2010.Dec.ACCA.F4_saa_HMH_mock_questions

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ACCA_F4_Revision_Course_Mock_J10_-_QUESTIONS[1]

ACCAPape r F4 (ENG)Corporat e an d Busines s La wRevisio n Cours e Moc k Examinatio n Jun e 2010 Questio n Pape rAL L question s ar e compulsor y an d MUS T b e attempte dTim e Allowe d 15 minute s Readin g an d plannin g 3 hour s Writin gD O NO T OPE N THI S PAPE R UNTI L YO U AR E READ Y T O STAR T UNDE REXAMINATIO N CONDITION S©Debbi e Crossman, Apri l 2010 Al l right s reserved. N o par t o f thi s publicatio n ma y b e reproduced, store d i n aretrieval system, or transmitted, in any form or by any means, electronic,mechanical, photocopying, recording or otherwise, without the prior writtenpermissio n o f Debbi e Crossman.AL L TE N question s ar e compulsor y an d MUS T b e attempte d1 (a) Explai n th e jurisdictio n o f th e Count y Cour t and th e Hig h Cour t i n th e syste m o fcivi l justice. (8 marks)(b) Briefl y explai n wher e appeal s fro m th e decision s o f th e Count y Cour t an d th e Hig hCour t ar e heard. (2 marks)(10 marks)2 (a) Distinguis h betwee n a condition, a warrant y an d a n innominat e term. (5 marks)(b) Explai n th e practica limportanc e o f th e distinction. (5marks) (10 marks)3 I n relatio n t o th e dismissa l o f a n employee, explain:(a) th e ground s o n whic h dismissa l ma y b e fair; (5 marks)(b) th e ground s o n whic h dismissa l wil l b e automaticall y unfair.(5 marks)(10 marks)4 Explai n th e concep t o f ‘dut y o f care’i n th e contex t o f professiona l negligence.(10 marks)5 Explai n th e following i n relatio n t o compan y law:(a) promoter; (5 marks)(b) th e trading certificate. (5 marks) (10 marks)6 I n th e contex t o f corporat e governanc e explai n th e rol e o f th e compan y secretar y o f apubli c company, paying particula r attentio n to:(a) hi s appointment; (4 marks)(b) hi s duties; (2 marks)(c) hi s powe r t o bin d th e compan y i n contract. (4 marks) (10 marks)7 I n relatio n t o compan y la w and, wher e relevant, th e Combined Cod e o n Corporat eGovernanc e explain:(a) th e meaning o f director; (2 marks)(b) th e meaning o f shado w director; (3 marks)(c) th e rol e o f nonexecutiv e director; (3 marks)(d) th e rol e o f executiv e director. (2 marks) (10 marks)8 Angi e advertise d a photocopie r i n a trad e journa l fo r £15,000. Bett y wrot e t o Angi eofferin g t o bu y i t fo r £10,000. Angi e replie d b y retur n o f pos t sayin g sh e woul d accep t £13,000. Whe n sh e hear d nothin g furthe r fro m Betty, Angi e wrot e agai n sayin g sh e woul d accep t £10,000. Bett y say s sh e n o longe r want s t o bu y th e photocopier.Angi e wrot e t o Caro l offerin g fo r sal e a lapto p fo r £500. Th e mornin g tha t sh e receive d th e lette r Caro l wrot e t o Angi e agreein g t o bu y a t th e askin g price. Afte r sh e ha d poste d th e letter, bu t befor e i t wa s delivered, Caro l change d he r min d an d sen t Angi e a fa x askin g he r t o ignor e th e lette r whe n i t arrived.Required:Advis e Angi e a s t o whethe r bindin g contract s exis t betwee n hersel f and:(a) Betty; (6 marks)(b) Carol. (4 marks) (10 marks)9 I n 1998 Ed, Fahi m an d Gig i se t u p busines s i n partnership. The y ar e no w considerin gincorporatin g thei r busines s a s a privat e limite d compan y i n whic h the y wil l b e th e onl y shareholder s an d directors.Required:(a) Advis e the m wha t advantage s wil l accru e fro m incorporatio n a s a privat e limite d company. (8 marks)(b) Woul d ther e b e an y furthe r advantage s i f the y wer e instead t o for m alimited liabilit y partnership? (2 marks)(10 marks)10 Hop e own s 10,000 ordinar y £1 share s i n Indee p Ltd, whic h sh e purchase d i n 2000. A t th e tim e sh e wa sallotte d th e share s sh e wa s onl y calle d upo n t o pa y 75p pe r share. N o furthe r call s hav e ye t bee n made.I n 2004 Hop e mad e a loa n o f £10,000 t o th e compan y t o financ e furthe r expansio n o f th e business. Th edebentur e wa s secure d b y wa y o f a fixe d charg e o n th e company’s freehol d warehous e premises. Th e followin g year, 2005, sh e als o mad e a furthe r loa n o f £2,000 an d thi s tim e th e debentur e wa s secure d b y wa y o f floatin g charg e ove r th e company’s stoc k i n trade. B y a n oversight, thi s charg e wa s no t registere da t Companie s House.I n 2009 th e compan y realise d tha t i t neede d furthe r funds. S o i n orde r t o persuad e Hop e t o provid e th eneede d mone y i t tol d he r tha t i t woul d issu e he r 10,000 mor e £1 shares, full y paid, bu t sh e nee d onl y pa y50 penc e pe r share. Hop e agree d t o thi s an d too k th e shares.Unfortunatel y th e injectio n o f cas h di d no t sav e Indee p Lt d an d i t recentl y wen t int o insolven t liquidation.Required:Advis e Hop e a s t o he r right s and liabilitie s i n respec t o f he r share san d he r debentures. (10 marks)。

ACCA F4-F9模拟题及解析(2)

