertainty Risk(也就是我们F9里面所说的Risk)以及Genuine Uncertainty(也就是我们F9里面所说的Uncertainty)。
下面，我们开始使用F9里面的术语如果我们能够在事前知道事情可能的结果(possible outcomes)以及每种结果的发生的概率，那么这就是Risk的情况。
举一个最庸俗的例子，抛硬币。
抛硬币的结果就两种：正面和反面，而且每一种结果的可能性我们都能在事前知道——各50%。
也正因为知道事情的possible outcomes和每一种outcomes，因此Risk的大小是可以计算出来的，也就是说Risk can be quantified。
我们一定记得，Expected Value是期望值，也就是在有Risk的情况下考虑各种可能结果及其概率后得到的均值结果。
但EV并没有衡量Risk的大小!风险的大小：指事情的possible outcomes与期望值之间的偏离程度，可以用方差(Variance)或者标准差(Standard deviation)来衡量。
在F9里面，我们会学到用EV和Risk-adjusted discount rate的方法在做投资分析时对有risk的case进行分析。
ACCA F9试卷解析
ACCA F9试卷解析
14年12月考试是改变题型后的第一次考试，没有参考. 很多同学觉得没底，不清楚考试内容，架构，题型和重点。
其实，大家没有必要焦虑，总的来说，此次题型改变没有增加考试难度，而是增加了广泛度。
题型
首先，说说题型。
试卷分为section A and B两个部分。
Section A
A部分20道选择题，共40分。
选择题中既有计算也有理论。
选择题会覆盖大纲各个部分的内容，以前考试很少会涉及到的一些关于财务管理环境的题目现在都可能出现在试卷里，例如，money market 的financial instrument 等。
Section B
Section B是5道大题，共计60分。
第1，2，3题，每题10分。
考核内容包括是：
• Working capita l
• Financing decisio n
• Risk management (Forward and money market hedge)
• Business valuatio n
第4题是investment decision, 计算NPV等.
第5题是Cost of capital, 计算WACC等。
ACCA F4-F9模拟题及解析(5)
ACCA F4-F9模拟题及解析（5）1. (a) In order for auditors to operate effectively and to provide an opinion on an entity’s financial statements, they are given certain rights.Required:State THREE rights of an auditor, excluding those related to resignation and removal. (3 marks) (b) HKSA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment 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 themaintenance 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)2. Sunflower 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)3.(a) Identify and explain each of the FIVE fundamental principles contained within ACCA’s Code of Ethics and Conduct. (5 marks)(b) Rose Leisure Club Co (Rose) operates a chain of health and fitness clubs. Its year end was31 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 accruals Rose’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) Receivables Rose’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 staffand 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)4.(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 the bank 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 the issue; 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)试题及答案1.(a)Auditors’ rights– Right of access at all times to the company’s books, accounts and vouchers.– Right to require from an officer of the company such information or explanations as they think necessary for the performance of their duties as auditors.– Right to receive all communications relating to written resolutions.– Right to receive all notices of, and other communications relating to, any general meeting which a member of the company is entitled to receive.– Right to attend any general meeting of the company.– Right to be heard at any general meeting which an auditor attends on any part of the business of the meeting which concerns them as auditor.(b) Control activities Segregation of duties – assignment of roles/responsibilities to different people, thereby reducing the risk of fraud and error occurring.Information processing – computer controls including general IT controls, which cover a range of applications and support the overall IT environment and application controls which are manual or automated controls which operate on a cycle/business process level.Authorisation – approval of transactions by a suitably responsible official to ensure transactions are genuine.Physical controls – restricting access to physical assets such as cash, inventory and plant and equipment, thereby reducing the risk of theft.Performance reviews – comparison or review of the performance of the business by looking at areas such as budget v actual results.Arithmetical controls – controls which check the arithmetical accuracy of accounting records. Account reconciliations – comparison of an account balance with another source; often this source is from a third party, such as the bank, with differences being investigated.(c)Limitations of external auditsAn external audit has a number of limitations which reduce its usefulness:Sampling – it is not practical for an auditor to test 100% of transactions and so they have to apply sampling methodologies in selecting balances/transactions to test. Therefore, there could be an error in an item not selected for testing by the auditor.Subjectivity – financial statements include judgemental and subjective areas and therefore the auditor is required to use their judgement in assessing whether the financial statements are true and fair.Inherent limitations of internal control systems – an internal control system is operated by people and hence is liable to human error. In addition, there is the possibility of controls override by management and of collusion and fraud. It is impossible to remove all of these inherent limitations and as the auditor relies on the internal control systems, this can reduce the usefulness of the audit.Evidence is persuasive not conclusive – the opinion is based on audit evidence gathered; however, while this evidence can indicate possible issues affecting the audit opinion, evidence involves estimates and judgements and hence does not give a definite conclusion.Audit report format – the format of the opinion is determined by International Standards on Auditing. However, the terminology used is not usually understood by non-accountants. This means that users may not actually understand the audit opinion given.Historic information – the audit report is often issued some time after the year end, and so the financial information can be quite different to the current position. In the current marketplace where companies’ financial positions can change quite quickly, the audit opinion may no longer be relevant as it is out of date.2 (a)Understanding an entitySource of information Information expect to obtainPrior year audit file Identification of issues that arose in the prior year audit and howthese were resolved. Also whether any points brought forward were noted for consideration for this year’s audit.Prior year financial statements Provides information in relation to the size of the entity as well as the key accounting policies and disclosure notes.Accounting systems notes Provides information on how each of the key accounting systems operates.Discussions with management Provides information in relation to any important issues which havearisen or changes to the company during the year.Current year budgets and management Provides relevant financial information for the year to date. Will help accounts of Sunflower Stores Co (Sunflower) the auditor to identify whether Sunflower has changed materially since last year. In addition, this will be useful for preliminary analytical review and risk identification.Permanent audit file Provides information in relation to matters of continuing importancefor the company and the audit team, such as statutory books information or important agreements. Sunflower’s website Recent press releases from the company may provide background on changes to the business during the year as this could lead to additional audit risks.Prior year report to management Provides information on the internal control deficiencies noted in the prior year; if these have not been rectified by management then theycould arise in the current year audit as well.Financial statements of competitors This will provide information about Sunflower’s competitors, in relation to their financial results and their accounting policies. This will be important in assessing Sunflower’s performance in the year and also when undertaking the going concern review.(b)Audit risks and auditor responses Audit risk Auditor response Sunflower has spent $1·6m on refurbishing its 25 food supermarkets. This expenditure needs to be reviewed to assess whether it is of a capital nature and should be included within non-current assets or expensed as repairs. Review a breakdown of the costs and agree to invoices to assess the nature of the expenditure and, if capital, agree to inclusion within the asset register and, if repairs, agree tothe income statement.During the year a small warehouse has been disposed of at a profit. The asset needs to have been correctly removed from property plant and equipment to ensure the non-current asset register is not overstated, and the profit on disposal should be included within the income statement. Review the non-current asset register to ensure that the asset has been removed. Also confirm the disposal proceeds as well as recalculating the profit on disposal.Consideration should be given as to whether the profit on disposal is significant enough to warrant separate disclosure within the income statement.Sunflower has borrowed $1·5m from the bank via a five year loan. This loan needs to be correctly split between current and non-current liabilities.In addition, Sunflower may have given the bank a charge over its assets as security for the loan. There is a risk that the disclosure of any security given is not complete.During the audit the team would need to confirm that the $1·5m loan finance was received. In addition, the split between current and non-current liabilities and the disclosures for this loanshould be reviewed in detail to ensure compliance with relevant accounting standards.The loan agreement should be reviewed to ascertain whether any security has been given, and this bank should be circularised as part of the bank confirmation process.Sunflower will be undertaking a number of simultaneous inventory counts on 31 December including the warehouse and all 25 supermarkets. It is not practical for the auditor to attend all of these counts; hence it may not be possible to gain sufficient appropriate audit evidence over inventory counts.The team should select a sample of sites to visit. It is likely that the warehouse contains most goods and therefore should be selected. In relation to the 25 supermarkets, the team should visit those with material inventory balances and/or those with a history of inventory count issues.