2022年ACCA-CAT预测试题.pdf
2022年ACCA/CAT预测试题姓名: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 x (c)W ith specific referen ce to Hugh Co,d i scuss the o b ject i ve o f a rev i ew en gagemen t an d co n trastthe l evel o fassuran ce pro vided with that pro vided in an audit o f fin an cial statemen ts.(6 marks)正确答案：(c)The o bject i ve o f a rev i ew en gagemen t i s to en ab I e the aud i to r to o bta i n mo derate assuran ceas to whether the f i n an c i a ILJstatemen ts have been prepared i n acco rdan ce with an iden t i f ied f i n an ci a I repo rt i n g framewo rk.This is defin ed in ISRE 2400I En gagemen ts to Rev i ew Fi n an c i a I Statemen ts.1 1 n o rder to o bta i n th i s assuran ce,it i s n ecessary to gather ev iden ce us i n g an a l ytical pro ceduresan d en qui r ies withman agemen t.Deta i I ed substan t i ve pro cedures wi I I n o t be perfo rmed un I ess the aud i to r has reaso nto be I i eve that theO i n fo rmat i o n may be mater ia I Iy mi sstated.The audito r sho uId appro ach the en gagemen t with a high degree o f pro fessio n aI scept icism,Io o kin gfo r c i rcumstan ces thatmay cause the fin an cial statemen ts to be misstated.Fo r examp I e,i n Hugh Co,the fact that thepreparer o f the fin an cial statemen ts i s part-qua I i f i ed may I ead the audito r to be I ieve that there i s a h i gh i n heren t r i skthat the figures are misstated.A s a resu11 o f pro cedures perfo rmed,the audito r s o b ject i ve i s to pro v i de a cI ear wr ittenexpressio n o f n egative assuran ce o nIthe fin an cial statemen ts.In a review en gagemen t the audito r wo ul d state that we are n o t awareo f an y mater i a I mo dificatio n s that sho ul d be made to the f i n an cia I statemen ts-.1IThis is n o rmal l y referred to as an o pin io n o f n egative assuran ce.INegative assuran ce mean s that the audito r has perfo rmed Iimited pro cedures an d has co n cl udedthat the fin an cial statemen tsI l appear reaso n abl e.The user o f the fin an cial statemen ts gain s so me co mfo rt that the figureshave been subject to review,buto n Iy a mo derate l evel o f assuran ce i s pro vided.The user may n eed to carry o ut additio n s Ipro cedures o f thei r o wn if theywan t to re Iy o n the f i n an c i a I statemen ts.Fo r examp Ie,i f Hugh Co were to use the f i n an c i a Istatemen ts as a mean s to ra i se further ban k f i n an ce,the ban k wo uId presumabIy perfo rm,o r requ i re Hugh Co to perfo rm,additio n s I pro cedures to pro v i dea h i gher I eve I o f assuran ce as to the vaIi d i ty o f the f i gures co n ta i n ed i n the f i n an c i a Istatemen ts.11n co mpar i so n,in an audit,a high l evel o f assuran ce is pro vided.The audito rs pro vide an o pin io no f po sitive,but n o t abso Iuteassuran ce.The user i s assured that the f i gures are free fro m mater i a I misstatemen t an d thatthe audito r has based the o pin io nIo n detai l ed pro cedures.2、15 W hich o f the fo l l o win g statemen ts abo ut in tan gibl e assets are co rrect?1 If certain cr iter ia are met,research expen diture must be reco gn ised as an in tan gibl e asset.2 Go o dwi I I may n o t be reval ued upwards.3 In tern al l y gen erated go o dwi I I sho ul d n o t be capital ised.A 2 an d 3 o n l yB 1 an d 3 o n l yC 1 an d 2 o n l yD A l I three statemen ts are co rrect正确答案：A3、3 Yo u are the man ager respo n s ibl e fo r the audit o f Seymo ur Co.The co mpan y o ffers i n fo rmatio n,pro pr i etary fo o ds an dmed icaI i n n o vat io n s des i gn ed to impro ve the qua Iity o f I ife.