2022年ACCA/CA!考試模擬考試題精選及答案姓名:年級:學號:題型選擇題填空題解答題判斷題計算題附加題總分得分評卷人得分1x(ii)thestrategyofthebusinessregardingitstreasurypolicies.(3marks)(Markswillbeawardedinpart(b)fortheidentificationanddiscussionofrelevantpointsandforthestyle,ofthereport.)正確答案:(ii)Strategyofthebusinessregardingitstreasurypolicies,iTreasurypoliciesarereviewedreguIarIybytheBoard.ItisgrouppolicytoaccountforaIIfinanciaIinstrumentsascashiIflowhedges.Asaresult,changesinthefairvaIuesoffinanciaIinstrumentsaredeferredinreservestotheextenttheIhedgeiseffectiveandreIeasedtoprofitorlossinthetimeperiodsinwhichthehedgeditemimpactsprofitorloss.iITheGroupcontractsfixedratecurrencyswapsandissuesfIoatingtofixedrateinterestrateswapstomeettheobjectiveロofprotectingborrowingcosts.Thecashfloweffectsoftheinterestrateswapsmatchthecashflowsontheunderlying1instrumentssothatthereisnonetcashfloweffectfrommovementsinmarketinterestrates.Iftheinterestrateswaps□hadnotbeentransactedtherecouIdhavebeenanincreaseintheannuaInetinterestpayabIetotheGroup.Thestrategy」ofthegroupistominimisetheexposuretointerestratefIuctuations.□2、(c)AssesstheIikelycriteriawhichwouldneedtobesatisfiedforsoftwaretoberegardedaslquaIitysoftware,.(4marks)正確答案:(c)ThefollowingareimportantconsiderationsregardingthequaIityofthebusinesssoftware:0-Thesoftwareiserror-freeasthiswillimproveitsreIiabiIity.WhilstinpracticethismightnotalwaysbeachievabletheIdirectorsofSSHmustrecognisethedangersinvoIvedinsupplyingbespokesoftwarewhichmayprovedamagingtotheir□clients'businesseswiththeresu11ingIossofcIientgoodwill.-ThesoftwareshouldmeetquaIitycontrolstandardssuchasthosespecifiedbytheISO(InternationaIStandards□Organisation).-ThesoftwaremustbedeIiveredontime.LatedeIiveryofbusinesssoftwarewiIIproveprobIematicsineecIientsmayreIy□onupdatedsoftwaretomeetnewcustomerneedsortofuIfiIrevisedbusinessobjectives.-Thesoftwaremustmeettheinitialspecificationofthecustomer.InmeetingthespecificationSSHwiIIbedemonstrating□thatthesoftwarehasbeenproducedcorrectIywithanappropriatefocusontherequirementsofendusers.-Thesoftwaremustbeusablei.e.asweIIasbeingabIetodowhatitissupposedtodoitisimportantthatitiseasytoIluse.-ThesoftwareshouldbecapabIeofbeingupdatedintheIightoffuturechangesthatoccurinthecIients'requirements.3、(e)BrieflydiscussFOURinitiativesthatmanagementmightconsiderinordertofurtherenhanceprofitabiIity.(4marks)正確答案:(e)InordertoenhanceprofitabiIitymanagementmighttakethefollowingactions:(i)Increasethemaximumcapacityofthecireus.(ii)Undertakeadetailedreviewofoperatingcostswhicharebudgetedat￡239,200,000.SuchareviewmightidentifynonvaIueladdedcostswhichmaybeeIiminatedtherebyincreasingprofitabiIity.(iii)EnterintoastrategicarrangementwithIargehoteIsandtraveIagenciestooffertraveIandaccommodationinclusivearrangementsforvisitorstoCinoIaIsIand.ThismightheIptoincreasethenumberofvisitorstothezootherebyincreasing□profits.(iv)Changethepricestructureandenti11ementofticketssothatpurchasersmightvisitCinoIaIsIandontwoseparatedaysinordertoattendthezooandcireus.AdditionaIrevenueswouIdariseasaconsequenceoftheincreasednumberofvisitorstothezoo,therebyincreasingprofitabiIity.