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1、2022年ACCA/CA!考试模拟考试题精选及答案姓名: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1x (c) Descr ibe the audit procedures you should perform, to determine the vaIidi ty of the amort i sat ion rate of fiveyears being appIied to deveIopment costs in relation to PIummet. (5 marks)正确答案:(c) Audit procedures to determine the
2、vaI idity of the amortisation rate of f ive years being appIi ed to deveIopment costs i n re I at i onIto the product PIummet would incIude the fol lowing: Obtain the papers document ing market research carr ied out on Plummet. Review and ascertain that the market researchI Isupports a product Iife
3、span of f ive years. Review actuaI sales patterns sinee the Iaunch of PIummet and compare to the predicted saIes per the market researchIdocument.I ITutor i a I note: th i s wi I I he Ip to demonstrate the accuracy of the pred i cted sales forecast of Plummet. Read the as sumpt i ons underp inning t
4、he market research sa I es project i ons, and cons ider whether these assumptionslagree with the auditors, understanding of the business. - Di scuss saIes trends wi th the saIes/market i ng d i rectors and ascerta i n whether saIes are i n I ine with management, s expectat i ons. - Read corresponden
5、ce wi th reta iI out Iets to ensure there i s cont inued support for selling PIummet. Obta in market i ng/advert i s i ng budgets and ascerta i n enough expend i ture i s cont i nu i ng onPIummet to support cont i nuedOsa les.2、(b) (i) Adv i se AIasda i r of the tax i mpI i cat i ons and re I at i v
6、e f i nanc i a I r i sks attached to the fol lowing propertyi nvestments:(1) buy to let resident i a I property;(2) commerc i a I property; and(3) shares i n a property i nvestment company/unit trust. (9 marks)正确答案:(b) (i) Income tax:_ID i rect i nvestment i n res i dent i a I or commerc i a I prope
7、rty The i ncome wi I I be taxed under Schedu Ie A for both res ident ia I and commerc i a I property i nvestment. Expenses can beZZoffset aga i nst i ncome under the norma I trad i ng ruIes. These wiI I i ncIude i nterest charges i ncurred i n borrowi ng funds toacqu i re the propert i es. Schedu I
8、e A I osses are restr i cted to use aga i nst future Schedu I e A prof i ts, with the ear Iiest profitsbe i ng re I ieved f i rst. When acqui r i ng commerc i a I propert i es, i t may be poss i bIe to claim cap i taI a 11owances on the f i xtures and pI ant held i nthe buiId ing. In addition, i ndu
9、str i a I buiIdings al Iowances (IBA) may also be avai table if the property qua I ifies as anI i ndustr iaI bui Idi ng.ICap i ta I a I I owances are not norma I I y ava i table for f i xtures and f i tt i ngs i nc I uded i n a res i dent i a I property. Instead, a wearland tear a I Iowance can be c
10、I a i med i f the property i s furn i shed. Th i s i s equaI to 10% of the rentaI i ncome after anytenants cost (for examp Ie, counci I tax) paid by the landlord. Income tax is levied at the norma I tax rates (10/22/40%) as appropr iate.I Co Ilect i ve i nvestment (shares i n a property i nvestment
11、company/un it trust)IWith col Iective investments, the investor either buys shares (in an investment company) or units (in an equity unit trust).iThe income tax treatment of both is the same in that the investor receives dividends. These are taxed at 10% and 32 , 5% respectively (for basic and highe
12、r rate taxpayers).DInvestors are not abIe to claim i ncome tax re Ii ef on e i ther i nterest costs (of borrowing) or any other expenses.Capital gains tax (CGT):The norma I rules app I y for CGT purposes i n a I I situations. Property i nvestments do not norma I ly qua Ii fy for bus i ness rates of
13、taper re Ii ef unI ess they are furn i shed hoiiday Iets or i n certa i n c i rcumstances, commerc i a I property. Investments i n unit trusts or property i nvestment compan i es wi I I never qua Ii fy for bus i ness taper rates. It is possibIe to use an individuaI savings account (ISA) to make coll
14、ective investments. If th i s i s done, i ncome andcapitaI gains will be exempt from tax.Other taxes:I New commerc i a I property i s sub ject to vaIue added tax (VAT) at the standard rate, but new res i dent i a I property i s subject to VAT at the zero rate. If a commerci a I buiId i ng i s acqui
15、red second hand as an investment, VAT may be payabIe i f aprevious owner has opted to tax the property. If this is the case, VAT at the standard rate wi I I be payabIe on the purchasepr ice, and rental charges to tenants will also be sub ject to VAT, again at the standard rate.The acquisition of sha
16、res is not subject ot VAT.Stamp duty I and tax (SDLT) wi I I be payab I e broad I y on the d i rect acquisition of any property.The rates vary from 0 to 4% depend i ng on the vaIue of the I and and bui Id i ng and its nature (whether res i dent i a I or non-residential). Stamp duty is payabIe at a r
