2022年ACCA-CAT考试历模拟考试题（一）.docx

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1、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 (i i) Descr ibe the procedures to ver ify the number of ser ious accidents i n the year ended 30 November 2007.(4 marks)正确答案:(i i) Procedures to ver ify the number of ser ious accidents dur ing 2007 couId incIude the fol lowing:ITutor i

2、a I note: procedures should focus on the completeness of the disclosure as it i s in the interest of Sci-Tech Co to understate the number of ser i ous acc i dents. Rev i ew the acc i dent I og book and count the tota I number of acc i dents dur i ng the year Discuss the definition of serious acciden

3、t with the d i rectors and clarify exactly what cr iter ia need to be met to satisfy the def inition For ser i ous acc i dents i dent i f i ed:O? rev i ew HR records to determi ne the amount of t ime taken off workO? revi ew payrolI records to determine the f i nancia I amount of s ick pay awarded t

4、o the empIoyee ? review correspondence with the empIoyee regarding the accident.Tutor i a I note: the above wi I I help to clarify that the accident was i ndeed ser i ous. - Review board minutes where the i ncrease in the number of ser ious accidents has been di scussed - Review correspondence with

5、Sci-Tech Co* s IegaI advisors to ascertain any IegaI claims made aga i nst the companydue to accidents at work - Enqui re as to whether any health and safety visits have been conducted dur ing the year by reguIatory bod i es, and review any documentation or correspondence issued to Sci-Tech Co after

6、 such visits.ITutor i a I note: i t is highly I i ke I y that in a regulated industry such as pharmaceutical research, any ser ious accidentIwouId tr igger a health and safety inspect ion from the appropr iate reguIatory body. - Discuss the I eve I of accidents with representat i ves of Sci-Tech Co

7、s emp I oyees to reach an understand i ng as towhether accidents sometimes go unreported in the accident log book.2、(i i) Compute the annua I i ncome tax sav i ng from your recommendat i on i n (i) above as compared with thesituation where Cindy reta i ns both the property and the shares. I dent i f

8、y any other tax imp Ii cat i onsarising from your recommendation. Your answer should cons i der a I I relevant taxes. (3 marks) 正确答案:(i) Annual income tax saving and other issues Annual income lax savingIf Cindy owns all of the inherited assets the additional income tax is as followsTax on property

9、income (see (i)5.640Tax on dividend income (see (i)2,7678,407The tax saved following the gift of the quoted shares to Arthur is 2.541 (8.407 - 5.866). Other issuesTransfers between spouses take place at no gain, no loss for the purposes of capital gains tax. Arthurs base cost in the quoted shares wi

10、ll equal Cind/s base cost of 305,000.There are no inheritance tax implications due to the exemption for transfers between spouses.There are no sump duties on gifts.3、(i i i) Exp lain the potent i a I corporat i on tax (CT) impl ications of Tay Limited transferring work to Trent Limited,and suggest h

11、ow these can be minimised or eIiminated. (3 marks)正确答案:(i i i) Trad i ng Iosses may not be carr i ed forward where, within a period of three years there i s both a change i n the ownershi pof a company and a major change i n the nature or conduct of its trade. The transfer of work from Tay Limited t

12、o TrentLimited is likely to constitute a major change in the nature or conduct of the Iatter1 s trade. As a consequence, any tax losses at the date of acquisition wiI I be forfeited. Assuming Iosses were incurred uniformly in 2005, the tax losses at thedate of acquisition were 380, 000 (300, 000 + 2

13、/3 x 120, 000). Th i s i s worth 114, 000 assuming a corporat i on tax rate of 30%.:IThus, Tay Limited shouId not consider transferr ing any trade to Trent Limited unt iI after the thi rd anni versary of the datelof the change of ownership i. e. not before 1 September 2008. As the trades are s imi I

14、 ar, there shouId be IittIe prob IemI i n transferr i ng work from that date onwards.4、3 You are the manager respons i b I e for the audit of Vo I can, a long-estab I i shed I imi ted liability company. Vo I can operatesa nat ionaI supermarket chain of 23 stores, f ive of which are in the capitaI ci

15、ty, Urv ina. Al I the stores are managed inthe same way with purchases be i ng made through Vo lean1 s centra I buy i ng department and product pricing, marketing,advert i s i ng and human resources policies be i ng dec ided centrally. The draft f i nanc ia I statements for the year ended31 March 20

16、05 show revenue of $303 million (2004 - $282 mill ion), profit before taxation of $9 5 mi I I ion (2004- $7-3 mill ion) and tota I assets of $178 million (2004 - $173 mi I I i on).The fol lowing issues arising during the final audit have been noted on a schedule of points for your attention:(a) On 1

17、 May 2005, Vo lean announced its i ntent i on to downs i ze one of the stores in Urv i na from a supermarket toa City Metro i n response to a significant dec Ii ne i n the demand for supermarket-sty Ie. shopp i ng i n the cap i taI.The store wi I I be closed throughout June, re-open i ng on 1 Ju I y

