2022年ACCA-CAT历模拟考试题

2022年ACCA/CA!历模拟考试题姓名:年级:学号:题型选择题填空题解答题判］断题计算题附加题总分得分评卷人得分\4(a)Explainthemeaningoftheterm'workingcapitalcycle'foratradingcompany.(4marks)正确答案:(a)TheworkingcapitaIeyeIeiIIustratesthechangingmake-upofworkingcapitaIinthecourseofthetradingoperationsofaJbusiness:O1Purchasesaremadeoncreditandthegoodsgointoinventory.」2Inventoryissoldandconvertedintoreceivables」3Creditcustomerspaytheiraccounts|4CashisusedtopaysuppIiers.2、(c)BrieflydescribethreeadvantagestoBaiIey'sofcounseIIing.(3marks)正确答案:(c)ForBaiIey'stheadvantagesofcounseIIingasameansofunderstandingandaddressingtheprobIemsarethatitprovidesaconfidentiaIservicetotheempIoyeetodiscussprobIemsawayfromandnotinvoIvingmanagementorsupervision.ThereisnoobvioushumanresourcespolicyatBailey'sandcounseIIingprovidesanopportunitytodeveIopanappropriatepolicyfromunderstandingindividuaIprobIems.□ThisinturnwiIIdemonstrateorganisationaIcommitmenttotheempIoyeesthathasbeenIackinginthepastatBaiIey'sandbegintheprocessofbetterperformanceandincreaseincommitment.□AtanotherIeveI,counseIIingcanprovidealinktootherexternaIagenciestoassistwithpersonaIprobIemsthatmaybedeemedtoospecificforresoIutionwithinBailey's.□3、(c)Withoutchangingtheadviceyouhavegivenin(b),orvaryingthetermsofLuke'swill,explainhowMabeIcouldfurtherreducehereventuaIinheritancetaxliabilityandquantifythetaxsavingthatcouldbemade.(3marks)TheincreaseintheretaiIpricesindexfromApriI1984toApriI1998is84%.YoushouldassumethattheratesandaIlowancesforthetaxyear2005/06wiIIcontinuetoappIyfortheforeseeablefuture.正确答案:(c)Furtheradvice□MabelshouIdconsiderdeIayingoneofthegiftsuntiIafter1May2007suchthatitismademorethansevenyearsafterthe」gifttothediscretionarytrust.BothPETswouIdthenbecoveredbytheniIratebandresu11inginasavingofinheritancetax□of£6,720(from(b)).□MabeIshouldensurethatsheusesherinheritancetaxannuaIexemptionof£3,000everyyearby,say,makinggiftsof£1,500□eachyeartobothBruceandPadma.TheeffectofthiswiIIbetosaveinheritancetaxof£1,200(£3,000x40%)everyyear.4、(b)ExplaininthecontextofFlavoursFineFoods,whatismeantby:(i)responsibiIity;(4marks)正确答案:(b)(i)RESPONSIBILITYistheIiabiIityofapersontobecalledtoaccountfortheiractionsandresuIts,andisthereforeanobIigationtotakesomeactiontodischargethatresponsibiIity.Uniikeauthority,responsibiIitycannotbedeIegated.Thereishoweversomediscussionontheextenttowhichthisstatementistrue:theideathatresponsibiIitycannotbedeIegatedistoosimpIistic.AnytaskcontainsanelementofresponsibiIity.ItistheideaofaccountabiIityandthedirectionofresponsibiIitythatisthereIevantconceptandistheprobIematFIavoursFineFoods;u11imateresponsibiIityresideswiththeowners.ItisseIfevidentthatitisimpossibIetoexerciseauthoritywithoutresponsibiIitybecausethiscouldIeadtoprobIemsofcontrolandthereforeundesirabIeoutcomesfortheorganisation.However,thesuperior(theowner)isalwaysuItimateIyresponsibIefortheactionsofhisorhersubordinates.ThekeyeIementhereistherecognitionofdiscretionbyvirtueoftheperson1sposition.ThisunderIinesthedoctrineofabsoIuteresponsibiIity;thesuperiorisalwaysultimatelyaccountable.