(c)Internal audit departmentPrior to establishing an internal audit (IA) department, the finance director of Sunflower should consider the following:(i) The costs of establishing an IA department will be significant, therefore prior to committing to these costs and management time, a cost benefit analysis should be performed.(ii) The size and complexity of Sunflower should be considered. The larger, more complex and diverse a company is, then the greater the need for an IA department. At Sunflower there are 25 supermarkets and a head office and therefore it would seem that the company is diverse enough to gain benefit from an IA department.(iii) The role of any IA department should be considered. The finance director should consider what tasks he would envisage IA performing. He should consider whether he wishes them to undertake inventory counts at the stores, or whether he would want them to undertake such roles as internal controls reviews.(iv) Having identified the role of any IA department, the finance director should consider whether there are existing managers or employees who could perform these tasks, therefore reducing the need to establish a separate IA department.(v) The finance director should assess the current control environment and determine whether there are departments or stores with a history of control deficiencies. If this is the case, then it increases the need for an IA department.(vi) If the possibility of fraud is high, then the greater the need for an IA department to act as both a deterrent and also to possibly undertake fraud investigations. As Sunflower operates 25 food supermarkets, it will have a significant risk of fraud of both inventory and cash.3. (a)Fundamental principlesIntegrity –to be straightforward and honest in all professional and business relationships. Objectivity–to not allow bias, conflict of interest or undue influence of others to override professional or business judgements.Professional Competence and Due Care – to maintain professional knowledge and skill at the level required to ensure that a client receives competent professional services, and to act diligently and in accordance with applicable technical and professional standards.Confidentiality – to respect the confidentiality of information acquired as a result of professional and business relationships and, therefore, not to disclose any such information to third parties without proper authority, nor use the information for personal advantage. Professional Behaviour – to comply with relevant laws and regulations and avoid any action that discredits the profession.15Audit risk Auditor response Sunflower’s inventory valuation policy is selling price less average profit margin. Inventory should be valued at the lower of cost and net realisable value (NRV) and if this is not the case, then inventory could be under or overvalued.HKAS 2 Inventories allows this as an inventory valuation method as long as it is a close approximation to cost. If this is not the case, then inventory could be under or overvalued.Testing should be undertaken to confirm cost and NRV of inventory and that on a line-by-line basis the goods are valued correctly.In addition, valuation testing should focus on comparing the cost of inventory to the selling price less margin to confirm whether this method is actually a close approximation to cost. The opening balances for each supermarket have been transferred into the head office’s accounting records at the beginning of the year. There is a risk that if this transfer has not been performed completely and accurately, the opening balances may not be correct.Discuss with management the process undertaken to transfer the data and the testing performed to confirm the transfer was complete and accurate.Computer-assisted audit techniques could be utilised by the team to sample test the transfer of data from each supermarket to head office to identify any errors.There has been an increased workload for the finance department, the financial controller has left and his replacement will only start in late December.This increases the inherent risk within Sunflower as errors may have been made within the accounting records by the overworked finance team members. The new financial controller may not be sufficiently experienced to produce the financial statements and resolve any audit issues.The team should remain alert throughout the audit for dditional errors within the financedepartment.In addition, discuss with the finance director whether he will be able to provide the team with assistance for any audit issues the new financial controller is unable to resolve.(b)Substantive procedures(i)Trade payables and accruals– Calculate the trade payable days for Rose Leisure Clubs Co (Rose) and compare to prior years, investigate any significant difference, in particular any decrease for this year.– Compare the total trade payables and list of accruals against prior year and investigate any significant differences.– Discuss with management the process they have undertaken to quantify the understatement of trade payables due to the cut-off error and consider the materiality of the error.– Discuss with management whether any correcting journal entry has been included for the understatement.– Select a sample of purchase invoices received between the period of 25 October and the year end and follow them through to inclusion within accruals or as part of the trade payables journal adjustment.– Review after date payments; if they relate to the current year, then follow through to the purchase ledger or accrual listing to ensure they are recorded in the correct period.– Obtain supplier statements and reconcile these to the purchase ledger balances, and investigate any reconciling items.– Select a sample of payable balances and perform a trade payables’ circularisation, follow up any non-replies and any reconciling items between the balance confirmed and the trade payables’ balance.– Select a sample of goods received notes before the year end and after the year end and follow through to inclusion in the correct period’s payables balance, to ensure correct cut-off. (ii)Receivables– For non-responses, with the client’s permission, the team should arrange to send a follow up circularisation.– If the receivable does not respond to the follow up, then with the client’s permission, the senior should telephone the customer and ask whether they are able to respond in writing to the circularisation request.– If there are still non-responses, then the senior should undertake alternative procedures to confirm receivables.– For responses with differences, the senior should identify any disputed amounts, and identifywhether these relate to timing differences or whether there are possible errors in the records of Rose.– Any differences due to timing, such as cash in transit, should be agreed to post year-end cash receipts in the cash book.– The receivables ledger should be reviewed to identify any possible mispostings as this could be a reason for a response with a difference.– If any balances have been flagged as disputed by the receivable, then these should be discussed with management to identify whether a write down is necessary.(iii)Reorganisation– Review the board minutes where the decision to reorganise the business was taken, ascertain if this decision was made pre year end.– Review the announcement to shareholders in late October, to confirm that this was announced before the year end.– Obtain a breakdown of the reorganisation provision and confirm that only direct expenditure from restructuring is included.– Review the expenditure to confirm that there are no retraining costs included.– Cast the breakdown of the reorganisation provision to ensure correctly calculated.– For the costs included within the provision, agree to supporting documentation to confirm validity of items included.– Obtain a written representation confirming management discussions in relation to the announcement of the reorganisation.– Review the adequacy of the disclosures of the reorganisation in the financial statements to ensure they are in accordance with HKAS 37 Provisions, Contingent Liabilities and Contingent Assets.4.(a)Written representationsWritten representations are necessary information that the auditor requires in connection with the audit of the entity’s financial statements. Accordingly, similar to responses to inquiries, written representations are audit evidence.The auditor needs to obtain written representations from management and, where appropriate, thosecharged with governance that they believe they have fulfilled their responsibility for the preparation of the financial statements and for the completeness of the information provided to the auditor.Written representations are needed to support other audit evidence relevant to the financial statements or specific assertions in the financial statements, if determined necessary by theauditor or required by other Hong Kong Standards on Auditing.This may be necessary for judgemental areas where the auditor has to rely on management explanations. Written representations can be used to confirm that management have communicated to the auditor all deficiencies in internal controls of which management are aware.Written representations are normally in the form of a letter, written by the company’s management and addressed to the auditor. The letter is usually requested from management but can also be requested from the chief operating officer or chief financial officer. Throughout the fieldwork, the audit team will note any areas where representations may be required.During the final review stage, the auditors will produce a draft representation letter. The directors will review this and then produce it on their letterhead.It will be signed by the directors and dated as at the date the audit report is signed, but not after.