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

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1x(ii)Describetheprocedurestoverifythenumberofseriousaccidentsintheyearended30

November2007.

(4marks)

正确答案：

(ii)Procedurestoverifythenumberofseriousaccidentsduring2007couIdincIudethe

foIlowing:

ITutoriaInote:proceduresshouIdfocusonthecompletenessofthedisclosureasitisinthe

interestofSci-TechCoto

□understatethenumberofseriousaccidents.

□-ReviewtheaccidentIogbookandcountthetotaInumberofaccidentsduringtheyear

□-Discussthedefinitionof'seriousaccident'withthedirectorsandclarifyexactIywhat

criterianeedtobemetto

□satisfythedefinition

□-Forseriousaccidentsidentified:

O?reviewHRrecordstodeterminetheamountoftimetakenoffwork

□?reviewpayrolIrecordstodeterminethefinanciaIamountofsickpayawardedtotheemployee

□?reviewcorrespondencewiththeempIoyeeregardingtheaccident.

□TutoriaInote:theabovewiIIhelptoclarifythattheaccidentwasindeedserious.

□-Reviewboardminuteswheretheincreaseinthenumberofseriousaccidentshasbeendiscussed

□-ReviewcorrespondencewithSci-TechCo'sIegaIadvisorstoascertainanyIegaIclaimsmade

againstthecompany

□duetoaccidentsatwork

II-Enquireastowhetheranyhealthandsafetyvisitshavebeenconductedduringtheyearby

reguIatorybodies,and

□reviewanydocumentationorcorrespondenceissuedtoSci-TechCoaftersuchvisits.

ITutoriaInote:itishighlyIikelythatinaregulatedindustrysuchaspharmaceuticalresearch,

anyseriousaccident

Iwouldtriggerahealthandsafetyinspectionfromtheappropriateregulatorybody.

II-DiscussthelevelofaccidentswithrepresentativesofSci-TechCo'semployeestoreach

anunderstandingasto

□whetheraccidentssometimesgounreportedintheaccidentlogbook.

2、(ii)ComputetheannuaIincometaxsavingfromyourrecommendationin(i)aboveascompared

withthe

situationwhereCindyretainsboththepropertyandtheshares.Identifyanyothertax

impIications

arisingfromyourrecommendation.YouranswershouIdconsideraIIreIevanttaxes.(3marks)

正确答案：

(■)Annualincometaxsavingandotherissues

Annualincometaxsaving

IfCindyownsalloftheinheritedassetstheadditionalincometaxisasfollows.

£

Taxonpropertyincome(see(i))5.640

Taxondividendincome(see(i))2,767

8,407

ThetaxsavedfollowingthegiftofthequotedsharestoArthuris£2.541(£8,407-£5.866).

Otherissues

Transfersbetweenspousestakeplaceatnogain,notossforthepurposesofcapitalgainstax.Arthur'sbasecostinthe

quotedshareswillequalCindy'sbasecostof£305,000.

Therearenoinheritancetaximplicationsduetotheexemptionfortransfersbetweenspouses.

Therearenosumpdutiesongifts.

□

□

3、(iii)ExplainthepotentiaIcorporationtax(CT)implicationsofTayLimitedtransferringwork

toTrentLimited,

andsuggesthowthesecanbeminimisedoreIiminated.(3marks)

正确答案：

(iii)TradingIossesmaynotbecarriedforwardwhere,withinaperiodofthreeyearsthere

isbothachangeintheownership

Zlofacompanyandamajorchangeinthenatureorconductofitstrade.Thetransferofwork

fromTayLimitedtoTrent

□LimitedisIikeIytoconstituteamajorchangeinthenatureorconductofthelatter'strade.

Asaconsequence,anytax

□lossesatthedateofacquisitionwiIIbeforfeited.AssumingIosseswereincurreduniformly

in2005,thetaxlossesatthe

□dateofacquisitionwere£380,000(300,000+2/3x120,000)).Thisisworth£114,000assuming

acorporationtax

'Irateof30%.

