2022年ACCA/CAT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

評卷入得分

1、(c)Describetheauditproceduresyoushouldperform,todeterminethevaIidityofthe

amortisationrateoffive

yearsbeingappIiedtodeveIopmentcostsinreIationtoPIummet.(5marks)

正確答案：

(c)AuditprocedurestodeterminethevaIidityoftheamortisationrateoffiveyearsbeing

appIiedtodeveIopmentcostsinreIation

ItotheproductPIummetwouldincIudethefollowing:

□-ObtainthepapersdocumentingmarketresearchcarriedoutonPlummet.Reviewandascertain

thatthemarketresearch

IIsupportsaproductIifespanoffiveyears.

II-ReviewactuaIsalespatternssineethelaunchofPIummetandcomparetothepredictedsales

perthemarketresearch

□document.

ITutorialnote:thiswiIIhelptodemonstratetheaccuracyofthepredictedsalesforecastof

PIummet.

□-ReadtheassumptionsunderpinningthemarketresearchsaIesprojections,andconsiderwhether

theseassumptions

Hagreewiththeauditors,understandingofthebusiness.

□-DiscusssaIestrendswiththesaIes/marketingdirectorsandascertainwhethersaIesarein

Iinewithmanagement,s

□expectations.

□-ReadcorrespondencewithretaiIoutletstoensurethereiscontinuedsupportforselling

PIummet.

□-Obtainmarketing/advertisingbudgetsandascertainenoughexpenditureiscontinuingon

PIummettosupportcontinued

□sales.

2、(b)(i)AdviseAlasdairofthetaximpIicationsandrelativefinancialrisksattachedtothe

followingproperty

investments:

(1)buytoletresidentialproperty;

(2)commerciaIproperty;and

(3)sharesinapropertyinvestmentcompany/unittrust.(9marks)

正確答案：

(b)(i)Incometax:

□DirectinvestmentinresidentiaIorcommercialproperty

□TheincomewiIIbetaxedunderScheduIeAforbothresidentiaIandcommerciaIpropertyinvestment.

Expensescanbe

□offsetagainstincomeunderthenormaItradingrules.ThesewiIIincludeinterestcharges

incurredinborrowingfundsto

□acquiretheproperties.ScheduIeAIossesarerestrictedtouseagainstfutureScheduIeAprofits,

withtheearIiestprofits

□beingreIievedfirst.

□WhenacquiringcommerciaIproperties,itmaybepossibIetoclaimcapitaIaIIowancesonthe

fixturesandpIantheIdin

□thebuiIding.Inaddition,industriaIbuiIdingsaIIowances(IBA)mayaIsobeavaiIabIeifthe

propertyquaIifiesasan

口industrialbuiIding.

□CapitaIaIIowancesarenotnormaIIyavaiIableforfixturesandfittingsincIudedinaresidentiaI

property.Instead,awear

landtearaIlowancecanbecIaimedifthepropertyisfurnished.ThisisequaIto10%ofthe

rentaIincomeafterany

□tenantscost(forexampIe,counciItax)paidbytheIandIord.

□IncometaxisleviedatthenormaItaxrates(10/22/40%)asappropriate.

□Collectiveinvestment(sharesinapropertyinvestmentcompany/unittrust)

□WithcolIectiveinvestments,theinvestoreitherbuysshares(inaninvestmentcompany)orunits

(inanequityunittrust).

□Theincometaxtreatmentofbothisthesameinthattheinvestorreceivesdividends.These

aretaxedat10%and32,5%

□respectively(forbasicandhigherratetaxpayers).

OInvestorsarenotabletoclaimincometaxreIiefoneitherinterestcosts(ofborrowing)or

anyotherexpenses.

□CapitaIgainstax(CGT):

□ThenormaIrulesapplyforCGTpurposesinaIIsituations.PropertyinvestmentsdonotnormaIly

quaIifyforbusiness

□ratesoftaperreIiefunIesstheyarefurnishedhoiidayIetsorincertaincircumstances,

commerciaIproperty.Investments

□inunittrustsorpropertyinvestmentcompanieswiIIneverquaIifyforbusinesstaperrates.