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。

ACCA F4(GLO) 2010年6月真题

Fundamentals Level – Skills ModuleThe Association of Chartered Certiﬁ ed AccountantsCorporate and Business Law (Global)Tuesday 8 June 2010Time allowedReading and planning: 15 minutesWriting: 3 hoursALL TEN questions are compulsory and MUST be attempted.Do NOT open this paper until instructed by the supervisor.During reading and planning time only the question paper may be annotated. You must NOT write in your answer booklet until instructed by the supervisor.This question paper must not be removed from the examination hall.P a p e r F 4(G L O )ALL TEN questions are compulsory and MUST be attempted1 Explain the meaning and role of the following international organisations paying particular attention to theirdispute resolving functions:ICC; (5 marks)(a)(b)WTO. (5 marks)(10 marks)2 In relation to the UNCITRAL Model Law on International Commercial Arbitration, explain:(a) the implications of the requirement that an arbitration agreement has to be in writing; (6 marks)(b) how arbitration awards may be enforced. (4 marks)(10 marks)3 Within the context of the UN Convention on Contracts for the International Sale of Goods, explain:(a) how an offer may be accepted; (5 marks)(b) when acceptance becomes effective. (5 marks)(10 marks)4 In relation to the ICC Incoterms, explain the meaning and effect of the following:EXW; (3 marks) (a)FOB; (3 marks) (b)CIF. (4 marks)(c)(10 marks) 5 Explain the documents necessary, and the procedure to be followed, in registering a public limited company.(10 marks)6 Explain the meaning of the following terms in company law:debenture; (3 marks) (a)aﬁ xed charge; (3 marks) a(b)ﬂ oating charge. (4 marks) (c)a(10 marks)27 In the context of corporate governance, explain the rules relating to the appointment, duties and powers of acompany secretary in a public limited company.(10 marks)8Axel is a German manufacturer who uses hydrochloric acid in his manufacturing process. In January 2010 he entered into a contract with Boris, a Russian wholesaler of chemicals, for the supply of 100 tonnes of hydrochloric acid to be delivered to his factory in Germany by 1 April. In March Boris found out that his supplier, the company, which actually manufactured the acid, was engaged in a long-standing industrial dispute and would not be able to supply the acid.When Boris failed to deliver the acid by the agreed date Axel was forced to buy an alternative supply of acid to keep his production process operating. The cost of the replacement acid was considerably higher than the price agreed in the contract with Boris. As a result Axel intends suing Boris for breach of contract, claiming compensation for damages, consisting of the difference between the price of the acid established in the contract and the price at which he was obliged to purchase the acid from the third party. Boris denies any liability, claiming that the failure to supply the acid was due to circumstances beyond his control.Required:Within the context of Article 79 of the UN Convention on Contracts for the International Sale of Goods, advise the parties on the extent to which an impediment beyond their control may allow a person to avoid liability for breach of contract, and whether or not Boris will be liable for the damages suffered by Axel.(10 marks)9Chi, Di and Fi formed an ordinary partnership to run an art gallery. Each of them paid $100,000 into the business.As Fi had no prospect of raising any more money it was agreed between them that her maximum liability for any partnership debts would be ﬁxed at her original contribution of $100,000. The partnership agreement speciﬁcally restricted the scope of the partnership business to the sale of ‘paintings, sculptures and other works of art.’ In January 2010 Chi took $10,000 from the partnership’s bank drawn on its overdraft facility. She had told the bank that the money was to ﬁ nance a short-term partnership debt but in fact she used the money to pay for a holiday. In February Di entered into a $25,000 contract on behalf of the partnership to buy some books, which she hoped to sell in the gallery.Required:Advise Chi, Di and Fi as to their various rights and liabilities in relation to the operation of the business under partnership law.(10 marks)3[P.T.O.10Gilt Co is a small company with an issued share capital of 100,000 $1 shares held by 100 members.Harry the managing director of Gilt Co has been approached by Itt Co in respect of its making a takeover bid for Gilt Co. Itt Co has given Harry what is described as a facility fee of $50,000 for ensuring that the takeover is successful.At the next board meeting Harry convinces the other directors that the takeover bid is in the long-term interest of Gilt Co, but they are concerned that the holders of the majority of the issued share capital will not approve of the takeover.In order to ensure the success of the takeover, the directors agree that they should allot sufﬁ cient new shares to Itt Co to ensure that a new majority of members will support the takeover.After the allocation of the shares to Itt Co, a general meeting is called to consider the takeover and it is approved, with Itt Co voting in favour.May, a substantial shareholder in Gilt Co has subsequently found out about the actions of Itt Co, Harry and the other directors.Required:Advise May as to the legality of the share allotment and as to what action can be taken against Harry.(10 marks)End of Question Paper4。

ACCA F6 mock exam answer (for 2010年6月、12月 )