IThus,TayLimitedshouldnotconsidertransferringanytradetoTrentLimiteduntiIafterthe

thirdanniversaryofthedate

:lofthechangeofownershipi.e.notbefore1September2008.Asthetradesaresimilar,there

shouldbeIittIeproblem

□intransferringworkfromthatdateonwards.

4、3YouarethemanagerresponsibIefortheauditofVoIcan,aIong-estabIishedIimitedIiabiIity

company.VoIcanoperates

anationaIsupermarketchainof23stores,fiveofwhichareinthecapitaIcity,Urvina.

AlIthestoresaremanagedin

thesamewaywithpurchasesbeingmadethroughVolcan,scentraIbuyingdepartmentandproduct

pricing,marketing,

advertisingandhumanresourcespoIiciesbeingdecidedcentrally.ThedraftfinanciaI

statementsfortheyearended

31March2005showrevenueof$303million(2004-$282miIIion),profitbeforetaxation

of$905million(2004

-$7-3million)andtotaIassetsof$178million(2004-$173miIIion).

Thefollowingissuesarisingduringthefinalaudithavebeennotedonascheduleofpoints

foryourattention:

(a)On1May2005,VoIcanannounceditsintentiontodownsizeoneofthestoresinUrvina

fromasupermarketto

a'CityMetro'inresponsetoasignificantdeciineinthedemandforsupermarket-styIe.

shoppinginthecapital.

ThestorewiIIbeclosedthroughoutJune,re-openingon1July2005.GoodwiIIof$5,5miIIion

wasrecognised

threeyearsagowhenthisstore,togetherwithtwoothers,wasboughtfromanationaIcompetitor.

ItisVolcan's

policytowriteoffgoodwiIIoverfiveyears.(7marks)

Required:

Foreachoftheaboveissues:

(i)commentonthemattersthatyoushouIdconsider;and

(ii)statetheauditevidencethatyoushouIdexpecttofind,

inundertakingyourreviewoftheauditworkingpapersandfinanciaIstatementsofVoIcan

fortheyearended

31March2005.

NOTE:ThemarkaIIocationisshownagainsteachofthethreeissues.

正确答案：

3VOLCAN

□(a)Storeimpairment

□(i)Matters

□■MateriaIity

□?ThecostofgoodwiIIrepresents3,1%oftotaIassetsandisthereforemateriaI.

!I?However,afterthreeyearsthecarryingamountofgoodwiII($2,2m)representsonly1,2%

oftotalassets-

landisthereforeimmateriaIinthecontextofthebalancesheet.

II?TheannuaIamortisationcharge($1・1m)represents11-6%profitbeforetax(PBT)andis

thereforeaIso

□materiaI(totheincomestatement).

□?TheimpactofwritingoffthewholeofthecarryingamountwouIdbemateriaItoPBT(23%).

□Tutoria1note:Thetemporaryclosureofthesupermarketdoesnotconstituteadiscontinued

operationunderIFRS5

□‘Non-CurrentAssetsHeIdforSaIeandDiscontinuedOperations’.

□■UnderIFRS3'BusinessCombinations*VoIcanshouIdnoIongerbewritinggoodwiIIoffover

fiveyearsbut

□subjectingittoanannuaIimpairmenttest.

□■TheannouncementisafterthebaIancesheetdateandisthereforeanon-adjustingevent(IAS

10'EventsAfterthe

IBalanceSheetDate*)insofarasnoprovisionforrestructuring(forexample)canbemade.

□■However,theeventprovidesevidenceofapossibIeimpairmentofthecash-generatingunit

whichisthisstoreandr

□inparticular,thevalueofgoodwiIIassignedtoit.

!■IfthecarryingamountofgoodwiII($2,2m)canbeaIlocatedonareasonableandconsistent

basistothisandthe

:lothertwostores(purchasedatthesametime)Volcan,smanagementshouldhaveappliedan

impairmenttestto

IIthegoodwiIIofthedownsizedstore(thisislikelytoshowimpairment).

