2022年ACCA-CAT考试历模拟考试题（一）

2022年ACCA/CAT考试历模拟考试题精选姓名: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1\(ii)Describetheprocedurestoverifythenumberofseriousaccidentsintheyearended30November2007.(4marks)正确答案:(ii)Procedurestoverifythenumberofseriousaccidentsduring2007couIdincIudethefollowing:ITutoriaInote:proceduresshouldfocusonthecompletenessofthedisclosureasitisintheinterestofSci-TechCoto□understatethenumberofseriousaccidents.ローReviewtheaccidentIogbookandcountthetotaInumberofaccidentsduringtheyearローDiscussthedefinitionof'seriousaccident'withthedirectorsandclarifyexactlywhatcriterianeedtobemetto□satisfythedefinitionローForseriousaccidentsidentified:O?reviewHRrecordstodeterminetheamountoftimetakenoffworkO?reviewpayrolIrecordstodeterminethefinanciaIamountofsickpayawardedtotheempIoyee□?reviewcorrespondencewiththeempIoyeeregardingtheaccident.□TutoriaInote:theabovewiIIhelptoclarifythattheaccidentwasindeedserious.□-Reviewboardminuteswheretheincreaseinthenumberofseriousaccidentshasbeendiscussed□-ReviewcorrespondencewithSci-TechCo*sIegaIadvisorstoascertainanyIegaIclaimsmadeagainstthecompany□duetoaccidentsatwork□-EnquireastowhetheranyhealthandsafetyvisitshavebeenconductedduringtheyearbyreguIatorybodies,and□reviewanydocumentationorcorrespondenceissuedtoSci-TechCoaftersuchvisits.ITutoriaInote:itishighlyIikeIythatinaregulatedindustrysuchaspharmaceuticalresearch,anyseriousaccidentIwouIdtriggerahealthandsafetyinspectionfromtheappropriatereguIatorybody.□-DiscusstheIeveIofaccidentswithrepresentativesofSci-TechCo'sempIoyeestoreachanunderstandingasto□whetheraccidentssometimesgounreportedintheaccidentlogbook.2、(ii)ComputetheannuaIincometaxsavingfromyourrecommendationin(i)aboveascomparedwiththesituationwhereCindyretainsboththepropertyandtheshares.IdentifyanyothertaximpIicationsarisingfromyourrecommendation.YouranswershouldconsideraIIrelevanttaxes.(3marks)正确答案:(i)AnnualincometaxsavingandotherissuesAnnualincomelaxsavingIfCindyownsalloftheinheritedassetstheadditionalincometaxisasfollows£Taxonpropertyincome(see(i)) 5.640Taxondividendincome(see(i)) 2,7678,407ThetaxsavedfollowingthegiftofthequotedsharestoArthuris£2.541(£8.407-£5.866).OtherissuesTransfersbetweenspousestakeplaceatnogain,nolossforthepurposesofcapitalgainstax.Arthur'sbasecostinthequotedshareswillequalCind/sbasecostof£305,000.Therearenoinheritancetaximplicationsduetotheexemptionfortransfersbetweenspouses.Therearenosumpdutiesongifts.□□3、(iii)ExplainthepotentiaIcorporationtax(CT)implicationsofTayLimitedtransferringworktoTrentLimited,andsuggesthowthesecanbeminimisedoreIiminated.(3marks)正确答案:(iii)TradingIossesmaynotbecarriedforwardwhere,withinaperiodofthreeyearsthereisbothachangeintheownership」ofacompanyandamajorchangeinthenatureorconductofitstrade.ThetransferofworkfromTayLimitedtoTrent□LimitedislikelytoconstituteamajorchangeinthenatureorconductoftheIatter1strade.Asaconsequence,anytax□lossesatthedateofacquisitionwiIIbeforfeited.AssumingIosseswereincurreduniformlyin2005,thetaxlossesatthe□dateofacquisitionwere£380,000(300,000+2/3x120,000)).Thisisworth£114,000assumingacorporationtax□rateof30%.:IThus,TayLimitedshouIdnotconsidertransferringanytradetoTrentLimiteduntiIafterthethirdanniversaryofthedatelofthechangeofownershipi.e.notbefore1September2008.AsthetradesaresimiIar,thereshouIdbeIittIeprobIemI]intransferringworkfromthatdateonwards.4、3YouarethemanagerresponsibIefortheauditofVoIcan,along-estabIishedIimitedliabilitycompany.VoIcanoperatesanationaIsupermarketchainof23stores,fiveofwhichareinthecapitaIcity,Urvina.AlIthestoresaremanagedinthesamewaywithpurchasesbeingmadethroughVolean1scentraIbuyingdepartmentandproductpricing,marketing,advertisingandhumanresourcespoliciesbeingdecidedcentrally.ThedraftfinanciaIstatementsfortheyearended31March2005showrevenueof$303million(2004-$282million),profitbeforetaxationof$9•5miIIion(2004-$7-3million)andtotaIassetsof$178million(2004-$173miIIion).Thefollowingissuesarisingduringthefinalaudithavebeennotedonascheduleofpointsforyourattention:(a)On1May2005,VoleanannounceditsintentiontodownsizeoneofthestoresinUrvinafromasupermarkettoa'CityMetro'inresponsetoasignificantdecIineinthedemandforsupermarket-styIe.shoppinginthecapitaI.ThestorewiIIbeclosedthroughoutJune,re-openingon1JuIy2005.GoodwiIIof$5,5miIIionwasrecognisedthreeyearsagowhenthisstore,togetherwithtwoothers,wasboughtfromanationaIcompetitor.ItisVoIcan'spolicytowriteoffgoodwiIIoverfiveyears.(7marks)Required:Foreachoftheaboveissues:commentonthemattersthatyoushouIdconsider;and(ii)statetheauditevidencethatyoushouldexpecttofind,inundertakingyourreviewoftheauditworkingpapersandfinanciaIstatementsofVoIcanfortheyearended31March2005.NOTE:ThemarkaIIocationisshownagainsteachofthethreeissues.正确答案:3VOLCAN□(a)Storeimpairment□(i)Mattersロ■Materiality□?ThecostofgoodwiIIrepresents3■1%oftotaIassetsandisthereforemateriaI.I]?However,afterthreeyearsthecarryingamountofgoodwiII($2■2m)representsonIy1,2%oftotaIassets-landisthereforeimmateriaIinthecontextofthebaIancesheet.ロ?TheannuaIamortisationcharge($1•1m)represents11•6%profitbeforetax(PBT)andisthereforeaIsoImateriaI(totheincomestatement).O?TheimpactofwritingoffthewholeofthecarryingamountwouIdbemateriaItoPBT(23%).コTutorialnote:ThetemporarycIosureofthesupermarketdoesnotconstituteadiscontinuedoperationunderIFRS5*Non-CurrentAssetsHeIdforSaleandDiscontinuedOperations,.■UnderIFRS3(BusinessCombinations*VoIcanshouIdnolongerbewritinggoodwiIIoffoverfiveyearsbutsubjectingittoanannuaIimpairmenttest.■TheannouncementisafterthebaIancesheetdateandisthereforeanon-adjustingevent(IAS10'EventsAftertheIBaIanceSheetDate,)insofarasnoprovisionforrestructuring(forexampIe)canbemade.■However,theeventprovidesevidenceofapossibIeimpairmentofthecash-generatingunitwhichisthisstoreand,inparticular,thevaIueofgoodwiIIassignedtoit.IfthecarryingamountofgoodwiII($2,2m)canbeaIlocatedonareasonabIeandconsistentbasistothisandthelothertwostores(purchasedatthesametime)VoIcan,smanagementshouIdhaveappIiedanimpairmenttesttoIthegoodwiIIofthedownsizedstore(thisislikelytoshowimpairment).Ifmorethan22%ofgoodwiIIisattributabIetotheCityMetrostore-thenitswrite-offwouIdbemateriaItoPBT□(22%X$2•2m-r$9-5m=5%).■IfthecarryingamountofgoodwiIIcannotbesoaIlocated;theimpairmenttestshouIdbeappIiedtothe」cash-generatingunitthatisthethreestores(thismaynotnecessariIyshowimpairment).□■ManagementshouIdhaveconsideredwhethertheotherfourstoresinUrvina(andeIsewhere)aresimiIarIyimpaired.」•GoingconcernisuniikeIytobeanissueunIessaIIthesupermarketsareIocatedincitiesfacingadownwardtrendindemand.