ACCA Fundamentals Level Paper F6 (FA 2009) Taxation (UK)Question Day Final Mock ExaminationGuidance, Marking scheme and Suggested solutionsGuidance on improving your exam performanceWhich questions to do first?It is important for you to decide which order to attempt the questions. Each question will carry different marks so you may prefer to attempt the question with the most marks first or, instead, you may prefer to attempt the topic you are more confident about first. This means you will build up marks early on giving you a solid base to tackle the harder questions later.Whichever you choose, do not spend too long on the questions you are confident about as you need to spend an appropriate amount of time on them all. You can work out how much time you should spend on each by looking at the mark allocation and multiplying by 1.8 (as you have 1.8 minute per mark, not including reading time). For instance, you must not spend more than 18 minutes on a 10-mark question. Remember, you cannot pass the exam answering two or three questions well and the rest poorly.An alternative strategy is to answer all questions in strict order. You could use the time saved choosing the order by starting to plan your answers. You may prefer to use this method if you find yourself spending too long on your favourite questions as it forces you to spend an appropriate amount of time on each before moving on. StrategyMake sure your answers are easy to follow. The focus of the exam is computations, so make sure you use the correct proformas and show your workings, referenced in clearly.If there is a written element to a question do write full sentences, even if you are using bullet points.Time managementUse the reading time to make sure that you get as many of the marks as possible. This is your opportunity to brainstorm areas that you are less confident with and even to make a brief outline of the proformas you are going to use in your answers.Whatever notes/plans you make, use them when writing up your answer when the writing time begins. Tick off each item as you complete it. If you do not use your planning notes it was a waste of time doing them in the first place.Never overrun on any question; once the time is up move on to the next one.1 William WiseMarking schemeMarks(a)Net profit½Depreciation1Private use of light/heat1Private motor expenses1Legal fees1Personal tax1Private rent/rates1Repairs/renewals1Food hampers1Donation1Daughter’s salary1Goods for own use1Capital allowances2½14(b)Taxable income2Income tax2Class 4 NICs15(c)Salary½Bonus1Car1Fuel½Mobile – exempt½Use of private jet½Computer1Healthcare 1625 Suggested solutionChapter references. The income tax computation is in Chapter 2. Employment income is in Chapter 3 and taxable benefits are in Chapter 4. Trading income is dealt with in Chapter 7 with capital allowances covered in Chapter 8. National insurance is in Chapter 12.Top tips. In our answer we have made notes on why various adjustments were made. This is done for tutorial purposes. You did not need to give the explanations in the exam as they were not asked for.Always read the question.Easy marks. The calculation of the tax liability should provide a good opportunity to obtain easy marks – the bands are given to you in the tax rates and allowances tables.(a)£ £ Net profit30,200Add: Depreciation4,760Private light and heat (40%)610Private motor expenses (75%)3,540Legalfees1,200Personaltax250Private rent and rates (40%)1,560Repairsandrenewals1,050Foodhampers640Donation100Daughter’s salary (excessive amount)4,500Goods for own use 65018,860 Less: Capital allowances (W1)(25,245) Taxable trading profit 23,815Notes1 The legal fees incurred in connection with the clothing shop are not allowable since theyrelate to a capital item.2 Personal or private expenses are not allowable.3 The £2,200 spent on repairs in June 2009 is allowable because the shop was in a fit stateto use on purchase.4 Giftsoffood are not allowable. However, the gifts of pens are allowable because the pens carry a conspicuous advertisement for the business and cost less than £50 each.5 A donation to a national charity is not allowable. The donation to the local charity can beallowed as it carried an advertisement for the business and could be said to be made forthe purposes of the trade.6 Goods taken for own use must be brought into the profit and loss account at selling price.7 The excessive part of William's wife's salary is not allowable.Workings1 Capital allowancesPrivate useAIA General pool Car (25%)Allowances£ £ £ £ Additions 24,620 20,000AIA (100%) AIA (10/12 x 50K) (24,620)–24,620WDA x 10/12 (2,500) x 25% 62517,500 25,245(b)Non- savings Dividendincome income££Taxable trading profit (1.6.09 – 31.3.10) 23,815Dividends (× 100/90)7,500Net Income23,8157,500Less: personal allowance(6,475)Taxable Income 17,3307,500£24,830 Tax on non-savings income £ £17,330 × 20%3,466 Tax on dividend income£7,500 × 10% 7504,216 Class 4 NICs:(£23,815 – £5,715) × 8%£1,448 Note: You were not told that a Gift Aid declaration had been made in respect of the gift to the national charity.Mary’s total taxable employment income for the year is as follows:£ Salary80,000 Bonus – receipts basis20,000 Use of company car: 25% × £19,200 (W)4,800 Private fuel: 25% × £16,900 (W)4,225 Use of private jet: 20% × £750,000 ×1/1212,500 Computer: £3,000× 20%600 Private healthcare: (marginal cost to employer) 250 Total employment income122,375 WorkingCar and fuel benefit percentage5135187−= 10% + 15%25% Note: The provision of one mobile phone is an exempt benefit2 Eagle LtdMarking schemeMarks(a)IBAsQualifying expenditure1Offices not qualifying12% allowance1Land not qualifying1CAs:Expensive car120% WDA1FYA 1AIA1Adjusted trading profitPatent royalties 19(b)Trading income1Property income: warehouse 1222 warehouseChargeable gain: 1Gift aid donation1Franked investment income1Divide CT limits1Marginal relief company2CT liability1Due date113(c)Associates 1Group relief group 1Gains group 2Current year in Wing Ltd 1Set against income before charges 1Loss of period since joined group1Effect on gift aid donations 1830 Suggested solutionChapter references. Calculating PCTCT and the corporation tax liability is dealt with in Chapters 18 and19. Groups are in Chapter 22 and losses in Chapter 21. Capital allowances are covered in Chapter 8.Top tips. Try and keep your calculations in separate workings then make sure you reference them into your main answer clearly.(a) Easy marks. If you had learnt your capital allowances proforma you should have been able topick up some easy marks simply by filling in the figures given to you in the question)Tax adjusted trading profit£Trading profit per accounts229,900Less: Patent royalties payable(20,000) Industrial buildings allowances (W1)(3,800)(W2) (48,940)allowancesCapitalcomputation – y/e 31.3.10(b) CT£ Trading income 157,160 Property income (W3) 49,950 Chargeable gain (W4) 22,932230,042 Less: gift aid donation (3,000) PCTCT 227,042 FII (£27,000 × 100/90) 30,000 ‘profits’ 257,042 Tax @ 28% (W5)63,571 Less: marginal relief227,042(7,619) 7/400× (£750,000 – 257,042) ×257,042CT due by 1 January 2011 55,952 (c) Group relationships between Eagle Ltd and Wing Ltd(i) Associates – as Eagle Ltd controls Wing Ltd (ie owns > 50%) the two companies areassociated for corporation tax purposes. Consequently the CT limits are divided by 2.