IBIfmorethan22%ofgoodwiIIisattributabIetotheCityMetrostore-thenitswrite-off

wouIdbemateriaItoPBT

□(22%X$2•2m$9-5m=5%).

!■IfthecarryingamountofgoodwiIIcannotbesoaIIocated;theimpairmenttestshouIdbe

appIiedtothe

Llcash-generatingunitthatisthethreestores(thismaynotnecessariIyshowimpairment).

」■ManagementshouIdhaveconsideredwhethertheotherfourstoresinUrvina(andeIsewhere)

aresimiIarIy

□impaired.

—〔■GoingconcernisuniikeIytobeanissueunIessalIthesupermarketsareIocatedincities

facingadownwardtrend

□indemand.

□TutoriaInote:MarkswiIIbeawardedforstatingtheruIesforrecognitionofanimpairment

Iossforacash-generating

□unit.However,asitisexpectedthatthemajorityofcandidateswiIInotdeaIwiththismatter,

theruIesofIAS36are

□notreproducedhere.

□(ii)Auditevidence

IBBoardminutesapprovingthestore,s'facelift'anddocumentingtheneedtoaddressthe

faIIindemandforitasa

□supermarket.

1!RecomputationofthecarryingamountofgoodwiII(2/5X$5•5m=$2■2m).

IBAscheduleidentifyingaIItheassetsthatrelatetothestoreunderreviewandthecarrying

amountsthereofagreed

Ototheunderlyingaccountingrecords(e.g.non-currentassetregister).

□■RecaIcuIationofvaIueinuseand/orfairvaIueIesscoststoseIIofthecash-generating

unit(i.e.thestorethatisto

□becometheCityMetro,orthethreestoresboughttogether)asat31March2005.

□TutoriaInote:IfjustoneoftheseamountsexceedscarryingamounttherewiIIbenoimpairment

Ioss.Also,as

□thereisapIanNOTtoseiIthestoreitismostIikeIythatvaIueinuseshouIdbeused.

□■Agreementofcashflowprojections(e.g.toapprovedbudgets/forecastrevenuesandcosts

foramaximumoffive

:lyears,unlessalongerperiodcanbejustified).

□■WrittenmanagementrepresentationreIatingtotheassumptionsusedinthepreparationof

financiaIbudgets.

IBAgreementthatthepre-taxdiscountrateusedreflectscurrentmarketassessmentsofthe

timevaIueofmoney(and

IItherisksspecifictothestore)andisreasonabIe.Forexample,bycomparisonwithVolcan,

sweightedaveragecost

lofcapital.

IBInspectionofthestore(ifthismonthitshouldbeclosedforrefurbishment).

IBRevenuebudgetsandcashfIowprojectionsfor:

□-thetwostorespurchasedatthesametime;

□-theotherstoresinUrvina;and

□-thestoreseIsewhere.

JAIsoactuaIafter-datesaIesbystorecomparedwithbudget.

5、BigCheeseChairs(BCG)manufacturesandsellsexecutiveleatherchairs.Theyareconsidering

anewdesignofmassagingchairtoIaunchintothecompetitivemarketinwhichtheyoperate.

Theyhavecarriedoutaninvestigationinthemarketandusingatargetcostingsystemhave

targetedacompetitivesellingpriceof$120forthechair.BCGwantsamarginonsellingprice

of20%(ignoringanyoverheads).

Theframe,andmassagemechanismwiIIbeboughtinfor$51perchairandBCCwiIIuphoIster

itinIeatherandassembIeitreadyfordespatch.

Leathercosts$10permetreandtwometresareneededforacompIetechairalthough20%of

aIIIeatheriswastedintheuphoIsteryprocess.

TheuphoIsteryandassembIyprocesswiIIbesubjecttoaIearningeffectastheworkersget

usedtothenewdesign.

BCCestimatesthatthefirstchairwiIItaketwohourstopreparebutthiswillbesubject

toalearningrate(LR)of95%.