□5、(iii)AstatementontheimportanceofconfidentiaIityinthefinancingoftheearIystageworkingcapitaIneedsandanexpIanationofhowthisconfIictswiththedutyoftransparencyinmattersofcorporategovernance.(6marks)ProfessionaImarksforIayout,logicalfIowandpersuasivenessofthestatement.(4marks)正确答案:(iii)ImportanceofconfidentialityinthefinancingoftheprojectandthenormaIdutyoftransparency.[11havebeenaskedtoincIudeastatementinmyremarksonthebaIancebetweenourdutytobetransparentwheneverIpossibIeandtheneedfordiscretionandconfidentialityinsomesituations.InthecaseofourinitialworkingcapitalneedsIfortheGiantDamProject,theimportanceofconfidentiaIityinfinancingisduetothepotentiaIforadversepubIicitythatコmayarisefortheIender.11isimportantthatRMhavetheprojectadequateIyfinanced,especiaIIyintheearIystages□beforetheinterimpaymentsfromthecIientbecomefullyeffective.□IngeneraI,ofcourse,weatRMattempttoobservethehigheststandardsofcorporategovernanceandthisinvoIves□adoptingadefaultpositionoftransparencyratherthanconcealmentwhereverpossibIe.Werecognisethattransparency□isimportanttounderpininvestorconfidenceandtoprovideinvestorswiththeinformationtheyneedtomakefund□aIIocationdecisions.□WhiIstitisnormaItodisciosetheamountofdebtwecarryatanygivenpoint(onthebaIancesheet)titisrareIynormaI!practicetodiscIosetheexactsourcesofthoseIoans.InthecaseofthefinancingofinitialworkingcapitaIfortheGiantIDamProject,I'msureyouwiIIreaIisethatinthisuniquesituation,disciosureofthelender'sidentitycouldthreatenthe!progressoftheproject.ForthisreasonwemustresistanyattemptstoreleasethisintothepubIicdomain.WeareawarelofonepressuregroupthatisactiveIyseekingtodiscoverthisinformationinordertodisrupttheproject'sprogressandIweshaIIbetakingaIIinternaImeasuresnecessarytoensuretheydonotobtaintheinformation.JThankyouforIistening.6、(b)GaIculatetheinternaIrateofreturnoftheproposedinvestmentandcommentonyourfindings.(5marks)正确答案:(b)CalculationofIRRof,FlngoFinvestmentprojectYear1234£000£000£000£000Netcashflow61318712785Discountat20%0-8330-6940-5790-482Presentvalues510-6129-873-541-0£000Presentvalueoffuturebenefits 754-9Initialinvestment 800-0Netpresentvalue (45-1)Internalrateofreturn=10+[((20-10)x65-2)/(65-2+454)1=16%SincetheinternalrateofreturnisgreaterthanthediscountraleusedtoappraisenewInvestments,theproposedinvestmentisfinanciallyacceptable.7ゝ4GrahamSmithisOperationsDirectorofCateringFoodServices(CFS)a£1-5biIIionUKbaseddistributoroffoodstoprofessionaIcateringorganisations.Ithas30tradingunitsspreadacrossthecountryfromwhichitcansupplyacompIeterangeoffresh,chilledandfrozenfoodproducts.Itscustomersrangefrommajorfastfoodchains,cateringservicesforthearmedforcesdowntoindividuaIrestaurantsandcafes.Wholesalefooddistributionisverymuchapricedrivenservice,inwhichitisverydifficulttodifferentiateCFS'sservicefromitscompetitors.GrahamisveryawareoftheGovernment'sgrowinginterestinpromotinggoodcorporateenvironmentaIpracticesandencouragingcompaniestoachievetheinternationaIquaIitystandardforenvironmentaIIyresponsibIeoperations.CFSoperatesafIeetof1,000lorriesandeachlorryproducestheequivaIentofitsownweightinpoIIutantsoverthecourseofayearwithouttheinstaIIationofexpensivepoIIutioncontrolsystems.GrahamisaIsoawarethathislargercustomersareIookingtotheirdistributorstobecomemoreenvironmentaIlyresponsibIeandthe'greening'oftheirsuppIychainisbecomingareaIissue.UnfortunateIyhisconcernwithdevelopingacompany-wideenvironmentaImanagementstrategyisnotsharedbyhisfeIIowmanagersresponsibIeforthekeydistributionfunctionsincludingpurchasing,logistics,warehousingandtransportation.TheyarguedthattimespentoncorporateresponsibiIityissueswastimewastedandsimplyaddedtocosts.GrahamhasdecidedtoproposetheappointmentofaprojectmanagertodeveIopandimpIementacompanyenvironmentaIstrategyincludingtheachievementoftheinternationaIquaIitystandard.ThepersonappointedmusthavethenecessaryprojectmanagementskillstoseetheprojectthroughtosuccessfuIconeIusion.YouhavebeenappointedprojectmanagerforCFS's'environmentaIIyaware'project.Required:(a)Whatarethekeyprojectmanagementskillsthatarenecessaryinachievingcompany-widecommitmentinCFStoachievethedesiredenvironmentaIstrategy?(15marks)正确答案:Simplydefined,aprojectis'activitythathasastart,amiddleandanendandconsumesresources,-itisthereforeadiscretelactivityaimedatachievingaspecificobjectiveorrangeofobjectives.Grahamisintentonusingthe'environmentaIIyaware'iprojecttoachieveaspecificobjective-theattainmentoftheinternationalenvironmentaIstandard.Heis,however,aware

OthatthereareanumberofinternaIstakehoIdersinsidethecompanywhoquestionthesignificanceofsuchaproject.□ExternaIIy,hecanpointtosignificantstakeholders,includingcustomersandgovernmentwhoareIookingforCFStobecomeコmoreenvironmentaIIyaware.TheprojectisIikelytohavestrategicandnotsimplyoperationaIoradministrativesignificance□andthepersonappointedintotheroleofprojectmanager,ideally,shouldhaveboththetraditionaIskillsassociatedwith□projectmanagementplusthoseofstrategicmanagement.GrundyandBrownIistthetraditionalprojectmanagement□techniquesas:denningtheprojoctfs)definingtheprojectscopeandinterdependenciestargetingthedetnzefablesorresultsoftheprojectidentifyingthekeyactivitiesorsub-projectplanningandmanagingtimescalesmob10ngresourcesMorestrategicpartsoftheprojectmanagementprocesswillinclude：problemdiagnosisoptiongeneration-notonlywhattodobuthowlodoit.egacquisitionsmanagingstakeholdefscreatingastrat£ig»cvisionfortheproioctidentifying回implementationdifficultiesJCIearIy,theprojectmanagermusthavethetechnicaIprojectmanagementskills,beingabletomanagetheprojectthroughits〇Iifecycle,whichinvoIvesdefiningtheprojectintermsofprojectobjectivesandscopeasdefinedbytime,costandquaIity.コPlanningtheprojectintermsofbreakingtheoveraIIprojectdownintoseparateactivities,estimatingtheresourcesrequiredZJandIinkingactivitiestoresourcesintermsoftimeandpriorities.ImpIementingtheplan,includingreviewingtheprogressinreviewingtheoutcomes□theprojectintermsexpectationsweremet.□Thestrategicnatureleadershipskills,notof」meetingtimeandcostobjectivesandtakingcorrectiveactionwhereandwhennecessary.FinalIy,ofwhatwasdeIiveredtothecustomerandtheextenttowhichclientoftheprojectmeansthattheprojectmanagermusthavesignificantonIyofthe□projectteam,whoareIikelytocomefromdireviewingtheoutcomes□theprojectintermsexpectationsweremet.