(v)HoldprizedrawsforfreeticketstothezooforfamiIiesonan'all-inclusivebasis',includingrestaurants,photographs,□souvenirsetc.N.B.Onlyfourinitiativeswererequiredtobediscussed.4、5YouarethemanagerresponsibIefortheauditofBIodCo,aIistedcompany,fortheyearended31March2008.YourfirmwasappointedasauditorsofBIodCoinSeptember2007.TheauditworkhasbeencompIeted,andyouarereviewingtheworkingpapersinordertodraftareporttothosechargedwithgovernance.ThestatementoffinanciaIposition(baIancesheet)showstotaIassetsof$78million(2007-$66miIIion).ThemainbusinessactivityofBlodCoisthemanufactureoffarmmachinery.Duringtheauditofproperty,pIantandequipmentitwasdiscoveredthatcontroIsovercapitaIexpendituretransactionshaddeterioratedduringtheyear.Authorisationhadnotbeengainedforthepurchaseofofficeequipmentwithacostof$225,000.NomateriaIerrorsinthefinanciaIstatementswerereveaIedbyauditproceduresperformedonproperty,plantandequipment.AninternaIIygeneratedbrandnamehasbeenincIudedinthestatementoffinancialposition(baIancesheet)atafairvaIueof$10miIIion.Auditworkingpapersshowthatthematterwasdiscussedwiththefinancialcontroller,whostatedthatthe$10millionrepresentsthepresentvaIueoffuturecashfIowsestimatedtobegeneratedbythebrandname.ThememberoftheauditteamwhocompIetedtheworkprogrammeonintangibIeassetshasnotedthatthistreatmentappearstobeinbreachofIAS38IntangibleAssets,andthatthemanagementrefusestoderecognisetheasset.ProbIemswereexperiencedintheauditofinventories.DuetoanoversightbytheinternaIauditorsofBIodCo,theexternaIauditteamdidnotreceiveacopyofinventorycountingprocedurespriortoattendingthecount.ThiscausedadeIayatthebeginningoftheinventorycount,whentheauditteamhadtoquicklyfamiIiarisethemseIveswiththeprocedures.Inaddition,onthefinalaudit,whentheauditseniorrequesteddocumentationtosupportthefinalinventoryvaIuation,ittooktwoweeksfortheinformationtobereceivedbecausetheaccountantwhohadpreparedthescheduIeshadmislaidthem.Required:(i)Identifythemainpurposeofincluding*findingsfromtheaudit*(managementIetterpoints)inareporttothosechargedwithgovernance.(2marks)正確答案:5BlodCo0(a)(i)AreporttothosechargedwithgovernanceisproducedtocommunicatemattersrelatingtotheexternaIaudittothose」whoareu11imateIyresponsibIeforthefinanciaIstatements.ISA260CommunicationofAuditMattersWithThose,ChargedWithGovernancerequirestheauditortocommunicatemanymatters,includingindependenceandotherethicaI_Iissues,theauditapproachandscope,thedetaiIsofmanagementrepresentations,andthefindingsoftheaudit.The□findingsoftheauditarecommonIyreferredtoasmanagementletterpoints.Bycommunicatingthesematters,theauditorロisconfidentthatthereiswrittendocumentationoutIiningaIIsignificantmattersraisedduringtheauditprocess,andthat□suchmattershavebeenformaIIynotifiedtothehighestIeveIofmanagementoftheclient.Forthemanagement,theIIreportshouIdensurethattheyfullyunderstandthescopeandresultsoftheauditservicewhichhasbeenprovided,andIislikelytoprovideconstructivecommentstoheIpthemtofuIfiItheirdutiesinrelationtothefinaneiaIstatementsandIaccountingsystemsandcontroIsmoreeffectiveIy.ThereportshouIdalsoincIude,wherereIevant,anyactionsthatImanagementhasindicatedtheywiIItakeinreIationtorecommendationsmadebytheauditors.5、(b)DescribetheskillsthatacounseIIorshouIdpossess.