Thelearningimprovementwillstoponce128chairshavebeenmadeandthetimeforthe128th

chairwiIIbethetimeforaIIsubsequentchairs.Thecostoflabouris$15perhour.

TheIearningformuIaisshownontheformuIasheetandatthe95%IearningratethevaIue

ofbis-0-074000581.

Required:

(a)Calculatetheaveragecostforthefirst128chairsmadeandidentifyanycostgapthat

maybepresentat

thatstage.(8marks)

(b)AssumingthatacostgapforthechairexistssuggestfourwaysinwhichitcouIdbecIosed.

(6marks)

Theproductionmanagerdeniesanyclaimsthatacostgapexistsandhasstatedthatthecost

ofthe128thchairwiIIbeIowenoughtoyieldtherequiredmargin.

(c)CaleuIatethecostofthe128thchairmadeandstatewhetherthetargetcostisbeing

achievedonthe128thchair.(6marks)

正确答案：

(a)Theaveragecostofthefirst128chairsisasfollows：

$

Frameandmassagemechanism5100

Leather2metresx$10/mtrx100/802500

Labour(Wl)20-95

Total96-95

Targetsellingpriceis$120.

Targetcostofthechairistherefore$120x80%=$96

Thecostgapis$96-95-$96-00=$0-95perchair

(W1)

ThecostoftheIabourcanbecaIcuIatedusingIearningcurveprincipIes.TheformuIacan

beusedoratabuIarapproachwouId

aIsogivetheaveragecostof128chairs.BothmethodsareacceptabIeandshownhere.

labulation：

CumulativeoutputAveragetimeperTotaltime(hrs)Averagecostper

(units)unit(hrs)chairat$15perhour

12

21-9

41-805

81-71475

161-6290125

321-54756188

641-47018378

1281-396674591787720-95

Formula：

Y=axb

Y=2X128~0074000581

Y=1-396674592

Theaveragecostperchairis1-396674592x$15=$20-95

(b)ToreducethecostgapvariousmethodsarepossibIe(onIyfourareneededforfuIImarks)

-Re-designthechairtoremoveunnecessaryfeaturesandhencecost

-Negotiatewiththeframe.supplierforabettercost.ThismaybeeasierasthevoIume

ofsaIesimproveassuppIiersoften

arewiIIingtogivediscountsforbuIkbuying.AlternativeIyadifferentframe.suppIiercouId

befoundthatoffersabetter

price.CarewouIdbeneededheretomaintaintherequiredquaIity

-LeathercanbeboughtfromdifferentsuppIiersoratabetterpriceaIso.Reducingthe

levelofwastewouldsaveoncost.

EvenasmalIreductioninwasterateswouIdremovemuchofthecostgapthatexists

-ImprovetherateofIearningbybettertrainingandsupervision

-EmpIoycheaperIabourbyreducingtheskilllevelexpected.CarewouldaIsobeneededhere

nottosacrificequaIityor

pushupwasterates.

(c)Thecostofthe128thchairwiIIbe:

$

Frameandmassagemechanism51-00

Leather2metresx$10/mtrx100/8025-00

Labour1-29hoursx$15perhour(W2)19-35

Total95-35

Againstatargetcostof$96theproductionmanageriscorrectinhisassertionthattherequiredreturnisnowbeingachieved.

(W2)

Usingtheformula,weneedtocalculatethecostofthefirst127chairsanddeductthatcostfromthecostofthefirst128

chairs.

Y=axb

Y=2X]27~0O74000581

Y=1-39748546

Ibtaltimeis127x1-39748546=177-48hours

Timeforthe128thchairis178-77-177-48=1-29hours

6、5ThedirectorsofBIainaPackagingCo(BPC),aweII-estabIishedmanufacturerofcardboard

boxes,arecurrentIy

consideringwhethertoenterthecardboardtubemarket.Cardboardtubesarepurchasedby

customerswhose

productsarewoundaroundtubesofvarioussizesrangingfromIargetubesonwhichcarpets

arewound,tosmaII

tubesaroundwhichfilmsandpaperproductsarewound.Thecardboardtubesareusually

purchasedinverylarge

quantitiesbycustomers.Onaverage,thecardboardtubescomprisebetween1%and2%ofthe

totaIcostofthe

customers'finishedproduct.