□Thestrategicnatureleadershipskills,notoflandoutsidethecompany.ThisimpIiestheyshouldhavegood'political'andcommunicationskillsastheprojectisofstrategicIsignificancetothecompany.TheabiIitytoshowhowthisparticuIarprojectfitswiththeoveraIIstrategyofthefirmisI]important.TheprojectisanimportantpartintheachievementofthecompanystrategyandinCFS,scasemayheIpit□differentiateitseIffromitscompetitors.However,theprojectmanagermustrecognisethattherewiIIberesistancefromexisting□managersreIuctanttoseeresourcescommittedtoprojectsoutsideofthetraditionalvaIuechainofthecompany.Certainly,Otheprojectmanagerforthe*environmentaIIyaware'projectwiIIthemseIvesneedtobeawareoftheexternaIenvironmentaI□pressurespromptingthefirmtosetitseIfspecificenvironmentaIobjectivesandbeabletoIinkintosupportivenetworksandlaIIiances.FinalIy,GrundyandBrownarguethattheprojectmanagerwiIIbethekeytoreviewingandIearningfromtheproject,□assessingwhetherdefinedobjectiveswereachieved,theeffectivenessorotherwiseoftheimpIementationprocessandhowIkeystakehoIdersweremanaged.Thedangeristhatprojectsareseenas 'one-off'ratherthancontributingtotheknowledgelandlearningoftheorganisation.Theremaybeasignificant'learningcurve'thatthefirmhastogodownandIooktocontinuousIyimproveitsprojectmanagementprocess.□□8、(b)CaIcuIateAlvaroPeIorus'scapitaIgainstaxliabilityforthetaxyear2006/07ontheassumptionthataIIavaiIabIereIiefsarecIaimed.(8marks)正确答案:AlvaroPelocus-Capitalgainstax(CGT)liabilityfo(2006/07SharesinPingerLid(WI) 199.257(Notaperreliefasheldforlessthanoneyear)SharesinLapisInc(W4) -SharesinQuadplc(W5)Z^ss*Annualexemption (8.800)laxabegains 190,457Capitalgainstaxat40% 76,183TutorialnoteThecapitalgainstaxdee茄respectofthedisposalofthesharesinPingerLidwillbere-computedfoilowingthedeathofRayPeloruzinordertotakeaccountofthereliefavailablemrespectoftheinheritancetaxpayableonthegiftofthescareson1Acgusl2005.Wockir^s⑴SharesinPingerLtd£Proceeds 228,000Less.Cost(W2) (24,343)IHTpayablebyAlvaroonthePET (4.400)199,257

(2)CostdsharesinPingerLtdMarkervalueasat1August2(X)5Less：GiftreiiefongiftbyRay(W3)Alvaro'sbasecostintheshares183,000(158,657)24.343(3)GiftreliefongiftbyRaytoAlvaror rMarketvalueasat1August2005183.000Less：Cost54,600IndexationtoApril19981626-1563/1563x£54,6002.20156,801£56.801x6.00OH4.000(24.343)Giftreliefclaimed158.657(4)SharesinLaptsIncProceeds8.270Less：Cost(£25.950x2.350/5.50〇)(11.088)Loss(2.818)ThelossisnotavailableforreliefbecauseAlvaroisdomiciledoutsidetheUKandthesharesareforeignassets.(5)SharesinQuadpk£Deemedproceeds 74.000Less.Cos： (59.500)14.500Less：Giftrelief (14.500)TutorialnoteGiftreiiefisavailableonthetransferofanyassettoadiscretionarytrustbecausethetransferissubjecttoanimmediate|—I chargetoinheritancetax.