18、 2005. Goodwi I I of $5 , 5 mi I I i on was recognisedthree years ago when thi s store, together with two others, was bought from a nationaI competitor. It i s Vo I can spol icy to wr ite off goodwi I I over five years. (7 marks)Requ i red:For each of the above issues:(1) comment on the matters that

19、 you shouId cons i der; and(i i) state the audit evidence that you should expect to find,i n undertak i ng your rev i ew of the aud i t work i ng papers and f i nanc i a I statements of Vo I can for the year ended31 March 2005.NOTE: The mark a I Iocat i on i s shown aga i nst each of the three i ssu

20、es.正确答案:3 VOLCAN (a) Store impa i rment (i) Matters Materiality? The cost of goodw iI I represents 3 1% of totaI assets and i s therefore mater i a I.I? However, after three years the carry i ng amount of goodwiI I ($2 2m) represents on Iy 1 , 2% of totaI assets -land i s therefore immater i a I i n

21、 the context of the ba Iance sheet.? The annua I amort i sat i on charge ($1 1m) represents 11 6% profit before tax (PBT) and i s therefore a I soI mater i a I (to the i ncome statement).O? The impact of writing off the whole of the carry ing amount wouId be mater ia I to PBT (23%). Tutorial note: T

22、he temporary cIosure of the supermarket does not constitute a discontinued operat i on under IFRS 5 *Non-Current Assets He Id for Sale and Di scont i nued Operations, . Under I FRS 3 (Bus i ness Combinations* Vo I can shou I d no longer be writing goodwi I I off over f i ve years but subject i ng it

23、 to an annua I impa i rment test. The announcement i s after the ba I ance sheet date and i s therefore a non-adjust i ng event (IAS 10 Events After theIBaIance Sheet Date, ) i nsofar as no prov i s i on for restructur i ng (for examp Ie) can be made. However, the event provides evidence of a possib

24、Ie impai rment of the cash-generat ing unit wh i ch i s th i s store and, in particular, the vaIue of goodwi I I assigned to it. I f the carry i ng amount of goodwi I I ($2 , 2m) can be a I located on a reasonab Ie and cons i stent bas i s to th i s and thelother two stores (purchased at the same ti

25、me) Vo I can, s management shouId have appIi ed an impai rment test toIthe goodwiI I of the downs i zed store (thi s i s likely to show impa i rment). If more than 22% of goodwi I I i s attr ibutabIe to the City Metro store - then its wr ite-off wouId be mater i a I to PBT (22% X $2 2m -r $9 - 5m =

26、5%). If the carrying amount of goodwiI I cannot be so a I located; the impa i rment test shouId be appI i ed to thecash-generating unit that is the three stores (this may not necessar iIy show impai rment). Management shou I d have cons idered whether the other four stores i n Urv i na (and e I sewh

27、ere) are s imi I ar Iy impai red. Go i ng concern i s uni i ke I y to be an i ssue un I ess a I I the supermarkets are I ocated i n cities fac i ng a downward trend i n demand.Tutor i a I note: Marks wi I I be awarded for stat i ng the rules for recognition of an impa i rment Ioss for a cash-generat

28、 i ngunit. However, as it i s expected that the major ity of candidates wi I I not dea I with thi s matter, the rules of IAS 36 are not reproduced here. (i i) Audit evidence Board minutes approving the store, s faceI ift* and documenting the need to address the fa I I in demand for it as aIsupermark

29、et. Recomputat ion of the carrying amount of goodwi I I (2/5 X $5 5m = $2 - 2m). A schedu I e i dent i fy i ng a I I the assets that re I ate to the store under review and the carry i ng amounts thereof agreedto the under lying account i ng records (e. g. non-current asset register)._! RecaIcuI at i

30、 on of vaIue i n use and/or fa i r vaIue I ess costs to seI I of the cash-generat i ng unit (i. e. the store that i s tobecome the City Metro, or the three stores bought together) as at 31 March 2005.Tutor i a I note: I f just one of these amounts exceeds carry i ng amount there wi I I be no impa i

31、rment loss. Also, asthere i s a pI an NOT to sei I the store it i s most Ii keIy that vaIue i n use shouId be used. Agreement of cash flow projections (e. g. to approved budgets/f or ecast revenues and costs for a maximum of fivelyears, unI ess a longer per i od can be justified). Wr i tten manageme

32、nt representat i on re I at i ng to the assumptions used i n the preparation of financial budgets. Agreement that the pre-tax d i scount rate used ref Iects current market assessments of the time vaIue of money (andIthe r i sks specific to the store) and i s reasonabIe. For example, by compar i son

33、with Vo I can s we i ghted average costlof cap i taI. Inspection of the store (i f this month it shouId be cIosed for refurb i shment). Revenue budgets and cash flow projections for: - the two stores purchased at the same time; the other stores i n Urv i na; and - the stores e I sewhere.!AIso actuaI