(ii) Group relief group – as Eagle Ltd has at least a 75% shareholding the two companies can surrender trading (and certain other) losses of the current period between each othei)Gains group – as Eagle Ltd has at least a 75% shareholding the two companies are in agains group. This means that assets can be transferred between them at no gain/no lossfor chargeable gains purposes, that they form one ‘unit’ for rollover relief purposes, andthat where an asset is sold to a third party an election may be made to treat the gain/lossas transferred to the other company in the group.Use of Wing Ltd’s lossWing Ltd has a small amount of interest income in the year. This is partly covered by the gift aid donation, and the balance will be taxable at the small companies’ rate of 21%. If it uses its loss in the current year this will be set off before charges and would only save tax at 21% and waste the gift aid donation.As it is in a group relief group with Eagle Ltd, it could surrender its trading loss to that company where this would save tax at 29.75%.However, as Wing Ltd did not join the group until 1 September 2009, only the loss thatcorresponds to the period that it has been in the group may be surrendered. As both companies prepare accounts to 31 March there is no need to further consider corresponding periods.The maximum group relief that could be surrendered to Eagle Ltd would be £30,392 (W6).It is probable that Wing Ltd would not make the current year claim but instead carry forward the remainder of the loss automatically to set against future trade profits.Working1 Industrial buildings allowances£ Factory141,000Canteen32,000Site preparation12,000Archit’ct's fees 5,000190,000 Note. The cost of the general offices does not qualify as it exceeds 25% of the total cost(72,500/262,500 = 27.6%). Always exclude the cost of land.Therefore IBAS @ 2% = £3,82Capital allowancesExpensiveAIA FYA General pool Motor car Allowances£££££TWDV b/f64,70014,700Disposals(12,400)Addition11,300FYA 10% (11,300)2,30011,300WDA @ 20%–(12,940)12,940Balancing allowance(2,300)2,300Addition22,400AIA (100%)(22,400)22,40051,76048,940 -3 Property income£ Warehouse 1Premium (£50,000 – (2% × £50,000 × 7))43,000Rent (£12,600 × 9/12)9,450Warehouse 2Rent (£8,400 × 9/12)6,300Bad debt (8,400 x 3/12) (2,100)Repairs to roof (6,700)49,9504 Capital gain£Proceeds156,000Less: cost(112,800)43,200 Less: indexation(20,268)22,932 Note. Companies are entitled to indexation until the date of disposal of an asset.5 CT limitsAs Wing Ltd becomes an associate part way through the period, the CT limits must be divided by two.££1,500,000 ÷ 2 750,000£300,000 ÷ 2150,000Eagle Ltd’s ‘profits’ are between these limits so marginal relief applies.6 Available trading loss£Loss of y/e 31.3.1052,100Period since joined group: 1.9.09 – 31.3.10 = 7 months ie 7/12 × £52,10030,3923 Yvonne, Sally, Joanne and BelindaMarking schemeMarks(a)Match with shares bought in next 30 days1Gain1Match with Share pool shares1Bonus issues issue 1Gain1Total gain 16(b)Gain on building sold 1Calculation of taxable now1Rolled over amount1Base cost of new asset 14(c)Calculation of gain1Entrepreneurs relief1Annual exemption 1 Taxgain 1on4(d)LandPart disposal calculation 2VaseChattels rule to restrict loss 2Offset loss against gain 1Annual exemption 1620 Suggested solutionChapter references. The basics of calculating chargeable gains are in Chapters 13 . Chattels arecovered in Chapter 14 with shares and securities in Chapter 16. Business reliefs are covered in Chapter15.Top tips. Work through each asset separately, making sure you start with the easier disposals.Easy marks. Part disposal calculations and disposals of chattels have always been common topics in the exam. They are relatively straightforward topics so make sure you know how to deal with them.(a) The sale of Yvonne's shares is initially matched with the shares bought in the next 30 days.£ Proceeds (1,000/5,000 × £23,000)4,600Less: cost (28.3.10)(4,400)Chargeable gain 200Then the shares are matched with the Share pool.£ Disposal proceeds (4,000/5,000)18,400Less: cost (w1)(5,867)12,533 Yvonne's total gain before the annual exemption is £12,733.(W1)No. Cost £ 18.8.97 Purchase 3,000 6,000 19.9.06 Purchase 2,000 5,0005,000 11,000Bonus issue 1:2 2,5007,500 11,000 Disposal (4,000) (5,867) 3,500 5,133(b)Office £ Proceeds 442,800 Less: Cost (187,200)Gain 255,600 Taxable in 09/10 (£442,800 - £400,000) (2,800) Gain rolled over 252,800Base cost of new asset £ Price paid440,000 Less: gain rolled over (252,800)(c)Entrepreneurs’ relief £Proceeds 580,000 Less Costs (325,000)Gain 255,000 Less Entrepreneurs’ relief (255,000 x 4/9) (113,333) Gain 141,667 Annual exemption (10,100) Taxable gain 131,567 Tax at 18% 23,682 (d)Part disposal of land£ Proceeds15,000Less: costB A A + ie 65,00015,00015,000+× £24,000 (4,500) Chargeable gain 10,500 Vase – chattels rules£ Proceeds (deemed) 6,000 Less: cost (10,000) Loss(4,000)Taxable gain£ Gain 10,500 Less: loss (4,000) Gain 6,500£ Gain 6,500 Less: annual exemption(10,100) Taxable gain Nil4 Mr MurphyMarking schemeMarks 2004/05Profits – actual basis12005/06Profits – first 12 months2Overlap profits1½ 2006/07Current year basis profits12007/08Current year basis profits12008/09Profits of gap period2Overlap relief1½2009/10Current year basis to new date 111 Payment dates for 2009/10– Payments on account1– Based on previous year1– Balancing payment & 1st POA1– Once actual tax calculated1415 Suggested solutionChapter references. The basis period rules are in Chapter 9. Self-assessment for individuals is covered in Chapter 18.Top tips. You must set out the tax years that you are dealing with in order to pick up all of the available marks – simply stating ‘1st tax year’ is not enough.Easy marks. Stating payment dates should provide a good opportunity to pick up easy marks so long as you have learnt the material.(a)2004/05 Actual basis 1.8.04 – 5.4.05× £13,000£10,400 8/102005/06 First 12 months’ profit 1.8.04 – 31.7.0531.5.05£13,0001.8.04–1.6.05 – 31.7.05 2/12 × £36,000£ 6,000£19,000 2006/07 Current year basis31.5.06£36,0001.6.05–Overlap profits£1.8.04 – 5.4.05 8 months10,40031.7.052 months 6,0001.6.05–10 months16,4002007/08 Current year basis31.5.07£44,000–1.6.062008/09 19 months to new accounting date£1.6.07 – 31.5.08 (12 months)38,0001.6.08 – 31.12.08 (7 months) 16,00054,000 Overlap relief for 7 months profits7/10 x £16,400 (11,480)£42,520 2009/10 Current year basis–31.12.09£40,0001.1.09Overlap profits to carry forward = 3 months11,480)£4,920 (16,400–(b) Payment dates for 2009/10Two payments on account (POA) will have been made as follows:1st on 31 January 20102nd on 31 July 2010Based on 2008/09 liability (½ paid each time)Balancing payment to be made 31 January 2011 once final liability has been calculated, along with the first POA for 2010/11.5 Confused Ltd and Puzzled LtdMarking schemeMarks(a)(i)Training2(ii)Transport2(iii)Air ambulance services26(b)Errors up to £10,0002Errors over £10,0002410Suggested solutionChapter references. VAT is in Chapters 25 and 26.Top tips. You must allocate sufficient time to deal with both parts of the requirement. You only had 18minutes for this question, so do not allow yourself to overrun.Easy marks. Easy marks can be obtained simply by calculating the VAT on a VAT exclusive figure using17.5% or a VAT inclusive figure at 7/47, so read the question carefully to ensure you are using the correctrate.(a) (i) TrainingConfused Ltd will be required to register for VAT as it will be making taxable supplies inexcess of the registration threshold.Output tax£Sales (£75,000 × 17½%)13,125Less: input tax (£10,000 × 7/47) (1,489)VAT due11,636(ii) TransportConfused Ltd will be required to notify HMRC of a need to register for VAT but because itis making only zero-rated supplies it may ask HMRC's permission not to register for VAT.The advantage of registration is that input VAT of £1,489 per month will be reclaimable.£Output tax NILLess: input tax(1,489)VAT repayment due (1,489)(iii) Air ambulance servicesIf exempt supplies only are made the company will not be permitted to register for VAT. NoVAT will be due or reclaimable.(b) Errors on a VAT return of up to £10,000 (net under declaration minus over declaration) may becorrected on the next VAT return without giving rise to either a common penalty or default interest.Other errors may be voluntarily disclosed separately to HMRC. Default interest and, in certaincircumstances, the common penalty, will apply in respect of these errors.BPP House, Aldine Place, London W12 8AA Tel: 0845 0751 100 (for orders within the UK) Tel: +44 (0)20 8740 2211Fax: +44 (0)20 8740 1184。