(14marks)正確答案:11iscIearthatmanyoftheproblemsatBailey,sthathaveIedtotheunhappyatmospherelendthemseIvestoresolutionthroughtheneutraIandnon-judgementaIapproachofferedbytheappointmentofexternaIcounsellors.ThecounsellormustbeinapositiontoheIptheindividualempIoyeetoidentifyprobIems,issuesandpossibIesoIutionstothekindofprobIemsthathavemanifestedthemseIvesatBailey's:poorproduction,unrest,IowmoraIeandsignificantIy,theIongtraditionofpoorpaythatisIeadingtoempIoyeefamiIyprobIemsoutsidethefactory.ThereisalwaysthedangerofleadingtheempIoyee,sothecounsellormustadoptapassiverole,showinterestandencouragerefIectionwhi1staIlowingtheempIoyeetoleadandtaIkaroundtheissues.OpenquestionsmustbeusedtoheIptheempIoyeeexploreideasandfeeIings.ThecounseIIormustbeanactiveIistener,speakingonIytoclarifyissuesandelicitanswerswhenappropriate.AboveaI11thecounseIIormustbeimpartiaIandthisiswhyBaiIey'shasappointedoutsidecounseIIors.□CounseIIingskillsrequiretheabiIitytoestabIishrapportwiththeempIoyee,toclarifyandsummariseasappropriate,toasknon-specificquestions,useanon-directiveapproach,toIistenandbeabIetodiscernwhatismeantbywhattheempIoyeesays.Inaddition,thecounseIIormustallowtheempIoyeetobesilentifheorshewishestobe,toallowanymeetingtotakepIaceatthespeedoftheempIoyeeandanticipatetheempIoyee'sviewsonthecauses,whichatBailey'saremany,andtoallowsolutionstotheproblems.□6、2(a)Explaintheterm*backflushaccounting1andthecircumstancesinwhichitsusewouldbeappropriate.(6marks)正確答案:BackfIushaccountingfocusesuponoutputofanorganisationandthenworksbackwardswhenallocatingcostsbetweencost□ofgoodssoldandinventories.ItcanbearguedthatbackflushaccountingsimpIifiescostingsineeitignoresbothIabour□variancesandwork-in-progress.Whi1stinaperfectjust-in-timeenvironmenttherewouldbenowork-in-progressatall,there□wiIIinpracticebeasmaIIamountofwork-in-progressinthesystematanypointintime.Thisamount,however,islikelyto□benegIigibleinquantityandthereforenotsignificantintermsofvaIue.Thus,abackfIushaccountingsystemsimpIifiestheIaccountingrecordsbyavoidingtheneedtofoIIowthemovementofmateriaIsandwork-in-progressthroughthemanufacturingIprocesswithintheorganisation.iIThebackflushaccountingsystemislikelytoinvolvethemaintenanceofarawmateriaIsandwork-in-progressaccountItogetherwithafinishedgoodsaccount.TheuseofstandardcostsandvariancesislikelytobeincorporatedintotheIaccountingentries.TransfersfromrawmateriaIsandwork-in-progressaccounttofinishedgoods(orcostofsaIes)wiIIprobabIyIbemadeatstandardcost.ThedifferencebetweentheactuaIinputsandthestandardchargesfromtherawmateriaIsandIwork-in-progressaccountwiIIberecordedasaresiduaIvariance,whichwiIIberecordedintheprofitandlossaccount.Thus,□itisessentiaIthatstandardcostsareagoodsurrogateforactuaIcostsiflargevariancesaretobeavoided.BackfIushZUaccountingisideaIIysuitedtoajust-in-timephiIosophyandisempIoyedwheretheoveraIIcycletimeisrelativelyshortandHIinventoryIeveIsareIow.NaturaIIy,managementwiIIstillbeeagertoascertainthecauseofanyvariancesthatarisefromthe□inefficientusageofmateriaIs,labourandoverhead.HoweverinvestigationsarefarmoreIikelytobeundertakenusingnonfinanciaI□performanceindicatorsasopposedtodetailedcostvariances.7、(b)ComputeGloria,stotaIincometaxandnationalinsuranceliabilityfor2006/07.(7marks)正確答案:

Incometaxandnationalinsuranceliabilityfor2006/07IncometaxliabilityTradingincome(Wl)RetirementpensionBankinterest(￡13.500x10Q/80)StatutorytotalincomeAarsonalageallowancelaxabieincome￡32,4344,30016,87553,609(4,895)48.714￡2.090x10%29.749x22%561x20%16,314x40%Incometaxliability2096,5451126,52613,392TutorialnoteThepersonalageallowanceKabatedtothestandardpersonalallowanceduetothelevelotGfoda'sstatutorytotalincome.WorkingsTradingincomePeriodending28February2007Profitonclosingstock(￡8,300x5/105)Capitalallowances(W2)11,500395(2,986)8,909Yearended31October2006Less：Overlapprofits39,245(15,720)32.434□(2)CapitalallowancesPool Van Allowances￡￡￡laxwrittendownvaluebroughtforwardAdditionLessDisposalproceeds4.050 4,130820 —(1,400) _(4,700)3,470 570BalancingallowanceBalancingchargex85%(3.470) — 3.470 — (570) (484)— — 2.986Nationalinsuranceliabilityロ GloriahasnoQass2orClass4nationalinsurancecontributionsliabilityasshewasmorethan60yearsoldon6April2006.