题目内容
（请给出正确答案）
A.unscrewing the bulb during the daylight
B.switching the light on only when necessary
C.taking no action as there is no way on saving power
D.taking no action as they shut off automatically in daylight
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(ii) List the additional information required in order to calculate the employment income benefit in respect
of the provision of the furnished flat for 2007/08 and advise Benny of the potential income tax
implications of requesting a more centrally located flat in accordance with the company’s offer.
(4 marks)
A．They had more fun than we do now.
B．They had strong belief in honest hard work.
C．They were divided in accordance with the games they played.
D．They were known primarily by the work they did.
Which of the following is NOT a responsibility of the auditor？
A.To provide an opinion on the truth and fairness of the financial statements
B.To conduct an audit in accordance with International Standards on Auditing
C.To express an opinion on the company’s going concern status
What is jurisdiction by designation？
A.The jurisdiction agreed by the parties in their contract to hear their disputes
B.The jurisdiction authorised by the people’s court at a higher level to try cases of first instance
C.The jurisdiction decided by people’s courts at the same level, if all these courts have jurisdiction over a particular case
D.The jurisdiction decided in accordance with the location of the subject matter
Mighty IT Co provides hardware, software and IT services to small business customers.
Mighty IT Co has developed an accounting software package. The company offers a supply and installation service for $1,000 and a separate two-year technical support service for $500. Alternatively, it also offers a combined goods and services contract which includes both of these elements for $1,200. Payment for the combined contract is due one month after the date of installation.
In December 20X5, Mighty IT Co revalued its corporate headquarters. Prior to the revaluation, the carrying amount of the building was $2m and it was revalued to $2·5m.
Mighty IT Co also revalued a sales office on the same date. The office had been purchased for $500,000 earlier in the year, but subsequent discovery of defects reduced its value to $400,000. No depreciation had been charged on the sales office and any impairment loss is allowable for tax purposes.
Mighty It Co’s income tax rate is 30%.
In accordance with IFRS 15 Revenue from Contracts with Customers, when should Mighty IT Co recognise revenue from the combined goods and services contract？
A.Supply and install: on installation Technical support: over two years
B.Supply and install: when payment is made Technical support: over two years
C.Supply and install: on installation Technical support: on installation
D.Supply and install: when payment is made Technical support: when payment is made
In January 20X6, the accountant at Mighty IT Co produced the company’s draft financial statements for the year ended 31 December 20X5. He then realised that he had omitted to consider deferred tax on development costs. In 20X5, development costs of $200,000 had been incurred and capitalised. Development costs are deductible in full for tax purposes in the year they are incurred. The development is still in process at 31 December 20X5.
What adjustment is required to the income tax expense in Mighty IT Co’s statement of profit or loss for the year ended 31 December 20X5 to account for deferred tax on the development costs？
A.Increase of $200,000
B.Increase of $60,000
C.Decrease of $60,000
D.Decrease of $200,000
For each combined contract sold, what is the amount of revenue which Mighty IT Co should recognise in respect of the supply and installation service in accordance with IFRS 15？A.$700
B.$800
C.$1,000
D.$1,200
In accordance with IAS 12 Income Taxes, what is the impact of the property revaluations on the income tax expense of Mighty IT Co for the year ended 31 December 20X5？
A.Income tax expense increases by $180,000
B.Income tax expense increases by $120,000
C.Income tax expense decreases by $30,000
D.No impact on income tax expense
Mighty IT Co sells a combined contract on 1 January 20X6, the first day of its financial year.
In accordance with IFRS 15, what is the total amount for deferred income which will be reported in Mighty IT Co’s statement of financial position as at 31 December 20X6？
A.$400
B.$250
C.$313
D.$200
______________________________________________________
(1)In Irrevocable Documentary Credit Form (Advice for the advising bank)
We request you to advise beneficiary:
①( ) without adding your confirmation.
②( ) adding your confirmation.
③( )adding your confirmation if requested by the beneficiary.
(2)In Notification of Irrevocable Documentary Credit Form
①( ) This notification and the enclosed advice are sent to you without any engagement on our part.
②( ) As requested by the issuing bank, we hereby add our confirmation to this credit in accordance with the stipulations under UCP600 Article 8.
(3)In Irrevocable Documentary Credit Form (Advice for the beneficiary)
Expiry date and place for presentation of documents
expiry date: ______
place for presentation: ______
credit available with ______
①( ) by payment at sight
②( ) by deferred payment at
③( ) by acceptance of draft (s) at
④( ) by negotiation against the documents detailed herein
⑤( ) and beneficiary's draft (s) drawn on
______________________________________________________
(a) Apex is a publicly listed supermarket chain. During the current year it started the building of a new store. The directors are aware that in accordance with IAS 23 Borrowing costs certain borrowing costs have to be capitalised.