□TutoriaInote:MarkswiIIbeawardedforstatingtherulesforrecognitionofanimpairmentIossforacash-generating□unit.However,asitisexpectedthatthemajorityofcandidateswiIInotdeaIwiththismatter,therulesofIAS36are□notreproducedhere.(ii)AuditevidenceBoardminutesapprovingthestore,s'faceIift*anddocumentingtheneedtoaddressthefaIIindemandforitasaIsupermarket.RecomputationofthecarryingamountofgoodwiII(2/5X$5•5m=$2-2m).AscheduIeidentifyingaIItheassetsthatreIatetothestoreunderreviewandthecarryingamountsthereofagreed」totheunderlyingaccountingrecords(e.g.non-currentassetregister)._!■RecaIcuIationofvaIueinuseand/orfairvaIueIesscoststoseIIofthecash-generatingunit(i.e.thestorethatisto□becometheCityMetro,orthethreestoresboughttogether)asat31March2005.□TutoriaInote:IfjustoneoftheseamountsexceedscarryingamounttherewiIIbenoimpairmentloss.Also,as□thereisapIanNOTtoseiIthestoreitismostIikeIythatvaIueinuseshouIdbeused.□■Agreementofcashflowprojections(e.g.toapprovedbudgets/forecastrevenuesandcostsforamaximumoffivelyears,unIessalongerperiodcanbejustified).□■WrittenmanagementrepresentationreIatingtotheassumptionsusedinthepreparationoffinancialbudgets.■Agreementthatthepre-taxdiscountrateusedrefIectscurrentmarketassessmentsofthetimevaIueofmoney(andItherisksspecifictothestore)andisreasonabIe.Forexample,bycomparisonwithVoIcan'sweightedaveragecostlofcapitaI.■Inspectionofthestore(ifthismonthitshouIdbecIosedforrefurbishment).■Revenuebudgetsandcashflowprojectionsfor:-thetwostorespurchasedatthesametime;"theotherstoresinUrvina;and-thestoreseIsewhere.!AIsoactuaIafter-datesaIesbystorecomparedwithbudget.5、BigCheeseChairs(BCC)manufacturesandsellsexecutiveleatherchairs.TheyareconsideringanewdesignofmassagingchairtoIaunchintothecompetitivemarketinwhichtheyoperate.Theyhavecarriedoutaninvestigationinthemarketandusingatargetcostingsystemhavetargetedacompetitivesellingpriceof$120forthechair.BCCwantsamarginonsellingpriceof20%(ignoringanyoverheads).Theframe,andmassagemechanismwiIIbeboughtinfor$51perchairandBCCwiIIuphoIsteritinIeatherandassembIeitreadyfordespatch.Leathercosts$10permetreandtwometresareneededforacompIetechairalthough20%ofaIIIeatheriswastedintheuphoIsteryprocess.TheuphoIsteryandassembIyprocesswiIIbesubjecttoalearningeffectastheworkersgetusedtothenewdesign.BCCestimatesthatthefirstchairwiIItaketwohourstopreparebutthiswillbesubjecttoalearningrate(LR)of95%.TheIearningimprovementwiIIstoponce128chairshavebeenmadeandthetimeforthe128thchairwiIIbethetimeforaIIsubsequentchairs.ThecostofIabouris$15perhour.TheIearningformuIaisshownontheformuIasheetandatthe95%learningratethevaIueofbis-0-074000581.Required:CaleuIatetheaveragecostforthefirst128chairsmadeandidentifyanycostgapthatmaybepresentat

thatstage.(8marks)AssumingthatacostgapforthechairexistssuggestfourwaysinwhichitcouIdbecIosed.(6marks)Theproductionmanagerdeniesanyclaimsthatacostgapexistsandhasstatedthatthecostofthe128thchairwiIIbeIowenoughtoyieldtherequiredmargin.CaleuIatethecostofthe128thchairmadeandstatewhetherthetargetcostisbeingachievedonthe128thchair.(6marks)正确答案:Theaveragecostofthefirst128chairsisasfollows：$TOC\o"1-5"\h\zFrameandmassagemechanism 5100Leather 2metresx$10/mtrx100/80 2500Labour (Wl) 20-95Total 96-95Targetsellingpriceis$120.Targetcostofthechairistherefore$120x80%=$96Thecostgapis$96-95-$96-00=$0-95perchair(W1)ThecostoftheIabourcanbecalculatedusinglearningcurveprincipIes.TheformulacanbeusedoratabuIarapproachwouIdaIsogivetheaveragecostof128chairs.BothmethodsareacceptabIeandshownhere.Tabulation：Cumulativeoutput(units)1248163264128Tabulation：Cumulativeoutput(units)1248163264128Formula：Averagetimeper