□8ヽ(b)GaIcuIatetheinternaIrateofreturnoftheproposedinvestmentandcommentonyourfindings.(5marks)正確答案:

(b)CalculationofIRRof*FingorinvestmentprojectYear 1234￡000￡000￡000￡000Netcashflow 61318712785Discountat20% 0-8330-6940-5790-482Presentvalues 510-6129-873-541-0￡000Presentvalueoffuturebenefits754-9Initialinvestment8000Netpresentvalue(451)Internalrateofreturn=10+[((20-10)X65-2)/(652+45-1)1==16%Sincetheinternalrateofreturnisgreaterthanthediscountrateusedtoappraisenewinvestments,theproposedinvestmentisfinanciallyacceptable.9、(c)MaxweIICoisauditedbyLeadCo,afirmofCharteredCertifiedAccountants.LeoSabathasenquiredastowhetheryourfirmwouldbepreparedtoconductajointauditincooperationwithLeadCo,onthefuturefinanciaIstatementsofMaxweIICoiftheacquisitiongoesahead.LeoSabatthinksthatthiswouldenabIeyourfirmtoimprovegroupauditefficiency,withoutlosingthecumuIativeexperiencethatLeadCohasbuiltupwhileactingasauditortoMaxweIICo.Required:Define*jointaudit',andassesstheadvantagesanddisadvantagesoftheauditofMaxweIICobeingconductedona1jointbasis'.(7marks)正確答案:AjointauditiswhentwoormoreauditfirmsarejointlyresponsibIeforgivingtheauditopinion.Thisisverycommonina□groupsituationwheretheprincipalauditorisappointedjointlywiththeauditorofasubsidiarytoprovideajointopinionon□thesubsidiary'sfinanciaIstatements.ThereareseveraIadvantagesanddisadvantagesinajointauditbeingperformed.□AdvantagesItcanbebeneficialintermsofauditefficiencyforajointaudittobeconducted,especiallyinthecaseofanewsubsidiary.Inthiscase,LeadCowiIIhavebuiltupanunderstandingofMaxweIICo'sbusiness,systemsandcontrols,andfinancialstatementissues.ItwiIIbetimeefficientforthetwofirmsofauditorstoworktogetherinorderforChienCotobuildupknowledgeofthenewsubsidiary.Thisisakeyissue,asChienConeedtoacquireathoroughunderstandingoftheコsubsidiaryinordertoassessanyrisksinherentinthecompanywhichcouIdimpactontheoveralIassessmentofriskwithinthegroup.LeadCowillbeabletoprovideagoodinsightintothecompany,andadviseChienCoofthekeyriskareas□theyhavepreviousIyidentified.コOnthepracticalside,itseemsthatMaxwe11Coisasignificantadditiontothegroup,asitisexpectedtoincreaseoperating□faciIitiesby40%.IfChienCowereappointedassoleauditorstoMaxweIICoitmaybedifficultfortheauditfirmtoprovide□adequateresourcestoconducttheauditatthesametimeasauditingtheothergroupcompanies.AjointauditwiIIallowsufficientresourcestobeaIlocatedtotheauditofMaxweIICo,assuringthequaIityoftheopinionprovided.IfthereisatightdeadIine,asiscommonwiththeauditofsubsidiaries,whichshouIdbecompIetedbeforethegroupauditIcommences,thenhavingaccesstotwofirms'resourcesshouldenabIetheaudittobecompIetedingoodtime.IITheauditshouIdaIsobenefitfromanimprovementinquaIity.Thetwoauditfirmsmayhavedifferentpointsofview,andIwouIdbeabletodiscusscontentiousissuesthroughouttheauditprocess.Inparticular,thenewlyappointedauditteamwiII□havea4freshpairofeyes'andbeabIetooffernewinsighttomattersidentified.ItshouldbeeasiertochaIlengemanagementlandthereforeensurethattheauditors'positionistakenseriously.ITutoriaInote:CandidatesmayhavereferredtotherecentdebateoverwhetherjointauditsincreasecompetitionintheHprofession.Inparticular,jointauditshavebeenproposedasawayfor'midtier'auditfirmstobreakintothemarketof□auditinglargecompaniesandgroups,whichatthemomentismonopoIisedbythe'Big4'.AIthoughthisdoesnotanswer」thespecificquestionset,creditwiIIbeawardedfordemonstrationofawarenessofthistopicaIissue.