Thedirectorshavegatheredthefollowinginformation:

(1)Thecardboardtubesaremanufacturedonmachineswhichvaryinsizeandspeed.TheIowest

costmachineis

pricedat$30,000andrequiresonIyoneoperativeforitsoperation.Aone-daytrainingcourse

isrequiredinorder

thatanunskiIIedpersoncanthenoperatesuchamachineinanefficientandeffectivemanner.

(2)ThecardboardtubesaremadefromspeciaIIyformuIatedpaperwhich,attimesduringrecent

years,hasbeenin

shortsuppIy.

(3)Atpresent,fourmajormanufacturersofcardboardtubeshaveanaggregatemarketshare

of80%.Thecurrent

marketleaderhasa26%marketshare.Themarketsharesoftheotherthreemajormanufacturers,

oneofwhich

isJOLCo,areequaIinsize.Theproductrangesofferedbythefourmajormanufacturersare

similarintermsof

sizeandquaIity.Themarkethasgrownby2%perannumduringrecentyears.

(4)Arecentreportontheactivitiesofaforeign-basedmultinationalcompanyrevealedthat

considerationwasbeing

giventoexpandingoperationsintheirpackagingdivisionoverseas.Thedivisionpossesses

Iarge-scaIeautomated

machineryforthemanufactureofcardboardtubesofanysize.

(5)Anothercompany,PIasticTubesCo(PTC)producesanarrow,butincreasing,rangeofpIastic

tubeswhichare

capabIeofhousingsmaIIproductssuchasfiImandpaper-basedproducts.Atpresent,these

tubesareonaverage

30%moreexpensivethantheequivalentsizedcardboardtubessoldinthemarketpIace.

Required:

(a)UsingPorter'sfiveforcesmodeI,assesstheattractivenessoftheoptiontoenterthe

marketforcardboard

tubesasaperformanceimprovementstrategyforBPC.(10marks)

正确答案：

(a)InordertoassesstheattractivenessoftheoptiontoenterthemarketforspiralIy-wound

papertubes,thedirectorsofBPC

□couIdmakeuseofMichaeIPorter*s'fiveforcesmodeI).

□InapplyingthismodeItothegivenscenarioonemightconeIudethattherelativelyIowcost

ofthemachinetogetherwiththe

□factthatanunskiIIedpersonwouldonIyrequireoneday'straininginordertobeabIeto

operateamachine,constitute

:[relativelylowcostsofentrytothemarket.Thereforeonemightreasonablyconcludethatthe

threatofnewentrantsmightbe

Ihigh.Thisisespeciallythecasewherethemarketishighlyfragmented.

IThefactthatproductsareusuallypurchasedinverylargequantitiesbycustomerstogether

withthefactthatthereisIittIereaI

□differencebetweentheproductsofaIternativesuppIierssuggeststhatcustomer(buyer)power

mightweIIbeveryhigh.The

□factthatthepapertubesonaverageonIycomprisebetween1%and2%ofthetotaIcostofthe

purchaser5sfinishedproduct

□aIsosuggeststhatbuyerpowermayweIIbeveryhigh.

□ThethreatfromsupplierscouldbehighduetothefactthatthespeciaIIyformuIatedpaper

fromwhichthetubesaremadeis

□sometimesinshortsuppIy.HencesuppIiersmightincreasetheirpriceswithconsequentiaI

diminutioningrossmarginofthe

□firmsinthemarketpIace.

