题目内容
（请给出正确答案）
A.Added to the balance per the bank statement.
B.Deducted from the balance per the bank statement.
C.Added to the balance per the depositor's records.
D.Deducted from the balance per the depositor's records.
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The secretary suggested that we ______ an outing during the spring holidays.
A．had better organize
B．organized
C．would organize
D．organize
Section B – TWO questions ONLY to be attempted
A local government housing department (LGHD) has funds which it is proposing to spend on the upgrading of air conditioning systems in its housing inventory.
It is intended that the upgrading should enhance the quality of living for the occupants of the houses.
Preferred contractors will be identifi ed to carry out the work involved in the upgrading of the air conditioning systems, with each contractor being responsible for upgrading of the systems in a proportion of the houses. Contractors will also be required to provide a maintenance and operational advice service during the fi rst two years of operation of the upgraded systems.
Prior to a decision to implement the proposal, LGHD has decided that it should carry out a value for money (VFM) audit.
You have been given the task of preparing a report for LGHD, to help ensure that it can make an informed decision concerning the proposal.
Required:
Prepare a detailed analysis which will form. the basis for the preparation of the fi nal report. The analysis should include a clear explanation of the meaning and relevance of each of (i) to (iii) below:
(i) Value for Money (VFM) audit (including references to the roles of principal and agent). (6 marks)
(ii) Economy, effi ciency and effectiveness as part of the VFM audit. (6 marks)
(iii) The extent (if any) to which each of intangibility, heterogeneity, simultaneity and perishability may be seen to relate to the decision concerning the proposal, and any problems that may occur. (8 marks)
Note: Your analysis should incorporate specifi c references to examples relating to the upgrading proposal.
A．seek
B．stimulate
C．shape
D．secure
A．help
B．to help
C．helps
D．helped
(a) IAS 37 Provisions, contingent liabilities and contingent assets prescribes the accounting and disclosure for those items named in its title.
Required:
Define provisions and contingent liabilities and briefly explain how IAS 37 improves consistency in financial reporting.
(b) The following items have arisen during the preparation of Borough’s draft financial statements for the year ended 30 September 2011:
(i) On 1 October 2010, Borough commenced the extraction of crude oil from a new well on the seabed. The cost of a 10-year licence to extract the oil was $50 million. At the end of the extraction, although not legally bound to do so, Borough intends to make good the damage the extraction has caused to the seabed environment. This intention has been communicated to parties external to Borough. The cost of this will be in two parts: a fixed amount of $20 million and a variable amount of 2 cents per barrel extracted. Both of these amounts are based on their present values as at 1 October 2010 (discounted at 8%) of the estimated costs in 10 years’ time. In the year to 30 September 2011 Borough extracted 150 million barrels of oil.
(ii) Borough owns the whole of the equity share capital of its subsidiary Hamlet. Hamlet’s statement of financial position includes a loan of $25 million that is repayable in five years’ time. $15 million of this loan is secured on Hamlet’s property and the remaining $10 million is guaranteed by Borough in the event of a default by Hamlet. The economy in which Hamlet operates is currently experiencing a deep recession, the effects of which are that the current value of its property is estimated at $12 million and there are concerns over whether Hamlet can survive the recession and therefore repay the loan.
Required:
Describe, and quantify where possible, how items (i) and (ii) above should be treated in Borough’s statement of financial position for the year ended 30 September 2011.
In the case of item (ii) only, distinguish between Borough’s entity and consolidated financial statements and refer to any disclosure notes. Your answer should only refer to the treatment of the loan and should not consider any impairment of Hamlet’s property or Borough’s investment in Hamlet.
Note: the treatment in the income statement is NOT required for any of the items.
The following mark allocation is provided as guidance for this requirement:
(i) 5 marks
(ii) 4 marks
A．seek
B．stimulate
C．pursue
D．secure
The source of the sun' s inconstancy is magnetism. Professor William Livingston has developed new theories about its magnetic nature.
"We don' t yet know what causes sun spots, "he says, "but we now think they ' re areas of high level magnetism that come up from the sun' s interior. So strong is their magnetic pull that the highly ionized gas nearby is not able to transmit energy out. "As a result these areas send out less heat and light and thus appear from Earth to be almost dark irregular surface patches.
Sun spot activity generally fluctuates in steady, 11-year cycled. Scientists have long formed the o pinion that as the size and number of sun spots increased, the overall energy sent out by the sun would de crease. Indeed, recent studies confirmed it, revealing that during peak periods of sun spot activity, the Earth experiences a small drop that can be seen clearly in received solar energy.
Could such a small drop in energy have an effect here on earth？ Perhaps some scientists think the world temperature could fall by' as much as 0.2 during periods of high solar magnetism.., enough to cause significant fluctuations in weather patterns.
According to the passage, it is believed that the sun ______ ．
A．moves in a quick but steady way year after year
B．sends out less and less heat and light with each passing year
C．radiates the same amount of light every year
D．might have a strong influence on the weather patterns
The count will be undertaken by 15 teams of two counters from the warehouse department with Quartz’s financial controller providing overall supervision. Each team of two is allocated a number of bays within the warehouse to count and they are provided with sequentially numbered inventory sheets which contain product codes and quantities extracted from the inventory records. The counters move through each allocated bay counting the inventory and confirming that it agrees with the inventory sheets. Where a discrepancy is found, they note this on the sheet.
The warehouse is large and approximately 10% of the bays have been rented out to third parties with similar operations; these are scattered throughout the warehouse. For completeness, the counters have been asked to count the inventory for all bays noting the third party inventories on separate blank inventory sheets, and the finance department will make any necessary adjustments.
Some of Quartz’s finished goods are high in value and are stored in a locked area of the warehouse and all the counting teams will be given the code to access this area. There will be no despatches of inventory during the count and it is not anticipated that there will be any deliveries from suppliers.
Each area is counted once by the allocated team; the sheets are completed in ink, signed by the team and returned after each bay is counted. As no two teams are allocated the same bays, there will be no need to flag that an area has been counted. On completion of the count, the financial controller will confirm with each team that they have returned their inventory sheets.
Required:
(a) In respect of the inventory count procedures for Lemon Quartz Co:
(i) Identify and explain FIVE deficiencies;
(ii) Recommend a control to address each of these deficiencies; and
(iii) Describe a TEST OF CONTROL the external auditors would perform. to assess if each of these controls, if implemented, is operating effectively.
Note: The total marks will be split equally between each part. (15 marks)
(b) Quartz’s finance director has asked your firm to undertake a non-audit assurance engagement later in the year. The audit junior has not been involved in such an assignment before and has asked you to explain what an assurance engagement involves.
Required:
Explain the five elements of an assurance engagement. (5 marks)
A.That all deficiencies in internal control known to management have been communicated to the auditor
B.That subsequent events requiring adjustment or disclosure in the financial statements have been dealt with appropriately
C.That the payroll charge for three months of the year when the accounting records were unavailable is correctly stated
D.That management has fulfilled their responsibility for the preparation and presentation of the financial statements