OItispossibIetouseanindividuaIsavingsaccount(ISA)tomakecollectiveinvestments.If

thisisdone,incomeand

□capitaIgainswillbeexemptfromtax.

□Othertaxes:

□NewcommerciaIpropertyissubjecttovaIueaddedtax(VAT)atthestandardrate,butnew

residentiaIpropertyissubject

LltoVATatthezerorate.IfacommerciaIbuiIdingisacquiredsecondhandasaninvestment,

VATmaybepayableifa

□previousownerhasoptedtotaxtheproperty.Ifthisisthecase,VATatthestandardrate

wiIIbepayabIeonthepurchase

□price,andrentaIchargestotenantswiIIalsobesubjecttoVAT,againatthestandardrate.

□TheacquisitionofsharesisnotsubjectotVAT.

□Stampdutylandtax(SDLT)willbepayablebroadlyonthedirectacquisitionofanyproperty.

Theratesvaryfrom0to

□4%dependingonthevaIueoftheIandandbuiIdinganditsnature(whetherresidentiaIor

non-residentiaI).Stampduty

□ispayabIeatarateof0,5%ontheacquisitionofshares.

□Investmentrisks/benefits

□Directinvestment

IIInvestingdirectIyinpropertyrepresentsalongterminvestment,andunlessthisisthecase,

investmentrisksarehigh.

□Substantialinitialcosts(suchasSDLT,VATandtransactionscosts)areincurred,andongoing

runningcosts(suchas

□lettingagents'feesandvacantperiods)canbesignificant.Theinvestmentsareilliquid,

particularlycommercial

□propertieswhichcantakemonthstosell.

□AIItypesofpropertiesaredependentonaeyeIicaImarket,andthevaIuesofpropertyinvestments

canvarysignificantly

□asaresult.However,residentiaIpropertyhas(onaIongtermbasis)proventobeagoodhedge

againstinflation.

□CoIIectiveinvestments

□Thenatureofcollectiveinvestmentsisthattheinvestor'sriskisreducedbytheinvestment

beingspreadoveraIarge

□portfoIioasopposedtooneorafewproperties.Inaddition,investorscantakeadvantageof

thehigherlevelsofIiquidity

□affordedbysuchvehicles.

3、(ii)therecentfinancialperformanceofMertonplcfromashareholderperspective.Clearly

identifyany

issuesthatyouconsidershouldbebroughttotheattentionoftheordinarysharehoIders.

(15marks)

正確答案：

(ii)DiscussionoffinanciaIperformance

□Itisclearthat2006hasbeenadifficultyearforMertonplc.Thereareveryfewareasof

interesttosharehoIderswhere

□anythingpositivecanbefoundtosay.

□ProfitabiIity

□ReturnoncapitaIempIoyedhasdecIinedfrom14*4%in2005,whichcomparedfavourabIywith

thesectoraverageof

012%,to10*2%in2006.Sineeassetturnoverhasimprovedfrom1,5to1?6inthesameperiod,

thecauseofthedecIine

□isfallingprofitabiIity.GrossprofitmarginhasfaIleneachyearfrom27,5%in2004to25%

in2006,equaItothesector

□average,despiteanoveraIIincreaseinturnoverduringtheperiodof10%peryear.Mertonplc

hasbeenunabletokeep

□costofsaIesincreases(14%in2006and10%in2005)belowtheincreasesinturnover.Netprofit

marginhasdeciined

□overthesameperiodfrom9,7%to6,2%,comparedtothesectoraverageof8%,becauseof

substantiaIincreasesin

□operatingexpenses(15,4%in2006and10,6%in2005).ThereisapressingneedhereforMerton

pIctobringcost

□ofsaIesandoperatingcostsundercontroIinordertoimproveprofitabiIity.

IGearingandfinancialrisk

IGearingasmeasuredbydebt/equityhasfaIlenfrom67%(2005)to63%(2006)becauseofanincrease

in

I|shareholders,fundsthroughretainedprofits.Overthesameperiodtheoverdrafthasincreased

from￡1mto￡8mand

□cashbalanceshavefallenfrom￡16mto￡1m.Thisisanetmovementof￡22m.Iftheoverdraft

isincIuded,gearing

□hasincreasedto77%ratherthanfallingto63%.

□NoneofthesegearingIeveIscomparefavourabIywiththeaveragegearingforthesectorof50%.

IfweconsidertheIarge

□increaseintheoverdraft,financiaIriskhasclearlyincreasedduringtheperiod.Thisisalso

evidencedbythedecIinein

□interestcoverfrom4?1(2005)to2,8(2006)asoperatingprofithasfallenandinterestpaid

hasincreased.Ineachyear

□interestcoverhasbeenbelowthesectoraverageofeightandthecurrentlevelof2,8is

dangerousIyIow.

□Shareprice

□Asthereturnrequiredbyequityinvestorsincreaseswithincreasingfinancialrisk,continued

increasesintheoverdraft

□wiIIexertdownwardpressureonthecompany,ssharepriceandfurtherreductionsmaybeexpected.

□Investorratios

□Earningspershare,dividendpershareanddividendcoverhavealIdecIinedfrom2005to2006.

Thecutinthedividend

□persharefrom8,5pencepershareto7?5pencepershareisespeciallyworrying.Although

initsannouncementthe

□companycIaimedthatdividendgrowthandsharepricegrowthwasexpected,itcouIdhavechosen

tomaintainthe

□dividend,ifitfe11thatthecurrentpoorperformancewasonIytemporary.Bycuttingthedividend

itcouIdbesignaIIing

□thatitexpectsthepoorperformancetocontinue.SharehoIdershavenoguaranteeastotheIeveI

offuturedividends.

□Thisviewcouldbesharedbythemarket,whichmightexplainwhytheprice-earningsratiohas

faIIenfrom14timesto

□12times.

□Financingstrategy

□MertonpIchasexperiencedanincreaseinfixedassetsoverthelastperiodof￡10mandan

increaseinstocksand

□debtorsof￡21m.TheseiincreaseshavebeenfinancedbyadecIineincash(￡15m),anincrease

intheoverdraft(￡7m)

□andanincreaseintradecredit(￡6m).Thecompanyisfollowinganaggressivestrategyof

financingIong-term

□investmentfromshort-termsources.Thisisveryrisky,sineeiftheoverdraftneededtobe

repaid,thecompanywould

IIhavegreatdifficultyinraisingthefundsrequired.

□Afurtherfinancingissuerelatestoredemptionoftheexistingdebentures.The10%debentures

areduetoberedeemed

Iintwoyears'timeandMertonpIcwiIIneedtofind￡13minordertodothis.Itdoesnot

appearthatthissumcanbe

□raisedinternaIIy.WhileitispossibIethatrefinancingwithdebtpayingaIowerrateofinterest

maybepossibIe,thelow

11eveIofinterestcovermaycauseconcerntopotentiaIprovidersofdebtfinance,resu11ing

inahigherrateofinterest.The

□FinanceDirectorofMertonpIcneedstoconsidertheredemptionprobIemnow,asthoughtis

currentIybeinggivento

□raisingasubstantialamountofnewequityfinance.ThisfinancingchoicemaynotbeavaiIable

againinthenearfuture,

□forcingthecompanytolooktodebtfinanceasawayofeffectingredemption.

□Overtrading

□TheevidenceproducedbythefinancialanalysisaboveisthatMertonplcisshowingsomesymptoms

ofovertrading

口(undercapitaIisation).Theboardaresuggestingarightsissueasawayoffinancinganexpansion

ofbusiness,butitis

□possiblethatarightsissuewillbeneededtodeaIwiththeovertradingproblem.Thisisa

furtherfinancingissuerequiring

□considerationinadditiontotheredemptionofdebenturesmentionedearIier.

□Conclusion

□Ordinaryshareholdersneedtobeawareofthefollowingissues.

