2015年6月ACCA F5考试真题
2015年6月ACCA考试《公司报告(International)》真题及详解
2015年6月ACCA考试《公司报告（International）》真题(总分：100.00，做题时间：180分钟)一、Section A –THIS ONE question is compulsory and MUST be attempted(总题数：1，分数：50.00)Kutchen, a public limited company, operates in the technology sector and has investments in other entities operatingin the sector. The draft statements of financial position at 31 March 2015 are as follows: The following information is relevant to the preparation of the group financial statements: 1. On 1 October 2014, Kutchen acquired 70% of the equity interests of House, a public limited company. Thepurchase consideration comprised 20 million shares of $1 of Kutchen at the acquisition date and 5 million shareson 31 March 2016 if House’s net profit after taxation was at least $4 million for the year ending on that date.The market price of Kutchen’s shares on 1 October 2014 was $2 per share and that of House was $4•20 pershare. It is felt that there is a 20% chance of the profit target being met. Kutchen wishes to measure the non-controlling interest at fair value at the date of acquisition. At acquisition, thefair value of the non-controlling interest (NCI) in House was based upon quoted market prices. On 1 October2014, the fair value of the identifiable net assets acquired was $48 million and retained earnings of House were$18 million and other components of equity were $3 million. The excess in fair value is due to non-depreciableland. No entries had been made in the financial statements of Kutchen for the acquisition of House. 2. On 1 April 2014, Kutchen acquired 80% of the equity interests of Mach, a privately owned entity, for aconsideration of $57 million. The consideration comprised cash of $52 million and the transfer of non-depreciable land with a fair value of $5 million. The carrying amount of the land at the acquisition date was$3 million and the land has only recently been transferred to the seller of the shares in Mach and is still carriedat $3 million in the financial records of Kutchen at 31 March 2015. The only consideration shown in thefinancial records of Kutchen is the cash paid for the shares of Mach. At the date of acquisition, the identifiable net assets of Mach had a fair value of $55 million, retained earningswere $12 million and other components of equity were $4 million. The excess in fair value is due to non-depreciable land. Mach had made a net profit attributable to ordinary shareholders of $3•6 million for theyear to 31 March 2014. Kutchen wishes to measure the non-controlling interest at fair value at the date of acquisition. The NCI is to befair valued using a public entity market multiple method. Kutchen has identified two companies who arecomparable to Mach and who are trading at an average price to earnings ratio (P/E ratio) of 21. Kutchen hasadjusted the P/E ratio to 19 for differences between the entities and Mach, for the purpose of fair valuing theNCI.3. Kutchen had purchased an 80% interest in Niche for $40 million on 1 April 2014 when the fair value of theidentifiable net assets was $44 million. The partial goodwill method had been used to calculate goodwill and animpairment of $2 million had arisen in the year ended 31 March 2015. There were no other impairment chargesor items requiring reclassification. The holding in Niche was sold for $50 million on 31 March 2015 and thegain on sale in Kutchen’s financial statements is currently recorded in other components of equity. The carryingvalue of Niche’s identifiable net assets other than goodwill was $60 million at the date of sale. Kutchen hadcarried the investment in Niche at cost.4. Kutchenhas decided to restructure one of its business segments. The plan was agreed by the board of directorson 1 January 2015 and affects employees in two locations. In the first location, half of the factory units havebeen closed by 31 March 2015 and the affected employees’ pension benefits have been frozen. Any newemployees will not be eligible to join the defined benefit plan. After the restructuring, the present value of thedefined benefit obligation in this location is $8 million. The following table relates to location 1. Value before restructuring Location 1 –$m Present value of defined benefit obligation (10) Fair value of plan assets 7 Net pension liability (3) In the second location, all activities have been discontinued. It has been agreed that employees will receive apayment of $4 million in exchange for the pension liability of $2•4 million in the unfunded pension scheme.Kutchen estimates that the costs of the above restructuring excluding pension costs will be $6 million. Kutchenhas not accounted for the effects of the restructuring in its financial statements because it is planning a rightsissue and does not wish to depress the share price. Therefore there has been no formal announcement of therestructuring. The pension liability is shown in non-current liabilities. 5. Kutchen manufactures equipment for lease or sale. On 31 March 2015, Kutchen leased out equipment under a10-year finance lease. The selling price of the leased item was $50 million and the net present value of theminimum lease payments was $47 million. The carrying value of the leased asset was $40 million and thepresent value of the residual value of the product when it reverts back to Kutchen at the end of the lease term is$2•8 million. Kutchen has shown sales of $50 million and cost of sales of $40 million in its financial statements. 6. Kutchen has impairment tested its non-current assets. It was decided that a building located overseas wasimpaired because of major subsidence. The building was acquired on 1 April 2014 at a cost of 25 million dinarswhen the exchange was 2 dinars to the dollar. The building is carried at cost. At 31 March 2015, the recoverableamount of the building was deemed to be 17•5 million dinars. The exchange rate at 31 March 2015 is 2•5 dinars to the dolla r. Buildings are depreciated over 25 years. The tax base and carrying amounts of thenon-current assets before the impairment write down were identical.The impairment of the non-current assets is not allowable for tax purposes. Kutchen has not made anyimpairment or deferred tax adjustment for the above. Kutchen expects to make profits for the foreseeable futureand assume the tax rate is 25%. No other deferred tax effects are required to be taken into account other than on the above non-current assets. Required: （分数：50.01）(1).(a)Prepare the consolidated statement of financial position for the Kutchen Group as at 31 March 2015. (35 marks)（分数：16.67）_________________________________________________________________________________ _________正确答案：( Contingent consideration should be valued at fair value and will have to take into account the various milestones set underthe agreement. The expected value is (20% x 5 million shares) 1 million shares x $2, i.e. $2 million. There will be noremeasurement of the fair value in subsequent periods. If this were a liability, there would be remeasurement. The contingentconsideration will be shown in OCE. The fair value of the consideration is therefore 20 million shares at $2 plus $2 million(above), i.e. $42 million. The purchase should be accounted for as follows: Dr Investment in House $42 million Cr Ordinary share capital $20 million Cr Other components of equity $22 million The fair value of the NCI is 30% x 13 million x $4•20 =$16•38 million The fair value adjustment for land is $(48 –Share capital 13 –Retained earnings 18 –OCE 3)m, i.e. $14million. Working 2 Mach Net profit of Mach for the year to 31 March 2014 is $3•6 million. The P/E ratio (adjusted) is 19. Therefore the fair value ofMach is 19 x $3•6 million, i.e. $68•4 million. The NCI has a 20% holding; therefore the fair value of the NCI is $13•68 million. The land transferred as part of the purchase consideration should be valued at its acquisition date fair value of $5 million.Therefore the increase of $2 million over the carrying amount should be shown in retained earnings. The fair value adjustment for land is $13m (55 –Share capital 26 –Retained earnings 12 –OCE 4), i.e. $13 million. Total goodwill is therefore $(15•68 + 10•38) million, i.e. $26•06 million. Working 7 Finance lease Kutchen should have shown the lease receivable at the lower of the fair value of the asset and the present value of theminimum lease payments, i.e. $47 million. Therefore an adjustment of $3 million will have to be made to profit or loss andthe lease receivable. Similarly, the cost of transaction should have been $(40 –2•8) million, i.e. $37•2 million as the assetreverts back to Kutchen at the end of the lease. Therefore an adjustment should be made to profit or loss and lease recei vableof $2•8 million. Dr Profit or loss $3 million Cr Lease receivable $3 million Dr Lease receivable $2•8 million Cr Profit or loss $2•8 million (The net amount of $0•2 million could be adjusted in this case.) The finance lease receivable figure in the financial statements will be $(50 –3 + 2•8 + 14 + 8)m, i.e. $71•8 million Pensions After restructuring, the present value of the pension liability in location 1 is reduced to $8 million. Thus there will be anegative past service cost in this location of $(10 –8) million, i.e. $2 million. As regards location 2, there is a settlementand a curtailment as all liability will be extinguished by the payment of $4 million. Therefore there is a loss of $(2•4 –4) million, i.e. $1•6 million. The changes to the pension scheme in locations 1 and 2 will both affect profit or lossas follows: Location 1 Dr Pension obligation $2m Cr Retained earnings $2m Location 2 Dr Pension obligation $2•4m Dr Retained earnings $1•6m Cr Current liabilities $4m Even though there has been no formal announcement of the restructuring, Kutchen has started implementing it and therefore it must be accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets A provision of $6 million should also be made at the year end. Deferred taxation and impairment Carrying amount of building at 31 March 2015 $(25 –1 depreciation) million, i.e. 24 million dinars/2 = $12 million. Recoverable amount of building at 31 March 2015 17•5 million dinars/2•5 = $7 million. Impairment loss to profit or loss = $5 million. The tax base and carrying amount of the non-current assets are the same before the impairment charge. After the impairmentcharge, there will be a difference of $5 million. This will create a deferred tax asset of $5 million x 25%, i.e. $1•25 million.As Kutchen expects to make profits for the foreseeable future, this can be recognised in the financial statements. )(2).(b) When Kutchen acquired the majority shareholding in Mach, there was an option on the remaining non-controlling interest (NCI), which could be exercised at any time up to 31 December 2015. On 30 April 2015, Kutchenacquired the remaining NCI which related to the purchase of Mach. The payment for the NCI was structured sothat it contained a fixed initial payment and a series of contingent amounts payable over the following two years.The contingent payments were to be based on the future profits of Mach up to a maximum amount. Kutchen feltthat the fixed initial payment was an equity transaction. Additionally, Kutchen was unsure as to whether thecontingent payments were either equity, financial liabilities or contingent liabilities. After a board discussion which contained disagreement as to the accounting treatment, Kutchen is preparing todisclose the。
2015年6月ACCA考试《专业会计师》真题及详解