ACCA F4&F7 中国第一名访谈

ACCA F4&F7 中国第一名访谈本文由高顿ACCA整理发布，转载请注明出处基本信息姓名：刘聪就读于：武汉纺织大学住在: 湖北荆州石首选择ACCA的原因：ACCA有着更全面的知识体系，更高更广的视野，更好的就业前景。

ACCA: 对你取得全国第一的这门科目，有什么特别的学习方法和技巧吗？刘聪:对于F4而言，它虽然是一门背诵量很大的学科，但值得庆幸的是它所考的知识点比较固定，在考试中碰见原题的机率很大，所以在考前可以根据历年真题并结合书本来复习，平时尽量用自己的话组织答案，这样记忆的效果会比较好，不至于在考场上由于紧张而出现大脑一片空白的情况。

对于F7而言，它主要是要求我们编各种报表和评价公司的performance以及掌握一些重要的准则。

在编报表时，对于一些科目的处理方法，我会在平时学习的时候用自己的话总结在笔记本上，碰见不会的题目可以直接翻看笔记本而不是厚厚的课本，可以节约时间，提高效率。

总之，无论是F4还是F7，我认为能够pass的必经之路就是做题-总结-做题。

ACCA: 你在ACCA的学习过程中碰到的最大的困难和挑战是什么？你是如何克服的？（可以不止一个刘聪: 部分科目的知识点多且杂，很容易记忆混淆，所以可以将每个知识点用自己的话进行归纳总结，努力形成知识框架。

ACCA: 在你学习ACCA的过程中，谁对你的帮助最大？你想特别感谢谁？刘聪: 在这次考试中能够取得这样的成绩，主要取决于三个方面：（1）,老师的高效率教学。

（很感谢上海Kaplan的马丹老师，susan老师，nancy老师以及我校杨金键老师平时的指导,尤其是最后复习阶段马丹老师提供的方法。

真的很崇拜Kaplan的老师们，真心地觉得她们的每一天都像是一次说走就走的旅行，她们可以上午在湖南上5堂课，下午在武汉上5堂课，然后晚上继续上课，感觉每个人都是一个能量无限的小宇宙）。

（2），同学们的帮助（其实我的英语基础不算太好，在学习F4的时候会有些case不能完全理解，这时我的室友们会帮我逐字逐句的翻译，真的很感谢她们）。

acca f4科目包含哪些内容？如何学好acca f4科目？

acca f4科目包含哪些内容？如何学好acca f4科目？ACCAF4科目介绍：F4《公司法和商法》被分为八个部分。

大纲以介绍总体的英国法律体系开始整个课程，例如法院系统、法律的来源包括人权法案。

然后介绍了债权法包括合同法和侵权法。

大纲涉及与财务相关的一些法律范围领域，这些法律领域包括：劳动合同法和公司法。

这些法律包括公司的形成和设立，公司的融资和资本的种类，和经营上的管理，公司的管理和规范，和公司在法律方面将会面临的危机。

最后一部分又和我们以前学的知识点有联系。

包括公司治理、道德和与民法相关的道德行为F4 考试大纲：F4 Corporate & Business Law (English) 是ACCA 考试中唯一的一门法律科目，它的大纲设置主要涵盖了：lEnglish Legal System (英国法律体系)lLaw of Contract (合同法)lTort Law (民法)lLaw of Employment (劳动合同法)lAgency (代理)lPartnership (合伙企业)lCompany Law (公司法), 以及lProfessional ethics and Corporate Governance (职业道德与公司治理)。

ACCA F4科目考试结构：15分钟阅读及180分钟答题时间，共10题，每题10分，均为必做题，问题内容涉及整个大纲，其中：l第1-7题为问答题，考官直接在问题中明确要测试的知识点，要求考生回答相应法律条款及以往案例。

l第8-10题为案例分析题，考官会给出一个涉及多个人物或组织的案例，问题往往不明确指出所涉及的知识点，需要考生根据案情自己寻找考点，选择适用的条款及案例做答，并适当加入自己的分析结论。