□1.ProfitabiIityhasfaIIenovertheIastyearduetopoorcostcontroI

□2.AsubstantiaIincreaseintheoverdraftovertheIastyearhascausedgearingtoincrease

□3.ItispossibIethatthesharepricewiIIcontinuetofaII

□4.Thedividendcutmaywarnofcontinuingpoorperformanceinthefuture

-15.AtotaIof￡13mofdebenturesneedredeemingintwoyear'stime

□6.AlargeamountofnewfinanceisneededforworkingcapitaIanddebentureredemption

□Appendix:Analysisofkeyratiosandfinancia1information

□

200620052004

Grossprofitmargin(%)(40-0/160)25-0(39-7/1450)27-4(36-3/132)27-5

Netprofitmargin(%)(100/160)6-2(13-7/145)9-4(12-8/132)9-7%

Interestcover(times)(10/3-6)2-8(13-7/3-3)41(12-8/33)3-9

Earningspershare(pence)(4-5/20)22-5(7-3/20)36-5(67/20)33-5

Dividendpershare(pence)(15/20)75(1-7/20)8-5(16/20)80

Dividendcover(times)(4-5/1-5)3(7-3/1-7)4-3(67/1-6)4-2

Price-eamingsratio(times)(270/225)12(511/36-5)14(469/33-5)14

20062005

ROCE(%)(10/98)10-2(13-7/95)14-4

Assetturnover(times)(160/98)1-6(145/95)1-5

Gearing(%)(38/60)63(38/57)67

Gearing(withoverdraft,%)(46/60)77(39/57)68

Growthrates：

Costofsales120/105-3=】4Q%105*3/95*7=160%

Operatingexpenses30/260=15-4%26-0/23*5=10-6%

□

4、(ii)ExplaintheaccountingtreatmentunderIAS39oftheloantoBromwichinthefinancial

statementsof

Ambushfortheyearended30November2005.(4marks)

正確答案：

(ii)Thereisobjectiveevidenceofimpairmentbecauseofthefinancialdifficultiesand

reorganisationofBromwich.The

□impairmentIossontheIoanwiIIbecaIcuIatedbydiscountingtheestimatedfuturecashfIows.

Thefuturecashflows

□wiIIbe$100,000on30November2007.Thiswillbediscountedataneffectiveinterestrate

of8%togiveapresent

□valueof$85,733.Theloanwill,therefore,beimpairedby($200,000-$85,733)i.e.$114,267.

□(Note:IAS39requiresaccruaIofinterestonimpairedloansattheoriginaleffectiveinterest

rate.Intheyearto

□30November2006interestof8%of$85,733i.e.$6,859wouIdbeaccrued.)

□

5、(b)ExplaintherolesofanominationscommitteeandassessthepotentiaIusefulnessofa

nominationscommittee

totheboardofRoshandCompany.(8marks)

正確答案：

(b)Nominalionscommittees

□GeneraIroIesofanominationscommittee.

□ItadvisesonthebaIancebetweenexecutivesandindependentnon-executivedirectorsand

estabIishestheappropriate

□numberandtypeofNEDsontheboard.ThenominationscommitteeisusuaIIymadeupofNEDs.

□ItestabIishestheskills,knowledgeandexperiencepossessedbycurrentboardandnotesany

gapsthatwillneedtobefilled.

□ItactstomeettheneedsforcontinuityandsuccessionpIanning,especiaIIyamongthemost

seniormembersoftheboard.

□ItestabIishesthedesirabIeandoptimaIsizeoftheboard,bearinginmindthecurrentsize

andcompIexityofexistingand

□pIannedactivitiesandstrategies.

口11seekstoensurethattheboardisbaIancedintermsofithavingboardmembersfromadiversity

ofbackgroundssoasto

□reflectitsmainconstituenciesandensureafIowofnewideasandthescrutinyofexisting

strategies.

□InthecaseofRosh,theneedsthatanominalionscommitteecouIdaddressare:

ITorecommendhowmanydirectorswouldbeneededtorunthebusinessandplanforrecruitment

accordingly.Theperceived

IIsimilarityofskillsandinterestsofexistingdirectorsisaIsoIikelytobeanissue.

