2022年ACCA-CAT历模拟考试题.docx

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1 4 (a) Exp lain the mean i ng of the term 'working capital cycle' for a trading company. (4 marks) 正确答案:(a) The work i ng capi ta I eye Ie i I I ustrates the chang i ng make-up of work i ng cap i ta I i n the course of the trading operations of aJbusiness:O1 Purchases are made on credit and the goods go into inventory.2 Inventory is sold and converted into receivables3 Credit customers pay thei r accounts|4 Cash i s used to pay suppIi ers.2、(c) Briefly descr ibe three advantages to Ba iIey' s of counseI Iing. (3 marks)正确答案:(c) For Ba i Iey' s the advantages of counseI I ing as a means of understanding and addressing the prob I ems are that i t prov i des a conf i dent i a I serv i ce to the emp I oyee to d i scuss prob I ems away from and not invoIving management or supervision. There is no obvious human resources policy at Ba i ley' s and counseI Ii ng prov i des an opportunity to deveI op an appropr i ate policy from understand i ng i nd i v i duaI prob Iems.This i n turn wi I I demonstrate organ i sat i ona I commi tment to the emp I oyees that has been I ack i ng in the past at Bai Iey' s and begin the process of better performance and increase in commitment. At another I eve I, counseI Ii ng can prov i de a link to other externa I agenc i es to ass i st w i th persona I prob Iems that may be deemed too specific for resoIut i on within Ba iley' s.3、(c) Without changing the adv i ce you have given i n (b), or varying the terms of Luke' s will, exp lain how Mabe Icould further reduce her eventuaI inher itance tax liability and quant ify the tax saving that could be made.(3 marks)The increase in the reta i I prices index from Apr iI 1984 to Apr iI 1998 i s 84%.You should assume that the rates and a Ilowances for the tax year 2005/06 wi I I cont inue to appIy for theforeseeable future.正确答案:(c) Further adv i ceMabel shouId cons i der de I ay i ng one of the gifts unt i I after 1 May 2007 such that it i s made more than seven years after thegift to the d i scret ionary trust. Both PETs wou I d then be covered by the n i I rate band resu 11 i ng in a saving of inher i tance taxof £6, 720 (from (b).MabeI should ensure that she uses her i nher i tance tax annua I exempt ion of £3, 000 every year by, say, making gifts of £ 1,500each year to both Bruce and Padma. The effect of this wi I I be to save inher i tance tax of £ 1,200 (£3, 000 x 40%) every year.4、(b) Exp lain i n the context of Flavours Fine Foods, what i s meant by:(i) responsibiIity; (4 marks)正确答案:(b) (i) RESPONS IBILI TY is the I iabi I i ty of a person to be called to account for thei r actions and resu I ts, and i s therefore an ob I i gat ion to take some action to d i scharge that respons i b i I i ty. Uni ike author i ty, respons i b iIi ty cannot be de I egated. There i s however some d i scuss i on on the extent to wh ich th i s statement i s true: the idea that responsibi I ity cannot be de I egated i s too s imp Ii st i c. Any task conta i ns an element of respons i b i I ity. It is the i dea of accountab i Ii ty and the d i rect i on of respons i bi Iity that i s the re Ievant concept and i s the prob Iem at FIavours Fine Foods; u11imate responsibi Iity resides with the owners. It is seIf evident that it is impossibIe to exerc i se author ity without respons i b i I i ty because this could Iead to prob Iems of control and therefore undesi rabIe outcomes for the organisat ion. However, the super ior (the owner) is always uItimateIy responsibIe for the actions of his or her subordinates. The key eIement here is the recognition of d i scret ion by vi rtue of the person1 s position. Thi s under Iines the doctr ine of absoIute respons i bi Iity; the super ior i s always ultimately accountable. 5、(i i i) A statement on the i mportance of conf i dent i a Iity i n the f i nanc i ng of the ear Iy stage work i ng capita I needsand an exp I anat i on of how th i s conf I i cts with the duty of transparency i n matters of corporate governance. (6 marks)ProfessionaI marks for Iayout, logical fIow and persuasiveness of the statement. (4 marks) 正确答案:(i i i) Importance of confidential ity i n the f i nanc i ng of the project and the norma I duty of transparency. 11 have been asked to i ncIude a statement i n my remarks on the ba Iance between our duty to be transparent wheneverIpossibIe and the need for discretion and confidentiality in some situations. In the case of our initial working capital needsIfor the G i ant Dam Project, the i mportance of conf i dent i a I ity i n f i nanc i ng i s due to the potent i a I for adverse pub I icity thatmay ar i se for the I ender. 