2022年ACCA/CAT歷模擬考試題

姓名:年級(jí):學(xué)號(hào):

題型選擇題填空題解答題判斷題計(jì)算題附加題總分

得分

評(píng)卷人得分

1x4(a)Explainthemeaningoftheterm'workingcapitalcycle'foratradingcompany.(4marks)

正確答案：

(a)TheworkingcapitaIeyeIeiIIustratesthechangingmake-upofworkingcapitalinthecourse

ofthetradingoperationsofa

□business:

O1Purchasesaremadeoncreditandthegoodsgointoinventory.

U2InventoryissoldandconvertedintoreceivabIes

□3Creditcustomerspaytheiraccounts

□4CashisusedtopaysuppIiers.

2、(c)BrieflydescribethreeadvantagestoBailey'sofcounseIIing.(3marks)

正確答案：

(c)ForBailey5stheadvantagesofcounseIIingasameansofunderstandingandaddressing

theprobIemsarethatitprovidesaconfidentiaIservicetotheempIoyeetodiscussprobIemsaway

fromandnotinvoIvingmanagementorsupervision.Thereisnoobvioushumanresourcespolicyat

Bailey'sandcounseIIingprovidesanopportunitytodeveIopanappropriatepolicyfrom

understandingindividuaIproblems.

□ThisinturnwiIIdemonstrateorganisationaIcommitmenttotheempIoyeesthathasbeenIacking

inthepastatBailey,sandbegintheprocessofbetterperformanceandincreaseincommitment.

□AtanotherIeveI,counseIIingcanprovidealinktootherexternaIagenciestoassistwith

personaIprobIemsthatmaybedeemedtoospecificforresoIutionwithinBailey's.

□

3、(c)Withoutchangingtheadviceyouhavegivenin(b),orvaryingthetermsofLuke,swill,

explainhowMabel

couldfurtherreducehereventuaIinheritancetaxliabilityandquantifythetaxsavingthat

couldbemade.

(3marks)

TheincreaseintheretaiIpricesindexfromApriI1984toApriI1998is84%.

Youshouldassumethattheratesandallowancesforthetaxyear2005/06wiIIcontinueto

applyforthe

foreseeablefuture.

正確答案：

(c)Furtheradvice

OMabeIshouIdconsiderdeIayingoneofthegiftsuntiIafter1May2007suchthatitismade

morethansevenyearsafterthe

□gifttothediscretionarytrust.BothPETswouIdthenbecoveredbytheniIratebandresu11ing

inasavingofinheritancetax

□of￡6,720(from(b)).

□MabeIshouIdensurethatsheusesherinheritancetaxannuaIexemptionof￡3,000everyyear

by,say,makinggiftsof￡1,500

□eachyeartobothBruceandPadma.TheeffectofthiswiIIbetosaveinheritancetaxof￡1,200

(￡3,000x40%)everyyear.

4、(b)ExplaininthecontextofFlavoursFineFoods,whatismeantby:

(i)responsibiIity;(4marks)

正確答案：

(b)(i)RESPONSIBILITYistheIiabiIityofapersontobecalledtoaccountfortheiractions

andresults,andisthereforeanobIigationtotakesomeactiontodischargethatresponsibiIity.

Uniikeauthority,responsibiIitycannotbedelegated.Thereishoweversomediscussiononthe

extenttowhichthisstatementistrue:theideathatresponsibiIitycannotbedeIegatedistoo

simpIistic.AnytaskcontainsaneIementofresponsibiIity.ItistheideaofaccountabiIityand

thedirectionofresponsibiIitythatisthereIevantconceptandistheprobIematFlavoursFine

Foods;ultimateresponsibiIityresideswiththeowners.ItisseIfevidentthatitisimpossibIe

toexerciseauthoritywithoutresponsibiIitybecausethiscouldIeadtoprobIemsofcontroIand

thereforeundesirabIeoutcomesfortheorganisation.However,thesuperior(theowner)isalways

u11imateIyresponsibIefortheactionsofhisorhersubordinates.ThekeyeIementhereisthe

recognitionofdiscretionbyvirtueoftheperson'sposition.ThisunderIinesthedoctrineof

absoIuteresponsibiIity;thesuperiorisalwaysultimateIyaccountabIe.

□

5、(iii)AstatementontheimportanceofconfidentiaIityinthefinancingoftheearIystage

workingcapitaIneeds

andanexpIanationofhowthisconfIictswiththedutyoftransparencyinmattersofcorporate

governance.(6marks)

ProfessionaImarksforIayout,logicalfIowandpersuasivenessofthestatement.(4marks)

正確答案：

(iii)ImportanceofconfidentialityinthefinancingoftheprojectandthenormaIdutyof

transparency.