unit(hrs)21-91-8051-714751-62901251-547561881-470183781-39667459Totaltime(hrs)Averagecostper

chairat$15perhour178-77 20-95Y=axbY=2x128-0074000581Y=1-396674592Theaveragecostperchairis1-396674592x$15=$20-95Toreducethecostgapvariousmethodsarepossible(onIyfourareneededforfuIImarks)Re-designthechairtoremoveunnecessaryfeaturesandhencecostNegotiatewiththeframe,suppIierforabettercost.ThismaybeeasierasthevoIumeofsalesimproveassuppIiersoftenarewiIIingtogivediscountsforbuIkbuying.AIternativeIyadifferentframe,suppIiercouIdbefoundthatoffersabetterprice.CarewouIdbeneededheretomaintaintherequiredquaIityLeathercanbeboughtfromdifferentsuppliersoratabetterprice aIso. ReducingthelevelofwastewouIdsaveoncost.EvenasmalIreductioninwasterateswouIdremovemuchofthecost gap that existsImprovetherateofIearningbybettertrainingandsupervisionEmpIoycheaperIabourbyreducingtheskillIeveIexpected.CarewouIdaIsobeneededherenottosacrificequaIityorpushupwasterates.Thecostofthe128thchairwillbe:$TOC\o"1-5"\h\zFrameandmassagemechanism 5100Leather 2metresx$10/mtrx100/80 2500Labour 1-29hoursx$15perhour(W2)19-35Total 95-35Againstatargetcostof$96theproductionmanageriscorrectinhisassertionthattherequiredreturnisnowbeingachieved.(W2)Usingtheformula,weneedtocalculatethecostofthefirst127chairsanddeductthatcostfromthecostofthefirst128chairs.Y=axbY=2x127~°*°74000581Y=1-39748546Totaltimeis127x1-39748546=177-48hoursTimeforthe128thchairis178-77-177-48=1-29hours6、5ThedirectorsofBIainaPackagingCo(BPC),aweII-estabIishedmanufacturerofcardboardboxes,arecurrentIyconsideringwhethertoenterthecardboardtubemarket.Cardboardtubesarepurchasedbycustomerswhoseproductsarewoundaroundtubesofvarioussizesrangingfromlargetubesonwhichcarpetsarewound,tosmaIItubesaroundwhichfilmsandpaperproductsarewound.ThecardboardtubesareusuallypurchasedinveryIargequantitiesbycustomers.Onaverage,thecardboardtubescomprisebetween1%and2%ofthetotaIcostofthecustomers1finishedproduct.Thedirectorshavegatheredthefollowinginformation:Thecardboardtubesaremanufacturedonmachineswhichvaryinsizeandspeed.Thelowestcostmachineispricedat$30.000andrequiresonIyoneoperativeforitsoperation.Aone_daytrainingcourseisrequiredinorderthatanunskiIIedpersoncanthenoperatesuchamachineinanefficientandeffectivemanner.ThecardboardtubesaremadefromspeciaIIyformuIatedpaperwhich,attimesduringrecentyears,hasbeeninshortsuppIy.Atpresent,fourmajormanufacturersofcardboardtubeshaveanaggregatemarketshareof80%.Thecurrentmarketleaderhasa26%marketshare.Themarketsharesoftheotherthreemajormanufacturers,oneofwhichisJOLCo,areequaIinsize.TheproductrangesofferedbythefourmajormanufacturersaresimiIarintermsofsizeandquaIity.Themarkethasgrownby2%perannumduringrecentyears.Arecentreportontheactivitiesofaforeign-basedmultinationaIcompanyreveaIedthatconsiderationwasbeinggiventoexpandingoperationsintheirpackagingdivisionoverseas.ThedivisionpossessesIarge-scaIeautomatedmachineryforthemanufactureofcardboardtubesofanysize.Anothercompany,PIasticTubesCo(PTC)producesanarrow,butincreasing,rangeofplastictubeswhicharecapabIeofhousingsmaIIproductssuchasfiImandpaper-basedproducts.Atpresent,thesetubesareonaverage30%moreexpensivethantheequivaIentsizedcardboardtubessoIdinthemarketpIace.Required:(a)UsingPorter,sfiveforcesmodeI,assesstheattractivenessoftheoptiontoenterthemarketforcardboardtubesasaperformanceimprovementstrategyforBPC.