在F4 考题由可选题变成必做题后，F4考试的难度也随之加大，这就要求考生要对大纲中的每一章节都能熟练掌握，不能遗漏。

ACCA F4科目答题方法：-考生应充分利用考前15分钟阅读时间，梳理思路，尤其应仔细阅读案例分析题，并明确考点，写下答题纲要，切忌盲目做答。

ACCA考试F4公司法与商法Irish真题2010年12月_真题-无答案

ACCA考试F4公司法与商法（Irish）真题2010年12月(总分100,考试时间180分钟)ALL TEN questions **pulsory and MUST be attempted** relation to the Irish legal system:(a) explain and distinguish between: (i) primary legislation; and (ii) secondary/delegated legislation. (6 marks)(b) explain the powers of the courts in relation to challenging the validity of primary and secondary/delegated legislation. (4 marks)2. State and explain the remedies available for breach of contract. (10 marks)** relation to the law of tort explain:(a) the neighbour principle; (4 marks)(b) remoteness of damage; (4 marks)(c) liability for economic/financial loss. (2 marks)** relation to the issuing of company shares explain:(a) pre-emption rights; (3 marks)(b) rights issues; (3 marks)(c) bonus issues. (4 marks)** relation to company law:(a) state, and explain the purpose of, the various registers that have to be kept by a company; (4 marks)(b) describe what accounting records will have to be produced and maintained by a company. (6 marks)6. In relation to company law, explain the duties owed by directors to **panies. (10 marks)** relation to employment law explain:(a) the meaning of unfair dismissal; and (6 marks)(b) the remedies available for unfair dismissal. (4 marks)8. In January 2009, Amy started a business as an independent website designer.To give her a start in her career, her brother Ben, who ran a retail business, said he would give her €1,000 if she updated his business website. At the same time, her friend Che asked her to do work for his business, also for a set fee of €1,000.However, by the time Amy **pleted the two projects her design business had become a huge success and she had lots of other business. When Ben and Che discovered how successful Amy’s business had become they both felt that they should not be asked to pay for the work they **missioned.Ben said he would not pay anything as he had only offered the work to help his sister out. Che said he would not pay anything either, on the basis that he had only given her work to do on the basis of their friendship.Required:Advise Amy as to whether she can insist on Ben and Che paying the full amounts of their initial promises. (10marks)9.Dee and Eff are major shareholders in and the directors of the **pany Fan plc. For the year ended 30 April 2009 Fan plc’s financial statements showed a loss of €2,000 for the year.For the year ended 30 April 2010 Fan plc made a profit of €3,000 and, due to a revaluation, the value of its land and buildings increased by €5,000.As a conseq uence, Dee and Eff recommended, and the shareholders approved, the payment of €4,000 in dividends.Required:Advise Dee and Eff as to:(a) the legality of the dividend payment; and (6 marks)(b) any potential legal liability in regard to the dividend payment. (4 marks)10. Geo, Ho and Io formed a partnership three years ago to run a hairdressing business. They each provided capital to establish the business as follows:Geo €20,000;Ho €12,000; andIo €8,000.The partnership agreem ent stated that all profits and losses were to be divided in proportion to the capital contribution.After 18 months Geo provided the partnership with a loan of €3,000 in order to finance the purchase of more stock. The loan was to be paid back from the profits of the business.Unfortunately the business was not successful and the partners decided to dissolve the partnership rather than risk running up any more losses. At the time of the dissolution of the partnership its assets were worth €20,000. Its extern al debts were €7,000 and none of the debt to Geo has ever been paid.Required:Advise the partners as to how the financial aspects of the dissolution will be conducted and how the assets will be distributed. (10 marks)。