(Pro pr ietary fo o ds are marketedun der an d pro tected byreg i stered n ames.)The draft co n so I i dated f i n an c i a I statemen ts fo r the year en ded 30 September2006 sho w reven ueo f$74 4 mil l io n (2005-$69,2 mi I Ii o n),pro f i t befo re taxat i o n o f$13,2 mi I I io n (2005-$1 5 -8 mil l io n)an d to taIassets o f$53 3 mil l io n (2005-$40 5 mi I Ii o n).The fo l l o win g issues arisin g dur in g the fin al audit have been n o ted o n a schedul e o f po in tsfo r yo ur atten tio n:(a)I n 2001,Seymo ur had been awarded a 20-year paten t o n a n ew drug,To urn o se,that was a I soappro ved fo rfo o d use.The drug had been devel o ped at a co st o f$4 mil l io n which is bein g amo rtised o verthe Iife o f thepaten t.The paten t co st$11,600.In September 2006 a co mpetito r an n o un ced the successfulco mp Iet i o n o fpre Iimi n ary trial s o n an al tern ative drug with the same ben eficial pro pert i es as To urn o se.The a Itern at i ve drug i sexpected to be readi l y avai tabl e in two years time.(7 marks)Requi red:For each of the above i ssues:(i)comment on the matters that you should consider;and(i i)state the audit evidence that you shouId expect to f ind,i n undertak i ng your rev i ew of the audit work i ng papers and fi nanc i a I statements of SeymourCo for the year ended30 September 2006.NOTE:The mark a I location i s shown aga i nst each of the three i ssues.正确答案：3 SEYMOUR CO(a)Costs of Tournose(i)Matters Devetopment costs at 30 September 2005 have a carrying value of$3 million(i.e.$4 million less 5 yearsamortisation at 5%p.a.)that represents 7-4%of total assets at that date(5-6%of total assets at 30 September2006)and are therefore material.Straight line annual amortisation based on 20 year estimate of useful life($200,000)represents 1-5%of 2006profit before tax(P8T)and is not material.The patent cost,$11,600 is very immaterial.Management must review the useful life of the development costs at 30 September 2006(IAS 38 IntangibleAssess).The competitors announcement during the current year(to 30 September 2006)may provide evidence that：-the useful life of the development COSE is substantially less than the remainir%pe60d covered by the patent；-there has been a change in the expected pattern of consumption of future economic benefits；-devetopmont costs are impaired(i.e.recoverable amount is less than carrying value).Tutorial note：A 饰ne而。/s useful to visualise me financial statement impact：Announcement1/1(V05 30/9/06 3CVO9/O7 3009/08 3CV0W09CVS3mRemaining useful Ute 15 years n$200.000 amortKation p.a.?-A|Qr just 3 years=1 mHHcn amortisation p.a?A change i n the est i mated usefu I I i fe shou I d be accounted for as a change i n account i ng est i matei n accordancew ith IAS 8 Account i ng Policies,Changes i n Account i ng Estimates and Errors.For examp Ie,i fthe deveIopmentcosts have little,if any,usefuI I ife after the introduction of the aIternative drug(4worstcase,scenar io),the carryingI lvalue($3 mi I I ion)should be w ritten o ff over the current and remaining years,i.e.$1 m illionp.a.The increase inlamort i sat i on/decrease in carrying vaIue($800,000)i s mater i a I to PBT(6%)and to ta I assets(1 5%).H Simi la rly a change in the expected pattern of consumption of the future economic benefitsshouId be accounted for as a change i n account i ng estimate(IAS 8).For examp I e,it may be that the usefu I I i fe is s tillto 2020 but thatthe economic benefits may reduce sig n ifica n tly in two years time.After ad just i ng the carry i ng amount to take account of the change i n account i ng estimate(s)management shouIdhave tested i t for impa i rment and any impa i rment Ioss recogn i sed i n p ro fit or Ioss.