□ThethreatfromcompetitiverivalswiIIbestrongasthefourmajorpIayersinthemarketare

ofsimilarsizeandthatthemarket

□isasIowgrowingmarket.Themarketleadercurrentlyhas26%ofthemarketandthethreenearest

competitorshold

lapproximately18%ofthemarket.

iThefactthatPlasticTubesCo(PTC)producesanarrowrangeofplastictubesconstitutesa

threatfromasubstituteproduct.

]ThisthreatwiIIincreaseiftheproductrangeofPTCisextendedandthepriceofpIastictubes

isreduced.

IThefactthataforeign-basedmultinationalcompanyisconsideringenteringthismarket

representsasignificantthreatfroma

□potentialnewentrantasitwouIdappearthatthemultinationaIcompanymightweIIbeableto

deriveeconomiesofseaIefrom

OIargeseaIeautomatedmachineryandhasmanufacturingflexibiIity.

□LowcapitaIbarrierstoentrymightappeaItoBPCbuttheywouIdaIsoappeaItootherpotentiaI

entrants.TheIowgrowth

□market,theeaseofentry,theexistenceofestabIishedcompetitors,acredibIethreatof

backwardverticaIintegrationby

□suppIiers,theimminententrybyamulti-national,astrugglingestabIishedcompetitorandthe

difficultyofdifferentiatingan

□industriaIcommodityshouIdcaIIintoquestionthepotentiaIofBPCtoachieveanysortof

competitiveadvantage.IfBPCcan

□achievethepositionofIowestcostproducerwithintheindustrythenentryintothemarket

mightbeagoodmove.Inorder

□toassesswhetherthisispossibIeBPCmustconsideranypotentiaIsynergiesthatwouIdexist

betweenitscard17、(ii)Ifapartner,whoisanactuary,providesvaluationservicestoanaudit

client,canwecontinuewiththeaudit?

(3marks)

Required:

Foreachofthethreequestions,explainthethreatstoobjectivitythatmayariseandthe

safeguardsthat

shouIdbeavaiIabIetomanagethemtoanacceptabIeIeveI.

NOTE:ThemarkaIlocationisshownagainsteachofthethreequestionsabove.

正确答案：

(ii)ActuariaIservicestoanauditcIient

□IFAC,s4CodeofEthicsforProfessionaIAccountants,doesnotdeaIspecificaIIywithactuariaI

vaIuationservicesbutwith

□vaIuationservicesingeneraI.

□AvaIuationcomprises:

□■makingassumptionsaboutthefuture;

!■applyingcertainmethodologiesandtechniques;

□■computingavaIue(orrangeofvaIues)foranasset,aIiabiIityorforabusinessasawhoIe.

□AseIf-reviewthreatmaybecreatedwhenafirmornetworkfirm2performsavaIuationfora

financialstatementaudit

IIclientthatistobeincorporatedintotheclient'sfinancialstatements.

IASanactuarialvaluationserviceislikelytoinvolvethevaluationofmattersmaterialto

thefinancialstatements(e.g.the

IIpresentvaIueofobiigations)andthevaluationinvolvesasignificantdegreeofsubjectivity

(e.g.lengthofservice),the

OseIf-reviewthreatcreatedcannotbereducedtoanacceptabIeIeveIoftheappIicationofany

safeguard.Accordingly:

IBsuchvaIuationservicesshouIdnotbeprovided;or

!■thefirmshouIdwithdrawfromthefinanciaIstatementauditengagement.

]IfthenetliabilitywasnotmateriaItothefinanciaIstatementstheseIf-reviewthreatmay

bereducedtoanacceptabIe

OIeveIbytheappIicationofsafeguardssuchas:

」■invoIvinganadditionaIprofessionaIaccountantwhowasnotamemberoftheauditteamto

reviewtheworkdone

□bytheactuary;

」■confirmingwiththeauditcIienttheirunderstandingoftheunderlyingassumptionsofthe

vaIuationandthe

□methodologytobeusedandobtainingapprovaIfortheiruse;

□■obtainingtheauditcIient'sacknowledgementofresponsibiIityfortheresultsofthework

performedbythefirm;and

□■makingarrangementsso