2010年ACCAF4-F9真题

2010年ACCA F4-F9真题1.Describe the structure and functions of the main civil courts in the English legal system, including the Supreme Court.2. Brick by Brick (BBB) is a building business that provides a range of building services to the public. Recently they have been asked to quote for garage conversions (GC) and extensions to properties (EX) and have found that they are winning fewer GC contracts than expected.BBB has a policy to price all jobs at budgeted total cost plus 50%. Overheads are currently absorbed on a labour hour basis. BBB thinks that a switch to activity based costing (ABC) to absorb overheads would reduce the cost associated to GC and hence make them more competitive.You are provided with the following data:Overhead Annual Activity driver Total numbercategory overheads $ of activities peryearSupervisors 90,000 Site visits 500Planners 70,000 Planning documents 250Property related 240,000 Labour hours 40,000––––––––Total 400,000––––––––A typical GC costs $3,500 in materials and takes 300 labour hours to complete. A GC requires only one site visit by a supervisor and needs only one planning document to be raised. The typical EX costs $8,000 in materials and takes 500 hours to complete. An EX requires six site visits and fi ve planning documents. In all cases labour is paid $15 per hour.Required:(a) Calculate the cost and quoted price of a GC and of an EX using labour hours to absorb the overheads.(b) Calculate the cost and the quoted price of a GC and of an EX using ABC to absorb the overheads.(c) Assuming that the cost of a GC falls by nearly 7% and the price of an EX rises by about 2% as a result ofthe change to ABC, suggest possible pricing strategies for the two products that BBB sells and suggest two reasons other than high prices for the current poor sales of the GC.(d) One BBB manager has suggested that only marginal cost should be included in budget cost calculations as this would avoid the need for arbitrary overhead allocations to products. Briefl y discuss this point of view and comment on the implication for the amount of mark-up that wouldbe applied to budget costs when producing quotes for jobs.3. Auy Man and Bim Men have been in partnership since 6 April 2000 as management consultants. The followinginformation is available for the tax year 2009–10:Personal informationAuy is aged 32. During the tax year 2009–10 she spent 190 days in the United Kingdom. Bim is aged 56. During the tax year 2009–10 she spent 100 days in the United Kingdom. Bim has spent the same amount of time in the United Kingdom for each of the previous five tax years.Profit and loss account for the year ended 5 April 2010The partnership’s summarised profit and loss account for the year ended 5 April 2010 is as follows:Note £ £Sales 1 142,200Expenses 2Depreciation 3,400Motor expenses 3 4,100Other expenses 4 1,800Wages and salaries 5 50,900–––––––60,200––––––––Net profit 82,000––––––––(1) The sales figure of £142,200 is exclusive of output value added tax (VAT) of £21,600.(2) The expenses figures are exclusive of recoverable input VAT of:Motor expenses £180Other expenses £140(3) The figure of £4,100 for motor expenses includes £2,600 in respect of the partners’ motor cars, with 30% of this amount being in respect of private journeys.(4) The figure of £1,800 for other expenses includes £720 for entertaining employees. The remaining expenses are all allowable.(5) The figure of £50,900 for wages and salaries includes the annual salary of £4,000 paid to Bim (see the profit sharing note below), and the annual salary of £15,000 paid to Auy’s husband, who works part-time for the partnership. Another part-time employee doing the same job is paida salary of £10,000 per annum.Plant and machineryOn 6 April 2009 the tax written down values of the partnership’s plant and machinery were as follows:£Main pool 3,100Motor car [1] 18,000Motor car [2] 14,000The following transactions took place during the year ended 5 April 2010:Cost/(Proceeds)£8 May 2009 Sold motor car [2] (13,100)8 May 2009 Purchased motor car [3] 11,60021 November 2009 Purchased motor car [4] 14,20014 January 2010 Purchased motor car [5] 8,700Motor car [1] has a CO2 emission rate of 185 grams per kilometre. It is used by Auy, and 70% of the mileage is for business journeys.Motor car [2] had a CO2 emission rate of 145 grams per kilometre. It was used by Bim, and 70% of the mileage was for business journeys. Motor car [3] purchased on 8 May 2009 has a CO2 emission rate of 105 grams per kilometre.It is used by Bim, and 70% of the mileage is for business journeys.Motor car [4] purchased on 21 November 2009 has a CO2 emission rate of 135 grams per kilometre. Motor car [5] purchased on 14 January 2010 has a CO2 emission rate of 200 grams per kilometre. These two motor cars are used by employees of the business.Profit sharingProfits are shared 80% to Auy and 20% to Bim. This is after paying an annual salary of £4,000 to Bim, and interest at the rate of 5% on the partners’ capital account balances. The capital account balances are:£Auy Man 56,000Bim Men 34,000VATThe partnership has been registered for VAT since 6 April 2000. However, the partnership has recentlystarted invoicing for its services on new payment terms, and the partners are concerned about output VAT being accounted for at the appropriate time.Required:(a) Explain why both Auy Man and Bim Men will each be treated for tax purposes as resident in the United Kingdom for the tax year 2009–10.(b) Calculate the partnership’s tax adjusted trading profit for the year ended 5 April 2010, and the trading income assessments of Auy Man and Bim Men for the tax year 2009–10.Note: Your computation should commence with the net profit figure of £82,000, and should also list all of the items referred to in notes (2) to (5) indicating by the use of zero (0) any items that do not require adjustment.(c) Calculate the class 4 national insurance contributions payable by Auy Man and Bim Men for the tax year 2009–10.(d) (i) Advise the partnership of the VAT rules that determine the tax point in respect of a supply of services;(ii) Calculate the amount of VAT paid by the partnership to HM Revenue & Customs throughout the year ended 5 April 2010;Note: you should ignore the output VAT scale charges due in respect of fuel for private journeys. (iii) Advise the partnership of the conditions that it must satisfy in order to join and continue to use the VAT flat rate scheme, and calculate the tax saving if the partnership had used the flat rate scheme to calculate the amount of VAT payable throughout the year ended 5 April 2010. Note: you should assume that the relevant flat rate scheme percentage for the partnership’s trade was 11% throughout the whole of the year ended 5 April 2010.4.On 1 April 2009 Picant acquired 75% of Sander’s equity shares in a share exchange of three shares in Picant for every two shares in Sander. The market prices of Picant’s and Sander’s shares at the date of acquisition were $3·20 and $4·50 respectively.In addition to this Picant agreed to pay a further amount on 1 April 2010 that was contingent upon the post-acquisition performance of Sander. At the date of acquisition Picant assessed the fair value of this contingent consideration at $4·2 million, but by 31 March 2010 it was clear that the actual amount to be paid would be only $2·7 million (ignore discounting). Picant has recorded the share exchange and provided for the initial estimate of $4·2 million for the contingent consideration.On 1 October 2009 Picant also acquired 40% of the equity shares of Adler paying $4 in cash per acquired share and issuing at par one $100 7% loan note for every 50 shares acquired in Adler.This consideration has also been recorded by Picant.Picant has no other investments.The summarised statements of fi nancial position of the three companies at 31 March 2010 are:The following information is relevant:(i) At the date of acquisition the fair values of Sander’s property, plant and equipment was equal to its carrying amount with the exception of Sander’s factory which had a fair value of $2 million above its carrying amount. Sander has not adjusted the carrying amount of the factory as a result of the fair value exercise. This requires additional annual depreciation of $100,000 in the consolidated fi nancial statements in the post-acquisition period.Also at the date of acquisition, Sander had an intangible asset of $500,000 for software in its statement of fi nancial position. Picant’s directors believed the software to have no recoverable value at the date of acquisition and Sander wrote it off shortly after its acquisition.(ii) At 31 March 2010 Picant’s current account with Sander was $3·4 million (debit). This did not agree with the equivalent balance in Sander’s books due to some goods-in-transit invoiced at $1·8 million that were sent by Picant on 28 March 2010, but had not been received by Sander until after the year end. Picant sold all these goods at cost plus 50%.(iii) Picant’s policy is to value the non-controlling interest at fair value at the date ofacquisition. For this purpose Sander’s share price at that date can be deemed to be representative of the fair value of the shares held by the non-controlling interest.(iv) Impairment tests were carried out on 31 March 2010 which concluded that the value of the investment in Adler was not impaired but, due to poor trading performance, consolidated goodwill was impaired by $3·8 million.(v) Assume all profi ts accrue evenly through the year.Required:(a) Prepare the consolidated statement of fi nancial position for Picant as at 31 March 2010.(b) Picant has been approached by a potential new customer, Trilby, to supply it with a substantial quantity of goods on three months credit terms. Picant is concerned at the risk that such a large order represents in the current diffi cult economic climate, especially as Picant’s normal credit terms are only one month’s credit. To support its application for credit, Trilby has sent Picant a copy of Tradhat’s most recent audited consolidated fi nancial statements. Trilby is a wholly-owned subsidiary within the Tradhat group. Tradhat’s consolidated fi nancial statements show a strong statement of fi nancial position including healthy liquidity ratios.Required:Comment on the importance that Picant should attach to Tradhat’s consolidated fi nancial statements when deciding on whether to grant credit terms to Trilby.5. Introduction and client backgroundYou are an audit senior in Staple and Co and you are commencing the planning of the audit of Smoothbrush Paints Co for the year ending 31 August 2010.Smoothbrush Paints Co is a paint manufacturer and has been trading for over 50 years, it operates from one central site, which includes the production facility, warehouse and administration offi ces.Smoothbrush sells all of its goods to large home improvement stores, with 60% being to one large chain store Homewares. The company has a one year contract to be the sole supplier of paint to Homewares. It secured the contract through signifi cantly reducing prices and offering a four-month credit period, the company’s normal credit period is one month.Goods in/purchasesIn recent years, Smoothbrush has reduced the level of goods directly manufactured and instead started to import paint from South Asia. Approximately 60% is imported and 40% manufactured. Within the production facility is a large amount of old plant and equipment that is now redundant and has minimal scrap value. Purchase orders for overseas paint are made six months in advance andgoods can be in transit for up to two months. Smoothbrush accounts for the inventory when it receives the goods.To avoid the disruption of a year end inventory count, Smoothbrush has this year introduced a continuous/perpetual inventory counting system. The warehouse has been divided into 12 areas and these are each to be counted once over the year. The counting team includes a member of the internal audit department and a warehouse staff member. The following procedures have been adopted;1. The team prints the inventory quantities and descriptions from the system and these records are then compared to the inventory physically present.2. Any discrepancies in relation to quantities are noted on the inventory sheets, including any items not listed on the sheets but present in the warehouse area.3. Any damaged or old items are noted and they are removed from the inventory sheets.4. The sheets are then passed to the fi nance department for adjustments to be made to the records when the count has fi nished.5. During the counts there will continue to be inventory movements with goods arriving and leaving the warehouse.At the year end it is proposed that the inventory will be based on the underlying records. Traditionally Smoothbrush has maintained an inventory provision based on 1% of the inventory value, but management feels that as inventory is being reviewed more regularly it no longer needs this provision.Finance DirectorIn May 2010 Smoothbrush had a dispute with its fi nance director (FD) and he immediately left the company. The company has temporarily asked the fi nancial controller to take over the role while they recruit a permanent replacement.The old FD has notifi ed Smoothbrush that he intends to sue for unfair dismissal. The company is not proposing to make any provision or disclosures for this, as they are confi dent the claim has no merit.Required:(a) Identify and explain the audit risks identifi ed at the planning stage of the audit of Smoothbrush Paints Co.(b) Discuss the importance of assessing risks at the planning stage of an audit.(c) List and explain suitable controls that should operate over the continuous/perpetual inventory counting system, to ensure the completeness and accuracy of the existing inventory records at Smoothbrush Paints Co.(d) Describe THREE substantive procedures the auditor of Smoothbrush Paints Co should performat the year end in confi rming each of the following:(i) The valuation of inventory;(ii) The completeness of provisions or contingent liabilities.6. ZSE Co is concerned about exceeding its overdraft limit of $2 million in the next two periods. It has been experiencing considerable volatility in cash fl ows in recent periods because of trading diffi culties experienced by its customers, who have often settled their accounts after the agreed credit period of 60 days. ZSE has also experienced an increase in bad debts due to a small number of customers going into liquidation.The company has prepared the following forecasts of net cash fl ows for the next two periods, together with their associated probabilities, in an attempt to anticipate liquidity and fi nancing problems. These probabilities have been produced by a computer model which simulates a number of possible future economic scenarios. The computer model has been built with the aid of a fi rm of fi nancial consultants.Period 1 cash flow Probability Period 2 cash flow Probability$000 $0008,000 10% 7,000 30%4,000 60% 3,000 50%(2,000) 30% (9,000) 20%ZSE Co expects to be overdrawn at the start of period 1 by $500,000.Required:(a) Calculate the following values:(i) the expected value of the period 1 closing balance;(ii) the expected value of the period 2 closing balance;(iii) the probability of a negative cash balance at the end of period 2;(iv) the probability of exceeding the overdraft limit at the end of period 2.Discuss whether the above analysis can assist the company in managing its cash flows.(b) Identify and discuss the factors to be considered in formulating a trade receivables management policy for ZSE Co.(c) Discuss whether profi tability or liquidity is the primary objective of working capital management.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。

