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(b) Discuss FOUR factors that distinguish service from manufacturing organisations and explain how each of
these factors relates to the services provided by the Dental Health Partnership. (5 marks)
What is called correspondent banking？
A．The bank which provides additional banking services.
B．The provision of banking services to other banks.
C．The particular ancillary services provided to foreign countries.
D．The bank issuing credit cards.
Individuals should be provided with necessary conditions for____．
A．disease prevention
B．health education
C．healthy behavior
D．unhealthy behavior
E．other health services
F．many vaccines
A.in contrast to
B.in compliance with
C.the essence of
D.representing
A.① only
B.② only
C.Both ① and ②
D.Neither ① nor ②
(a) Phi Ltd is a company set up in Guangzhou. In 2014 Phi Ltd incurred the following expenses:
(1) A consultancy fee of RMB3,500 for services provided in China paid to Mr Xie, who is a China tax resident.
(2) A consultancy fee of RMB70,000 for services provided in China paid to Ms Ma, who is not a China tax resident.
(3) A royalty of RMB80,000 paid to Deji Ltd, which is a China tax resident enterprise.
(4) A royalty of RMB90,000 paid to Backa Ltd, which is not a China tax resident enterprise.
Required:
For each of the four payments, state whether Phi Ltd will be a withholding agent for income tax, and where Phi Ltd is the withholding agent, calculate the amount of income tax to be withheld.
Note: Ignore value added tax and business tax, and any tax incentives available under tax treaties. (7 marks)
(b) Jack has set up an e-shop selling goods via an internet platform. His total sales in 2014 were RMB400,000. He did not register with the tax authorities or pay any taxes in 2014. This was discovered by the tax bureaus in 2015.
Required:
State the possible consequences Jack may be exposed to under the Tax Collection and Administrative Law, as a result of his failure to comply with the tax registration and tax payment requirements. (3 marks)
The following scenario relates to questions 1–5
You are an audit manager at Horti & Co and you are considering a number of ethical issues which have arisen on some of the firm’s long-standing audit clients.
Tree Co Horti & Co is planning its external audit of Tree Co. Yesterday, the audit engagement partner, Charlie Thrower, discovered that a significant fee for information security services, which were provided to Tree Co by Horti & Co, is overdue. Charlie hopes to be able to resolve the dispute amicably and has confirmed that he will discuss the matter with the finance director,
Percy Marsh, at the weekend, as they are both attending a party to celebrate the engagement of Charlie’s daughter and Percy’s son. Bush Co
Horti & Co is the external auditor of Bush Co and also provides other non-audit services to the company. While performing the audit for the year ended 31 October 20X8, the audit engagement partner was taken ill and took an indefinite leave of absence from the firm. The ethics partner has identified the following potential replacements and is keen that independence is maintained to the highest level:
Brian Smith who is also the partner in charge of the tax services provided to Bush Co
Monty Nod who was the audit engagement partner for the ten years ended 31 October 20X7
Cassie Dixon who introduced Bush Co as a client when she joined the firm as an audit partner five years ago
Pete Russo who is also the partner in charge of the payroll services provided to Bush Co
Plant Co
Plant Co is a large private company, with a financial year to 30 June, and has been an audit client of Horti & Co for several years. Alan Marshlow, a partner of Horti & Co, has acted as the engagement quality control reviewer (EQCR) on the last two
audits to the year ended 30 June 20X8. At a recent meeting, he advised that he can no longer be EQCR on the engagement as he is considering accepting appointment as a non-executive director and will sit on the audit committee of Plant Co.
The board of directors has also asked Horti & Co if they would be able to provide internal audit services to the company.
Weed Co
Weed Co, a listed company, is one of Horti & Co’s largest clients. Last year the fee for audit and other services was $1·2m and this year it is expected to be $1·3m which represents 16·6% and 18·1% of Horti & Co’s total income respectively.
3. Which of the following correctly identifies the threats to Horti & Co’s independence and proposes an appropriate course of action for the firm if Alan Marshlow accepts appointment as a non-executive director of Plant Co？
Threats Course of action
A.Self-interest and familiarity Can continue with appropriate safeguards
B.Self-interest and self-review Must resign as auditor
C.Self-review and familiarity Must resign as auditor
D.Familiarity only Can continue with appropriate safeguards
4. You are separately considering Plant Co’s request to provide internal audit services and the remit of these services if they are accepted.