17、ate of 0 - 5% on the acquisition of shares. Investment r i sks/benefitsD i rect i nvestmentI 11nvest i ng d i rectIy i n property represents a long term i nvestment, and unI ess th i s i s the case, i nvestment r i sks are h i gh.ISubstant i a I initial costs (such as SDLT, VAT and transact i ons co
18、sts) are i ncurred, and ongo i ng runn i ng costs (such as11ett i ng agents1 fees and vacant per i ods) can be significant. The i nvestments are illiquid, particularly commerc i a IHpropert ies wh i ch can take months to sell.IAI I types of propert i es are dependent on a eye I i ca I market, and th
19、e va I ues of property i nvestments can vary significantlylas a result. However, res ident i a I property has (on a Iong term bas i s) proven to be a good hedge against inflation.Collective investmentsThe nature of co I Iect i ve i nvestments i s that the i nvestor1 s r i sk i s reduced by the i nve
20、stment be i ng spread over a Iarge portfo I io as opposed to one or a few properties. I n add it i on, i nvestors can take advantage of the h i gher I eve Is of Ii qu i d i ty afforded by such vehicles.3、(i i) the recent f i nanc i a I performance of Merton pIc from a sharehoIder perspect i ve. CI e
21、ar Iy identify anyissues that you consider should be brought to the attention of the ordinary shareholders. (15 marks)正确答案:(i i) Di scuss i on of f i nanci a I performance 11 i s cI ear that 2006 has been a difficult year for Merton pIc. There are very few areas of interest to shareholders whereanyt
22、hing positive can be found to say.Prof itabi I ityiReturn on cap i ta I emp I oyed has dec I i ned from 14*4% i n 2005, which compared favourab I y with the sector average of012%, to 10 2% in 2006. Sinee asset turnover has improved from 1 - 5 to 1 6 in the same per iod, the cause of the dec Ii ne i
23、s falling prof itab i Ii ty. Gross prof i t margi n has fa I Ien each year from 27 , 5% i n 2004 to 25% i n 2006, equaI to the sectoraverage, desp i te an overaI I i ncrease i n turnover dur i ng the period of 10% per year. Merton pIc has been unabIe to keepcost of sa I es i ncreases (14% i n 2006 a
24、nd 10% in 2005) be I ow the i ncreases i n turnover. Net profit margin has deciinedover the same per i od from 9 , 7% to 6 , 2%, compared to the sector average of 8%, because of substantial increases inoperat i ng expenses (15 , 4% i n 2006 and 10 , 6% i n 2005). There i s a press i ng need here for
25、 Merton plc to br ing costof sales and operating costs under control in order to improve profitabi Iity.IGear i ng and fi nanc i a I r i skIGear i ng as measured by debt/equ i ty has fa I len from 67% (2005) to 63% (2006) because of an i ncrease ini IsharehoIders, funds through retained profits. Ove
26、r the same period the overdraft has increased from 1m to 8m andleash ba I ances have fa I len from 16m to 1m. Th i s i s a net movement of 22m. I f the overdraft i s i ncIuded, gear i ng has i ncreased to 77% rather than falling to 63%.iNone of these gear i ng I eve I s compare favourably with the a
27、verage gear i ng for the sector of 50%.If we consider the largeI i ncrease in the overdraft, f i nanc i a I r i sk has clear ly increased during the period. Th i s is also ev i denced by the dec Ii ne i n interest cover from 4 - 1 (2005) to 2 - 8 (2006) as operating profit has fa I len and interest
28、paid has i ncreased. In each year, interest cover has been be Iow the sector average of e i ght and the current I eve I of 2 8 i s dangerously Iow.Share pr i ceJAs the return requ i red by equ i ty i nvestors i ncreases w i th i ncreas i ng f i nanc i a I r i sk, cont i nued i ncreases i n the overd
29、raftw i I I exert downward pressure on the company, s share pr i ce and further reduct i ons may be expected. Investor rat i os Earn i ngs per share, d i v i dend per share and d i v i dend cover have a I I dec I i ned from 2005 to 2006. The cut i n the d i v i dendper share from 8 , 5 pence per sha
30、re to 7 , 5 pence per share i s espec i a I Iy worry i ng. Although in its announcement thecompany cI a i med that d i vidend growth and share pr i ce growth was expected, i t could have chosen to ma i nta i n theIdi vidend, if it felt that the current poor performance was only temporary. By cutting
31、 the dividend it could be signaI Iing that i t expects the poor performance to cont i nue. Shareho I ders have no guarantee as to the I eve I of future dividends. Th is v i ew couId be shared by the market, wh i ch might exp lain why the pr i ce_earn i ngs rat i o has fa I Ien from 14 t i mes to 12
32、times. F i nanc i ng strategyiMerton pIc has exper i enced an i ncrease i n f i xed assets over the Iast period of 10m and an increase in stocks anddebtors of 21m. These i ncreases have been financed by a dec I ine i n cash ( 15m), an i ncrease i n the overdraft (7m)and an increase in trade credit (