IToresolvetheissuesovernumbersofNEDs.ItseemsIikelythatthecurrentnumberisinadequate

andwouldputRoshina

Ipositionofnon-compIiancewithmanyofthecorporategovernanceguideIinespertainingtoNEDs.

□ToresoIvetheissuesovertheindependenceofNEDs.ThecIosenessthattheNEDshavetoexisting

executiveboardmembers

□potentiallyunderminestheirindependenceandanominationscommitteeshouIdbeabIetoidentify

thisasanissueandmake

□recommendationstorectifyit.

□Tomakerecommendationsoverthesuccessionofthechairmanship.Itmaynotbeintheinterests

ofRoshforfamilymembers

□toalwaysoccupyseniorpositionsinthebusiness.

6、(ii)TherecoverabiIityofthedeferredtaxasset.(4marks)

正確答案：

(ii)Principalauditprocedures-recoverabiIityofdeferredtaxasset

□-ObtainacopyofBluebeIICo,scurrenttaxcomputationanddeferredtaxcalculationsand

agreefigurestoany

□reIevanttaxcorrespondenceand/orunderlyingaccountingrecords.

□-Developanindependentexpectationoftheestimatetocorroboratethereasonablenessof

management'sestimate.

□-ObtainforecastsofprofitabiIityandagreethatthereissufficientforecasttaxableprofit

avaiIableforthelossestobe

□offsetagainst.EvaIuatetheassumptionsusedintheforecastagainstbusinessunderstanding.

InparticuIarconsider

□assumptionsregardingthegrowthrateoftaxabIeprofitinIightoftheunderlyingdetrimentaI

trendinprofitbefore

□tax.

□-AssessthetimeperioditwiIItaketogeneratesufficientprofitstoutiIisethetaxlosses.

Ifitisgoingtotakeanumber

□ofyearstogeneratesuchprofits,itmaybethattherecognitionoftheassetshouldbe

restricted.

□-Usingtaxcorrespondence,verifythatthereisnorestrictionontheabilityofBluebeII

Cotocarrythelossesforward

□andtousethelossesagainstfuturetaxabIeprofits.

□TutoriaInote:inmanytaxjurisdictionsIossescanonIybecarriedforwardtobeutiIisedagainst

profitsgenerated

□fromthesametrade.Althoughinthescenariothereisnoevidenceofsuchachangeintrade,

orindeedanykind

□ofrestrictionontheuseoflosses,itisstillavalidauditproceduretoverifythatthis

isthecase

7、18Whichofthefollowingstatementsaboutaccountingratiosandtheirinterpretationarecorrect?

1AIow-gearedcompanyismoreabletosurviveadownturninprofitthanahighIy-gearedcompany.

2Ifacompanyhasahighpriceearningsratio,thiswiIIoftenindicatethatthemarketexpects

itsprofitstorise.

3AlIcompaniesshouldtrytoachieveacurrentratio(currentassets/currentIiabiIities)

of2:1.

A2and3only

B1and3only

01and2only

DAlIthreestatementsarecorrect

正確答案：C

8、4YouareanauditmanagerinSmithCo,afirmofCharteredCertifiedAccountants.Youhave

recentlybeenmade

responsibIeforreviewinginvoicesraisedtocIientsandformonitoringyourfirm'scredit

controlprocedures.SeveraI

matterscametoIightduringyourmostrecentreviewofclientinvoicefiles:

NormanCo,alargeprivatecompany,hasnotpaidaninvoicefromSmithCodated5June2007

forworkinrespect

ofthefinanciaIstatementauditfortheyearended28February2007.AfiIenotedated30

November2007states

thatNormanCoissufferingpoorcashflowsandisunabletopaythebalance.Thisisthe

onlypieceofinformation

inthefileyouarereviewingreIatingtotheinvoice.Youareawarethatthefinalaudit

workfortheyearended

28February2008,whichhasnotyetbeeninvoiced,isnearIycompIeteandtheauditreport

isduetobeissued

imminentIy.