2015年6月ACCA考试《专业会计师》真题(总分：100，做题时间：120分钟)一、Section A – This ONE question is compulsory and MUST be attempted(总题数：1，分数：50.00)1.Lysus surgical supplies was founded 20 years ago by entrepreneur Simon Mara who has been the company’s chief executive since t he outset. Incorporated as a private company, Lysus began by importing small surgical devices such as syringes and bandages, and selling them to hospitals, clinics and medical facilities. But the company began to grow rapidly when Mr Mara realised the potential of a growing market in knee and hip joint replacements as the population in many countries was rapidly ageing due to the wider availability of more effective, low cost medicines.Fifteen years ago, he began to manufacture the surgical hip and knee joints used for most joint replacement surgery.As a company operating in the surgical supplies industry, Lysus has always been subject to regulation and must complete compliance reports every year to declare that it is using surgical grade materials for its manufacturing and also that it maintains the requisite level of hygiene in its processes. These reports are a legal compliance matter and must be signed by two directors. Lysus surgical supplies has been a private family (or ‘insider’) company throughout it s history. Owned jointly by Simon Mara, his wife and brother, Mr Mara owns 51% of the shares, his wife, 20% and his brother 29%. All three are directors of Lysus surgical supplies. As the company grew, they sought to employ members of the extended family as much as possible, partly to provide them with jobs and partly to ‘give a feeling of family’ in the company. It was often described as a ‘tight-knit’ culture with family members occupying the senior positions and with few appointments made from outside the company to important roles. When the company grew to a certain size, Mr Mara decided that he needed a qualified accountant on the board of directors to help with investment appraisals, costings, cash flow management, compliance issues and financial reporting. He eventually appointed Amy Tsang, a relatively inexperienced but ambitious person to the board. This was her first role as finance director. Simon Mara was known to be a strong and domineering person. Some former employees described him as a bully who was unable to discuss matters in a calm manner. He was described as quick to anger and capable of intimidating even his senior colleagues such that they would feel unable to challenge him at all. This was also the case with Amy Tsang, the new finance director. She found him overbearing and impossible to challenge. She always did as he asked,even when she felt uncomfortable with what she was being asked to do. When the joint replacement industry became more competitive, Mr Mara had the idea that he could reduce the company’s unit costs by switching some of the surgical-grade materials used in manufacture for a cheaper industrial grade instead. Such a switch would be undetectable to the surgeons using the artificial joints but did increase the risk of fracture and deterioration once the replacement joints were used in a patient. Mr Mara asked Amy Tsang, as an accountant and finance director, to produce detailed costing calculations for the switch and to forecast how this change would affect profits. She also calculated the costs of retooling the factory to allow the industrial grade material to be used. Later, on Mr Mara’s instruction, she approved the investment and oversaw the changes in manufacturing and the purchasing processes, in the full knowledge that such changes were both illegal and unethical. Mr Mara assumed that because many of the senior employees were family members, and that he could control Amy Tsang,that the switch toindustrial grade material would go undetected. The problem came to the public attention some time later when joints made from the inferior material began to deteriorate and immobilise previously mobile patients. The industrial grade material used in the joints often caused infection in patients and some vulnerable patients died of the effects of the product failure. John Qua was the investigative journalist who brought the problems at Lysus to national attention. He thought that the problems arose as a result of a probity risk and that the probity or integrity failure was on the part of Mr Mara and Amy Tsang. Mr Qua’s mother had received a Lysus hip joint and subsequently experienced a great deal of pain and distress when the joint deteriorated, producing some unfortunate side effects including blood poisoning. Although his mother was able to have the joint safely removed and replaced by a better quality artificial joint, John Qua researched further and found other patients who had not been so fortunate. It was John Qua’s investigations into Lysus which alerted the regulatory authorities to the use of the inferior materials in the joints. It soon emerged that the cause of the increased failure of the implants was the use of the inferior industrial-grade material. When the regulator responsible for the safety of surgical supplies disc overed, thanks to John Qua’s research, why the joints degraded, they investigated the use of the inferior materials. The legal officers investigating the case noted that two directors had signed the most recent compliance reports, certifying that the company was fully compliant with material usage and quality standards. These were Simon Mara and Amy Tsang. John Qua was angry with Lysus surgical supplies, because of how his mother and others had suffered. He was particularly angry with Simon Mara and Amy Tsang. As a business journalist, he often wrote articles on the behaviour and performance of listed companies. He became convinced that it was in the public interest for producers of surgical supplies, such as Lysus, to be subject to the regulatory requirements of listed companies. In a published article, he wrote: …whenever I look at company failures such as that at Lysus, I become increasingly convinced that robust ways of embedding risk awareness and risk management are essential in all companies and not just in listed companies. It was the fact that Mr Mara could get away with his offences that is most worrying. He bullied a young accountant,Miss Tsang, into highly unprofessional behaviour, and without the systems in place to enable the offence to be challenged internally, he initially got away with it. Had a whistleblowing system been in place, or a separation of roles at the head of the company, Mr Mara could not have done this terrible thing. Someone would have challenged him and told him not to be so unethical and arrogant. The result is that, with such a high impact business risk having been realised, innocent people working for Lysus may lose their jobs whilst patients may have to suffer the effects of this for many years. Once the case came to the public attention, Mr Mara was arrested and prosecuted for the illegal sale of non-compliant surgical materials. Amy Tsang was also prosecuted and then investigated by her professional accounting body. After an appeal, she was ‘struck off’, thereby preventing her from working as an accountant in the future. The company itself was wound up after sales declined, and all 130 employees lost their jobs. Patients continue to suffer the effects of the defective joint replacements and will do for several years into the future. Required:（分数：50.00）(1).(a) Distinguish between the governance of a family-owned company like Lysus anda publicly listed company,and explain how Mr Mara may not have committed the offences he did if Lysus had been a publicly listed company. (10 marks)（分数：12.50）_________________________________________________________________________________ _________正确答案：(Family and listed companies A family business, when incorporated as a company, is an example of a private limited company. This means that the shares are privately held and are not available for members of the investing public to buy and sell. This is in contrast to a public company, which is listed on a stock exchange and in which members of the public, including private and institutional shareholders, can purchase or sell shares. Being a public listed or public limited company carries a number of requirements,imposed either by statute or the stock exchange, which do not apply to private companies. These requirements include compliance with a number of corporate governance provisions which include the adoption of certain governance structures,adherence with internal control and internal audit standards, and the external reporting of some types of information. A private limited company, in contrast, must comply with company law and tax regulations, but is not subject to listing rules. Mr Mara’s behaviour was highly unethical and also illegal, given the regulatory regime controlling surgical supplies in the country in which he was based. His abuse of his office as CEO of Lysus was made possible by a number of failures, linked in part to the nature and culture of the company. The first such factor was the ‘tight-knit’ family culture which enabled the decision to be made and then go unchallenged among the senior management including his wife, brother and Amy Tsang. The unwillingness to appoint from outside meant that senior members of the company became familiar with Mr Mara’s management style and may, over time, have come to consider his behaviour as ‘normal’. The fact that Mr Mara was such a domineering figure may have become accepted rather than challenged by other directors, partly because of family ties and their prior knowledge of his character and management style. The fact that the company was family-dominated may have made it difficult for others to confront Mr Mara about his style as such an approach may have negatively affected family relationships. Being a family or ‘insider’ dominated business meant that the company did not have any external shareholders. This means that there was no need to account to public shareholders for either the performance of the company or its postures on such issues as ethics. External scrutiny of board performance was not present and Mr Mara was therefore not subject to questioning from anybody outside of the company who might have had a different view on his management than the other members of the company. Because it was not a listed company, there was no regulatory necessity for Lysus to employ governance structures and systems capable of detecting and challenging his irregular behaviour. Had Lysus had, for example, an internal control system which included a control over inbound materials or product design, the replacement of the surgical-grade material with industrial-grade would have been detected and an alert raised as it would have not have been in compliance with the regulations on surgical supplies. Likewise, a formal internal audit system would have been capable of investigating any regulatory non-compliance. This could have then been reported in internal reports and, if deemed necessary, to external authorities. A criticism common to many family-controlled companies is the lack of external expertise in the form of an effective non-executive presence. Although some companies employ non-executive directors (NEDs) on a voluntary and ‘best practice’basis, the private company status of Lysus usually means that there is no regulatory requirement to do so. The purposes of NEDs in a listed company are to represent the strategic interests of shareholders and to populate the main board committees.These committees, in turn, provide a level of assurance to shareholders of probity, transparency and robustness.)(2).(b) Criticise Amy Tsang’s behaviour as the finance director and a qualified。
2015年6月ACCA考试《财务报告(International)》真题及详解
2015年6月ACCA考试《财务报告（International）》真题(总分：100.00，做题时间：180分钟)一、Section A – ALL 20 questions are compulsory and MUST be attempted (总题数：20，分数：40.00)1.Faithful representation is a fundamental characteristic of useful information within the IASB’s Conceptual framework for financial reporting. Which of the following accounting treatments correctly applies the principle of faithful representation?（分数：2.00）A.Reporting a transaction based on its legal status rather than its economic substanceB.Excluding a subsidiary from consolidation because its activities are not compatible with those of the rest of the groupC.Recording the whole of the net proceeds from the issue of a loan note which is potentially convertible to equity shares as debt (liability)D.Allocating part of the sales proceeds of a motor vehicle to interest received even though it was sold with 0%(interest free) finance √解析：The substance is that there is no ‘free’ finance; its cost, as such, is built into the selling price.2.Which of the following statements relating to intangible assets is true? （分数：2.00）A.All intangible assets must be carried at amortised cost or at an impaired amount; they cannot be revaluedupwardsB.The development of a new process which is notexpected to increase sales revenues may still be recognised asan intangible asset √C.Expenditure on the prototype of a new engine cannot be classified as an intangible asset because the prototypehas been assembled and has physical substanceD.Impairment losses for a cash generating unit are first applied to goodwill and then to other intangible assets beforebeing applied to tangible assets解析：A new process may produce benefits (and therefore be recognised as an asset) other than increased revenues, e.g. it may reduce costs. 3.Each of the following events occurred after the reporting date of 31 March 2015, but before the financial statementswere authorised for issue.Which would be treated as a NON-adjusting event under IAS 10 Events After the Reporting Period?