33、6m). The company is fol lowing an aggressi ve strategy of f i nanc i ng Iong-term investment from short-term sources. Thi s is very r isky, sinee if the overdraft needed to be repa i d, the company wouIdIhave great difficulty i n raising the funds requ i red.IA further f i nanc i ng i ssue re I ates
34、 to redempt i on of the ex i st i ng debentures. The 10% debentures are due to be redeemedI in two years1 time and Merton pIc wiI I need to f ind 13m in order to do this. It does not appear that this sum can beHra i sed i nterna I ly. While it i s poss i b I e that ref i nanc i ng wi th debt pay i n
35、g a I ower rate of i nterest may be possibIe, the lowTI eve I of i nterest cover may cause concern to potent i a I prov i ders of debt f i nance, resu11 i ng i n a h i gher rate of i nterest. The Finance D i rector of Merton pIc needs to consider the redempt i on prob Iem now, as thought i s current
36、ly being given to raising a substant i a I amount of new equ i ty f i nance. Th i s f i nanc i ng cho i ce may not be ava i I ab I e aga i n in the near future,fore i ng the company to Iook to debt f i nance as a way of effect i ng redempt i on.OvertradingThe ev i dence produced by the f i nanc i a
37、I ana lysis above i s that Merton p I c i s showi ng some symptoms of overtrad i ng (undercap ital i sat i on). The board are suggest i ng a r i ghts i ssue as a way of f i nanc i ng an expans i on of business, but it isposs i bIe that a r i ghts i ssue wiI I be needed to deaI with the overtrad i ng
38、 prob Iem. Th i s i s a further f i nanc i ng i ssue requ i r i ngDeons i derat i on i n add i t i on to the redempt i on of debentures ment i oned ear Ii er.3Cone I us i onOrdinary shareholders need to be aware of the fol lowing issues. 1. Profitabi Iity has fa I Ien over the Iast year due to poor
39、cost controI 2. A substant i a I i ncrease i n the overdraft over the Iast year has caused gear i ng to i ncrease03. It i s poss i b Ie that the share price wi I I cont i nue to fa I I4. The d i v i dend cut may warn of cont inui ng poor performance i n the future5. A totaI of 13m of debentures need
40、 redeeming in two year5 s time6. A Iarge amount of new f i nance i s needed for work i ng cap i taI and debenture redempt i onZUAppend i x: Ana lysis ofkey rat i os andf i nanc i a 1i nformat i on200620052004Gross profit margin (%)(400/160)250(39-7/1450)27-4(36-3/132)27-5Net profit margin (%)(100/16
41、0)6-2(13-7/145)9-4(12-8/132)9-7%Interest cover (times)(10/3-6)2-8(13-7/3-3)4-1(12-8/3-3)3-9Earnings per share (pence)(4-5/20)22-5(7-3/20)36-5(6-7/20)33-5Dividend per share (pence)(1-5/20)7 5(1-7/20)8-5(1-6/20)80Dividend cover (times)(4-5/1-5)3(7-3/1-7)4-3(6-7/1-6)4-2Price-eamings ratio (times)(270/2
42、2-5)12(511/36-5)14(469/33-5)1420062005ROCE (%)(10/98)10-2(13-7/95)14-4Asset turnover (times)(160/98)1-6(145/95)1-5Gearing (%)(38/60)63(38/57)67Gearing (with overdraft, %)(46/60)77(39/57)68Growth rates：Cost of sales120/105-3 =14-0%105-3/95-7 =10-0%Operating expenses3Q/26-0 =15-4%26-0/23-5 =10-6%4、(i
43、i) Exp lain the account i ng treatment under IAS39 of the Ioan to Bromwich i n the financial statements ofAmbush for the year ended 30 November 2005. (4 marks)正确答案:(i i) There i s ob ject i ve ev i dence of impa i rment because of the fi nanci a I difficulties and reorganisation of Bromwich. TheIimp
44、a i rment loss on the loan will be caIcuIated by d i scount i ng the estimated future cash fIows.The future cash fIowswill be $100, 000 on 30 November 2007. This will be d i scounted at an effect i ve i nterest rate of 8% to give a presentvalue of $85, 733. The Ioan will, therefore, be impai red by
45、($200, 000 - $85, 733) i, e. $114, 267. (Note: I AS 39 requ i res accrua I of i nterest on i mpa i red I oans at the original effect i ve i nterest rate. In the year to 30 November 2006 interest of 8% of $85, 733 i. e. $6, 859 would be accrued.)5、(b) Exp lain the roIes of a nomi nat i ons committee
46、and assess the potent i a I usefuIness of a nom i nat i ons comm i tteeto the board of Rosh and Company. (8 marks)正确答案:(b) Nominations committeesGeneraI roIes of a nominations committee.OIt adv i ses on the ba Iance between execut i ves and i ndependent non-execut i ve d i rectors and estab Ii shes
47、the appropr i ate number and type of NEDs on the board. The nominations committee is usuaI Iy made up of NEDs. It estab Ii shes the skills, knowledge and exper ience possessed by current board and notes any gaps that will need to be filled. !1 acts to meet the needs for cont i nu i ty and success i on pIann i ng, espec i a I Iy among the most senior members of the board. It estab Ii shes the des i rabIe and opt i ma I s i ze of the board, bear i ng i n mind the current s i ze and comp I ex i ty of ex i st