WaIIaceCo,aprivatecompanywhosebusinessisthemanufactureofindustriaImachinery,has

paidalIinvoices

relatingtotherecentlycompIetedauditplanningfortheyearended31May2008.However,

intheinvoicefileyou

noticeaninvoicereceivedbyyourfirmfromWaIIaceCo.TheinvoiceisaddressedtoValerie

Hobson,themanager

responsiblefortheauditofWaIIaceCo.TheinvoicerelatestotherentaIofanareainWaIIace

Co'semptywarehouse,

withthefollowingcommenthandwrittenontheinvoice:'rentalspacebeingusedforstorage

ofMsHobson,s

speedboatforsixmonths-sheisourauditor,soonIychargeanominaIsumof$100’.When

askedabouttheinvoice,

ValerieHobsonsaidthattheinvoiceshouldhavebeensenttoherprivateaddress.Youare

awarethatWaIIaceCo

sometimesusestheemptywarehouseforrentaIincome,thoughthisisnotthemaintrading

incomeofthecompany.

Inthe'miscellaneousinvoicesraised'file,aninvoicedatedlastweekhasbeenraised

toSoftwareSupplyCo,nota

clientofyourfirm.Thecommentboxontheinvoicecontainsthenote'referralfeefor

recommendingSoftwareSupply

CotoseveraIauditclientsregardingthesuppIyofbespokeaccountingsoftware5.

Required:

IdentifyanddiscusstheethicaIandotherprofessionaIissuesraisedbytheinvoicefile

review,andrecommend

whataction,ifanyrSmithCoshouIdnowtakeinrespectof:

(a)NormanCo;(8marks)

正確答案：

4SmithCo

□(a)NormanCo

□Theinvoiceis12monthsoIdanditappearsdoubtfuIwhethertheamountoutstandingisrecoverabIe.

Thefactthatsuchan

□olddebtisunsettledindicatespoorcreditcontrolbySmithCo.Partofgoodpractice

managementistorunaprofitable,

□cashgeneratingauditfunction.Thedebtshouldnothavebeenleftoutstandingforsuchalong

period.Itseemsthatlittlehas

□beendonetosecurepaymentsincethefilenotewasattachedtotheinvoiceinNovember2007.

□ThereisaIsoasignificantethicalissueraised.Overduefeesareathreattoobjectivityand

independence.DuetoNormanCo

□notyetpayingforthe2007yearendaudit,itcouIdbeperceivedthattheaudithasbeenperformed

forfree.Alternativelythe

□amountoutstandingcouIdbeperceivedasaIoantothecIient,creatingaseIf-interestthreat

toindependence.

□Theauditworkfortheyearended28February2008shouIdnothavebeencarriedoutwithout

someinvestigationintothe

□unpaidinvoicerelatingtotheprioryearaudit.ThisaIsorepresentsaself-interestthreat

-iffeesarenotcollectedbeforethe

□auditreportisissued,anunmodifiedreportcouldbeseenasenhancingtheprospectofsecuring

payment.Itseemsthata

□checkhasnotbeenmadetoseeiftheprioryearfeehasbeenpaidpriortotheauditcommencing.

□ItisaIsoconcerningthattheauditreportforthe2008yearendisabouttobeissued,but

noinvoicehasbeenraisedreIating

□totheworkperformed.TomaximisecashinfIow,theauditfirmshouIdinvoicethecIientas

soonaspossibIeforwork

□performed.

□NormanCoappearstobesufferingfinanciaIdistress.InthiscasethereisavalidcommerciaI

reasonwhypaymenthasnot

Ibeenmade-theclientsimplylackscash.WhiIethisfactdoesnoteliminatetheproblemsnoted

above,itmeansthatthe

lauditorscancontinuesolongasadequateethicalsafeguardsareputinplace,andafterthe

monetarysignificanceofthe

Iamountoutstandinghasbeenevaluated.

□ItshouldaIsobeconsideredwhetherNormanCo'sfinanciaIsituationcastsanydoubtoverthe

goingconcernofthecompany.

□ContinuedcashfIowprobIemsarecertainlyaf