(b) Oral representationA representation from management confirming that overdrafts are complete would be relevant evidence. Overdrafts are liabilities and therefore the main focus for the auditor is completeness.With regards to reliability, the evidence is oral rather than written and so this reduces its reliability. The directors could in the future deny having given this representation, and the auditors would have no documentary evidence to prove what the directors had said.This evidence is obtained from management rather than being auditor generated, and is therefore less reliable. Management may wish to provide biased evidence in order to reduce the amount of liabilities in the financial statements. The auditors are unbiased and so evidence generated directly by them will be better.External evidence obtained from the company’s banks could be used to confirm the bank overdraft balances and this would be more independent than relying on management’s internal confirmations.(c)Daisy Designs Co (Daisy)(i)Daisy’s sales ledger has been corrupted by a computer virus; hence no detailed testing has been performed on revenue and receivables. The audit team will need to see if they can confirm revenue and receivables in an alternative manner.If they are unable to do this, then two significant balances in the financial statements will not have been confirmed.Revenue and receivables are both higher than the total profit before tax (PBT) of $2m; receivables are 170% of PBT and revenue is nearly eight times the PBT; hence this is a very material issue. (ii) Procedures to be adopted include:– Discuss with management whether they have any alternative records which detail revenue andreceivables for the year.– Attempt to perform analytical procedures, such as proof in total or monthly comparison to last year, to gain comfort in total for revenue and for receivables.(iii)The auditors will need to modify the audit report as they are unable to obtain sufficient appropriate evidence in relation to two material and pervasive areas, being receivables and revenue. Therefore a disclaimer of opinion will be required.A basis for disclaimer of opinion paragraph will be required to explain the limitation in relation to the lack of evidence over revenue and receivables. The opinion paragraph will be a disclaimer of opinion and will state that we are unable to form an opinion on the financial statements. Fuchsia Enterprises Co (Fuchsia)(i)Fuchsia is facing going concern problems as it has experienced difficult trading conditions and it has a negative cash outflow. However, the financial statements have been prepared on a going concern basis, even though it is possible that the company is not a going concern. The prior year financial statements showed a profit of $1·2m and the current financial statements show a loss before tax of $4·4m, the net cash outflow of $3·2m represents 73% of this loss(3·2/4·4m) and hence is a material issue.(ii) Management are confident that further funding can be obtained; however, the team is sceptical and so the following procedures should be adopted:– Discuss with management whether any finance has now been secured.– Review the correspondence with the finance provider to confirm the level of funding that is to be provided and this should be compared to the net cash outflow of $3·2m.– Review the most recent board minutes to understand whether management’s view on Fuchsia’s going concern has altered.– Review the cash flow forecasts for the year and assess the reasonableness of the assumptions adopted.(iii) If management refuse to amend the going concern basis of the financial statements or at the very least make adequate going concern disclosures, then the audit report will need to be modified. As the going concern basis is probably incorrect and the error is material and pervasive, then an adverse opinion would be necessary.A basis for adverse opinion paragraph will be required to explain the inappropriate use of the going concern assumption.The opinion paragraph will be an adverse opinion and will state that the financial statements do not give a true and fair view.。
12月ACCA考试F4练习题及答案
12月ACCA考试F4练习题及答案Additional information:In January 2009 Company A received the donation of a machine.The value added tax(VAT) invoice for the machine showed that it had cost RMB 150,000 plus VAT of RMB 20,000.No entry in respect of the donation of this machine has been recorded in the accounting system of Company A.Required:(i)Briefly explain the enterprise income tax(EIT) treatment of:-the donated machine;and-each of the items listed in Notes 1 to 3.(15 marks)(ii)Calculate the correct amount of taxable profits and the enterprise income tax(EIT) payable by Company A for the year 2009.(7 marks)(b)Company B is a resident enterprise,which was incorporated in the year 1990.The table below shows the taxable profits of Company B,as agreed by the tax bureau,for the years 2002 to 2009 inclusive.Year 2002 2003 2004 2005 2006 2007 2008 2009Taxable profits (in RMB) (900,000) 100,000 (300,000) 100,000 100,000 200,000 (100,000) 850,000Required:(i)Briefly explain the tax treatment of losses,including the period for the offset of losses;(2 marks)(ii)State,giving reasons,how much enterprise income tax(EIT)will be payable by Company B for each of the years 2008 and 2009.(4 marks)(c)Define the term'resident enterprise'for the purposes of enterprise income tax(EIT)and state the differences in the scope of the assessment of EIT for resident and non-resident enterprises.(7 marks)(35 marks)2(a)Mr Zhang,a Chinese citizen,is a University professor.He had the following income for the month of January 2009:(1)Monthly employment income of RMB 18,000 and a bonus for the year 2008 of RMB 12,000.(2)Income of RMB 18,000 for publishing a book on 6 January 2009.One of the chapters of the book was published in a magazine as a four-day series commencing on 19 January 2009 for which Mr Zhang received income of RMB 1,000 per day.(3)A net gain of RMB 12,000 from trading in the A-shares market.(4)Income of RMB 4,800 for giving four separate seminars for Enterprise X.(5)A translation fee of RMB 5,200 from a media publisher.(6)Received RMB 300,000 from the sale of the property(50 square metres)that he had lived in for six years.Mr Zhang had acquired the property for RMB 180,000.(7)Gross interest income of RMB 6,000 from a bank deposit.(8)Received RMB 11,000 as insurance compensation.Required:Calculate the individual income tax(IIT)payable(if any)by Mr Zhang on each of his items of income for the month of January2009,clearly identifying any item which is tax exempt.(10 marks)(b)Mr Smith,who is a UK national,is employed by a UK construction company to work in Shanghai on a project that will last for a period of 18 consecutive months.Required:(i)State,giving reasons,whether Mr Smith will be a resident taxpayer or a non-resident taxpayer in the PRC and the scope of his individual income tax(IIT)assessment;(2 marks)(ii)List any THREE fringe benefits that can be provided to Mr Smith that will not be subject to individual income tax(IIT)in China;(3 marks)(iii)Briefly explain the requirements for the reporting and payment of the individual income tax(IIT)due for Mr Smith if he is paid RMB 30,000 per month.(5 marks)。
ACCA F4-F9模拟题及解析(4)
ACCA F4-F9模拟题及解析（4）1、 The following trial balance relates to Quincy as at 30 September 2012:$’000 $’000Revenue (note (i)) 213,500Cost of sales 136,800Distribution costs 12,500Administrative expenses (note (ii)) 19,000Loan note interest and dividend paid (notes (ii) and (iii)) 20,700Investment income 400Equity shares of 25 cents each 60,0006% loan note (note (ii)) 25,000Retained earnings at 1 October 2011 18,500Land and buildings at cost (land element $10 million) (note (iv)) 50,000Plant and equipment at cost (note (iv)) 83,700Accumulated depreciation at 1 October 2011: buildings 8,000plant and equipment 33,700Equity financial asset investments (note (v)) 17,000Inventory at 30 September 2012 24,800Trade receivables 28,500Bank 2,900Current tax (note (vi)) 1,100Deferred tax (note (vi)) 1,200Trade payables 36,700–––––––– ––––––––397,000 397,000–––––––– –––––––– The following notes are relevant:(i) On 1 October 2011, Quincy sold one of its products for $10 million (included in revenue in the trial balance).As part of the sale agreement, Quincy is committed to the ongoing servicing of this product until 30 September2014 (i.e. three years from the date of sale). The value of this service has been included in the selling price of $10 million. The estimated cost to Quincy of the servicing is $600,000 perannum and Quincy’s normal gross profit margin on this type of servicing is 25%. Ignore discounting. (ii) Quincy issued a $25 million 6% loan note on 1 October 2011. Issue costs were $1 million and these have been charged to administrative expenses. The loan will be redeemed on 30 September 2014 at a premium which gives an effective interest rate on the loan of 8%.