11 i s i mportant that RM have the project adequate I y f i nanced, espec i a I I y i n the ear Iy stagesbefore the i nter im payments from the cIi ent become fully effective. In genera I, of course, we at RM attempt to observe the h i ghest standards of corporate governance and th i s i nvoIvesadopting a default position of transparency rather than concealment wherever possibIe. We recognise that transparency is important to underpin investor conf idence and to provide investors with the information they need to make funda I I ocat i on dec i s i ons.Wh i I st it i s norma I to disci ose the amount of debt we carry at any given point (on the ba I ance sheet)t it i s rare Iy norma I!pract i ce to d i sc I ose the exact sources of those I oans. I n the case of the financing of initial work i ng capita I for the G i antIDam Project, I' m sure you wi I I reaI ise that in this unique situation, disciosure of the lender' s identity could threaten the!progress of the project. For this reason we must resist any attempts to release this into the pub Ii c doma i n. We are awarelof one pressure group that is activeIy seeking to discover this information in order to disrupt the project' s progress andI we sha I I be tak i ng a I I i nterna I measures necessary to ensure they do not obta i n the i nformat i on.JThank you for Ii stening.6、(b) Ga Icul ate the i nterna I rate of return of the proposed i nvestment and comment on your f i nd i ngs. (5 marks)正确答案:(b) Calculation of IRR of ,FlngoF investment projectYear1234£000£000£000£000Net cash flow61318712785Discount at 20%0-8330-6940-5790-482Present values510-6129-873-541-0£000Present value of future benefits754-9Initial investment800-0Net present value(45-1)Internal rate of return = 10 + (20 - 10) x 65-2)/(65-2 + 454)1 = 16%Since the internal rate of return is greater than the discount rale used to appraise new Investments, the proposed investment is financially acceptable.7 4 Graham Smith i s Operat ions Di rector of Cater ing Food Services (CFS) a £ 1 - 5 bi I I ion UK based d i str i butor of foods toprofess ionaI cater ing organi sat ions. It has 30 trading units spread across the country from which it can supply acomp Iete range of fresh, chilled and frozen food products. Its customers range from major fast food cha i ns, cater i ngservices for the armed forces down to individuaI restaurants and cafes. Wholesale food d i str ibut ion i s very much apr i ce dr i ven serv i ce, i n wh i ch i t i s very difficult to d i fferent i ate CFS' s serv i ce from i ts competitors.Graham is very aware of the Government' s growing interest in promoting good corporate env i ronmentaI pract i ces andencouraging companies to ach i eve the i nternat i onaI qua I i ty standard for envi ronmentaI Iy responsibIe operations. CFSoperates a fIeet of 1,000 lorries and each lorry produces the equ i vaI ent of its own we i ght i n poI Iutants over the courseof a year without the i nstaI I at i on of expens i ve poI Iut i on control systems. Graham i s a I so aware that his largercustomers are Iooki ng to thei r d i str ibutors to become more envi ronmentaIly respons ibIe and the 'greening' of thei rsupp I y cha in is becom i ng a rea I i ssue. Unfortunate I y h i s concern w i th deve loping a company-w i de env i ronmentaImanagement strategy i s not shared by hi s feI Iow managers respons ib Ie for the key d i str ibut ion functions includingpurchasing, logistics, warehousing and transportation. They argued that time spent on corporate respons i b i Iity i ssueswas time wasted and simply added to costs.Graham has dec i ded to propose the appointment of a pro ject manager to deveI op and i mpIement a companyenv i ronmentaI strategy including the ach i evement of the i nternat i onaI qua Ii ty standard. The person appointed musthave the necessary project management skills to see the project through to successfuI cone I us i on.You have been appointed project manager for CFS' s 'environmentaI Iy aware' project.Requ i red:(a) What are the key project management skills that are necessary in achieving company-wide commi tment i nCFS to ach i eve the des i red env i ronmentaI strategy? (15 marks)正确答案:(a) Simply defined, a project is 'activity that has a start, a middle and an end and consumes resources, - it is therefore a discretelactivity aimed at achieving a specific objective or range of objectives. Graham is intent on us i ng the 'env i ronmentaI Iy aware'iproject to achieve a specif ic objective - the attainment of the international envi ronmentaI standard. He is, however, awareOthat there are a number of internaI stakehoIders inside the company who question the signif icance of such a project.ExternaI Iy, he can point to significant stakeholders, including customers and government who are Iook i ng for CFS to becomemore environmentaI Iy aware. The project is I ikely to have strategic and not simply operationaI or administrative significanceand the person appointed into