□9、(b)RouterhasanumberoffilmstudiosandofficebuiIdings.TheofficebuiIdingsareinprestigiousareaswhereasthefilmstudiosareIocatedin*outoftown'Iocations.ThemanagementofRouterwishtoappIythe*revaIuationmodeI,totheofficebuiIdingsandthe'costmode11tothefiImstudiosintheyearended31May2007.AtpresentbothtypesofbuiIdingsarevaIuedusingthe'revaIuationmodeI,.OneofthefiImstudioshasbeenconvertedtoathemepark.InthiscaseonIy,theIandandbuiIdingsontheparkareIeasedonasingleIeasefromathirdparty.Theleasetermwas30yearsin1990.TheIeaseoftheIandandbuiIdingswasclassifiedasafinanceIeaseeventhoughthefinanciaIstatementspurporttocompIywithIAS17'Leases,.ThetermsoftheIeasewerechangedon31May2007.Routerisnowgoingtoterminatetheleaseearlyin2015inexchangeforapaymentof$10miIIionon31May2007andareductioninthemonthlyIeasepayments.Routerintendstomovefromthesitein2015.TherevisedIeasetermshavenotresultedin

achangeofcIassificationoftheIeaseinthefinanciaIstatementsofRouter.(10marks)Required:DiscusshowtheaboveiternsshouldbedealtwithinthegroupfinanciaIstatementsofRouterfortheyearended31May2007.正确答案:(b)IAS16'Property,PlantandEquipment*permitsassetstoberevaluedonaclassbyclassbasis.Thedifferentcharacteristics□ofthebuiIdingsallowthemtobecIassifiedseparateIy.DifferentmeasurementmodeIscan,therefore,beusedfortheofficeIbuiIdingsandthefiImstudios.However,IAS8Accountingpolicies,changesinaccountingestimatesanderrors,saysthatlonceanentityhasdecidedonitsaccountingpolicies,itshouIdapplythemconsistentIyfromperiodtoperiodandacrossaII,IreIevanttransactions.AnentitycanchangeitsaccountingpoliciesbutonIyinspecificcircumstances.Thesecircumstanceslare:□(a)wherethereisanewaccountingstandardorinterpretationorchangestoanaccountingstandard□(b)wherethechangeresultsinthefinancialstatementsprovidingreIiabIeandmorereIevantinformationabouttheeffectsloftransactions,othereventsorconditionsontheentity*sfinancialposition,financiaIperformance,orcashflows□VoIuntarychangesinaccountingpoliciesarequiteuncommonbutmayoccurwhenanaccountingpolicyisnolonger□appropriate.RouterwiIIhavetoensurethatthechangeinaccountingpoIicymeetsthecriteriainIAS8.AdditionaIIy,」depreciatedhistoricaIcostwiIIhavetobecaIcuIatedforthefilmstudiosatthecommencementoftheperiodandtheopening□baIanceontherevaIuationreserveandanyotheraffectedcomponentofequityadjusted.Thecomparativeamountsforeach□priorperiodshouldbepresentedasifthenewaccountingpolicyhadalwaysbeenappIied.ThereareIimitsonretrospective□appIicationonthegroundsofimpracticabiIity.!IItissurprisingthattheIeaseoftheIandisconsideredtobeafinanceIeaseunderIAS17Leases*.LandisconsideredtohaveIanindefiniteIifeandshouId,thereforenormaIIybecIassifiedasanoperatingleaseunIessownershippassestothelesseeIduringtheIeaseterm.TheIeaseoftheIandshouldbeseparatedoutfromtheIeaseandtreatedindividually.ThevaIueofthe〇IandsodeterminedwouIdbetakenoffthebaIancesheetintermsoftheliabilityandassetandtheIeasepaymentstreated□asrentaIsintheincomestatement.ApriorperiodadjustmentshouIdaIsobemade.ThebuiIdingswouldcontinuetobe□treatedasproperty,pIantandequipment(PPE)andthecarryingamountnotadjusted.However,theremainingusefuIIifeof□thebuiIdingshouIdberevisedtoreflecttheshorterIeaseterm.ThiswiIIresultinthecarryingamountbeingdepreciatedoverItheshorterperiod.ThischangetothedepreciationpolicyisappliedprospectivelynotretrospectiveIy.