(iii) Quincy paid an equity dividend of 8 cents per share during the year ended 30 September 2012. (iv) Non-current assets:Quincy had been carrying land and buildings at depreciated cost, but due to a recent rise in property prices, it decided to revalue its property on 1 October 2011 to market value. An independent valuer confirmed the value of the property at $60 million (land element $12 million) as at that date and the directors accepted this valuation.The property had a remaining life of 16 years at the date of its revaluation. Quincy will make a transfer from the revaluation reserve to retained earnings in respect of the realisation of the revaluation reserve. Ignore deferred tax on the revaluation.Plant and equipment is depreciated at 15% per annum using the reducing balance method.No depreciation has yet been charged on any non-current asset for the year ended 30 September 2012. All depreciation is charged to cost of sales.(v) The investments had a fair value of $15·7 million as at 30 September 2012. There were no acquisitions or disposals of these investments during the year ended 30 September 2012.(vi) The balance on current tax represents the under/over provision of the tax liability for the year ended 30 September 2011. A provision for income tax for the year ended 30 September 2012 of $7·4 million is required. At 30 September 2012, Quincy had taxable temporary differences of $5 million, requiring a provision for deferred tax. Any deferred tax adjustment should be reported in the income statement. The income tax rate of Quincy is 20%.Required:(a) Prepare the statement of comprehensive income for Quincy for the year ended 30 September 2012.(b) Prepare the statement of changes in equity for Quincy for the year ended 30 September 2012.(c) Prepare the statement of financial position for Quincy as at 30 September 2012.Note: Notes to the financial statements are not required.The following mark allocation is provided as guidance for this question:(a) 11 marks(b) 4 marks(c) 10 marks(25 marks)2、Quartile sells jewellery through stores in retail shopping centres throughout the country.Over the last two years it has experienced declining profitability and is wondering if this is related to the sector as whole. It has recently subscribed to an agency that produces average ratios across many businesses. Below are the ratios that have been provided by the agency for Quartile’s business sector based on a year end of 30 June 2012.Return on year-end capital employed (ROCE) 16·8% Net asset (total assets less current liabilities) turnover 1·4 timesGross profit margin 35%Operating profit margin 12%Current ratio 1·25:1Average inventory turnover 3 timesTrade payables’ payment period 64 daysDebt to equity 38%The financial statements of Quartile for the year ended 30 September 2012 are:Income statement$’000 $’000Revenue 56,000Opening inventory 8,300Purchases 43,900–––––––52,200Closing inventory (10,200) (42,000)––––––– ––––––– Gross profit 14,000Operating costs (9,800)Finance costs (800)–––––––Profit before tax 3,400Income tax expense (1,000)–––––––Profit for the year 2,400––––––– Statement of financial position$’000 $’000AssetsNon-current assetsProperty and shop fittings 25,600Deferred development expenditure 5,000–––––––30,600Current assetsInventory 10,200Bank 1,000 11,200––––––– –––––––Total assets 41,800––––––– Equity and liabilitiesEquityEquity shares of $1 each 15,000Property revaluation reserve 3,000Retained earnings 8,600–––––––26,600Non-current liabilities10% loan notes 8,000Current liabilitiesTrade payables 5,400Current tax payable 1,800 7,200––––––– –––––––Total equity and liabilities 41,800––––––– Note: The deferred development expenditure relates to an investment in a process to manufacture artificial precious gems for future sale by Quartile in the retail jewellery market. Required:(a) Prepare for Quartile the equivalent ratios that have been provided by the agency. (9 marks)(b) Assess the financial and operating performance of Quartile in comparison to its sector averages.(12 marks)(c) Explain four possible limitations of the usefulness of the above comparison. (4 marks)(25 marks)3、(a) Two of the qualitative characteristics of information contained in the HKICPA’s Conceptual Framework for Financial Reporting are understandability and comparability.Required:Explain the meaning and purpose of the above characteristics in the context of financial reporting and discuss the role of consistency within the characteristic of comparability in relation to changes in accounting policy.(6 marks)(b) Lobden is a construction contract company involved in building commercial properties. Its current policy for determining the percentage of completion of its contracts is based on the proportion of cost incurred to date compared to the total expected cost of the contract.One of Lobden’s contracts has an agreed price of $250 million and estimated total costs of $200 million.The cumulative progress of this contract is:Year ended: 30 September 2011 30 September 2012$million $millionCosts incurred 80 145Work certified and billed 75 160Billings received 70 150Based on the above, Lobden prepared and published its financial statements for the year ended 30 September2011. Relevant extracts are:Income statement$millionRevenue (balance) 100Cost of sales (80)––––Profit (50 x 80/200) 20–––– Statement of financial position $millionCurrent assetsAmounts due from customersContract costs to date 80Profit recognised 20––––100Progress billings (75)––––25–––– Contract receivables (75 – 70) 5Lobden has received some adverse publicity in the financial press for taking its profit too early in the contract process, leading to disappointing profits in the later stages of contracts. Most of Lobden’s competitors take profit based on the percentage of completion as determined by the work certified compared to the contract price.Required:(i) Assuming Lobden changes its method of determining the percentage of completion of contracts to that used by its competitors, and that this would represent a change in an accounting estimate, calculate equivalent extracts to the above for the year ended 30 September 2012; (7 marks) (ii) Explain why the above represents a change in accounting estimate rather than a change in accounting policy. (2 marks) (15 marks)4、(a) Shawler is a small manufacturing company specialising in making alloy castings. Its main item of plant is a furnace which was purchased on 1 October 2009. The furnace has two components: the main body (cost $60,000 including the environmental provision – see below) which has a ten-year life, and a replaceable liner (cost $10,000) with a five-year life.The manufacturing process produces toxic chemicals which pollute the nearby environment. Legislation requires that a clean-up operation must be undertaken by Shawler on 30 September 2019 at the latest. Shawler received a government grant of $12,000 relating to the cost of the main body of the furnace only.The following are extracts from Shawler’s statement of financial position as at 30 September 2011 (two years after the acquisition of the furnace):Carrying amount$Non-current assetsFurnace: main body 48,000replaceable liner 6,000Current liabilitiesGovernment grant 1,200Non-current liabilitiesGovernment grant 8,400Environmental provision 18,000 (present value discounted at 8% per annum)Required:(i) Prepare equivalent extracts from Shawler’s statement of financial position as at 30 September 2012;(3 marks)(ii) Prepare extracts from Shawler’s income statement for the year ended 30 September 2012 relating to the items in the statement of financial position. (3 marks)(b) On 1 April 2012, the government introduced further environmental legislation which had the effect of requiring Shawler to fit anti-pollution filters to its furnace within two years. An environmental consultant has calculated that fitting the filters will reduce Shawler’s required environmental costs (and therefore its provision) by 33%. At 30 September 2012 Shawler had not yet fitted the filters.Required:Advise Shawler as to whether they need to provide for the cost of the filters as at 30 September 2012 and whether they should reduce the environmental provision at this date. (4 marks)(10 marks)试题答案：1、(a)Quincy – Statement of comprehensive income for the year ended 30 September 2012$’000Revenue (213,500 – 1,600 (w (i))) 211,900Cost of sales (w (ii)) (147,300)––––––––Gross profit 64,600Distribution costs (12,500) Administrative expenses (19,000 – 1,000 loan issue costs (w (iv))) (18,000)Loss on fair value of equity investments (17,000 – 15,700) (1,300)Investment income 400Finance costs (w (iv)) (1,920)–––––––– Profit before tax 31,280Income tax expense (7,400 + 1,100 – 200 (w (v))) (8,300)––––––––Profit for the year 22,980Other comprehensive incomeGain on revaluation of land and buildings (w (iii)) 18,000––––––––Total comprehensive income 40,980–––––––– (b)Quincy – Statement of changes in equity for the year ended 30 September 2012Share Revaluation Retained Total capital reserve earnings equity$’000 $’000 $’000 $’000Balance at 1 October 2011 60,000 nil 18,500 78,500Total comprehensive income 18,000 22,980 40,980Transfer to retained earnings (w (iii)) (1,000) 1,000 nilDividend paid (60,000 x 4 x 8 cents) (19,200) (19,200)––––––– ––––––– ––––––– ––––––––Balance at 30 September 2012 60,000 17,000 23,280 100,280––––––– ––––––– ––––––– –––––––– (c)Quincy – Statement of financial position as at 30 September 2012Assets $’000 $’000Non-current assetsProperty, plant and equipment (57,000 + 42,500 (w (iii))) 99,500Equity financial asset investments 15,700––––––––115,200Current assetsInventory 24,800Trade receivables 28,500Bank 2,900 56,200––––––– ––––––––Total assets 171,400–––––––– Equity and liabilitiesEquityEquity shares of 25 cents each 60,000Revaluation reserve 17,000Retained earnings 23,280 40,280––––––– ––––––––100,280Non-current liabilitiesDeferred tax (w (v)) 1,000Deferred revenue (w (i)) 8006% loan note (2014) (w (iv)) 24,420 26,220–––––––Current liabilitiesTrade payables 36,700Deferred revenue (w (i)) 800Current tax payable 7,400 44,900––––––– ––––––––Total equity and liabilities 171,400–––––––– Workings (figures in brackets in $’000)(i) Sales made which include revenue for ongoing servicing work must have part of the revenue deferred. The deferred revenue must include the normal profit margin (25%) for the deferred work. At 30 September 2012, there are two more years of servicing work, thus $1·6 million ((600 x 2) x 100/75) must be treated as deferred revenue, split equally between current and non-current liabilities.