34、 after-date saIes by store compared with budget.5、Big Cheese Cha i rs (BCC) manufactures and sells execut i ve leather cha i rs. They are cons ider ing a new des i gn of massag i ng cha i r to Iaunch i nto the compet i t i ve market i n wh i ch they operate.They have carr i ed out an i nvest i gat i

35、 on i n the market and us i ng a target cost i ng system have targeted a compet i t i ve selling price of $120 for the cha i r. BCC wants a margin on selling pr i ce of 20% (i gnor i ng any overheads).The frame, and massage mechan i sm wi I I be bought i n for $51 per cha i r and BCC wi I I uphoI st

36、er i t i n Ieather and assembIe it ready for despatch.Leather costs $10 per metre and two metres are needed for a comp Iete cha i r although 20% of a I I Ieather i s wasted i n the uphoIstery process.The uphoIstery and assembIy process wi I I be subject to a learning effect as the workers get used t

37、o the new des i gn.BCC estimates that the fi rst cha i r wiI I take two hours to prepare but this will be subject to a learning rate (LR) of 95%.The I earn i ng improvement wi I I stop once 128 cha i rs have been made and the time for the 128th cha i r wiI I be the time for a I I subsequent cha i rs

38、. The cost of Iabour i s $15 per hour.The I earn i ng formuI a i s shown on the formuI a sheet and at the 95% learning rate the vaIue of b is -0 - 074000581.Requ i red:(a) Ca leu I ate the average cost for the f i rst 128 cha i rs made and i dent i fy any cost gap that may be present atthat stage. (

39、8 marks)(b) Assuming that a cost gap for the chai r exists suggest four ways in which it couId be cIosed. (6 marks)The product i on manager den i es any claims that a cost gap ex i sts and has stated that the cost of the 128th cha i r wiI I be Iow enough to yield the requi red margin.(c) Caleu I ate

40、 the cost of the 128th cha i r made and state whether the target cost i s be i ng ach i eved on the 128th cha i r. (6 marks)正确答案:(a) The average cost of the first 128 chairs is as follows：$Frame and massage mechanism51 00Leather2 metres x $10/mtr x 100/8025 00Labour(Wl)20-95Total96-95Target selling

41、price is $120.Target cost of the chair is therefore $120 x 80% = $96The cost gap is $96-95 - $96-00 = $0-95 per chair(W1)The cost of the Iabour can be calculated using learning curve pr incipIes. The formula can be used or a tabu I ar approach wouIda I so g i ve the average cost of 128 cha i rs. Bot

42、h methods are acceptabIe and shown here.Tabulation：Cumulative output (units) 1 2 4 8 16 32 64 128Formula：Average time perunit (hrs)2 1-9 1-805 1-71475 1-6290125 1-54756188 1-47018378 1-39667459Total time (hrs)Average cost perchair at $15 per hour178-7720-95Y = axbY = 2 x 128-0 074000581Y = 1-3966745

43、92The average cost per chair is 1-396674592 x $15 = $20-95(b) To reduce the cost gap var ious methods are possible (onIy four are needed for fuI I marks)- Re-design the chai r to remove unnecessary features and hence cost- Negotiate with the frame, suppIier for a better cost. This may be easier as t

44、he voIume of sales improve as suppIiers oftenare w i I I i ng to g i ve d i scounts for bu I k buy i ng. AI ternat i ve I y a d i ff erent frame, supp I i er cou I d be found that offers a betterpr i ce. Care wouId be needed here to ma i nta i n the requ i red qua Iity- Leather can be bought from d

45、i fferent suppliers or at a better pr icea I so.Reducing thelevel of waste wouId save on cost.Even a smalI reduction in waste rates wouId remove much of the costgapthatexists- Improve the rate of I earn i ng by better tra i ni ng and supervi s i on- Emp I oy cheaper I abour by reducing the skill I e

46、ve I expected. Care wou I d a I so be needed here not to sacr i f ice qua Iity orpush up waste rates.(c) The cost of the 128th chair will be:$Frame and massage mechanism5100Leather2 metres x $10/mtr x 100/8025 00Labour1-29 hours x $15 per hour (W2) 19-35Total95-35Against a target cost of $96 the pro

47、duction manager is correct in his assertion that the required return is now being achieved.(W2)Using the formula, we need to calculate the cost of the first 127 chairs and deduct that cost from the cost of the first 128 chairs.Y = axbY = 2 x 127*74000581Y = 1-39748546Total time is 127 x 1-39748546 =

48、 177-48 hoursTime for the 128th chair is 178-77 - 177-48 = 1-29 hours6、5 The d i rectors of BI a i na Packag i ng Co (BPC), a we I I-estab Ii shed manufacturer of cardboard boxes, are current Iycons i der i ng whether to enter the cardboard tube market. Cardboard tubes are purchased by customers whoseproducts are wound aroun