Required:
Explain the circumstances when, and the amount at which, borrowing costs should be capitalised in accordance with IAS 23. (5 marks)
(b) Details relating to construction of Apex’s new store:
Apex issued a $10 million unsecured loan with a coupon (nominal) interest rate of 6% on 1 April 2009. The loan is redeemable at a premium which means the loan has an effective fi nance cost of 7？5% per annum. The loan was specifi cally issued to fi nance the building of the new store which meets the defi nition of a qualifying asset in IAS 23. Construction of the store commenced on 1 May 2009 and it was completed and ready for use on 28 February 2010, but did not open for trading until 1 April 2010. During the year trading at Apex’s other stores was below expectations so Apex suspended the construction of the new store for a two-month period during July and August 2009. The proceeds of the loan were temporarily invested for the month of April 2009 and earned interest of $40,000.
Required:
Calculate the net borrowing cost that should be capitalised as part of the cost of the new store and the fi nance cost that should be reported in the income statement for the year ended 31 March 2010. (5 marks)
The following two issues relate to Spiko Co’s mining activities:
Issue 1: Spiko Co began operating a new mine in January 20X3 under a five-year government licence which required Spiko Co to landscape the area after mining ceased at an estimated cost of $100,000.
Issue 2: During 20X4, Spiko Co’s mining activities caused environmental pollution on an adjoining piece of government land. There is no legislation which requires Spiko Co to rectify this damage, however, Spiko Co does have a published environmental policy which includes assurances that it will do so. The estimated cost of the rectification is $1,000,000.
In accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets, which of the following statements is correct in respect of Spiko Co’s financial statements for the year ended 31 December 20X4？
A.A provision is required for the cost of both issues 1 and 2
B.Both issues 1 and 2 require disclosure only
C.A provision is required for the cost of issue 1 but issue 2 requires disclosure only
D.Issue 1 requires disclosure only and issue 2 should be ignored
In 2013 Stine and Mering entered into a service agreement, by which Mering would provide meals to the employees of Stine. The service fees would be paid on a quarterly basis.
In June 2014, Mering was declared bankrupt by a court which designated a bankruptcy administrator responsible for the liquidation. The bankruptcy administrator found that Mering had failed to pay the rental for 2014. Stine claimed the rental due for the year of 2014 as his credit and requested to offset the meal service fees for the first and second quarters of 2014. Stine also declared dissolution of the leasing agreement between the two parties.
Required:
In accordance with the Enterprise Bankruptcy Law:
(a) State whether Stine’s request to offset the meal service fees was in conformity with the law. (2 marks)
(b) State how to deal with Stine’s request to dissolve the leasing contract. (2 marks)
(c) State what benefit Stine could have if its request to offset was accepted. (2 marks)
Several months later Qian intended to transfer his shares to a listed company for profit and sent notices to the other three shareholders asking for their consent. Zhao agreed and also expressed his willingness to buy Qian’s shares if the price was reasonable. Sun disagreed and claimed his right of priority to buy Qian’s shares. However, Zhao and Sun could not reach an agreement as to the proportion of shares to buy. Lee kept silent upon receipt of the notice.
Since Sun offered a price lower than that of the listed company, Qian entered into a contract to sell his shares to the listed company, which caused a dispute among the four shareholders. Under such circumstances, Lee decided to leave the company and requested the company to purchase his shares.
Required:
In accordance with the relevant provisions of the Company Law:
(a) State how Zhao and Sun’s failure to reach an agreement on the proportion of shares to purchase should be dealt with. (2 marks)
(b) State whether Lee’s request for the company to purchase his shares should be upheld if the dispute was brought to court. (2 marks)
(c) State whether Qian was entitled to transfer his shares to the listed company. (2 marks)
to the following three audits of financial statements for the year ending 31 December 2006:
(a) Blythe Co is a new audit client. This private company is a local manufacturer and distributor of sportswear. The
company’s finance director, Peter, sees little value in the audit and put it out to tender last year as a cost-cutting
exercise. In accordance with the requirements of the invitation to tender your firm indicated that there would not
be an interim audit.
(b) Huggins Co, a long-standing client, operates a national supermarket chain. Your firm provided Huggins Co with
corporate financial advice on obtaining a listing on a recognised stock exchange in 2005. Senior management
expects a thorough examination of the company’s computerised systems, and are also seeking assurance that
the annual report will not attract adverse criticism.
(c) Gray Co has been an audit client since 1999 after your firm advised management on a successful buyout. Gray
provides communication services and software solutions. Your firm provides Gray with technical advice on
financial reporting and tax services. Most recently you have been asked to conduct due diligence reviews on
potential acquisitions.
Required:
For these assignments, compare and contrast:
(i) the threats to independence;
(ii) the other professional and practical matters that arise; and
(iii) the implications for allocating staff.
(15 marks)