(ii) Cost of sales$’000Per trial balance 136,800Depreciation of building (w (iii)) 3,000Depreciation of plant (w (iii)) 7,500––––––––147,300–––––––– (iii) Non-current assetsLand and buildings:The gain on revaluation and carrying amount of the land and buildings is:Land Building$’000 $’000Carrying amount as at 1 October 2011 10,000 (40,000 – 8,000) 32,000Revalued amount as at this date (12,000) (60,000 – 12,000) (48,000)––––––– –––––––Gain on revaluation 2,000 16,000––––––– ––––––– Building depreciation year to 30 September 2012 (48,000/16 years) 3,000The transfer from the revaluation reserve to retained earnings in respect of ‘excess’ depreciation (as the revaluation is realised) is $1 million (48,000 – 32,000)/16 years.The carrying amount at 30 September 2012 is $57 million (60,000 – 3,000).Plant and equipment:$’000Carrying amount as at 1 October 2011 (83,700 – 33,700) 50,000Depreciation at 15% per annum (7,500)–––––––Carrying amount as at 30 September 2012 42,500––––––– (iv) Loan noteThe finance cost of the loan note is charged at the effective rate of 8% applied to the carrying amount of the loan. Theissue costs of the loan ($1 million) should be deducted from the proceeds of the loan ($25 million) and not treated asan administrative expense. This gives an initial carrying amount of $24 million and a finance cost of $1,920,000(24,000 x 8%). The interest actually paid is $1·5 million (25,000 x 6%) and the difference between these amounts,of $420,000 (1,920 – 1,500), is accrued and added to the carrying amount of the loan note. This gives $24·42 million(24,000 + 420) for inclusion as a non-current liability in the statement of financial position. Note: The loan interest paid of $1·5 million plus the dividend paid of $19·2 million (see (b)) equals the $20·7 millionshown in the trial balance for these items.(v) Deferred tax$’000Provision required as at 30 September 2012 (5,000 x 20%) 1,000Less provision b/f (1,200)––––––Credit to income statement 200–––––– 2、(a) Below are the specified ratios for Quartile and (for comparison) those of the business sector average:Quartile sector averageReturn on year-end capital employed ((3,400 + 800)/(26,600 + 8,000) x 100) 12·1% 16·8%Net asset turnover (56,000/34,600) 1·6 times 1·4 timesGross profit margin (14,000/56,000 x 100) 25% 35%Operating profit margin (4,200/56,000 x 100) 7·5% 12%Current ratio (11,200:7,200) 1·6:1 1·25:1Average inventory (8,300 + 10,200/2) = 9,250) turnover (42,000/9,250) 4·5 times 3 timesTrade payables’ payment period (5,400/43,900 x 365) 45 days 64 daysDebt to equity (8,000/26,600 x 100) 30% 38%(b)Assessment of comparative performance ProfitabilityThe primary measure of profitability is the return on capital employed (ROCE) and this shows that Quartile’s 12·1% is considerably underperforming the sector average of 16·8%. Measured as a percentage, this underperformance is 28% ((16·8–12·1)/16·8). The main cause of this seems to be a much lower gross profit margin (25% compared to 35%). A possible explanation for this is that Quartile is deliberately charging a lower mark-up in order to increase its sales by undercutting the market. There is supporting evidence for this in that Quartile’s average inventory turnover at 4·5 times is 50% better than the sector average of three times. An alternative explanation could be that Quartile has had to cut its margins due to poor sales which have had a knock-on effect of having to write down closing inventory.Quartile’s lower gross profit percentage has fed through to contribute to a lower operating profit margin at 7·5% compared to the sector average of 12%. However, from the above figures, it can be deduced that Quartile’s operating costs at 17·5% (25%– 7·5%) of revenue appear to be better controlled than the sector average operating costs of 23% (35% – 12%) of revenue.This may indicate that Quartile has a different classification of costs between cost of sales and operating costs than the companies in the sector average or that other companies may be spending more on advertising/selling commissions in order to support their higher margins.The other component of ROCE is asset utilisation (measured by net asset turnover). If Quartile’s business strategy is indeed to generate more sales to compensate for lower profit margins, a higher net asset turnover would be expected. At 1·6 times,Quartile’s net asset turnover is only marginally better than the sector average of 1·4 times.Whilst this may indicate that Quartile’s strategy was a poor choice, the ratio could be partly distorted by the property revaluation and also by whether the deferred development expenditure should be included within net assets for this purpose, as the net revenues expected from the development have yet to come on stream. If these two aspects were adjusted for, Quartile’s net asset turnover would be 2·1 times (56,000/(34,600 – 5,000 – 3,000)) which is 50% better than the sector average.In summary, Quartile’s overall profitability is below that of its rival companies due to considerably lower profit margins,although this has been partly offset by generating proportionately more sales from its assets.LiquidityAs measured by the current ratio, Quartile has a higher level of cover for its current liabilities than the sector average (1·6:1 compared to 1·25:1). Quartile’s figure is nearer the ‘norm’ of expected liquidity ratios, often quoted as between 1·5 and 2:1, ith the sector average (at 1·25:1) appearing worryingly low. The problem of this ‘norm’ is that it is generally accepted that it relates to manufacturing companies rather than retail companies, as applies to Quartile (and presumably also to the sector average). In particular, retail companies have very little, if any, trade receivables as is the case with Quartile. This makes a big difference to the current ratio and makes the calculation of a quick ratio largely irrelevant. Consequently, retail companies operate comfortably with much lower current ratios as their inventory is turned directly into cash. Thus, if anything, Quartile has a higher current ratio than might be expected. As Quartile has relatively low inventory levels (deduced from high inventory turnover figures), this means it must also have relatively low levels of trade payables (which can be confirmed from the calculated ratios). The low payables period of 45 days may be an indication of suppliers being cautious with the credit period they extend to Quartile, but there is no real evidence of this (e.g. the company is not struggling with an overdraft). In short,Quartile does not appear to have any liquidity issues.GearingQuartile’s debt to equity at 30% is lower than the sector average of 38%. Although the loan note interest rate of 10% might appear quite high, it is lower than the ROCE of 12·1% (which means shareholders are benefiting from the borrowings) and the interest cover of 5·25 times ((3,400 + 800)/800) is acceptable. Quartile also has sufficient tangible assets to give more than adequate security on the borrowings, therefore there appear to be no adverse issues in relation to gearing. ConclusionQuartile may be right to be concerned about its declining profitability. From the above analysis,it seems that Quartile may be addressing the wrong market (low margins with high volumes). The information provided about its rival companies would appear to suggest that the current market appears to favour a strategy of higher margins (probably associated with better quality and more expensive goods) as being more profitable. In other aspects of the appraisal, Quartile is doing well compared to other companies in its sector.