(i i)Audit evidence$3 mi I I ion carry ing amount of deveIopment costs brought forward agreed to pr ior year workingpapers and financial statements.A copy of the press re I ease announc i ng the competitor5 s a I ternat i ve drug.IB Management s projections of future cashflows from Tournose-related sales as evidence ofthe useful Iife of theIdeveIopment costs and pattern of consumption.IB Reperformance of management s impai rment test on the deveIopment costs:Recalculation ofmanagement sI lea IcuI at ion of the carrying amount after revising estimates of useful I i fe and/or consumptionof benef its comparedw ith management,s calculation of value in use.i Sens i t i v i ty ana I ys i s on management1 s key assumptions(e.g.est i mates of usefu I I ife,d i scountrate).IB W r itten management representat i on on the key assumpt i ons concern i ng the future that havea significant r i sk ofOcaus i ng mater i a I adjustment to the carry i ng amount of the deve I opment costs.(These assumpt i onsshouId be d i sc Iosed i n accordance with I AS 1 Presentat i on of Fi nanc i a I Statements.)4 The 10A Division i s a I so cons i der i ng whether to undertake an i nvestment i n the West of thecountry(the West Project).An in itia l cash out I ay i nvestment of 12 m illion w ill be requ i red and a net cash inflowamount i ng to 5 m illion i sexpected to arise in each of the four years of the Iife of the project.The act i v i t i es i nvolved i n the West project wi I I cause the I oca I r i ver to become poI Iutedand discoloured due to thedischarge of waste substances from mining operations.It i s estimated that at the end of year four a cash out I ay of 2 m illion would be requi redto restore the r i ver to itsoriginal colour.This would a I so clear 90%of the pol lut ion caused as a result of the mininga c tiv itie s of the I0AD i v i s i on.The remaining 10%of the pollution caused as a result of the mining a c tiv itie s of the I0ADivision couId be cI earedup by a further cash o ut I ay o f 2 mil l io n.(c)Eva Iuate the W est pro ject an d,stat i n g yo ur reaso n s,co mmen t o n whether the bo ard o fd i recto rs o f NCL p Icsho uId spen d the further 2 mi I I io n in o rder to e Iimin ate the remain in g 10%o f po I Iutio n.(6 marks)(Ign o re Taxatio n).正确答案：(c)The n et presen t vaIue o f the W est pro ject i s depen den t upo n the I eve I o f en v i ro n men taIexpen diture that wi I I be in curred byD i v i s i o n 10A at the co n e I us i o n o f the pro ject.The po ten t i a I NPV o f the W est pro ject can becal cul ated usin g a d isco un t ratel o f 12%per an n um which assumes that the W est pro ject has simi l ar characteristics to the No rth,East an d So uth pro jects.INet cash in fl o ws fo r each o f years 1 -4=5 mil l io nICumul ative d i sco un t facto r at 12%per an n um=3-037iTherefo re the presen t val ue o f cashfl o ws is 5 mi I I io n x 3-037=15,185 mi I I io n an d then et cash fl o w after the in itiall o ut l ay o f 12 mil l io n i s 3,185,000.Uhere i s n o w the strategic co n s iderat io n regardi n g whether to spen d 2 mil l io n which wi I Iresto re the r iver to its o rigin al co I o url an d a I so c I ear 90%o f the po l I ut io n caused as a resu 11 o f the min in g act i vi t i es o f the 10A D i v i s i o n,o r to i n cur expen d i ture o f.l a further 2 mi I Ii o n wh i ch wi I I co mp IeteIy redress an y damage do n e to the en v i ro n men t by theactiv ities o f the 10A Divisio n.The net present value of the potential outcomes is as follows：Environmental expenditure2 Million0004 million000Net cash fkw before environmental expenditureYear 4 expenditure(discounted at 12%)3,1853.1852m 0 6364m 0-636(1.272)(2.544)Net present value1.913641tf only 2 million of expenditure was incuned in respect of making good the local environment,the NPV of the West projectwould be nearly three times greater than it would be if 4 million were to be spent However,much will depend upon theexwnt of that the board of directors of NCL pk:is