11havebeenaskedtoincludeastatementinmyremarksonthebaIancebetweenourdutytobe

transparentwhenever

(possibleandtheneedfordiscretionandconfidentialityinsomesituations.Inthecaseof

ourinitialworkingcapitalneeds

IfortheGiantDamProject,theimportanceofconfidentialityinfinancingisduetothepotential

foradversepubIicitythat

□mayarisefortheIender.11isimportantthatRMhavetheprojectadequateIyfinanced,especiaIIy

intheearIystages

□beforetheinterimpaymentsfromthecIientbecomefullyeffective.

□IngeneraI,ofcourse,weatRMattempttoobservethehigheststandardsofcorporategovernance

andthisinvoIves

□adoptingadefau11positionoftransparencyratherthanconcealmentwhereverpossibIe.We

recognisethattransparency

□isimportanttounderpininvestorconfidenceandtoprovideinvestorswiththeinformationthey

needtomakefund

□aIIocationdecisions.

□Whi1stitisnormaItodisciosetheamountofdebtwecarryatanygivenpoint(onthebaIance

sheet),itisrarelynormaI

:IpracticetodisclosetheexactsourcesofthoseIoans.Inthecaseofthefinancingofinitial

workingcapitalfortheGiant

IDamProject,I'msureyouwillrealisethatinthisuniquesituation,disclosureoftheIender,

sidentitycouldthreatenthe

:Iprogressoftheproject.Forthisreasonwemustresistanyattemptstoreleasethisintothe

pubIicdomain.Weareaware

.lofonepressuregroupthatisactiveIyseekingtodiscoverthisinformationinordertodisrupt

theproject,sprogressand

]weshaIIbetakingaIIinternaImeasuresnecessarytoensuretheydonotobtaintheinformation.

□ThankyouforIistening.

6、(b)GaIcuIatetheinternaIrateofreturnoftheproposedinvestmentandcommentonyourfindings.

(5marks)

正確答案：

(b)CalculationofIRRof*F1ngoFinvestmentproject

Year1234

￡000￡000￡000￡000

Netcashflow61318712785

Discountat20%0-8330-6940-5790-482

Presentvalues510-6129-8735410

￡000

Presentvalueoffuturebenefits754-9

Initialinvestment8000

Netpresentvalue(451)

Internalrateofreturn=10+[((20-10)x652)/(652+45-1)]=16%

Sincetheinternalrateofreturnisgreaterthanthediscountrateusedtoappraisenewinvestments,theproposedinvestment

isfinanciallyacceptable.

7、4GrahamSmithisOperationsDirectorofCateringFoodServices(CFS)a￡1-5biIIionUKbased

distributoroffoodsto

professionalcateringorganisations.Ithas30tradingunitsspreadacrossthecountryfrom

whichitcansuppIya

compIeterangeoffresh,chilledandfrozenfoodproducts.Itscustomersrangefrommajor

fastfoodchains,catering

servicesforthearmedforcesdowntoindividuaIrestaurantsandcafes.WhoIesaIefood

distributionisverymucha

pricedrivenservice,inwhichitisverydifficulttodifferentiateCFS'sservicefromits

competitors.

GrahamisveryawareoftheGovernment5sgrowinginterestinpromotinggoodcorporate

environmentaIpracticesand

encouragingcompaniestoachievetheinternationalquaIitystandardforenvironmentaIly

responsibIeoperations.CFS

operatesafIeetof1,000lorriesandeachlorryproducestheequivaIentofitsownweight

inpollutantsoverthecourse

ofayearwithouttheinstalIationofexpensivepollutioncontrolsystems.GrahamisaIso

awarethathislarger

customersareIookingtotheirdistributorstobecomemoreenvironmentaIlyresponsibleand

the'greening'oftheir

suppIychainisbecomingareaIissue.UnfortunatelyhisconcernwithdeveIopingacompany-wide

environmentaI

managementstrategyisnotsharedbyhisfellowmanagersresponsibIeforthekeydistribution

functionsincluding

purchasing,logistics,warehousingandtransportation.Theyarguedthattimespenton

corporateresponsibiIityissues

wastimewastedandsimplyaddedtocosts.

GrahamhasdecidedtoproposetheappointmentofaprojectmanagertodeveIopandimpIement

acompany

environmentaIstrategyincludingtheachievementoftheinternationaIquaIitystandard.The

personappointedmust

havethenecessaryprojectmanagementskillstoseetheprojectthroughtosuccessfuI

coneIusion.