(c)Factors which may limit the usefulness of the comparison with business sector averages:It is unlikely that all the companies that have been included in the sector averages will use the same accounting policies. In the example of Quartile, it is apparent that it has revalued its property; this will increase its capital employed and (probably) lower its ROCE (compared to if it did not revalue). Other companies in the sector may carry their property at historical cost.The accounting dates may not be the same for all the companies. In this example the sector averages are for the year ended 30 June 2012, whereas Quartile’s are for the year ended 30 September 2012. If the sector is exposed to seasonal trading (although this may be unlikely for jewellery), this could have a significant impact on many ratios, in particular working capital based ratios. To allow for this, perhaps Quartile could prepare a form of adjusted financial statements to 30 June 2012.It may be that the definitions of the ratios have not been consistent across all the companies included in the sector averages (and for Quartile). This may be a particular problem with ratios like ROCE as there is no universally accepted definition. Often agencies issue guidance on how the ratios should be calculated to minimise these possible inconsistencies. Of particular relevance in this example is that it is unlikely that other jewellery retailers will have an intangible asset of deferred development expenditure.16 Sector averages are just that: averages. Many of the companies included in the sector may not be a good match to the type of business and strategy of Quartile. ‘Jewellery’ is a broad category and some companies may adopt a strategy of high-end (expensive) goods which have high mark-ups, but usually lower inventory turnover, whereas other companies may adopt astrategy of selling more affordable jewellery with lower margins in the expectation of higher volumes.Note: Other relevant examples may be acceptable, but they must relate to issues of inter-company comparison and not general issues of interpretation such as inflation distorting profit trends.3、(a)The main objective of financial statements is to provide information that is useful toa wide range of users for the purpose of making economic decisions. Therefore, it is importantthat the activities and events of the entity, as expressed within the financial statements, are understood by users, meaning that their usefulness and relevance is maximised. This can present management with a problem because clearly not all users have the same (financial) abilities and knowledge. For the purpose of understandability, management are allowed to assume users do have a reasonable knowledge of accounting and business and are prepared to study the financial statements diligently. Importantly, this characteristic cannot be used by management to avoid disclosing complex information that may be relevant in user decision-making. However, management must recognise that too much or overly complex disclosure can obscure the more important aspects of an entity’s performance, i.e. important information should not be ‘buried’ in the detail of unfathomable information.Comparability is the main tool by which users can assess the performance of an entity. This can be done through trend analysis of the same entity’s financial statements over time (say five years), or by comparing one entity with other (suitable) entities (or business sector averages) for the same time period. This means that the measurement and disclosure (classification) of like transactions should be consistent over time for the same entity, and (ideally) between different entities.Consistency and comparability are facilitated by the existence and disclosure of accounting policies. The above illustrates the close correlation between comparability and consistency. However, it is not always possible for an entity to apply the same accounting policies every year; sometimes they have to change (e.g. because of a new accounting standard or a change inlegislation). Similarly, it is not practical for accounting standards to require all entities to adopt the same accounting policies.Thus, if an entity does change an accounting policy, this breaks the principle of consistency. In such circumstances, HKFRSs normally require that any reported comparatives (previous year’s financial statements) are restated as if the new policy had been in force when those statements were originally reported. In this way, although there has been a change of policy, comparability has been maintained.It is more difficult to address the issue of consistency across entities; as already stated, accounting standards cannot prescribe the use of the same policy for all entities (this would be uniformity). However, accounting standards do prohibit certain accounting treatments (considered inappropriate or inferior) and they do require entities to disclose their accounting policies,such that users become aware of differences between entities and this may allow them to make value adjustments when comparing entities using different policies.(b) (i) Lobden’s income statement (extracts) for the year ended:30 September 2012$millionRevenue (based on work certified) (160 – 100) 60Cost of sales (balance) (48)–––Profit ((50 x 160/250) – 20) 12––– Statement of financial position (extracts) as at:30 September 2012$millionCurrent assets:Amounts due from customersContract costs to date 145Profit recognised (cumulative 20 + 12) 32––––177Progress billings (cumulative) (160)––––Amounts due from customers 17––––Contract receivables (160 – 150) 10–––– (ii) The relevant issue here is what constitutes the accounting policy for construction contracts. Where there is uncertainty in the outcome of a contract, the appropriate accounting policy would be the completed contract basis (i.e. no profit is taken until the contract is completed). Similarly, any expected losses should be recognised immediately. Where the outcome of a contract is reasonably foreseeable, the appropriate accounting policy is to accrue profits by the percentage of completion method. If this is accepted, it becomes clear that the different methods of determining the percentage of completion of construction contracts are different accounting estimates. Thus the change made by Lobden in the year to 30 September 2012 represents a change of accounting estimate. This approach complies with the guidance in HKAS 11 Construction Contracts paras 30 and 38.4、 (a) (i)Shawler statement of financial position (extract) as at 30 September 2012Carrying amount。
ACCA F4-F9模拟题及解析(6)
ACCA F4-F9模拟题及解析（6）1 BQK Co, a house-building company, plans to build 100 houses on a development site over the next four years. The purchase cost of the development site is $4,000,000, payable at the start of the first year of construction. Two types of house will be built, with annual sales of each house expected to be as follows:Year 1 2 3 4Number of small houses sold: 15 20 15 5Number of large houses sold: 7 8 15 15Houses are built in the year of sale. Each customer finances the purchase of a home by taking out a long-term personal loan from their bank. Financial information relating to each type of house is as follows:Small house Large houseSelling price: $200,000 $350,000Variable cost of construction: $100,000 $200,000Selling prices and variable cost of construction are in current price terms, before allowing for selling price inflation of 3% per year and variable cost of construction inflation of 4·5% per year.Fixed infrastructure costs of $1,500,000 per year in current price terms would be incurred. These would not relate to any specific house, but would be for the provision of new roads, gardens, drainage and utilities. Infrastructure cost inflation is expected to be 2% per year.BQK Co pays profit tax one year in arrears at an annual rate of 30%. The company can claim capital allowances on the purchase cost of the development site on a straight-line basis over the four years of construction.BQK Co has a real after-tax cost of capital of 9% per year and a nominal after-tax cost of capital of 12% per year.New investments are required by the company to have a before-tax return on capital employed (accounting rate of return) on an average investment basis of 20% per year.Required:(a) Calculate the net present value of the proposed investment and comment on its financial acceptability. Workto the nearest $1,000. (13 marks)(b) Calculate the before-tax return on capital employed (accounting rate of return) of the proposed investmenton an average investment basis and discuss briefly its financial acceptability. (5 marks) (c) Discuss the effect of a substantial rise in interest rates on the financing cost of BQK Co and its customers,and on the capital investment appraisal decision-making process of BQK Co. (7 marks)(25 marks)2.KXP Co is an e-business which trades solely over the internet. In the last year the company had sales of $15 million.All sales were on 30 days’ credit to commercial customers.Extracts from the company’s most recent statement of financial position relating to working capital are as follows:$000Trade receivables 2,466Trade payables 2,220Overdraft 3,000In order to encourage customers to pay on time, KXP Co proposes introducing an early settlement discount of 1% for payment within 30 days, while increasing its normal credit period to 45 days. It is expected that, on average, 50% of customers will take the discount and pay within 30 days, 30% of customers will pay after 45 days, and 20% of customers will not change their current paying behaviour.KXP Co currently orders 15,000 units per month of Product Z, demand for which is constant. There is only one supplier of Product Z and the cost of Product Z purchases over the last year was $540,000. The supplier has offered a 2% discount for orders of Product Z of 30,000 units or more. Each order costs KXP Co $150 to place and the holding cost is 24 cents per unit per year.KXP Co has an overdraft facility charging interest of 6% per year.Required:(a) Calculate the net benefit or cost of the proposed changes in trade receivables policy and comment on your findings. (6 marks)(b) Calculate whether the bulk purchase discount offered by the supplier is financially acceptable and comment on the assumptions made by your calculation. (6 marks)(c) Identify and discuss the factors to be considered in determining the optimum level of cash to be held by a company. (5 marks)(d) Discuss the factors to be considered in formulating a trade receivables management policy.