socially responsible,which in turn is dependent upon their concern for theenvironment in which they operate.The board of directors should acknowledge ttiat the activities it undertakes will invariablybe of concern to those communities in which it operates.With regard to the West project the board of directors d NCL plcshould be mindful that the fact that the river would be polluiod for up to four years constitutes a si9iificant reputational riskbecause a polluted river will inevitably precipitate much negative public opinion.Moreover the beard of diroctofs of NCL plc need to be aware of the fact that whilst profits and cashflows may be reduced asa consequence of pursuing socially responsible policies their image as a socially responsible organisation will be enhanced口 and this may well create goodwill from which longer-term benefits may arise.5、3 The di recto rs o f Pan el,a pub Iic I imited co mpan y,are reviewin g the pro cedures fo r thecal cul atio n o f the deferred taxpro visio n fo r thei r co mpan y.They are quite surpr ised at the impact o n the pro visio n causedby chan ges i n acco un t i n gstan dards such as IFRS1 4F i r st time ado pt i o n o f I n tern at i o n a I F i n an c i a I Repo rtin g Stan dards,an d IFRS2 Share-basedPaymen tJ.Pan e I i s ado pt i n g In tern at i o n aI F i n an c i a I Repo rt i n g Stan dards fo r the f i rst timeas at 31 O cto ber 2005 an dthe d i recto rs are un sure ho w the deferred tax pro vi s io n wi I I be caIcuIated in its fin an eia Istatemen ts en ded o n thatdate in cl udin g the o pen i n g pro v i s i o n at 1 No vember 2003.Requ i red:(a)(i)Expl ain ho w chan ges in acco un tin g stan dards are I ikel y to have an impact o n thepro visio n fo r deferredtaxatio n un der IA S12 41n co me Taxes,.(5 marks)正确答案：(a)(i)IA S12 11n co me Taxes,ado pts a bal an ce sheet appro ach to acco un tin g fo r deferredtaxatio n.The IA S ado pts a fuI I:Ipro visio n appro ach to acco un t i n g fo r deferred taxatio n.It i s assumed that the reco very o f a I Iassets an d the sett Iemen tl o f a I I l iabil ities have tax co n sequen ces an d that these co n sequen ces can be estimated re I iabl yan d are un avo idabl e.11 IFRS reco gn it io n cr iter ia are gen era I Iy d ifferen t fro m tho se embo d ied i n tax l aw,an d thustempo rary differen ces wiI Il ar ise which represen t the differen ce between the carryin g amo un t o f an asset an d l iabil ity an di ts bas i s fo r taxat i o npurpo ses(taxits assets o ver po i n t the tax Thus a chan gel iabil ity whichbase).The prin cipl e i s that a co mpan y wi I I sett Ie its l iabil ities an d reco vertime an d at thatco n sequen ces wiI I crystaI Iise.in an acco un tin g stan dard wiI I o ften affect the carryin g vaIue o f an asset o rin turn wi I IZl affect the amo un t o f the tempo rary differen ce between the carryin g va Iue an d the tax base.Thi sin turn wiI I affect theamo un t o f the deferred taxat i o n pro v i s i o n which i s the tax rate mu 11 i pIi ed by the amo un t o fthe tempo rary differen ces(assumin g a n et l iabil ity fo r deferred tax.)6、6 A n impo rtan t part o f man ag i n g peo p I e i n a pro fess i o n a I o rgan i sat i o n i s to be ab I e to d i st i n gu i shbetween aggressiven ess an d assertiven ess in an empl o yee.Requi red:(a)Expl ain an d give exampl es o f aggressive behavio ur.(8 marks)正确答案：6 To get the best o ut o f peo pl e,man agers n eed to have effective co mmun icatio n skil l s.Pro fessio n al acco un tan ts as man agers n eed to un derstan d the differen ce between aggressive an dassertive behavio ur.O ften an exchan ge o f co mmun icatio n can be i n terpreted as a be I Iigeren trespo n se fro m an empIo yee.Ho wever,a sIight differen ce in appro ach c