□TheleaseliabilitymustbeassessedforderecognitionunderIAS39'FinancialInstruments:RecognitionandMeasurement,,Ibecauseoftherevisionoftheleaseterms,inordertodeterminewhetherthenewtermsaresubstantiaIIydifferentfromtheIoId.Thepurposeofthisistodeterminewhetherthechangeintermsisamodificationoranextinguishment.ThechangeIseemstoconstitutea'modification*becausethereisIittIechangetotheterms.TheIeaseliabilityis,therefore,amendedbyIdeductingtheoneoffpayment($10miIIion)fromthecarryingamount(afteradjustmentfortheIeaseofIand)togetherwithlanytransactioncosts.TheleaseliabilityisthenremeasuredtothepresentvaIueoftherevisedfuturecashflows,discounted、」usingtheoriginaleffectiveinterestrate.AnyadjustmentmadeinremeasuringtheIeaseliabilitywillbetakentotheincome□statement.□10、RoyCrawfordhasarguedforareductioninboththeproductrangeandcustomerbasetoimprovecompanyperformance.(b)AssesstheoperationaIadvantagesanddisadvantagestoBonarPaintofchoosingsuchastrategy.(15marks)正确答案:(b)Divestmentofproductsorpartsofthebusinessisoneofthemostdifficultstrategicdecisions.AsapparentinBonarPaintaI]reductionintheproductsandcustomersservedbythefirmisIikeIytocausesignificantchangestothefirm,svaIuechainand(system.CurrentlyBonarPaintsuppliesitscustomers,regardIessofsize,directIyandthisinevitabIymeansthattheirIdistributioncostsareincreased.Thereductioninproductsandcustomersmayallowachoicetobemadeaboutthecostsof「supplyingcustomersdirectIyasagainstusingdistributorstohandIethesmaIlercustomers.コInusingthevaIuechainoneislookingtoidentifythesignificantcostactivitiesandhowthosecostsbehave.SomecostsmayロbeaffectedbytheoveraIIsizeofthefirme.g.advertisingwhileothersaffectedbythebatchsizebeingprocessed.ThechangetofewerproductswiIIIeadtoabiggerbatchsizeandanumberofpositiveconsequencesforcosts.ThevaIuechain'smajor□benefitisinidentifyingandquantifyingtheIinksthatexistbetweenvariousactivitieswithinthefirmandbetweenthefirm□anditscustomersandsuppIiers.InBonarPaint'scasedoesareductioninproductrangeIeadtolessproductfailuresand□consequentwarrantycIaims?DoessimpIifyingtheproductrangeleadtoshorterleadtimesandbetterdeIiverytimeIperformanceforitscustomers?Aboveall,agoodunderstandingofitsvaIuechainwiIIIetitknowifitchangesanactivitywhatiaretheconsequencesforotherpartsofthesystem.:11ntermsofreducingtheproductrange,beforesuchadecisionistakenBonarPaintmustcarryoutathoroughanalysisofthe!patternofcustomerdemandforeachpainttype.InaIIprobabiIityitwillfindthat80%ofitssaIescomefrom20%ofitsIproductrange.HavinggiventhisquaIification,reducingtheproductrangecanhaveanumberofbeneficiaIresultsonotherIpartsofthevaIuechain.TheimmediateeffectislikelytobethatBonarPaintproducesfewerbatchesoveragiventimeperiodIbutproducestheminlargerquantities.ThiswillbringcostsavingsbuttheimpactonotherpartsofthevaIuechainisequaIIy□important.ThebeneficiaIeffectsare:□-WithasmaIIerproductrangethecontroIofrawmateriaIsandfinishedinventorywiIIbesimpIifiedaffectinginboundand_loutboundIogistics.ThiswiIIimprovetheinventoryturnandmakef