the role of project manager, ideally, should have both the traditionaI skills associated withproject management plus those of strategic management. Grundy and Brown Iist the traditional project management techn i ques as:denning the projoctfs)defining the project scope and interdependenciestargeting the detnzefables or results of the projectidentifying the key activities or sub-project planning and managing timescalesmob 10ng resourcesMore strategic parts of the project management process will include：problem diagnosisoption generation - not only what to do but how lo do it. eg acquisitions managing stakeholdefscreating a strat£ig»c vision for the proioct identifying 回 implementation difficultiesJCI ear Iy, the pro ject manager must have the techn i caI project management skills, being able to manage the project through its Ii fe cycle, which i nvoIves defining the pro ject i n terms of project objectives and scope as def i ned by time, cost and qua Iity.Planning the project in terms of breaking the overaI I project down into separate activities, est imat i ng the resources requ i redZJand I inking act i v i t i es to resources i n terms of t i me and pr i or i t i es. Imp Iement i ng the plan, including reviewing the progress i nrev i ewi ng the outcomes the project i n terms expectat i ons were met.The strategic nature leadership skills, notofmeeting t ime and cost objecti ves and taking correct i ve act ion where and when necessary. Final Iy, of what was de Ii vered to the customer and the extent to wh i ch client of the project means that the project manager must have significant on Iy of the project team, who are Iikely to come from d i fferent funct i ons and parts of the company, but a I so influential stakeholders insideland outside the company. Th i s imp Ii es they should have good 'political' and commun i cat i on skills as the project is of strategicIsignif i cance to the company. The abi I i ty to show how th i s part i cu I ar project fits with the overa I I strategy of the f i rm i sI important. The project i s an important part in the achievement of the company strategy and i n CFS, s case may he Ip i tdifferentiate itseIf from its competitors. However, the project manager must recognise that there wiI I be resistance from existingmanagers re I uctant to see resources committed to projects outside of the traditional va I ue cha i n of the company. Certainly,Othe project manager for the *envi ronmentaI Iy aware' project wi I I themseI ves need to be aware of the externa I env i ronmentaIpressures prompting the f i rm to set itseIf specific env i ronmentaI object i ves and be able to I ink into supportive networks andla I I iances. Final Iy, Grundy and Brown argue that the project manager wi I I be the key to reviewing and I earn i ng from the pro ject,assessing whether defined objectives were achieved, the effectiveness or otherwise of the impIementat i on process and howIkey stakehoIders were managed. The danger i s that projects are seen as'one-off' rather thancontr ibut ing to the knowledgeland learning of the organ i sat ion. There may be a significant ' learning curve' that the f i rm has to go down and Iook tocontinuousIy improve its project management process.8、(b) CaIcuI ate Alvaro PeIorus' s capita I ga i ns tax liability for the tax year 2006/07 on the assumpt i on that a I Iava iIabIe re Iiefs are cI aimed. (8 marks)正确答案:(b) Alvaro Pelocus - Capital gains tax (CGT) liability fo( 2006/07Shares in Pinger Lid (WI)199.257(No taper relief as held for less than one year)Shares in Lapis Inc (W4)-Shares in Quad plc (W5)Zss* Annual exemption(8.800)laxabe gains190,457Capital gains tax at 40%76,183Tutorial noteThe capital gains tax dee 茄 respect of the disposal of the shares in Pinger Lid will be re-computed foilowing the death of Ray Peloruz in order to take account of the relief available m respect of the inheritance tax payable on the gift of the scares on 1 Acgusl 2005.Wockirs Shares in Pinger Ltd£Proceeds228,000Less. Cost (W2)(24,343)IHT payable by Alvaro on the PET(4.400)199,257(2) Cost d shares in Pinger LtdMarker value as at 1 August 2(X)5 Less： Gift reiief on gift by Ray (W3)Alvaro's base cost in the shares183,000(158,657)24.343(3) Gift relief on gift by Ray to AlvarorrMarket value as at 1 August 2005183.000Less： Cost54,600Indexation to April 1998162 6 - 1563/156 3 x £54,6002.20156,801£56.801 x 6.00OH4.000(24.343)Gift relief claimed158.657(4) Shares in Lapts IncProceeds8.270Less： Cost (£25.950 x 2.350/5.50)(11.088)Loss(2.818)The loss is not available for relief because Alvaro is domiciled outside the UK and the shares are foreign assets.(5) Shares in Quad pk£Deemed proceeds74.000Less. Cos：(59.500)14.500Less： Gift relief(14.500)Tutorial noteGift reiief is available on the transfer of any asset to a discretionary trust b