□Disadvantages□Fortheclient,itislikelytobemoreexpensivetoengagetwoauditfirmsthantohavetheauditopinionprovidedbyonefirm._iFromacost/benefitpointofviewthereiscIearIynopointinpayingtwiceforoneopiniontobeprovided.Despitetheaudit「workloadbeingshared,bothfirmswiIIhaveahighcostforbeinginvoIvedintheauditintermsofseniormanagerandpartner□time.ThesecostswiIIbepassedontotheclientwithintheauditfee.□Thetwoauditfirmsmayuseverydifferentauditapproachesandterminology.ThiscouIdmakeitdifficultfortheauditfirms□toworkcIoseIytogether,negatingsomeoftheefficiencyandcostbenefitsdiscussedabove.ProbIemscouIdariseindecidingIwhichfirm'smethodtouse,forexampIe,tocalculatemateriaIity,designandpicksampIesforauditprocedures,orevaIuate□controIswithintheaccountingsystem.ItmaybeimpossibletoreconciIetwodifferentmethodsandonefirm'smethodsmayコendupdominatingtheauditprocess,whichtheneIiminatesthebenefitofajointauditbeingconducted.ItcouIdbetime□consumingtodeveIopajoint'auditapproach,basedoneIementsofeachofthetwofirms'methodologies,timewhich□obviouslywouIdnothavebeenspentifasinglefirmwasprovidingtheaudit.□Theremaybeproblemsforthetwoauditfirmstoworktogetherharmoniously.LeadComayfeeIthatultimatelytheywi11□bereplacedbyChienCoasauditprovider,andthereforecouldbeunwiIIingtoofferassistanceandheIp.IPotentiaIIy,problemscouIdariseintermsofliability.IntheeventofIitigation,becausebothfirmshaveprovidedtheauditlopinion,itf〇IIowsthatthefirmswouIdbejointlyIiabIe.ThefirmscouIdbIameeachotherforanynegIigencewhichwasIdiscovered,makingtheIitigationprocessmorecompIexthanifasingleauditfirmhadprovidedtheopinion.However,itcould□bearguedthatjointliabilityisnotnecessariIyadrawback,asthefirmsshouldbothbecoveredbyprofessionaIindemnityIinsurance.10、(b)(i)StatetheconditionthatwouldneedtobesatisfiedfortheexerciseofPauI'sshareoptionsinMemphisplctobeexemptfromincometaxandthetaximpIicationsifthisconditionisnotsatisfied.(2marks)正確答案:(i)PauIhasoptionsinanHMRCapprovedsharescheme.Undersuchschemes,notaxIiabiIitiesariseeitheronthegrant_lorexerciseoftheoption.Theexcessoftheproceedsoverthepricepaidfortheshares(theexerciseprice)ischargedto□capitaIgainstaxontheirdisposaI.□However,inordertosecurethistreatment,oneoftheconditionstobesatisfiedisthattheoptionscannotbeexercisedJwithinthreeyearsofthedateofgrant.IfPauIweretoexercisehisoptionsnow(i.e.beforethethirdanniversaryofthe□grant),theexercisewouIdinsteadbetreatedasanunapprovedexercise.Atthatdate,incometaxwouIdbechargedon□thedifferencebetweenthemarketvaIueofthesharesonexerciseandthepricepaidtoexercisetheoption.11、(c)Inthecontextofastandardunmodifiedauditreport,describethecontentofaliabilitydisciaimerparagraph,anddiscussthemainargumentsforandagainsttheuseofaliabilitydisclaimerparagraph.(5marks)正確答案:11hasbecomeincreasingIycommonforauditfirmstoincIudeadiscIaimerparagraphwithintheauditreport.However,itisnotarequirernentofauditingstandardsandindividuaIauditfirmsneedtoassesstheadvantagesanddisadvantages