YouhavebeenappointedprojectmanagerforCFS'sJenvironmentaIIyaware5project.

Required:

(a)Whatarethekeyprojectmanagementskillsthatarenecessaryinachievingcompany-wide

commitmentin

CFStoachievethedesiredenvironmentaIstrategy?(15marks)

正確答案：

(a)Simplydefined,aprojectis'activitythathasastart,amiddleandanendandconsumes

resources5-itisthereforeadiscrete

(activityaimedatachievingaspecificobjectiveorrangeofobjectives.Grahamisintenton

usingthelenvironmentaIlyaware1

(projecttoachieveaspecificobjective-theattainmentoftheinternationalenvironmentaI

standard.Heis,however,aware

□thatthereareanumberofinternaIstakehoIdersinsidethecompanywhoquestionthesignificance

ofsuchaproject.

□ExternaIIy,hecanpointtosignificantstakeholders,includingcustomersandgovernmentwho

areIookingforCFStobecome

□moreenvironmentaIIyaware.TheprojectisIikeIytohavestrategicandnotsimplyoperationaI

oradministrativesignificance

□andthepersonappointedintotheroIeofprojectmanager,ideally,shouIdhaveboththe

traditionaIskillsassociatedwith

:IprojectmanagementpIusthoseofstrategicmanagement.GrundyandBrownIistthetraditional

projectmanagement

□techniquesas:

definingtheprojecUs)

definingtheprojectscopeandinterdependencies

targetingtheddivefablesorresultso(theproject

identifyingtfiekeyactivitiesorsub-ptojecis

planningandmanagingtimescales

mobilisingresources

Morestrategicpartsoftheprojectmanagementprocesswillinclude：

problemdiagnosis

optiongeneration-notonlywhattodobuthowtodoit.ogacquisitions

managingstakeholders

creatingastrategicvisiocifortheproject

□identifying何implementationdifficulties

□Clearly,theprojectmanagermusthavethetechnicaIprojectmanagementskills,beingableto

managetheprojectthroughits

OIifecycle,whichinvoIvesdefiningtheprojectintermsofprojectobjectivesandscopeas

definedbytime,costandquaIity.

口PlanningtheprojectintermsofbreakingtheoveraIIprojectdownintoseparateactivities,

estimatingtheresourcesrequired

□andIinkingactivitiestoresourcesintermsoftimeandpriorities.ImpIementingtheplan,

includingreviewingtheprogressin

□meetingtimeandcostobjectivesandtakingcorrectiveactionwhereandwhennecessary.Finally,

reviewingtheoutcomesof

□theprojectintermsofwhatwasdeIiveredtothecustomerandtheextenttowhichcIient

expectationsweremet.

□Thestrategicnatureoftheprojectmeansthattheprojectmanagermusthavesignificant

Ieadershipskills,notonIyofthe

□projectteam,whoareIikeIytocomefromdifferentfunctionsandpartsofthecompany,but

aIsoinfIuentiaIstakeholdersinside

landoutsidethecompany.ThisimpIiestheyshouldhavegood'political'andcommunication

skillsastheprojectisofstrategic

:(significancetothecompany.TheabiIitytoshowhowthisparticularprojectfitswiththeoveraII

strategyofthefirmis

□important.Theprojectisanimportantpartintheachievementofthecompanystrategyandin

CFS'scasemayhelpit

□differentiateitseIffromitscompetitors.However,theprojectmanagermustrecognisethat

therewiIIberesistancefromexisting

□managersreIuctanttoseeresourcescommittedtoprojectsoutsideofthetraditionalvaIuechain

ofthecompany.Certainly,

OtheprojectmanagerforthelenvironmentaIIyaware'projectwiIIthemseIvesneedtobeaware

oftheexternaIenvironmentaI

□pressurespromptingthefirmtosetitselfspecificenvironmentaIobjectivesandbeabIeto

Iinkintosupportivenetworksand

laIIiances.Finally,GrundyandBrownarguethattheprojectmanagerwiIIbethekeytoreviewing

andIearningfromtheproject,

□assessingwhetherdefinedobjectiveswereachieved,theeffectivenessorotherwiseofthe

implementationprocessandhow

Ikeystakeholdersweremanaged.Thedangeristhatprojectsareseenas'one-off'ratherthan

contributingtotheknowledge

landlearningoftheorganisation.Theremaybeasignificant4learningcurve'thatthefirm

hastogodownandlooktocontinuousIyimproveitsprojectmanagementprocess.