（分数：2.00）A.A public announcement in April 2015 of a formal plan to discontinue an operation which had been approved bythe board in February 2015 √B.The settlement of an insurance claim for a loss sustained in December 2014C.Evidence that $20,000 of goods which were listed as part of the inventory in the statement of financial positionas at 31 March 2015 had been stolenD.A sale of goods in April 2015 which had been held in inventory at 31 March 2015. The sale was made at aprice below its carrying amount at 31 March 2015解析：A board decision to discontinue an operation does not create a liability. A provision can only be made on the announcement of a formal plan (as it then raises a valid expectation that the discontinuance will be carried out). As this announcement occurs during the year ended 31 March 2016, this a non-adjusting event for the year ended 31 March 2015. 4.Metric owns an item of plant which has a carrying amount of $248,000 as at 1 April 2014. It is being depreciatedat 12?% per annum on a reducing balance basis. The plant is used to manufacture a specific product which has been suffering a slow decline in sales. Metric hasestimated that the plant will be retired from use on 31 March 2017. The estimated net cash flows from the use ofthe plant and their present values are: On 1 April 2015, Metric had an alternative offer from a rival to purchase the plant for $200,000. At what value should the plant appear in Metric’s statement of financial position as at 31 March 2015?（分数：2.00）A.$248,000B.$217,000C.$214,600 √D.$200,000解析：Is the lower of its carrying amount ($217,000) and recoverable amount ($214,600) at 31 March 2015. Recoverable amount is the higher of value in use ($214,600) and fair value less (any) costs of disposal ($200,000)). Carrying amount = $217,000 (248,000 – (248,000 x 12·5%)) Value in use is based on present values = $214,6005.Pact acquired 80% of the equity shares of Sact on 1 July 2014, paying $3·00 for each share acquired. Thisrepresented a premium of 20% over the market price of Sact’s shares at that date.Sact’s shareholders’funds (equity) as at 31 March 2015 were: The only fair value adjustment required to Sact’s net assets on consolidation was a $20,000 increase in the value of its land. Pact’s policy is to value non-controlling interests at fair value at the date of acquisition. For this purpose the marketprice of Sact’s shares at that date can be deemed to be representative of the fair value of the shares held by the non-controlling interest. What would be the carrying amount of the non-controlling interest of Sact in the consolidated statement offinancial position of Pact as at 31 March 2015? （分数：2.00）A.$54,000B.$50,000C.$56,000 √D.$58,000解析：Market price of Sact’s shares at acquisition was $2·50 (3·00 –(3·00 x 20/120)), therefore NCI at acq was $50,000 (100,000x 20% x $2·50). NCI share of the post-acq profit is $6,000 (40,000 x 9/12 x 20%). Therefore non-controlling interest as at 31 March 2015 is $56,000.6.The IASB’s Conceptual framework for financial reporting defines recognition as the process of incorporating in the financial statements an item which meets the definition of an element and satisfies certain criteria. Which of the following elements should be recognised in the financial statements of an entity in the mannerdescribed?（分数：2.00）A.As a non-current liability: a provision for possible hurricane damage to property for a company located in an area which experiences a high incidence of hurricanesB.In equity: irredeemable preference shares √C.As a trade receivable: an amount of $10,000 due from a customer which has been sold (factored) to a financecompany with no recourse to the sellerD.In revenue: the whole of the proceeds from the sale of an item of manufactured plant which has to be maintainedby the seller for three years as part of the sale agreement。
2015年6月F5考试试题
P a p e r F 5Section A – ALL 20 questions are compulsory and MUST be attemptedPlease use the grid provided on page two of the Candidate Answer Booklet to record your answers to each multiple choice question. Do not write out the answers to the MCQs on the lined pages of the answer booklet.Each question is worth 2 marks.1 A division is considering investing in capital equipment costing $2·7m. The useful economic life of the equipment isexpected to be 50 years, with no resale value at the end of the period. The forecast return on the initial investment is 15% per annum before depreciation. The division’s cost of capital is 7%.What is the expected annual residual income of the initial investment?A$0B($270,000)C$162,000D$216,0002The Fruit Company (F Co) currently grows fruit which customers pick themselves from the fields before paying. F Co is concerned that a large number of customers are eating some of the fruit whilst picking it and are therefore not paying for all of it. As a result, it has to decide whether to hire staff to pick and package the fruit instead. The following values and costs have been identified:(i)The total sales value of the fruit currently picked and paid for by customers(ii)The cost of growing the fruit(iii)The cost of hiring staff to pick and package the fruit(iv)The total sales value of the fruit if it is picked and packaged by staff insteadWhich of the above are relevant to the decision?A All of the aboveB(ii), (iii) and (iv) onlyC(i), (ii) and (iv) onlyD(i), (iii) and (iv) only3Which of the following statements describes target costing?A It calculates the expected cost of a product and then adds a margin to it to arrive at the target selling priceB It allocates overhead costs to products by collecting the costs into pools and sharing them out according to eachproduct’s usage of the cost driving activityC It identifies the market price of a product and then subtracts a desired profit margin to arrive at the target costD It identifies different markets for a product and then sells that same product at different prices in each market24The Mobile Sandwich Co prepares sandwiches which it delivers and sells to employees at local businesses each day.Demand varies between 325 and 400 sandwiches each day. As the day progresses, the price of the sandwiches is reduced and, at the end of the day, any sandwiches not sold are thrown away. The company has prepared a regret table to show the amount of profit which would be foregone each day at each supply level, given the varying daily levels of demand.Regret tableDaily supply of sandwiches (units)325350375400325$0$21$82$120Daily demand350$36$0$44$78for sandwiches (units)375$82$40$0$34400$142$90$52$0Applying the decision criterion of minimax regret, how many sandwiches should the company decide to supply each day?A325B350C375D4005The following statements have been made about transaction processing systems and executive information systems:(i) A transaction processing system collects and records the transactions of an organisation(ii)An executive information system is a way of integrating the data from all operations within the organisation intoa single systemWhich of the above statements is/are true?A(i) onlyB(ii) onlyC Both (i) and (ii)D Neither (i) nor (ii)6The following information is available for a manufacturing company which produces multiple products:(i)The product mix ratio(ii)Contribution to sales ratio for each product(iii)General fixed costs(iv)Method of apportioning general fixed costsWhich of the above are required in order to calculate the break-even sales revenue for the company?A All of the aboveB(i), (ii) and (iii) onlyC(i), (iii) and (iv) onlyD(ii) and (iii) only7Which of the following is an external source of information?A Value of sales, analysed for each customerB Value of purchases, analysed for each supplierC Prices of similar products, analysed for each competitor companyD Hours worked, analysed for each employee3[P.T.O.8 C Co uses material B, which has a current market price of $0·80 per kg. In a linear program, where the objective isto maximise profit, the shadow price of material B is $2 per kg. The following statements have been made:(i)Contribution will be increased by $2 for each additional kg of material B purchased at the current market price(ii)The maximum price which should be paid for an additional kg of material B is $2(iii)Contribution will be increased by $1·20 for each additional kg of material B purchased at the current market price(iv)The maximum price which should be paid for an additional kg of material B is $2·80Which of the above statements is/are correct?A(ii) onlyB(ii) and (iii)C(i) onlyD(i) and (iv)9X Co uses a throughput accounting system. Details of product A, per unit, are as follows:Selling price$320Material costs$80Conversion costs$60Time on bottleneck resource 6 minutesWhat is the return per hour for product A?A$40B$2,400C$30D$1,80010The following ratios have been calculated for a company:Gross profit margin42%Operating profit margin28%Gearing (debt/equity)40%Asset turnover65%What is the return on capital employed for the company?A27·3%B18·2%C11·2%D16·8%411 A company manufactures three products using different amounts of the same grade of labour, which is in short supply.The following budgeted data relates to the products:Per unit:P1P2P3$$$Selling price12014095Materials ($2 per kg)(40)(32)(22)Labour ($10 per hour)(10)(20)(11)Variable overheads(20)(28)(24)Fixed overheads(6)(9)(12)––––––––––––Profit per unit445126––––––––––––What order should the products be manufactured in to ensure that profit is maximised?P1P2P3A2nd1st3rdB2nd3rd1stC1st3rd2ndD1st2nd3rd12The following statements have been made about life cycle costing:(i)It focuses on the short-term by identifying costs at the beginning of a product’s life cycle(ii)It identifies all costs which arise in relation to the product each year and then calculates the product’s profitability on an annual basis(iii)It accumulates a product’s costs over its whole life time and works out the overall profitability of a product (iv)It allocates costs to each stage of a product’s life cycle and writes them off at the end of each stageWhich of the above statements is/are correct?A(i) and (iii)B(iii) onlyC(i) and (iv)D(ii) only13 A company’s sales and cost of sales figures have remained unchanged for the last two years. The following informationhas been noted:Year ended 31 May 201531 May 2014Inventory turnover period45 days38 daysPayables payment period40 days35 daysReceivables payment period60 days68 daysCurrent ratio1·11·3Quick ratio1·31·4The following statements have been made about the company’s performance for the most recent year:(i)Customers are taking longer to pay and this may have contributed to the decline in the company’s current ratio(ii)Inventory levels have increased and this may have contributed to the decline in the company’s quick ratio Which of the above statements is/are true?A(i) onlyB(ii) onlyC Both (i) and (ii)D Neither (i) nor (ii)5[P.T.O.14Caf Co budgeted to sell 10,000 units of a new product in the period at a budgeted selling price of $5 per unit. Actual sales volumes in the period were as budgeted but the actual sales price achieved was only $4 per unit. This was because a competitor launched a similar product at the same time. Caf Co had been unaware that this was going to happen when it prepared its budget and, had it known this, it would have revised its expected selling price to $3·80 per unit, which was the price of the competitor’s product.What is the sales price planning variance?A$12,000 AB$12,000 FC$2,000 FD$2,000 A15The following budgeted data for a particular period was available for a company selling two products:Sales price Variable cost Sales volumeper unit per unit in unitsProduct A$20$815,840Product B$24$1110,560The actual results for the period were as follows:Sales price Variable cost Sales volumeper unit per unit in unitsProduct A$22$814,200Product B$26$1112,500What is the total sales quantity contribution variance for the period?A$3,720 FB$3,720 AC$4,320 FD$4,320 A16 A company predicted that the learning rate for production of a new product would be 80%. The actual learning ratewas 75%. The following possible reasons were stated for this:(i)The number of new employees recruited was lower than expected(ii)Unexpected problems were encountered with production(iii)Unexpected changes to Health and Safety laws meant that the company had to increase the number of breaks during production for employeesWhich of the above reasons could have caused the difference between the expected rate of learning and the