(8 marks) (25 marks)试题答案：1. (1,530) (1,561) (1,592) (1,624)–––––– –––––– –––––– ––––––Before-tax cash flow 1,053 1,722 2,288 1,236Tax liability (316) (517) (686) (371)CA tax benefits 300 300 300 300–––––– –––––– –––––– –––––– ––––––After-tax cash flow 1,053 1,706 2,071 850 (71)Discount at 12% 0·893 0·797 0·712 0·636 0·567–––––– –––––– –––––– –––––– ––––––Present values 940 1,360 1,475 541 (40)–––––– –––––– –––––– –––––– ––––––$000PV of future cash flows 4,276Initial investment (4,000)––––––276–––––– CommentSince the proposed investment has a positive net present value of $276,000, it is financially acceptable.WorkingsSales revenueYear 1 2 3 4Sales of small houses (houses/yr) 15 20 15 5Sales of large houses (houses/yr) 7 8 15 15Small house selling price ($000/house) 200 200 200 200Large house selling price ($000/house) 350 350 350 350Sales revenue (small houses) ($000/yr) 3,000 4,000 3,000 1,000Sales revenue (large houses) ($000/yr) 2,450 2,800 5,250 5,250–––––– –––––– –––––– ––––––Total sales revenue ($/yr) 5,450 6,800 8,250 6,250–––––– –––––– –––––– –––––– Inflated sales revenue ($/yr) 5,614 7,214 9,015 7,034Variable costs of constructionYear 1 2 3 4Sales of small houses (houses/yr) 15 20 15 5Sales of large houses (houses/yr) 7 8 15 15Small house variable cost ($000/house) 100 100 100 100Large house variable cost ($000/house) 200 200 200 200Variable cost (small houses) ($000/yr) 1,500 2,000 1,500 500Variable cost (large houses) ($000/yr) 1,400 1,600 3,000 3,000–––––– –––––– –––––– ––––––Total variable cost ($/yr) 2,900 3,600 4,500 3,500–––––– –––––– –––––– –––––– Inflated total variable cost ($/yr) 3,031 3,931 5,135 4,174Fixed infrastructure costsYear 1 2 3 4Fixed costs ($000/yr) 1,500 1,500 1,500 1,500Inflated fixed costs ($000/yr) 1,530 1,561 1,592 1,624Alternative NPV calculationYear 1 2 3 4 5$000 $000 $000 $000 $000Before-tax cash flow 1,053 1,722 2,288 1,236Capital allowances (1,000) (1,000) (1,000) (1,000)–––––– –––––– –––––– ––––––Taxable profit 53 722 1,288 236Taxation (16) (217) (386) (71)–––––– –––––– –––––– –––––– –––––– Profit after tax 53 706 1,071 (150) (71)Add back allowances 1,000 1,000 1,000 1,000–––––– –––––– –––––– ––––––After-tax cash flow 1,053 1,706 2,071 850 (71)Discount at 12% 0·893 0·797 0·712 0·636 0·567–––––– –––––– –––––– –––––– ––––––Present values 940 1,360 1,475 541 (40)–––––– –––––– –––––– –––––– –––––– $000PV of future cash flows 4,276Initial investment (4,000)––––––276–––––– (b)Calculation of return on capital employed (ROCE)Total before-tax cash flow $6,299,000Total depreciation $4,000,000–––––––––––Total accounting profit $2,299,000Average annual profit ($000/year) = 2,299,000/4 = $574,750Average investment ($000) = 4,000,000/2 = $2,000,000ROCE (ARR) = 100 x 574,750/2,000,000 = 28·7%DiscussionThe ROCE is greater than the 20% target ROCE of the investing company and so the proposed investment is financially acceptable. However, the investment decision should be made on the basis of information provided by a discounted cash flow (DCF) method, such as net present value or internal rate of return.(c) A substantial increase in interest rates will increase the financing costs of BQK Co and its customers. These will affect the discount rate used in the investment appraisal decision-making process and the value of project variables.Customer financing costs Each customer finances their house purchase through a long-term personal loan from their bank. A substantial rise in interest rates will increase the borrowing costs of existing and potential customers of BQK Co, and will therefore increase the amount of cash they pay to buy one of the houses.Company financing costsThe cost of debt of BQK Co will change with interest rates in the economy. A substantial rise in interest rates will therefore lead to a substantial increase in the cost of debt of the company. This will lead to an increase in the weighted average cost of capital (WACC) of BQK Co, the actual increase depending on the relative proportion of debt compared to equity in the company’s capital structure.The cost of equity will also increase as interest rates rise, contributing to the increase in the WACC. Since most companies have a greater proportion of equity finance as compared to debt finance, the increase in the cost of equity is likely to have a more significant effect on theWACC than the increase in the cost of debt.Effect on the capital investment appraisal processSince the business of the company is building houses, the WACC of the company is likely to be the discount rate it uses in evaluating investment decisions such as the one under consideration. An increase in WACC will therefore lead to a decrease in the NPV of investment projects and some projects may no longer be attractive.In order to make the investment project more attractive, the prices of the houses offered for sale might have to increase. This could make the houses more difficult to sell and lead to increased costs due to slower sales.Houses could also be more difficult to sell as customers would be more reluctant to commit themselves to long-term personal loans when interest rates are historically high.Construction and infrastructure costs might increase as suppliers seek to pass on their higher borrowing costs.Overall, income per year could decrease and the time period for the investment might need to be extended to accommodate the slower sales process.2 (a)Calculation of net cost/benefitCurrent receivables = $2,466,000Receivables paying within 30 days = 15m x 0·5 x 30/365 = $616,438Receivables paying within 45 days = 15m x 0·3 x 45/365 = $554,795Receivables paying within 60 days = 15m x 0·2 x 60/365 = $493,151Revised receivables = 616,438 + 554,795 + 493,151 = $1,664,384Reduction in receivables = 2,466,000 – 1,664,384 = $801,616Reduction in financing cost = 801,616 x 0·06 = $48,097Cost of discount = 15m x 0·5 x 0·01 = $75,000Net cost of proposed changes in receivables policy = 75,000 – 48,097 = $26,903Alternative approach to calculation of net cost/benefitCurrent receivables days = (2,466/15,000) x 365 = 60 daysRevised receivables days = (30 x 0·5) + (45 x 0·3) + (60 x 0·2) = 40·5 daysDecrease in receivables days = 60 – 40·5 = 19·5 daysDecrease in receivables = 15m x 19·5/365 = $801,370(The slight difference compared to the earlier answer is due to rounding)Decrease in financing cost = 801,370 x 0·06 = $48,082Net cost of proposed changes in receivables policy = 75,000 – 48,082 = $26,918CommentThe proposed changes in trade receivables policy are not financially acceptable. However, if the trade terms offered are comparable with those of its competitors, KXP Co needs to investigate the reasons for the (on average) late payment of current customers. This analysis also assumes constant sales and no bad debts, which is unlikely to be the case in reality.(b) Cost of current inventory policyCost of materials = $540,000 per yearAnnual ordering cost = 12 x 150 = $1,800 per yearAnnual holding cost = 0·24 x (15,000/2) = $1,800 per yearTotal cost of current inventory policy = 540,000 + 1,800 + 1,800 = $543,600 per yearCost of inventory policy after bulk purchase discountCost of materials after bulk purchase discount = 540,000 x 0·98 = $529,200 per yearAnnual demand = 12 x 15,000 = 180,000 units per yearKXP Co will need to increase its order size to 30,000 units to gain the bulk discountRevised number of orders = 180,000/30,000 = 6 orders per yearRevised ordering cost = 6 x 150 = $900 per yearRevised holding cost = 0·24 x (30,000/2) = $3,600 per yearRevised total cost of inventory policy = 529,200 + 900 + 3,600 = $533,700 per yearEvaluation of offer of bulk purchase discountNet benefit of taking bulk purchase discount = 543,600 – 533,700 = $9,900 per yearThe bulk purchase discount looks to be financially acceptable. However, this evaluation is based on a number of unrealistic assumptions. For example, the ordering cost and the holding cost are assumed to be constant, which is unlikely to be true in reality. Annual demand is assumed to be constant, whereas in practice seasonal and other changes in demand are likely.(c)The following factors should be considered in determining the optimum level of cash to be held by a company, for example,at the start of a month or other accounting control period.The transactions need for cashThe amount of cash needed for the next period can be forecast using a cash budget, which will net off expected receipts against expected payments. This will determine the transactions need for cash, which is one of the three reasons for holding cash.The precautionary need for cashAlthough a cash budget will provide an estimate of the transactions need for cash, it will be based on assumptions about the future and will therefore be subject to uncertainty. The actual need for cash may be greater than the forecast need for cash.In order to provide for any unexpected need for cash, a company can include some spare cash (a cash buffer) in its cash balance. This is the precautionary need for cash. In determining the optimal level of cash to be held, a company will estimatethe size of this cash buffer, for example from past experience, because it will be keen to minimise the opportunity cost of maintaining funds in cash form.The speculative need for cash There is always the possibility of an unexpected opportunity occurring in the business world and a company may wish to be prepared to take advantage of such a business opportunity if it arises. It may therefore wish to have some cash available for this purpose. This is the speculative need for cash. Building ‘a war chest’ for possible company acquisitions reflects this reason for holding cash.The availability of finance A company may choose to hold higher levels of cash if it has difficulty gaining access to cash when it needs it. For example,if a company’s bank makes it difficult to access overdraft finance, or if a company is refused an overdraft facility, its precautionary need for cash will increase and its optimum cash level will therefore also increase.