(10marks)正确答案:(a)InordertoassesstheattractivenessoftheoptiontoenterthemarketforspiralIy-woundpapertubes,thedirectorsofBPC□couldmakeuseofMichaeIPorter*s'fiveforcesmodeI,.□InapplyingthismodeItothegivenscenarioonemightconeIudethattherelativelyIowcostofthemachinetogetherwiththe□factthatanunskiIledpersonwouldonIyrequireoneday,straininginordertobeabIetooperateamachine,constitute[IreIativelylowcostsofentrytothemarket.ThereforeonemightreasonabIyconeIudethatthethreatofnewentrantsmightbeIhigh.ThisisespeciaIIythecasewherethemarketishighlyfragmented.IThefactthatproductsareusuaIIypurchasedinveryIargequantitiesbycustomerstogetherwiththefactthatthereisIittIereaI□differencebetweentheproductsofaIternativesuppIierssuggeststhatcustomer(buyer)powermightweIIbeveryhigh.The□factthatthepapertubesonaverageonIycomprisebetween1%and2%ofthetotaIcostofthepurchaser1sfinishedproduct□aIsosuggeststhatbuyerpowermayweIIbeveryhigh.□ThethreatfromsupplierscouldbehighduetothefactthatthespeciaIIyformulatedpaperfromwhichthetubesaremadeis□sometimesinshortsuppIy.HencesuppliersmightincreasetheirpriceswithconsequentiaIdiminutioningrossmarginofthe□firmsinthemarketpIace.□ThethreatfromcompetitiverivalswillbestrongasthefourmajorpIayersinthemarketareofsimilarsizeandthatthemarketI]isasIowgrowingmarket.ThemarketIeadercurrentlyhas26%ofthemarketandthethreenearestcompetitorsholdlapproximateIy18%ofthemarket.:IThefactthatPlasticTubesCo(PTC)producesanarrowrangeofpIastictubesconstitutesathreatfromasubstituteproduct.」ThisthreatwiIIincreaseiftheproductrangeofPTCisextendedandthepriceofplastictubesisreduced.]Thefactthataforeign-basedmultinationalcompanyisconsideringenteringthismarketrepresentsasignificantthreatfromaIpotentiaInewentrantasitwouIdappearthatthemultinationaIcompanymightweIIbeabletoderiveeconomiesofseaIefrom□IargeseaIeautomatedmachineryandhasmanufacturingfIexibiIity.コLowcapitaIbarrierstoentrymightappeaItoBPCbuttheywouIdaIsoappeaItootherpotentiaIentrants.TheIowgrowthZUmarket,theeaseofentry,theexistenceofestabIishedcompetitors,acredibIethreatofbackwardverticaIintegrationby」suppliers,theimminententrybyamulti-nationaI,astruggIingestabIishedcompetitorandthedifficultyofdifferentiatingan□industriaIcommodityshouldcaIIintoquestionthepotentiaIofBPCtoachieveanysortofcompetitiveadvantage.IfBPCcan□achievethepositionofIowestcostproducerwithintheindustrythenentryintothemarketmightbeagoodmove.Inorder□toassesswhetherthisispossibleBPCmustconsideranypotentiaIsynergiesthatwouIdexistbetweenitscard17、(ii)Ifapartner,whoisanactuary,providesvaIuationservicestoanauditcIient,canwecontinuewiththeaudit?(3marks)Required:Foreachofthethreequestions,explainthethreatstoobjectivitythatmayariseandthesafeguardsthatshouIdbeavaiIabIetomanagethemtoanacceptabIeIeveI.NOTE:ThemarkaIIocationisshownagainsteachofthethreequestionsabove.正确答案:(ii)Actuaria