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ACCA F4 -- MOCK EXAMS – DECEMBER 2010
ALL TEN questions are compulsory and MUST be attempted
1. Giving suitable examples, explain the difference between the ratio decidendi
and obiter dictum of a court judgment.
(10 marks)
2. (a) Developer A has contracted with Landowner B, under which A would build a
house on B’s land at a cost of $1 million, completion to be on 1st April 2009.
There is a clause in their contract which states as follows:- “If the Developer is late in completion, then he shall pay liquidated damages of $1,000 per day for each day of delay to the Landowner”. Developer A has delayed in the completion by 10 days. Advise Landowner B. (7 marks)
(b) What is “mitigation of losses” in the law of contract? (3 marks)
(10 marks) 3. Explain what is meant by the “Indoor Management Rule” in Company Law. Please
also state one exception to the operation of this Rule. (10 marks)
4. In relation to company law, explain the following:-
(a) annual general meeting (4 marks)
(b) extraordinary general meeting (2 marks)
(c) class meeting (4 marks)
(10 marks) 5. What are the three elements of the tort of negligence which a plaintiff must prove, in
order to be successful in his suit against the defendant?
(10 marks) 6. Explain what is meant by “the veil of incorporation” in company law. Are there
instances when a court would lift this veil?
(10 marks) 7. “To be valid, all acceptances must be actually communicated to the offeror”. Is this
statement true or not, in the law of contract? Please explain, with reasons.
(10marks)
8. Twenty men were engaged by the Stars Shipping Company to sail as crew members
of the merchant ship “Evergreen” from Singapore to Hong Kong, then to Shanghai, and back to Singapore. While that ship was docked in Hong Kong, 5 members of the ship’s crew of 20 deserted the ship. Fearing that more crew members may desert the ship, the ship captain promised the remaining 15 members of the crew that he would pay each of them extra wages if they were not to desert the ship during the remainder of their trip. However, when the ship returned to Singapore, the captain broke this promise.
Required:-
Analyse this scenario from the perspective of contract law, and discuss whether there is a binding contract between Stars Shipping Company and the 15 crew members.
(10 marks)
9. (a) John was managing director of a company which had recently failed to win a
valuable contract. Pretending to have an uncommon disease, he persuaded his company to release him from his employment agreement with the company.
Now that he is longer employed as a director by that company, he feels free to try to obtain the contract for himself, which he successfully does. Discuss whether there are any legal issues that arise out of his action. (5 marks)
(b) Michael is the Finance Director of a company. He did not examine carefully the
financial statements relating to his company’s investment in a project which it (the company) was losing money. The financial statements had been wrongly prepared and showed that the company was making a profit on that project when in fact it was making a loss. Therefore, the company continued to invest even more money into the project, and thus incurring even more losses, before the mistake was finally discovered. Is Michael liable in any way? (5 marks)
(10 marks) 10. Massive Bank is considering whether to grant to Flimsy Enterprises Pte Ltd an
unsecured loan of $300,000 for its operational needs. The Bank has heard some rather negative comments about the company. If, despite that, the Bank still proceeds to grant a bank loan to the Company, and assuming that the Company is subsequently wound up, then how would the Bank’s $300,000 loan rank as against the other creditors of the Company?
(10marks)。