(d)The factors to be considered in formulating a trade receivables policy relate to credit analysis, credit control and receivables collection.Credit analysisIn offering credit, a company must consider that it will be exposed to the risk of late payment and the risk of bad debts. To reduce these risks, the company will assess the creditworthiness of its potential customers. In order to do this, the company needs information, which can come from a variety of sources, such as trade references, bank references, credit reference agencies, published accounts and so on. As a result of assessing the creditworthiness of customers, a company can decide on the amount of credit to offer, the credit terms to offer, or whether to offer credit at all.Credit controlHaving extended credit to customers, a company needs to consider ways to ensure that the terms under which credit was granted are followed. It is important that customers settle outstanding accounts on time and keep to agreed credit limits.Factors to consider here are, therefore, the number of overdue accounts and the amount of outstanding cash. This information can be provided by an aged receivables analysis.Another factor to consider is that customers need to be made aware of the amounts outstanding on their accounts and reminded when payment is due. This can be done by providing regular statements of account and by sending reminder letters when payment is due.Receivables collectionCash received needs to be banked quickly if payment is not made electronically by credit transfer. Overdue accounts must be followed up in order to assess the likelihood of payment and to determine what further action is needed. In the worst cases,legal steps may need to be taken in order to recover outstanding amounts.A key factor to consider here is that the benefit gained from chasing overdue amounts must not exceed the costs incurred.参与ACCA考试的考生可按照复习计划有效进行，另外高顿网校官网ACCA考试辅导高清课程已经开通，还可索取ACCA考试通关宝典，针对性地讲解、训练、答疑、模考，对学习过程进行全程跟踪、分析、指导，可以帮助考生全面提升复习备考效果。
ACCA考试科目：F4-F9的考试解读
中公财经培训网：/
ACCA考试科目中，虽然涉及到的内容很多，但是各科之间也存在着关联性。
究竟要怎么安排怎么考。
中公财经小编在这里给大家做了一个每科的简单介绍;
ACCA F4
公司法与商法这门课与后面的科目关系都不是很大，但内容很重要，需要认认真真掌握每个知识点和法条为顺利通过考试做准备。
ACCA F6
P6的基础，主要讲述各种税及税法以及应用，怎样合理避税等。
虽然量多，但比较好考。
ACCA F8
P7的基础，F8审的是F3的内容，所以F3也是F8的基础。
P7审的是P2的内容，主要站在审计事务所审计经理的角度去审计一家公司或一个项目，审计组各岗位成员职责，使用什么样的审计程序，审计方法等;如何在审计过程中保持独立并给出公正合理的审计意见，鉴证和非鉴证业务的区别审计处理方式的不同等。
只要F8和P2顺利通过，P段选修课中P7比较好考。
ACCA F9
P4的基础，主要讲述货币的时间价值;投资项目的评估(盈利还是带来亏损)，是否值得投资等，多个投资项目中如何做投资决策，各种金融工具的分类与应用等。
总体锻炼的是怎样合理有效的利用现有有限的资金或用别人的资金为自己或者企业创造最好的效益。
投资回报率高的风险高，投资回报率低的风险相对低，对各种投资风险的防范措施等。
对投资者性格分析给出投资建议，如果是这种性格的人应该选择哪种投资或开发新产品决策等。
ACCA F4-F9模拟题及解析(3)
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ACCA F4-F9模拟题及解析（2）1.ALL TEN questions are compulsory and MUST be attempted 1 In relation to the Judicial Interpretation on the Application of the Contract Law by the Supreme People’s Court:(a) state the procedural way to deal with the situation when an obligee has assigned his rights to a third party and a dispute, between the obligator and the assignee, is brought to the people’s court; (3 marks)(b) state the procedural way to deal with the situation when an obligor has assigned his obligations to a third party and a dispute, between the assignee and obligee, is brought to the people’s court; (3 marks)(c) state the procedural way to deal with the situation when a party has assigned his rights and obligations to an assignee and a dispute, between the other party and the assignee, is brought to the people’s court. (4 marks) (10 marks)2．In relation to the Labour Contract Law of China:(a) explain a non-competition clause in a labour contract; (4 marks)(b) state the various persons who are subject to non-competition obligations in their labour contracts with their employer; (2 marks)(c) state the conditions and term of duration for a non-competition clause contained in a labour contract. (4 marks) (10 marks)3．In relation to the Contract Law of China:(a) explain a pre-contractual liability, and distinguish between this kind of liability and the liability for breach of contract; (6 marks)(b) state various conducts of a party that will result in a pre-contractual liability. (4 marks)(10 marks)4．In relation to the Company Law of China:(a) state the composition of the board of directors of a general limited liability company; (3 marks)(b) state the composition of the board of directors of a limited liability company that is incorporated by two or more state-owned enterprises; (4 marks)(c) state the way to deal with the situation where the number of directors is less than a quorum due to various causes and the re-election has not been completed. (3 marks) (10 marks)5．In relation to the Enterprise Bankruptcy Law of China:(a) explain the term rectification; (4 marks)(b) state the legal effect of rectification on the right of guarantee during the period of rectification. (6 marks) (10 marks)6．In relation to the Securities Law of China:(a) explain a takeover by offer of a listed company; (3 marks)(b) explain what happens after the expiration of the duration of the takeover by offer. (7 marks)(10 marks)7．In relation to fraudulent behaviour in corporate management, in terms of capital of the company:(a) describe various activities that shall be regarded as fraudulent behaviour; (6 marks)(b) state the reasons why such activities will be regarded as fraudulent behaviour. (4 marks)(10 marks)8．Aishen Garment Co entered into a contract with Bulinger Store to sell 10,000 pieces of sportswear to the latter. Under the contract Aishen Garment Co would deliver the goods at Bulinger Store’s warehouse by 30 June 2012 and receive payment upon delivery of the goods.Having found market conditions tough after the conclusion of the contract, Bulinger Store asked to decrease the quantity of goods, but Aishen Garment Co disagreed. At this moment, Bulinger Store learnt that a company named Conka Sales intended to buy the same garments and resell them to another province. Therefore, Bulinger Store concluded an agreement with Conka Sales to transfer the rights and obligations under its contract with Aishen Garment Co.Bulinger Store sent a letter to Aishen Garment Co, notifying it that the rights and obligations under the contract had been transferred to Conka Sales. Aishen Garment Co did not reply to the letter.On 15 June 2012, however, Aishen Garment Co sent a fax to advise Conka Sales to be prepared for receiving the goods. At the end of June Aishen Garment Co delivered 10,000 pieces of sportswear to the premises of Conka Sales and received the total price paid by Conka Sales. However, a certificate of inspection issued by an independent institute indicated that nearly 30% of the goods were below the quality standard. Therefore, Conka Sales intended to reject the goods. Aishen Garment Co insisted that there was no contractual relationship between them, since it was merely under its contract with Bulinger Store to directly deliver the goods to Conka Sales. Required:Answer the following questions in accordance with the Contract Law of China, and give your reasons for your answers:(a) state whether there was a contractual relationship between Aishen Garment Co and Conka Sales;(8 marks)(b) state whether Aishen Garment Co or Bulinger Store should be liable for the defects of the goods. (2 marks) (10 marks)9．Tenda Co Ltd was incorporated by five natural persons (Mr A, Mr B, Mr C, Mr D and Ms E). Mr A was the majority shareholder and elected to be the chairman of the board of directors and the legal representative of the company.In the business operations, Mr A, in the name of Tenda Co Ltd, sold a large shipment of goodsat a low price to an enterprise invested by Mr A and other investors, which caused a huge loss to Tenda Co Ltd. Having discovered this, Ms E submitted a formal request to the board of supervisors to file a lawsuit against Mr A for his wrong-doing. However, she did not receive any response from the board of supervisors.Required:Answer the following questions in accordance with the Company Law of China, and give your reasons for your answers:(a) state whether Ms E was entitled to bring a lawsuit against Mr A, due to Mr A’s transaction causing a huge loss to Tenda Co Ltd; (4 marks)(b) state the pre-conditions to be satisfied for Ms E to bring a lawsuit in her own name against Mr A; (3 marks)(c) explain which party should be the beneficiary of a legal action against Mr A, assuming MsE obtained a favourable judgement from the court. (3 marks) (10 marks)10．Dalie Limited Liability Co (Dalie Co) applied to the people’s court for bankruptcy due to its poor business operations. On 30 April 2012, the people’s court rendered an order to accept the bankruptcy application and designated a bankruptcy administrator. At this moment, Dalie Co faced the following key financial matters:(i) Construction Company had brought a lawsuit against Dalie Co for its delay to pay the construction price due, but the case was still pending for trial;(ii) Dalie Co owed a loan totalling RMB 20 million yuan to Industry Bank, of which RMB 12 million yuan was secured by a guarantee agreement on the buildings of Dalie Co;(iii) Dalie Co had provided a guarantee to Merchant Bank for a loan of RMB 10 million yuan borrowed by Jiqing Company. The loan has matured but Jiqing Company failed to repay the principal and interest.Required:Answer the following questions in accordance with the Enterprise Bankruptcy Law of China, and give your reasons for your answers:(a) state how to deal with the pending disputes between Construction Company and Dalie Co; (3 marks)(b) state how to deal with the loan of RMB 20 million yuan owed to Industry Bank; (3 marks)(c) state whether Merchant Bank was entitled to declare the credit and join the bankruptcy procedure.(4 marks) (10 marks)试题答案：略参与ACCA考试的考生可按照复习计划有效进行，另外高顿网校官网ACCA考试辅导高清课程已经开通，还可索取ACCA考试通关宝典，针对性地讲解、训练、答疑、模考，对学习过程进行全程跟踪、分析、指导，可以帮助考生全面提升复习备考效果。