actual rate of learning?A All of the aboveB(ii) and (iii) onlyC(i) onlyD None of the above617When activity-based costing is used for environmental accounting, which statement is correct for environment-related costs and environment-driven costs?A Environment-related costs can be attributed to joint cost centres and environment-driven costs cannot beB Environment-driven costs can be attributed to joint cost centres and environment-related costs cannot beC Both environment-related costs and environment-driven costs can be attributed to joint cost centresD Neither environment-related costs nor environment-driven costs can be attributed to joint cost centres18The following statements have been made about the materials mix variance for a company manufacturing different products using the same type of material (measured in kgs):(i)The mix variance can be calculated by taking the difference between the actual quantity in the standard mix andthe actual quantity in the actual mix, then multiplying it by the actual cost per kg(ii)The mix variance arises because there is a difference between what the input should have been for the output achieved and the actual outputWhich of the above statements is/are correct?A Neither (i) nor (ii)B Both (i) and (ii)C(i) onlyD(ii) only19At the start of the year, a division has non-current assets of $4 million and makes no additions or disposals during the year. Depreciation is charged at a rate of 10% per annum on all non-current assets held at the end of the year.Working capital is $0·5 million at the start of the year although this is expected to increase by 20% by the end of the year. The budgeted profit of the division after depreciation is $1·2m.What is the expected ROI of the division for the year, based on average capital employed?A27·59%B26·37%C18·39%D31·58%20The following statements have been made in relation to the concepts outlined in throughput accounting:(i)Inventory levels should be kept to a minimum(ii)All machines within a factory should be 100% efficient, with no idle timeWhich of the above statements is/are correct?A(i) onlyB(ii) onlyC Both (i) and (ii)D Neither (i) nor (ii)(40 marks)7[P.T.O.Section B –ALL FIVE questions are compulsory and MUST be attemptedPlease write your answers to all parts of these questions on the lined pages within the Candidate Answer Booklet.1Beckley Hill (BH) is a private hospital carrying out two types of procedures on patients. Each type of procedure incurs the following direct costs:Procedure A B$$Surgical time and materials1,2002,640Anaesthesia time and materials8001,620BH currently calculates the overhead cost per procedure by taking the total overhead cost and simply dividing it by the number of procedures, then rounding the cost to the nearest 2 decimal places. Using this method, the total cost is $2,475·85 for Procedure A and $4,735·85 for Procedure B.Recently, another local hospital has implemented activity-based costing (ABC). This has led the finance director at BH to consider whether this alternative costing technique would bring any benefits to BH. He has obtained an analysis of BH’s total overheads for the last year and some additional data, all of which is shown below:Cost Cost driver$Administrative costs Administrative time per procedure1,870,160Nursing costs Length of patient stay6,215,616Catering costs Number of meals966,976General facility costs Length of patient stay8,553,600–––––––––––T otal overhead costs17,606,352–––––––––––Procedure A BNo. of procedures14,60022,400Administrative time per procedure (hours)11·5Length of patient stay per procedure (hours)2448Average no. of meals required per patient14Required:(a)Calculate the full cost per procedure using activity-based costing.(6 marks)(b)Making reference to your findings in part (a), advise the finance director as to whether activity-based costingshould be implemented at BH.(4 marks)(10 marks)82Mobe Co manufactures electronic mobility scooters. The company is split into two divisions: the scooter division (Division S) and the motor division (Division M). Division M supplies electronic motors to both Division S and to external customers. The two divisions run as autonomously as possible, subject to the group’s current policy that Division M must make internal sales first before selling outside the group; and that Division S must always buy its motors from Division M. However, this company policy, together with the transfer price which Division M charges Division S, is currently under review.Details of the two divisions are given below.Division SDivision S’s budget for the coming year shows that 35,000 electronic motors will be needed. An external supplier could supply these to Division S for $800 each.Division MDivision M has the capacity to produce a total of 60,000 electronic motors per year. Details of Division M’s budget, which has just been prepared for the forthcoming year, are as follows:Budgeted sales volume (units)60,000Selling price per unit for external sales of motors$850Variable costs per unit for external sales of motors$770The variable cost per unit for motors sold to Division S is $30 per unit lower due to cost savings on distribution and packaging.Maximum external demand for the motors is 30,000 units per year.Required:Assuming that the group’s current policy could be changed, advise, using suitable calculations, the number of motors which Division M should supply to Division S in order to maximise group profits. Recommend the transfer price or prices at which these internal sales should take place.Note: All relevant workings must be shown.(10 marks)9[P.T.O.3Bokco is a manufacturing company. It has a small permanent workforce but it is also reliant on temporary workers, whom it hires on three-month contracts whenever production requirements increase. All buying of materials is the responsibility of the company’s purchasing department and the company’s policy is to hold low levels of raw materials in order to minimise inventory holding costs. Bokco uses cost plus pricing to set the selling prices for its products once an initial cost card has been drawn up. Prices are then reviewed on a quarterly basis. Detailed variance reports are produced each month for sales, material costs and labour costs. Departmental managers are then paid a monthly bonus depending on the performance of their department.One month ago, Bokco began production of a new product. The standard cost card for one unit was drawn up to include a cost of $84 for labour, based on seven hours of labour at $12 per hour. Actual output of the product during the first month of production was 460 units and the actual time taken to manufacture the product totalled 1,860 hours at a total cost of $26,040.After being presented with some initial variance calculations, the production manager has realised that the standard time per unit of seven hours was the time taken to produce the first unit and that a learning rate of 90% should have been anticipated for the first 1,000 units of production. He has consequently been criticised by other departmental managers who have said that, ‘He has no idea of all the problems this has caused.’Required:(a)Calculate the labour efficiency planning variance and the labour efficiency operational variance AFTER takingaccount of the learning effect.Note: The learning index for a 90% learning curve is –0·1520(5 marks)(b)Discuss the likely consequences arising from the production manager’s failure to take into account thelearning effect before production commenced. (5 marks)(10 marks)104ALG Co is launching a new, innovative product onto the market and is trying to decide on the right launch price for the product. The product’s expected life is three years. Given the high level of costs which have been incurred in developing the product, ALG Co wants to ensure that it sets its price at the right level and has therefore consulted a market research company to help it do this. The research, which relates to similar but not identical products launched by other companies, has revealed that at a price of $60, annual demand would be expected to be 250,000 units.However, for every $2 increase in selling price, demand would be expected to fall by 2,000 units and for every $2 decrease in selling price, demand would be expected to increase by 2,000 units.A forecast of the annual production costs which would be incurred by ALG Co in relation to the new product are asfollows:Annual production (units)200,000250,000300,000350,000$$$$Direct material2,400,0003,000,0003,600,0004,200,000Direct labour1,200,0001,500,0001,800,0002,100,000Overheads1,400,0001,550,0001,700,0001,850,000Required:(a)Calculate the total variable cost per unit and total fixed overheads.(3 marks)(b)Calculate the optimum (profit maximising) selling price for the new product AND calculate the resulting profitfor the period.Note: If P = a – bx then MR = a – 2bx.(7 marks)(c)The sales director is unconvinced that the sales price calculated in (b) above is the right one to charge on theinitial launch of the product. He believes that a high price should be charged at launch so that those customers prepared to pay a higher price for the product can be ‘skimmed off’ first.Required:Discuss the conditions which would make market skimming a more suitable pricing strategy for ALG, and recommend whether ALG should adopt this approach instead.(5 marks)(15 marks)5Lesting Regional Authority (LRA) is responsible for the provision of a wide range of services in the Lesting region, which is based in the south of the country ‘Alaia’. These services include, amongst other things, responsibility for residents’ welfare, schools, housing, hospitals, roads and waste management.Over recent months the Lesting region experienced the hottest temperatures on record, resulting in several forest fires, which caused damage to several schools and some local roads. Unfortunately, these hot temperatures were then followed by flooding, which left a number of residents without homes and saw higher than usual numbers of admissions to hospitals due to the outbreak of disease. These hospitals were full and some patients were treated in tents. Residents have been complaining for some years that a new hospital is needed in the area.Prior to these events, the LRA was proudly leading the way in a new approach to waste management, with the introduction of its new ‘Waste Recycling Scheme.’ T wo years ago, it began phase 1 of the scheme and half of its residents were issued with different coloured waste bins for different types of waste. The final phase was due to begin in one month’s time. The cost of providing the new waste bins is significant but LRA’s focus has always been on the long-term savings both to the environment and in terms of reduced waste disposal costs.The LRA is about to begin preparing its budget for the coming financial year, which starts in one month’s time. Over recent years, zero-based budgeting (ZBB) has been introduced at a number of regional authorities in Alaia and, given the demand on resources which LRA faces this year, it is considering whether now would be a good time to introduce it.Required:(a)Describe the main steps involved in preparing a zero-based budget.(3 marks)(b)Discuss the problems which the Lesting Regional Authority (LRA) may encounter if it decides to introduceand use ZBB to prepare its budget for the coming financial year.(9 marks)(c)Outline THREE potential benefits of introducing zero-based budgeting at the LRA.(3 marks)(15 marks)Formulae SheetLearning curveY = ax bDemand curveWhere Y =cumulative average time per unit to produce x unitsa =the time taken for the first unit of outputx =the cumulative number of units producedb =the index of learning (log LR/log2)LR =the learning rate as a decimalP =a –bQb =change in pricechange in quantitya =price when Q =0MR =a –2bQEnd of Question Paper。
2015年6月ACCA F6考试真题答案(英国卷)+
3A 6,100 – (23,700 – 10,400 – 11,000) = £3,800
4B 460,000 (1,380,000 x 4/12) at 23% 920,000 (1,380,000 x 8/12) at 21%
5B
£
105,800
193,200 –––––––– 299,000 ––––––––
Indexation to November 2014 (14,233 x (257·0 – 223·6)/223·6)
Disposal November 2014
Number 16,000
(10,000) –––––––
6,000
(6,000) –––––––
Indexed cost £
36,800
Income tax payable
(2) National insurance contributions (NIC) 2014–15:
1,600 2,386 6,688
––––––– 10,674 (4,444) –––––––
6,230 –––––––
Employee class 1 (10,044 (18,000 – 7,956) at 12%)
used to increase a loss.
1
(2) Where the indexation allowance is greater than a company’s unindexed gain, then the gain is simply
reduced to nil because the allowance cannot be used to create a loss.