□

□

8、(b)CaIcuIateAlvaroPelorus'scapitaIgainstaxliabilityforthetaxyear2006/07onthe

assumptionthataII

avaiIablereIiefsarecIaimed.(8marks)

正確答案：

(b)AlvaroPelocus-Capitalgainstax(CGT)liabilityfo(2006/07

￡

SharesinPingerLW(WI)199,257

(Notaperreliefasheldforlessthanoneyear)

SharesinLapisInc(W4)—

SharesinQuadplc(W5)—

Less：Annualexemption(8.800)

Taxablegains190,457

Capitalgainstaxat40%76,183

Tutorialnote

ThecapitalgainstaxdueinrespectofthedisposaloftheSaresinPingerUdwillrecomputedfoUowingthedeathof

RayPeloruzinordertotakeaccountofthereliefavailabieinrespectoftheinheritancetaxpayableonthegiftoftheshares

on1Acgcst2005.

Workings

(1)SharesinPingerLtd

Proceeds228,000

Less：Cost(W2)(24.343)

IHTpayablebyAlvaroonthePET(4.400)

199,257

□

(2)CostofsharesinPingerLtd

Markervalueasat1August2005183,000

Less：GiftreliefongiftbyRay(W3)(158,657)

Alvaro'sbasecostintheshares24,343

⑶GiftreliefongiftbyRaytoAJvaro

rr

Marketvalueasat1August2005183,000

Less；Cost54,600

IndexationtoApril1998

1626-156-3/156-3x￡54,6002,201

56,801

￡56.801x6.00QH4.000(24,343)

Giftreliefclaimed158,657

(4)SharesinLapisInc

r

Proceeds8.270

Less：Cost(￡25,950x2,350/5.500)(11,088)

Loss(2.818)

ThelossisnotavailableforreliefbecauseAlvaroisdomiciledoutsidetheUKandthesharesareforeignassets.

(5)SharesinQuadpk:

￡

Deemedproceeds74,000

Less：Cos：(59,500)

14,500

L^s：Giftrelief(14,500)

Tutorialnote

Giftreiief/savailablQonthetransferofanytoadiscretionarytrustbecausethetransferrssubjecttoanimmediate

口c/)a/getoinberitancetax.

□

9、(b)RouterhasanumberoffiImstudiosandofficebuiIdings.TheofficebuiIdingsarein

prestigiousareaswhereas

thefilmstudiosareIocatedin'outoftown'locations.ThemanagementofRouterwishto

appIythe'revaluation

mode15totheofficebuiIdingsandthe'costmode15tothefiImstudiosintheyearended

31May2007.Atpresent

bothtypesofbuiIdingsarevaIuedusingthe'revaluationmodeIJ.OneofthefiImstudios

hasbeenconvertedtoa

themepark.Inthiscaseonly,theIandandbuiIdingsontheparkareleasedonasinglelease

fromathirdparty.

TheIeasetermwas30yearsin1990.TheIeaseoftheIandandbuiIdingswasclassifiedas

afinanceleaseeven

thoughthefinancialstatementspurporttocompIywithIAS17'Leases’.

Thetermsoftheleasewerechangedon31May2007.Routerisnowgoingtoterminatethelease

earlyin2015

inexchangeforapaymentof$10millionon31May2007andareductioninthemonthIylease

payments.

Routerintendstomovefromthesitein2015.TherevisedIeasetermshavenotresuItedin

achangeof

cIassificationoftheIeaseinthefinanciaIstatementsofRouter.(10marks)

Required:

DiscusshowtheaboveiternsshouIdbedealtwithinthegroupfinanciaIstatementsofRouter

fortheyearended

31May2007.

正確答案：

(b)IAS16'Property,PIantandEquipment,permitsassetstoberevaIuedonacIassbycIass

basis.Thedifferentcharacteristics

□ofthebuiIdingsallowthemtobecIassifiedseparateIy.DifferentmeasurementmodeIscan,

therefore,beusedfortheoffice

:IbuiIdingsandthefiImstudios.However,IAS8'Accountingpolicies,changesinaccounting

estimatesanderrors'saysthat

Ilonceanentityhasdecidedonitsaccountingpolicies,itshouldapplythemconsistentlyfrom

periodtoperiodandacrossaII

!Irelevanttransactions.Anentitycanchangeitsaccountingpoliciesbutonlyinspecific

circumstances.Thesecircumstances

□are:

O(a)wherethereisanewaccountingstandardorinterpretationorchangestoanaccounting

standard

l~l(b)wherethechangeresuItsinthefinanciaIstatementsprovidingreIiabIeandmorereIevant

informationabouttheeffects

loftransactions,othereventsorconditionsontheentity'sfinancialposition,financiaI

performance,orcashfIows

□VoIuntarychangesinaccountingpoliciesarequiteuncommonbutmayoccurwhenanaccounting

policyisnolonger

□appropriate.RouterwiIIhavetoensurethatthechangeinaccountingpoIicymeetsthecriteria

inIAS8.AdditionaIIy,

JdepreciatedhistoricaIcostwiIIhavetobecaleuIatedforthefiImstudiosatthecommencement

oftheperiodandtheopening

□baIanceontherevaIuationreserveandanyotheraffectedcomponentofequityadjusted.The

comparativeamountsforeach

□priorperiodshouldbepresentedasifthenewaccountingpoIicyhadalwaysbeenappIied.There

areIimitsonretrospective

□appIicationonthegroundsofimpracticabiIity.

liltissurprisingthattheleaseofthelandisconsideredtobeafinanceleaseunderIAS17

'Leases'.Landisconsideredtohave

IanindefiniteIifeandshould,thereforenormaIlybeclassifiedasanoperatingleaseunless

ownershippassestothelessee

Iduringtheleaseterm.Theleaseofthelandshouldbeseparatedoutfromtheleaseandtreated

individually.Thevalueofthe

OIandsodeterminedwouIdbetakenoffthebaIancesheetintermsoftheliabilityandasset

andtheIeasepaymentstreated

□asrentaIsintheincomestatement.ApriorperiodadjustmentshouIdaIsobemade.ThebuiIdings

wouIdcontinuetobe

□treatedasproperty,pIantandequipment(PPE)andthecarryingamountnotadjusted.However,

theremainingusefuIIifeof

□thebuiIdingshouIdberevisedtoreflecttheshorterIeaseterm.ThiswiIIresu11inthecarrying

amountbeingdepreciatedover

IItheshorterperiod.Thischangetothedepreciationpolicyisappliedprospectivelynot

retrospectiveIy.

□TheIeaseliabilitymustbeassessedforderecognitionunderIAS39'FinancialInstruments:

RecognitionandMeasurement’,

Ibecauseoftherevisionoftheleaseterms,inordertodeterminewhetherthenewtermsare

substantiallydifferentfromthe

:lold.Thepurposeofthisistodeterminewhetherthechangeintermsisamodificationoran

extinguishment.Thechange

Iseemstoconstitutea'modification'becausethereisIittIechangetotheterms.Thelease

liabilityis,therefore,amendedby

.Ideductingtheoneoffpayment($10miIIion)fromthecarryingamount(afteradjustmentforthe

IeaseofIand)togetherwith

lanytransactioncosts.TheIeaseliabilityisthenremeasuredtothepresentvaIueoftherevised

futurecashflows,discounted

lusingtheoriginaleffectiveinterestrate.AnyadjustmentmadeinremeasuringtheIease

liabilitywillbetakentotheincome

□statement.

□

10\RoyCrawfordhasarguedforareductioninboththeproductrangeandcustomerbasetoimprove

company

performance.

(b)AssesstheoperationaIadvantagesanddisadvantagestoBonarPaintofchoosingsucha

strategy.

(15marks)

正確答案：

(b)Divestmentofproductsorpartsofthebusinessisoneofthemostdifficultstrategic

decisions.AsapparentinBonarPainta

：IreductionintheproductsandcustomersservedbythefirmisIikeIytocausesignificantchanges

tothefirm'svaluechainand

:(system.CurrentlyBonarPaintsuppliesitscustomers,regardlessofsize,directlyandthis

inevitablymeansthattheir

Idistributioncostsareincreased.Thereductioninproductsandcustomersmayallowachoice

tobemadeaboutthecostsof

OsupplyingcustomersdirectIyasagainstusingdistributorstohandIethesmaIlercustomers.

ZlInusingthevaIuechainoneislookingtoidentifythesignificantcostactivitiesandhow

thosecostsbehave.Somecostsmay

□beaffectedbytheoveraIIsizeofthefirme.g.advertisingwhileothersaffectedbythebatch

sizebeingprocessed.ThechangetofewerproductswiIIIeadtoabiggerbatchsizeandanumber

ofpositiveconsequencesforcosts.ThevaIuechain'smajor

□benefitisinidentifyingandquantifyingtheIinksthatexistbetweenvariousactivitieswithin

thefirmandbetweenthefirm

□anditscustomersandsuppIiers.InBonarPaint'scasedoesareductioninproductrangeIead

tolessproductfailuresand

□consequentwarrantycIaims?DoessimpIifyingtheproductrangeIeadtoshorterIeadtimesand

betterdeIiverytime

Iperformanceforitscustomers?Aboveall,agoodunderstandingofitsvaIuechainwiIIletit

knowif