Which of the following would result in Horti & Co assuming a management responsibility in relation to the internal audit services？
(1) Taking responsibility for designing and maintaining internal control systems
(2) Determining which recommendations should take priority and be implemented
(3) Determining the reliance which can be placed on the work of internal audit for the external audit
(4) Setting the scope of the internal audit work to be carried out
A.1 and 3
B.2, 3 and 4
C.1, 2 and 4
D.3 and 4 only
The Universal Health System (UHS) provides the entire healthcare service to residents in Illopia. The UHS is funded centrally through revenues from taxpayers. However, the government is not involved in the day-to-day running of the UHS, which is largely managed regionally by a number of self-governing trusts, such as the Sickham UHS Trust.
The Sickham UHS Trust runs one hospital in Sickham and, like other trusts in Illopia, receives 70% of its income largely from the UHS’ ‘payments by results’ scheme, which was established two years ago. Under this scheme, the trust receives a pre-set tariff (fee income) for each service it provides. If the Trust manages to provide any of its services at a lower cost than the pre-set tariff, it is allowed to use the surplus as it wishes. Similarly, it has to bear the cost of any deficits itself. Currently, the Trust knows that a number of its services simply cannot be provided at the tariff paid and accepts that these always lead to a deficit. Similarly, other services always seem to create a surplus. This is partly because different trusts define their services and account for overheads differently. Also, it is partly due to regional differences in costs, which are not taken into account by the scheme, which operates on the basis that ‘one tariff fits all’.
The remaining 30% of the Trust’s income comes from transplant and heart operations. Since these are not covered by the scheme, the payment the Trust receives is based on the actual costs it incurs in providing the operations. However, the Trust is not allowed to exceed the total budget provided for these operations in any one year.
Over recent years, the Trust’s board of directors has become increasingly dissatisfied with the financial performance of the Trust and has blamed it on poor costing systems, leading to an inability to control costs. As a result, the finance director and his second in command – the financial controller – have now been replaced. The board of directors has taken this decision after complaining that ‘the Trust simply cannot sustain the big deficit between income and spending’. The new financial controller comes from a manufacturing background and is a great advocate of target costing, believing that the introduction of a target costing system at the Sickham UHS Trust is the answer to all of its problems. The new financial director is unconvinced, believing target costing to be only really suitable in manufacturing companies.
Required:
(a) Explain the main steps involved in developing a target price and target cost for a product in a typical manufacturing company. (6 marks)
(b) Explain four key characteristics that distinguish services from manufacturing. (4 marks)
(c) Describe how the Sickham UHS Trust is likely, in the current circumstances, to try to derive: (i) a target cost for the services that it provides under the ‘payment by results’ scheme; and (2 marks) (ii) a target cost for transplants and heart operations. (2 marks)
(d) Discuss THREE of the particular difficulties that the Sickham UHS Trust may find in using target costing in its service provision. (6 marks)
An important factor in a market-oriented economy is the mechanism by which consumer demands can be expressed and responded to by producers. In the American economy, this mechanism is provided by a price system, a process in which prices rise and fall in response to relative demands of consumers and supplies offered by seller-producers. If the product is in short supply relative to the demand, the price will be a bit up and some consumers will be eliminated from the market. If, on the other hand, producing more of a commodity results in reducing its cost, this will tend to increase the supply offered by seller-producers, which in turn will lower the price and permit more consumers to buy the product. Thus, price is the regulating mechanism in the American economic system.
The important factor in a private-oriented economy is that individuals are allowed to own productive resources (private property), and they are permitted to hire labor, gain control over natural resources, and produce goods and services for sale at a profit. In the American economy, the concept of private property embraces not only the ownership of productive resources but also certain rights, including the right to determine the price of a product or to make a free contract with another private individual.
In Line 9, Para.1, "the desire of individuals to maximize their incomes" means ______.
A．Americans are never satisfied with their incomes
B．Americans tend to overstate their incomes
C．Americans want to have their incomes increased
D．Americans want to increase the purchasing power of their incomes