2015年6月ACCA考试F5mock答案
Section A1.relevant cost for materials:A:2000*12=24000(Purchase cost)B:2000*10=20000(replacement cost)C:1400*5+600*8=11800(scrap value+purchase cost)D:6000(opportunity cost2.D3.BTarget cost=18000*0.9=16200Attainable cost=16286Cost gap=864.D5.D ZBB is not suitable for manufacturing cost and can be applied to service costs6.A7.D8.D9.C each staff only works for40*(52-5)=1880hours10.B11.B12.D(120*3.5vs410)*4=40(F)13.A contribution/unit=30-(10+8+4+2)=6BEP(units)=64000/6=1066714.DEV with perfect information=15.C16.C17.ATime9th=total time for1-8units–total time for1-7units(using the learning effect formular directly)18.A Using average growth model F=O(1+g)^419.A20.AAns for Q19+20MIX VARIANCEProduct actual mix std mix variance(units)std rate variance($)PP129803284304A123648APP230402736304F72128F60206020QUANTITY VARIANCEProduct actual QTY Budgeted qty variance(units)std rate variance($)@std mix@std mixPP132843000284F123408FPP227362500236F71652FSECTION BQUESTION1(A)Machine hour required=4000*(6+4+8)=72000hoursMachine hour available=70000Machine hour in shortage=2000Therefore machine hour is the limiting factorCP1CP2CP3$$$Relevant cost of making407248Relevant cost of buying588068Cost saving/unit18820Machine hours/unit648Cost saving/machine hour32 2.5Ranking132Machine hours available700000CP1:4000*6=24000CP3:4000*8=32000CP2:3500*4=14000TOTAL:700000Therefore the company should buy another500units of CP2from external supplier.(B)Three other factors(reference point only.In final exams please write in sentences)●the loss of control over the whole production process●the quantity and the quality supplied by the external contractor●the price stability can be sustained or not.●Any other possible ways to increase the capacity of the production etc.QUESTION2(A)Payoff tables:size demand sales@20vc/unit goodwill depre net profitsmall 11013022008801201501050 11020022008801201501050medium 1701302600915.23101374.8 170200340013601203101610large 2401302600915.24201264.8 240200400014084202172(B)Maximax rule:Size demand profit Small1101301050 Medium1702001610 Large2402002172Therefore the company should buy large oneMaximin ruleSize demand profit Small1102001050 Medium1702001374.8 Large2402001264.8Therefore the company should buy medium Mini max-regretsummary(A)demand 130200size 11010501050 1701374.81610 2401264.82172regretdemand maxregret 130200size 110324.811221122 1700562562 2401100110Therefore the company should buy large oneQUESTION3(A)ABC VarianceExpenditure variance=1800*45vs84000=3000(A)Efficicency variance=(2100vs1800)*45=13500(F)Std cost driver rate=90000/2000=45/movement10500units of product should use(10500*2000)/10000=2100movements(b)Original std:0.5hr@$20/hrRevised std0.5hr*1.1@$20*0.95/hrActual std11000hrs@140800Labor rate variance-planning=18500*0.55*(20vs20*0.95)=10175F-operational=11000*0.95*20vs140800=68200FLabor efficiency var-planning=18500*(0.5vs0.55)*20=18500A-Operational=(18500*0.55vs11000)*20*0.95=15675AQUESTION4(refer to REFERENCE ANSWER FOR DEC/2011Q3) QUESTION5(a)cost pool cost driver cost($)number of driverscost driver rateproduction set-ups production runs105,000150700process testing#of tests300,0003,000100material handling cost #of materialmovements50,0001,00050ordering cost order numbers225,0002,000112.5(b)TOTAL production overheads for10,000units are:set-ups7000number of tests800number of material movements750number of order16875Total:25425Volume:10000Production overheads/unit 2.54General overheads:OAR=1.8mil/600000hrs=$3/hrTotal labor hours for10000units of products=10000/4=2500hoursGeneral o/h per unit=2500/10000*3=$0.75/unitTotal unit cost and selling price for productCost$/unitComponent cost 1.5Direct labor(15/60*8)2Production overheads 2.54General O/H0.75Total unit cost 6.79Mark-up(6.79*0.4) 2.72Selling price9.51。
2015年6月ACCA考试《税务》真题及详解
2015年6月ACCA考试《税务》真题(总分：100，做题时间：180分钟)一、SUPPLEMENTARY INSTRUCTIONS (总题数：1，分数：0.00)二、Section A – ALL 15 questions are compulsory and MUST be attempted (总题数：15，分数：30.00)1.Chan died on 8 December 2014, having made a lifetime cash gift of ￡500,000 to a trust on 16 October 2013. Chan paid the inheritance tax arising from this gift. Who will be responsible for paying the additional inheritance tax arising from the gift made to the trust as a result of Chan’s death, and when will this be due?（分数：2.00）A.The trustees on 30 June 2015 √B.The personal representatives of Chan’s estate on 8 June 2015C.The personal representatives of Chan’s estate on 30 June 2015D.The trustees on 8 June 2015解析：2.Violet Ltd provides one of its directors with a company motor car which is used for both business and private mileage.For the quarter ended 31 March 2015, the total cost of petrol for the car was ￡600, of which 30% was for private use by the director. The relevant quarterly scale charge is ￡408. Both these figures are inclusive of value added tax (VAT). What output VAT and input VAT entries will Violet Ltd include on its VAT return for the quarter ended 31 March 2015 in respect of the company motor car?（分数：2.00）A.Output VAT of ￡68 and input VAT of ￡70B.Output VAT of Nil and input VAT of ￡70C.Output VAT of Nil and input VAT of ￡100D.Output VAT of ￡68 and input VAT of ￡100 √解析：Output VAT 408 x 20/120 = ￡68 Input VAT 600 x 20/120 = ￡1003.For the tax year 2014–15, Nog has a chargeable gain of ￡23,700 and a capital loss of ￡10,400. She has unused capital losses of ￡6,100 brought forward from the tax year 2013–14. What amount of capital losses can Nog carry forward to the tax year 2015–16? （分数：2.00）A.￡3,800 √B.NilC.￡6,100D.￡2,300解析：6,100 – (23,700 – 10,400 – 11,000) = ￡3,8004.For the year ended 30 November 2014, Mixiness Ltd has taxable total profits of ￡1,380,000 and franked investment income (FII) of ￡240,000. Mixiness Ltd does not have any associated companies. What is Mixiness Ltd’s corporation tax liab ility for the year ended 30 November 2014?（分数：2.00）A.￡351,000B.￡299,000 √C.￡308,200D.￡289,800解析：5.Which of the following statements correctly explains the difference between tax evasion and tax avoidance?（分数：2.00）A.Both tax evasion and tax avoidance are illegal, but tax evasion involves providing HM Revenue and Customs with deliberately false informationB.Tax evasion is illegal, whereas tax avoidance involves the minimisation of tax liabilities by the use of any lawful means √C.Both tax evasion and tax avoidance are illegal, but tax avoidance involves providing HM Revenue and Customs with deliberately false informationD.Tax avoidance is illegal, whereas tax evasion involves the minimisation of tax liabilities by the use of any lawful means解析：6.Quinn will not make the balancing payment in respect of her tax liability for the tax year 2013–14 until 17 October 2015. What is the total percentage of penalty which Quinn will be charged by HM Revenue and Customs (HMRC) in respect of the late balancing payment for the tax year 2013–14?（分数：2.00）A.15%B.10% √C.5%D.30%解析：7.Which classes of national insurance contribution is an employer responsible for paying? （分数：2.00）A.Both class 2 and class 4B.Class 1 onlyC.Both class 1 and class 1A √D.Class 2 only解析：8.Alice is in business as a sole trader. On 13 May 2014, she sold a freehold warehouse for ￡184,000, and this resulted in a chargeable gain of ￡38,600. Alice purchased a replacement freehold warehouse on 20 May 2014 for ￡143,000.Where possible, Alice always makes a claim to roll over gains against the cost of replacement assets. Both buildings have been, or will be, used for business purposes by Alice. What is the base cost of the replacement warehouse for capital gains tax purposes?（分数：2.00）A.￡181,600B.￡104,400C.￡143,000 √D.￡102,000解析：(184,000 – 143,000) > 38,600 The base cost is the actual cost of ￡143,000. There is no rollover relief because the proceeds not reinvested are greater than the chargeable gain.9.For the tax year 2013–14, Willard filed a paper self-assessment tax return on 10 August 2014. What is the deadline for Willard to make an amendment to his tax return for the tax year 2013–14, and by what date will HM Revenue and Customs (HMRC) have to notify Willard if they intend to carry out a compliance check into this return? Amendment Compliance check （分数：2.00）A.10 August 2015 31 January 2016B.10 August 2015 10 August 2015C.31 January 2016 10 August 2015 √D.31 January 2016 31 January 2016解析：10.For the tax year 2014–15, Chi has a salary of ￡53,000. She received child benefit of ￡1,771 during this tax year. What is Chi’s child benefit income tax charge for the tax year 2014–15?（分数：2.00）A.￡1,771B.NilC.￡1,240D.￡531 √解析：1,771 x 30% ((53,000 – 50,000)/100) = ￡53111.Samuel is planning to leave the UK to live overseas, having always previously been resident in the UK. He will not automatically be treated as either resident in the UK or not resident in the UK. Samuel has several ties with the UK and will need to visit the UK for 60 days each tax year. However, he wants to be not resident after he leaves the UK. For the first two tax years after leaving the UK, what is the maximum number of ties。
2015年6月ACCA考试《高级审计与认证业务(International)》真题及答案
2015年6月ACCA考试《高级审计与认证业务（International）》真题(总分：100，做题时间：180分钟)一、Section A – BOTH questions are compulsory and MUST be attempted(总题数：2，分数：60.00)1.You are a manager in the audit department of Craggy & Co, a firm of Chartered Certified Accountants, and you have just been assigned to the audit of Ted Co, a new audit client of your firm, with a financial year ended 31 May 2015.Ted Co, a newly listed company, is a computer games designer and developer, and has grown rapidly in the last few years. The audit engagement partner, Jack Hackett, has sent you the following email: Notes from meeting with Len Brennan Ted Co was formed ten years ago by Dougal Doyle, a graduate in multimedia computing. The company designs,develops and publishes computer games including many highly successful games which have won industry awards.In the last two years the company invested $100m in creating games designed to appeal to a broad, global audience and sales are now made in over 60 countries. The software used in the computer games is developed in this country,but the manufacture of the physical product takes place overseas. Computer games are largely sold through retail outlets, but approximately 25% of Ted Co’s revenue is generated through sales made on the company’s website. In some countries Ted Co’s products are distributed under licences which give the licence holder the exclusive right to sell the products in that country. The cost of each licence to the distributor depends on the estimated sales in the country to which it relates, and licences last for an average of five years. The income which Ted Co receives from the sale of a licence is deferred over the period of the licence. At 31 May 2015 the total amount of deferred income recognised in Ted Co’s statement of financial position is $18 million. As part of a five-year strategic plan, Ted Co obtained a stock market listing in December 2014. The listing and related share issue raised a significant amount of finance, and many shares are held by institutional investors. Dougal Doyle retains a 20% equity shareholding, and a further 10% of the company’s shares are held by his family members. Despite being listed, the company does not have an internal audit department, and there is only one non-executive director on the board. The se problems, which Ted Co’s management is hoping to resolve in the next few months, are explained in the company’s annual report, as required by the applicable corporate governance code. Recently, a small treasury management function was established to man age the company’s foreign currency transactions, which include forward exchange currency contracts. The treasury management function also deals with short-term investments. In January 2015, cash of $8 million was invested in a portfolio of equity shares held in listed companies, which is to be held in the short term as a speculative investment. The shares are recognised as a financial asset at cost of $8 million in the draft statement of financial position. The fair value of the shares at 31 May 2015 is $6 million. As a listed company, Ted Co is required to disclose its earnings per share figure. Dougal Doyle would like this to be based on an adjusted earnings figure which does not include depreciation or amortisation expenses. The previous auditors of Ted Co, a small firm called Crilly & Co, resigned in September 2014. The audit opinion on the financial statements for the year ended 31 May 2014 was unmodified. Extract of draft financial statements and results of preliminary analytical review Statement of profit or loss(extract) Required: Respond to the email from the audit partner. (31 marks) Note: The split of the mark allocation is shown in the partner’s email. Professional marks will be awarded for the presentation, clarity of explanations and logical flow of the briefing notes. (4 marks)（分数：35.00）_________________________________________________________________________________ _________正确答案：(Briefing notes To: Jack Hackett, audit partner From: Audit manager Regarding: Audit planning of Ted Co Introduction These briefing notes are prepared for the use of the audit team in planning the audit of Ted Co, our firm’s new audit client which develops and publishes computer games. The briefing notes discuss the planning matters in respect of this being an initial audit engagement; evaluate the audit risks to be considered in planning the audit; and recommend audit procedures in respect of short-term investments and the earnings per share figure disclosed in the draft financial statements. (a)In an initial audit engagement there are several factors which should be considered in addition to the planning procedures which are carried out for every audit. ISA 300 Planning an Audit of Financial Statements provides guidance in this area. ISA 300 suggests that unless prohibited by laws or regulation, arrangements should be made with the predecessor auditor,for example, to review their working papers. Therefore communication should be made with Crilly & Co to request access to their working papers for the financial year ende d 31 May 2014. The review of the previous year’s working papers would help Craggy & Co in planning the audit, for example, it may highlight matters pertinent to the audit of opening balances or an assessment of the appropriateness of Ted Co’s accountingpo licies. It will also be important to consider whether any previous years’ audit reports were modified, and if so, the reason for the modification. As part of the client acceptance process, professional clearance should have been sought from Crilly & Co. Any matters which were brought to our firm’s attention when professional clearance was obtained should be considered for their potential impact on the audit strategy. There should also be consideration of the matters which were discussed with Ted Co’s manage ment in connection with the appointment of Craggy & Co as auditors. For example, there may have been discussion of significant accounting policies which may impact on the planned audit strategy. Particular care should be taken in planning the audit procedures necessary to obtain sufficient appropriate audit evidence regarding opening balances, and procedures should be planned in accordance with ISA 510 Initial Audit Engagements – Opening Balances. For example, procedures should be performed to determine whether the opening balances reflect the application of appropriate accounting policies and determining whether the prior period’s closing balances have been correctly brought forward into the current period. With an initial audit engagement it is particularly important to develop an understanding of the business, including the legal and regulatory framework applicable to the company. This understanding must be fully documented and will help the audit team to perform effective analytical review procedures and to develop an appropriate audit strategy. Obtaining knowledge of the business will also help to identify whether it will be necessary to plan for the use of auditors’ experts. Craggy & Co may have quality control procedures in place for use in the case of initial engagements, for example, the involvement of another partner or senior individual to review the overall audit strategy prior to commencing significant audit procedures. Compliance with any such procedures should be fully documented. Given that this is a new audit client, that it is newly listed, and because of other risk factors to be discussed in the next part of these briefing notes, whendeveloping the audit strategy consideration should be given to using an experienced audit team in order to reduce detection risk. (b)Management bias The first audit risk identified relates to Ted Co becoming a listed entity during the year. This creates an inherent risk at the financial statement level and is caused by the potential for management bias. Management will want to show good results to the new shareholders of the company, in particular the institutional shareholders, and therefore there is an incentive for the overstatement of revenue and profit. The analytical review shows a significant increase in pro fit before tax of 48•1%,indicating potential overstatement. There is a related risk of overstatement due to Dougal Doyle and his family members retaining a 30% equity interest in Ted Co, which is an incentive for inflated profit so that a high level of dividend can be paid. It appears that governance structures are not strong, for example, there are too few non-executive directors, and therefore Dougal Doyle is in a position to be able to dominate the board and to influence the preparation of the financial statements.This increases the risk of material misstatement due to management bias. There is also a risk that management lacks knowledge of the reporting requirements specific to listed entities, for example, in relation to the calculation and disclosure of earnings per share which is discussed later in these briefing notes. E-commerce With 25% of revenue generated through the company’s website, this represents a significant revenue stream, and the income generated through e-commerce is material to the financial statements. E-commerce gives rise to a number of different audit risks, including but not limited to the following. For the auditor, e-commerce can give rise to detection risk, largely due to the paperless nature of the transactions and the fact there is likely to be a limited audit trail, making it difficult to obtain audit evidence. For the same reason, control risk is increased, as it can be hard to maintain robust controls unless they are embedded into the software which records the transaction. The auditor may find it difficult to perform tests on the controls of the system unless audit software is used, as there will be few manual controls to evaluate. A risk also arises in terms of the recognition of sales revenue, in particular cut-off can be a problem where sales are made online as it can be difficult to determine the exact point at which the revenue recognition criteria of IAS 18 Revenue have been met. Hence, over or understatement of revenue is a potential risk to be considered when planning the audit. Ted Co also faces risks relating to the security of the system, for example, risks relating to unauthorised access to the system,and there is an increased risk of fraud. All of these risks mean that there is high audit risk in relation to the revenue generated from the company’s website. Licence income The licence income which is deferred in the statement of financial position represents 13•4% of total assets and is therefore material. There is a risk that the accounting treatment is not appropriate, and there are two separate risks which need to be considered.First, it may be the case that the revenue from the sale of a licence should not be deferred at all. The revenue recognition criteria of IAS 18 need to be applied to the transaction, and if, for example, it were found that Ted Co has no ntinuing management involvement and that all risk and reward had been transferred to the buyer, then the revenue should be recognised immediately and not deferred. This would mean a significant understatement of revenue and profit. Second, if it is appropriate that the revenue is deferred, for example, if Ted Co does retain managerial involvement and has retained the risk and reward in relation to the licence arrangement, then the period over which the revenue is recognised could be inappropriate, resulting in over or understated revenue in the accounting period. Foreign exchange transactions Ted Co’s products sell in over 60 countries and the products are manufactured overseas, so the。
ACCA考试F5真题下载(2015.06)
P a p e r F 5Section B –ALL FIVE questions are compulsory and MUST be attemptedPlease write your answers to all parts of these questions on the lined pages within the Candidate Answer Booklet.1Beckley Hill (BH) is a private hospital carrying out two types of procedures on patients. Each type of procedure incurs the following direct costs:Procedure A B$$Surgical time and materials1,2002,640Anaesthesia time and materials8001,620BH currently calculates the overhead cost per procedure by taking the total overhead cost and simply dividing it by the number of procedures, then rounding the cost to the nearest 2 decimal places. Using this method, the total cost is $2,475·85 for Procedure A and $4,735·85 for Procedure B.Recently, another local hospital has implemented activity-based costing (ABC). This has led the finance director at BH to consider whether this alternative costing technique would bring any benefits to BH. He has obtained an analysis of BH’s total overheads for the last year and some additional data, all of which is shown below:Cost Cost driver$Administrative costs Administrative time per procedure1,870,160Nursing costs Length of patient stay6,215,616Catering costs Number of meals966,976General facility costs Length of patient stay8,553,600–––––––––––T otal overhead costs17,606,352–––––––––––Procedure A BNo. of procedures14,60022,400Administrative time per procedure (hours)11·5Length of patient stay per procedure (hours)2448Average no. of meals required per patient14Required:(a)Calculate the full cost per procedure using activity-based costing.(6 marks)(b)Making reference to your findings in part (a), advise the finance director as to whether activity-based costingshould be implemented at BH.(4 marks)(10 marks)2Mobe Co manufactures electronic mobility scooters. The company is split into two divisions: the scooter division (Division S) and the motor division (Division M). Division M supplies electronic motors to both Division S and to external customers. The two divisions run as autonomously as possible, subject to the group’s current policy that Division M must make internal sales first before selling outside the group; and that Division S must always buy its motors from Division M. However, this company policy, together with the transfer price which Division M charges Division S, is currently under review.Details of the two divisions are given below.Division SDivision S’s budget for the coming year shows that 35,000 electronic motors will be needed. An external supplier could supply these to Division S for $800 each.Division MDivision M has the capacity to produce a total of 60,000 electronic motors per year. Details of Division M’s budget, which has just been prepared for the forthcoming year, are as follows:Budgeted sales volume (units)60,000Selling price per unit for external sales of motors$850Variable costs per unit for external sales of motors$770The variable cost per unit for motors sold to Division S is $30 per unit lower due to cost savings on distribution and packaging.Maximum external demand for the motors is 30,000 units per year.Required:Assuming that the group’s current policy could be changed, advise, using suitable calculations, the number of motors which Division M should supply to Division S in order to maximise group profits. Recommend the transfer price or prices at which these internal sales should take place.Note: All relevant workings must be shown.(10 marks)3Bokco is a manufacturing company. It has a small permanent workforce but it is also reliant on temporary workers, whom it hires on three-month contracts whenever production requirements increase. All buying of materials is the responsibility of the company’s purchasing department and the company’s policy is to hold low levels of raw materials in order to minimise inventory holding costs. Bokco uses cost plus pricing to set the selling prices for its products once an initial cost card has been drawn up. Prices are then reviewed on a quarterly basis. Detailed variance reports are produced each month for sales, material costs and labour costs. Departmental managers are then paid a monthly bonus depending on the performance of their department.One month ago, Bokco began production of a new product. The standard cost card for one unit was drawn up to include a cost of $84 for labour, based on seven hours of labour at $12 per hour. Actual output of the product during the first month of production was 460 units and the actual time taken to manufacture the product totalled 1,860 hours at a total cost of $26,040.After being presented with some initial variance calculations, the production manager has realised that the standard time per unit of seven hours was the time taken to produce the first unit and that a learning rate of 90% should have been anticipated for the first 1,000 units of production. He has consequently been criticised by other departmental managers who have said that, ‘He has no idea of all the problems this has caused.’Required:(a)Calculate the labour efficiency planning variance and the labour efficiency operational variance AFTER takingaccount of the learning effect.Note: The learning index for a 90% learning curve is –0·1520(5 marks)(b)Discuss the likely consequences arising from the production manager’s failure to take into account thelearning effect before production commenced. (5 marks)(10 marks)4ALG Co is launching a new, innovative product onto the market and is trying to decide on the right launch price for the product. The product’s expected life is three years. Given the high level of costs which have been incurred in developing the product, ALG Co wants to ensure that it sets its price at the right level and has therefore consulted a market research company to help it do this. The research, which relates to similar but not identical products launched by other companies, has revealed that at a price of $60, annual demand would be expected to be 250,000 units.However, for every $2 increase in selling price, demand would be expected to fall by 2,000 units and for every $2 decrease in selling price, demand would be expected to increase by 2,000 units.A forecast of the annual production costs which would be incurred by ALG Co in relation to the new product are asfollows:Annual production (units)200,000250,000300,000350,000$$$$Direct material2,400,0003,000,0003,600,0004,200,000Direct labour1,200,0001,500,0001,800,0002,100,000Overheads1,400,0001,550,0001,700,0001,850,000Required:(a)Calculate the total variable cost per unit and total fixed overheads.(3 marks)(b)Calculate the optimum (profit maximising) selling price for the new product AND calculate the resulting profitfor the period.Note: If P = a – bx then MR = a – 2bx.(7 marks)(c)The sales director is unconvinced that the sales price calculated in (b) above is the right one to charge on theinitial launch of the product. He believes that a high price should be charged at launch so that those customers prepared to pay a higher price for the product can be ‘skimmed off’ first.Required:Discuss the conditions which would make market skimming a more suitable pricing strategy for ALG, and recommend whether ALG should adopt this approach instead.(5 marks)(15 marks)5Lesting Regional Authority (LRA) is responsible for the provision of a wide range of services in the Lesting region, which is based in the south of the country ‘Alaia’. These services include, amongst other things, responsibility for residents’ welfare, schools, housing, hospitals, roads and waste management.Over recent months the Lesting region experienced the hottest temperatures on record, resulting in several forest fires, which caused damage to several schools and some local roads. Unfortunately, these hot temperatures were then followed by flooding, which left a number of residents without homes and saw higher than usual numbers of admissions to hospitals due to the outbreak of disease. These hospitals were full and some patients were treated in tents. Residents have been complaining for some years that a new hospital is needed in the area.Prior to these events, the LRA was proudly leading the way in a new approach to waste management, with the introduction of its new ‘Waste Recycling Scheme.’ T wo years ago, it began phase 1 of the scheme and half of its residents were issued with different coloured waste bins for different types of waste. The final phase was due to begin in one month’s time. The cost of providing the new waste bins is significant but LRA’s focus has always been on the long-term savings both to the environment and in terms of reduced waste disposal costs.The LRA is about to begin preparing its budget for the coming financial year, which starts in one month’s time. Over recent years, zero-based budgeting (ZBB) has been introduced at a number of regional authorities in Alaia and, given the demand on resources which LRA faces this year, it is considering whether now would be a good time to introduce it.Required:(a)Describe the main steps involved in preparing a zero-based budget.(3 marks)(b)Discuss the problems which the Lesting Regional Authority (LRA) may encounter if it decides to introduceand use ZBB to prepare its budget for the coming financial year.(9 marks)(c)Outline THREE potential benefits of introducing zero-based budgeting at the LRA.(3 marks)(15 marks)Formulae SheetLearning curveY = ax bDemand curveWhere Y =cumulative average time per unit to produce x unitsa =the time taken for the first unit of outputx =the cumulative number of units producedb =the index of learning (log LR/log2)LR =the learning rate as a decimalP =a –bQb =change in pricechange in quantitya =price when Q =0MR =a –2bQEnd of Question Paper。
历年6月ACCA考试F5真题答案
(c) Maximin and expected value decision rules The ‘maximin’ decision rule looks at the worst possible outcome at each supply level and then selects the highest one of these. It is used when the outcome cannot be assessed with any level of certainty. The decision maker therefore chooses the outcome which is guaranteed to minimise his losses. In the process, he loses out on the opportunity of making big profits. It is often seen as the pessimistic approach to decision-making (assuming that the worst outcome will occur) and is used by decision makers who are risk averse. It can be used for one-off or repeated decisions.The ‘expected value’ rule calculates the average return that will be made if a decision is repeated again and again. It does this by weighting each of the possible outcomes with their relative probability of occurring. It is the weighted arithmetic mean of the possible outcomes.Since the expected value shows the long run average outcome of a decision which is repeated time and time again, it is a useful decision rule for a risk neutral decision maker. This is because a risk neutral person neither seeks risk or avoids it; they are happy to accept an average outcome. The problem often is, however, that this rule is often used for decisions that only occur once. In this situation, the actual outcome is unlikely to be close to the long run average. For example, with Cement Co, the closest actual outcome to the expected value of $1,172,000 is the outcome of $1,085,000. This is not too far away from the expected value but many of the others are really different.。
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Time allowedReading and planning:15 minutes Writing:3 hoursP a p e r F 5Section A – ALL 20 questions are compulsory and MUST be attemptedPlease use the grid provided on page two of the Candidate Answer Booklet to record your answers to each multiple choice question. Do not write out the answers to the MCQs on the lined pages of the answer booklet.Each question is worth 2 marks.1 A division is considering investing in capital equipment costing $2·7m. The useful economic life of the equipment isexpected to be 50 years, with no resale value at the end of the period. The forecast return on the initial investment is 15% per annum before depreciation. The division’s cost of capital is 7%.What is the expected annual residual income of the initial investment?A$0B($270,000)C$162,000D$216,0002The Fruit Company (F Co) currently grows fruit which customers pick themselves from the fields before paying. F Co is concerned that a large number of customers are eating some of the fruit whilst picking it and are therefore not paying for all of it. As a result, it has to decide whether to hire staff to pick and package the fruit instead. The following values and costs have been identified:(i)The total sales value of the fruit currently picked and paid for by customers(ii)The cost of growing the fruit(iii)The cost of hiring staff to pick and package the fruit(iv)The total sales value of the fruit if it is picked and packaged by staff insteadWhich of the above are relevant to the decision?A All of the aboveB(ii), (iii) and (iv) onlyC(i), (ii) and (iv) onlyD(i), (iii) and (iv) only3Which of the following statements describes target costing?A It calculates the expected cost of a product and then adds a margin to it to arrive at the target selling priceB It allocates overhead costs to products by collecting the costs into pools and sharing them out according to eachproduct’s usage of the cost driving activityC It identifies the market price of a product and then subtracts a desired profit margin to arrive at the target costD It identifies different markets for a product and then sells that same product at different prices in each market4The Mobile Sandwich Co prepares sandwiches which it delivers and sells to employees at local businesses each day.Demand varies between 325 and 400 sandwiches each day. As the day progresses, the price of the sandwiches is reduced and, at the end of the day, any sandwiches not sold are thrown away. The company has prepared a regret table to show the amount of profit which would be foregone each day at each supply level, given the varying daily levels of demand.Regret tableDaily supply of sandwiches (units)325350375400325$0$21$82$120Daily demand350$36$0$44$78for sandwiches (units)375$82$40$0$34400$142$90$52$0Applying the decision criterion of minimax regret, how many sandwiches should the company decide to supply each day?A325B350C375D4005The following statements have been made about transaction processing systems and executive information systems:(i) A transaction processing system collects and records the transactions of an organisation(ii)An executive information system is a way of integrating the data from all operations within the organisation intoa single systemWhich of the above statements is/are true?A(i) onlyB(ii) onlyC Both (i) and (ii)D Neither (i) nor (ii)6The following information is available for a manufacturing company which produces multiple products:(i)The product mix ratio(ii)Contribution to sales ratio for each product(iii)General fixed costs(iv)Method of apportioning general fixed costsWhich of the above are required in order to calculate the break-even sales revenue for the company?A All of the aboveB(i), (ii) and (iii) onlyC(i), (iii) and (iv) onlyD(ii) and (iii) only7Which of the following is an external source of information?A Value of sales, analysed for each customerB Value of purchases, analysed for each supplierC Prices of similar products, analysed for each competitor companyD Hours worked, analysed for each employee8 C Co uses material B, which has a current market price of $0·80 per kg. In a linear program, where the objective isto maximise profit, the shadow price of material B is $2 per kg. The following statements have been made:(i)Contribution will be increased by $2 for each additional kg of material B purchased at the current market price(ii)The maximum price which should be paid for an additional kg of material B is $2(iii)Contribution will be increased by $1·20 for each additional kg of material B purchased at the current market price(iv)The maximum price which should be paid for an additional kg of material B is $2·80Which of the above statements is/are correct?A(ii) onlyB(ii) and (iii)C(i) onlyD(i) and (iv)9X Co uses a throughput accounting system. Details of product A, per unit, are as follows:Selling price$320Material costs$80Conversion costs$60Time on bottleneck resource 6 minutesWhat is the return per hour for product A?A$40B$2,400C$30D$1,80010The following ratios have been calculated for a company:Gross profit margin42%Operating profit margin28%Gearing (debt/equity)40%Asset turnover65%What is the return on capital employed for the company?A27·3%B18·2%C11·2%D16·8%11 A company manufactures three products using different amounts of the same grade of labour, which is in short supply.The following budgeted data relates to the products:Per unit:P1P2P3$$$Selling price12014095Materials ($2 per kg)(40)(32)(22)Labour ($10 per hour)(10)(20)(11)Variable overheads(20)(28)(24)Fixed overheads(6)(9)(12)––––––––––––Profit per unit445126––––––––––––What order should the products be manufactured in to ensure that profit is maximised?P1P2P3A2nd1st3rdB2nd3rd1stC1st3rd2ndD1st2nd3rd12The following statements have been made about life cycle costing:(i)It focuses on the short-term by identifying costs at the beginning of a product’s life cycle(ii)It identifies all costs which arise in relation to the product each year and then calculates the product’s profitability on an annual basis(iii)It accumulates a product’s costs over its whole life time and works out the overall profitability of a product (iv)It allocates costs to each stage of a product’s life cycle and writes them off at the end of each stageWhich of the above statements is/are correct?A(i) and (iii)B(iii) onlyC(i) and (iv)D(ii) only13 A company’s sales and cost of sales figures have remained unchanged for the last two years. The following informationhas been noted:Year ended 31 May 201531 May 2014Inventory turnover period45 days38 daysPayables payment period40 days35 daysReceivables payment period60 days68 daysCurrent ratio1·11·3Quick ratio1·31·4The following statements have been made about the company’s performance for the most recent year:(i)Customers are taking longer to pay and this may have contributed to the decline in the company’s current ratio(ii)Inventory levels have increased and this may have contributed to the decline in the company’s quick ratio Which of the above statements is/are true?A(i) onlyB(ii) onlyC Both (i) and (ii)D Neither (i) nor (ii)14Caf Co budgeted to sell 10,000 units of a new product in the period at a budgeted selling price of $5 per unit. Actual sales volumes in the period were as budgeted but the actual sales price achieved was only $4 per unit. This was because a competitor launched a similar product at the same time. Caf Co had been unaware that this was going to happen when it prepared its budget and, had it known this, it would have revised its expected selling price to $3·80 per unit, which was the price of the competitor’s product.What is the sales price planning variance?A$12,000 AB$12,000 FC$2,000 FD$2,000 A15The following budgeted data for a particular period was available for a company selling two products:Sales price Variable cost Sales volumeper unit per unit in unitsProduct A$20$815,840Product B$24$1110,560The actual results for the period were as follows:Sales price Variable cost Sales volumeper unit per unit in unitsProduct A$22$814,200Product B$26$1112,500What is the total sales quantity contribution variance for the period?A$3,720 FB$3,720 AC$4,320 FD$4,320 A16 A company predicted that the learning rate for production of a new product would be 80%. The actual learning ratewas 75%. The following possible reasons were stated for this:(i)The number of new employees recruited was lower than expected(ii)Unexpected problems were encountered with production(iii)Unexpected changes to Health and Safety laws meant that the company had to increase the number of breaks during production for employeesWhich of the above reasons could have caused the difference between the expected rate of learning and the actual rate of learning?A All of the aboveB(ii) and (iii) onlyC(i) onlyD None of the above17When activity-based costing is used for environmental accounting, which statement is correct for environment-related costs and environment-driven costs?A Environment-related costs can be attributed to joint cost centres and environment-driven costs cannot beB Environment-driven costs can be attributed to joint cost centres and environment-related costs cannot beC Both environment-related costs and environment-driven costs can be attributed to joint cost centresD Neither environment-related costs nor environment-driven costs can be attributed to joint cost centres18The following statements have been made about the materials mix variance for a company manufacturing different products using the same type of material (measured in kgs):(i)The mix variance can be calculated by taking the difference between the actual quantity in the standard mix andthe actual quantity in the actual mix, then multiplying it by the actual cost per kg(ii)The mix variance arises because there is a difference between what the input should have been for the output achieved and the actual outputWhich of the above statements is/are correct?A Neither (i) nor (ii)B Both (i) and (ii)C(i) onlyD(ii) only19At the start of the year, a division has non-current assets of $4 million and makes no additions or disposals during the year. Depreciation is charged at a rate of 10% per annum on all non-current assets held at the end of the year.Working capital is $0·5 million at the start of the year although this is expected to increase by 20% by the end of the year. The budgeted profit of the division after depreciation is $1·2m.What is the expected ROI of the division for the year, based on average capital employed?A27·59%B26·37%C18·39%D31·58%20The following statements have been made in relation to the concepts outlined in throughput accounting:(i)Inventory levels should be kept to a minimum(ii)All machines within a factory should be 100% efficient, with no idle timeWhich of the above statements is/are correct?A(i) onlyB(ii) onlyC Both (i) and (ii)D Neither (i) nor (ii)(40 marks)Section B –ALL FIVE questions are compulsory and MUST be attemptedPlease write your answers to all parts of these questions on the lined pages within the Candidate Answer Booklet.1Beckley Hill (BH) is a private hospital carrying out two types of procedures on patients. Each type of procedure incurs the following direct costs:Procedure A B$$Surgical time and materials1,2002,640Anaesthesia time and materials8001,620BH currently calculates the overhead cost per procedure by taking the total overhead cost and simply dividing it by the number of procedures, then rounding the cost to the nearest 2 decimal places. Using this method, the total cost is $2,475·85 for Procedure A and $4,735·85 for Procedure B.Recently, another local hospital has implemented activity-based costing (ABC). This has led the finance director at BH to consider whether this alternative costing technique would bring any benefits to BH. He has obtained an analysis of BH’s total overheads for the last year and some additional data, all of which is shown below:Cost Cost driver$Administrative costs Administrative time per procedure1,870,160Nursing costs Length of patient stay6,215,616Catering costs Number of meals966,976General facility costs Length of patient stay8,553,600–––––––––––T otal overhead costs17,606,352–––––––––––Procedure A BNo. of procedures14,60022,400Administrative time per procedure (hours)11·5Length of patient stay per procedure (hours)2448Average no. of meals required per patient14Required:(a)Calculate the full cost per procedure using activity-based costing.(6 marks)(b)Making reference to your findings in part (a), advise the finance director as to whether activity-based costingshould be implemented at BH.(4 marks)(10 marks)2Mobe Co manufactures electronic mobility scooters. The company is split into two divisions: the scooter division (Division S) and the motor division (Division M). Division M supplies electronic motors to both Division S and to external customers. The two divisions run as autonomously as possible, subject to the group’s current policy that Division M must make internal sales first before selling outside the group; and that Division S must always buy its motors from Division M. However, this company policy, together with the transfer price which Division M charges Division S, is currently under review.Details of the two divisions are given below.Division SDivision S’s budget for the coming year shows that 35,000 electronic motors will be needed. An external supplier could supply these to Division S for $800 each.Division MDivision M has the capacity to produce a total of 60,000 electronic motors per year. Details of Division M’s budget, which has just been prepared for the forthcoming year, are as follows:Budgeted sales volume (units)60,000Selling price per unit for external sales of motors$850Variable costs per unit for external sales of motors$770The variable cost per unit for motors sold to Division S is $30 per unit lower due to cost savings on distribution and packaging.Maximum external demand for the motors is 30,000 units per year.Required:Assuming that the group’s current policy could be changed, advise, using suitable calculations, the number of motors which Division M should supply to Division S in order to maximise group profits. Recommend the transfer price or prices at which these internal sales should take place.Note: All relevant workings must be shown.(10 marks)3Bokco is a manufacturing company. It has a small permanent workforce but it is also reliant on temporary workers, whom it hires on three-month contracts whenever production requirements increase. All buying of materials is the responsibility of the company’s purchasing department and the company’s policy is to hold low levels of raw materials in order to minimise inventory holding costs. Bokco uses cost plus pricing to set the selling prices for its products once an initial cost card has been drawn up. Prices are then reviewed on a quarterly basis. Detailed variance reports are produced each month for sales, material costs and labour costs. Departmental managers are then paid a monthly bonus depending on the performance of their department.One month ago, Bokco began production of a new product. The standard cost card for one unit was drawn up to include a cost of $84 for labour, based on seven hours of labour at $12 per hour. Actual output of the product during the first month of production was 460 units and the actual time taken to manufacture the product totalled 1,860 hours at a total cost of $26,040.After being presented with some initial variance calculations, the production manager has realised that the standard time per unit of seven hours was the time taken to produce the first unit and that a learning rate of 90% should have been anticipated for the first 1,000 units of production. He has consequently been criticised by other departmental managers who have said that, ‘He has no idea of all the problems this has caused.’Required:(a)Calculate the labour efficiency planning variance and the labour efficiency operational variance AFTER takingaccount of the learning effect.Note: The learning index for a 90% learning curve is –0·1520(5 marks)(b)Discuss the likely consequences arising from the production manager’s failure to take into account thelearning effect before production commenced. (5 marks)(10 marks)4ALG Co is launching a new, innovative product onto the market and is trying to decide on the right launch price for the product. The product’s expected life is three years. Given the high level of costs which have been incurred in developing the product, ALG Co wants to ensure that it sets its price at the right level and has therefore consulted a market research company to help it do this. The research, which relates to similar but not identical products launched by other companies, has revealed that at a price of $60, annual demand would be expected to be 250,000 units.However, for every $2 increase in selling price, demand would be expected to fall by 2,000 units and for every $2 decrease in selling price, demand would be expected to increase by 2,000 units.A forecast of the annual production costs which would be incurred by ALG Co in relation to the new product are asfollows:Annual production (units)200,000250,000300,000350,000$$$$Direct material2,400,0003,000,0003,600,0004,200,000Direct labour1,200,0001,500,0001,800,0002,100,000Overheads1,400,0001,550,0001,700,0001,850,000Required:(a)Calculate the total variable cost per unit and total fixed overheads.(3 marks)(b)Calculate the optimum (profit maximising) selling price for the new product AND calculate the resulting profitfor the period.Note: If P = a – bx then MR = a – 2bx.(7 marks)(c)The sales director is unconvinced that the sales price calculated in (b) above is the right one to charge on theinitial launch of the product. He believes that a high price should be charged at launch so that those customers prepared to pay a higher price for the product can be ‘skimmed off’ first.Required:Discuss the conditions which would make market skimming a more suitable pricing strategy for ALG, and recommend whether ALG should adopt this approach instead.(5 marks)(15 marks)5Lesting Regional Authority (LRA) is responsible for the provision of a wide range of services in the Lesting region, which is based in the south of the country ‘Alaia’. These services include, amongst other things, responsibility for residents’ welfare, schools, housing, hospitals, roads and waste management.Over recent months the Lesting region experienced the hottest temperatures on record, resulting in several forest fires, which caused damage to several schools and some local roads. Unfortunately, these hot temperatures were then followed by flooding, which left a number of residents without homes and saw higher than usual numbers of admissions to hospitals due to the outbreak of disease. These hospitals were full and some patients were treated in tents. Residents have been complaining for some years that a new hospital is needed in the area.Prior to these events, the LRA was proudly leading the way in a new approach to waste management, with the introduction of its new ‘Waste Recycling Scheme.’ T wo years ago, it began phase 1 of the scheme and half of its residents were issued with different coloured waste bins for different types of waste. The final phase was due to begin in one month’s time. The cost of providing the new waste bins is significant but LRA’s focus has always been on the long-term savings both to the environment and in terms of reduced waste disposal costs.The LRA is about to begin preparing its budget for the coming financial year, which starts in one month’s time. Over recent years, zero-based budgeting (ZBB) has been introduced at a number of regional authorities in Alaia and, given the demand on resources which LRA faces this year, it is considering whether now would be a good time to introduce it.Required:(a)Describe the main steps involved in preparing a zero-based budget.(3 marks)(b)Discuss the problems which the Lesting Regional Authority (LRA) may encounter if it decides to introduceand use ZBB to prepare its budget for the coming financial year.(9 marks)(c)Outline THREE potential benefits of introducing zero-based budgeting at the LRA.(3 marks)(15 marks)Formulae Sheet Learning curve Y = ax bDemand curveWhere Y =cumulative average time per unit to produce x unitsa =the time taken for the first unit of outputx =the cumulative number of units producedb =the index of learning (log LR/log2)LR =the learning rate as a decimalP =a –bQb =change in pricechange in quantitya =price when Q =0MR =a –2bQEnd of Question Paper。