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6 Ordan received a statement from one of its suppliers, Alta, showing a balance due of $3,

980. The amount due

according to the payables ledger account of Alta in Ordan’s records was only $230.

Comparison of the statement and the ledger account revealed the following differences:

1 A cheque sent by Ordan for $270 has not been allowed for in Alta’s statement.

2 Alta has not allowed for goods returned by Ordan $180.

3 Ordan made a contra entry, reducing the amount due to Alta by $3,200, for a balance due from Alta in Ordan’s

receivables ledger. No such entry has been made in Alta’s records.

What difference remains between the two companies’ records after adjusting for these items？

A $460

B $640

C $6,500

D $100

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更多“6 Ordan received a statement f…”相关的问题

第1题

Kyanite Pizzas Co （Kyanite) operates a large chain of fast food restaurants. You are an au

Kyanite Pizzas Co (Kyanite) operates a large chain of fast food restaurants. You are an audit supervisor of Jasper & Co and are currently preparing the audit programmes for the audit of Kyanite’s financial statements for the year ended 31 March 2016. You are reviewing the notes of last week’s meeting between the audit manager and finance director where two material issues were discussed.

(i) Property, plant and equipment

In the past Kyanite has received negative press reports over the condition of its fast food restaurants, with comments suggesting they are old fashioned and tired looking. Therefore during the year the company undertook a full review of all its assets and carried out extensive refurbishments to the majority of its restaurants. This review resulted in a significant amount of ageing fixtures and fittings being disposed of and a significant amount of capital expenditure was invested in all remaining restaurants. (6 marks)

(ii) Equity The refurbishment was financed via a share issue in April 2015 at a premium of $1·6 million. (4 marks)

Required:

Describe substantive procedures you should perform. to obtain sufficient and appropriate audit evidence in relation to the above two matters.

Note: The mark allocation is shown against each of the two matters above.

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第2题

Section B – TWO questions ONLY to be attemptedYour client, Eric, requires advice on the ca

Section B – TWO questions ONLY to be attempted

Your client, Eric, requires advice on the capital gains tax implications arising from the receipt of insurance proceeds and the disposal of some shares, and the inheritance tax reliefs available in respect of assets in his estate at death. His son Zak requires advice regarding the application of the personal service company (IR35) legislation.

Eric:

– Is UK resident and domiciled.

– Is a higher rate taxpayer.

– Is in ill health and is expected to die within the next few months.

Capital transactions in the tax year 2014/15:

– Eric made no disposals for capital gains tax purposes in the tax year 2014/15 other than those detailed below.

– Eric received insurance proceeds of ￡10,000 following damage to a valuable painting.

– Eric sold half of his shareholding in Malaga plc for ￡11·50 per share.

Damaged painting:

– Eric purchased the painting for ￡46,000 in July 2012.

– The painting was damaged in October 2014 such that immediately afterwards its value fell to ￡38,000.

– The insurance proceeds of ￡10,000 were received by Eric on 1 December 2014.

– Eric has not had the painting repaired.

Malaga plc shares:

– Malaga plc is a quoted trading company with 200,000 issued shares.

– 80% of Malaga plc’s chargeable assets have always been chargeable business assets.

– Eric was given 12,000 shares in Malaga plc by his sister on 1 April 2010, when they were valued at ￡126,000.

– Eric’s sister had purchased the shares for ￡96,000 on 1 March 2009.

– Gift relief was claimed in respect of the gift of the shares to Eric on 1 April 2010.

– Eric paid the inheritance tax arising in respect of this gift following his sister’s death on 1 September 2011.

– Eric has never worked for Malaga plc.

– Eric sold 6,000 shares in Malaga plc on 1 March 2015.

Assets owned by Eric and a previous lifetime gift:

– Eric owns farmland in the UK, which has been leased to a tenant farmer for the last ten years.

– The farmland has a market value of ￡420,000 and an agricultural value of ￡340,000.

– Eric’s other assets, excluding the remaining Malaga plc shares, are valued at ￡408,000.

– Eric has made only one previous lifetime gift, of ￡60,000 cash to his son Zak on 1 July 2009.

Zak:

– Is the sole shareholder, director and employee of Yoyo Ltd, a company which provides consultancy services.

– In the year ended 31 March 2016, Yoyo Ltd’s gross fee income from relevant engagements performed by Zak will be ￡110,000.

– In the tax year 2015/16, Zak will draw a salary of ￡24,000 and dividends of ￡50,000 from Yoyo Ltd.

– Neither Yoyo Ltd nor Zak has any other source of income.

Required:

(a) Calculate Eric’s total after-tax proceeds in respect of the two capital gains tax disposals in the tax year 2014/15. (6 marks)

(b) (i) On the assumption that Eric dies on 31 March 2016, advise on the availability and effect (if any), of agricultural property relief, business property relief and quick succession relief in respect of the farmland and the retained shares in Malaga plc.

Note: You are not required to prepare calculations for this part of the question. (6 marks)

(ii) Explain, with the aid of calculations, the impact on the inheritance tax liability arising on Eric’s death if Eric does not die until 1 August 2016. (3 marks)

(c) Calculate Zak’s taxable income for the tax year 2015/16 if the personal service company (IR35) legislation were to apply to the fee income received by Yoyo Ltd. (5 marks)

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第3题

（a) Auditors have a responsibility under ISA 265 Communicating Deficiencies in Internal Co

(a) Auditors have a responsibility under ISA 265 Communicating Deficiencies in Internal Control to those Charged with Governance and Management, to communicate deficiencies in internal controls. In particular SIGNIFICANT deficiencies in internal controls must be communicated in writing to those charged with governance.

Required:

Explain examples of matters the auditor should consider in determining whether a deficiency in internal controls is significant. (5 marks)

Greystone Co is a retailer of ladies clothing and accessories. It operates in many countries around the world and has expanded steadily from its base in Europe. Its main market is aimed at 15 to 35 year olds and its prices are mid to low range. The company’s year end was 30 September 2010.

In the past the company has bulk ordered its clothing and accessories twice a year. However, if their goods failed to meet the key fashion trends then this resulted in significant inventory write downs. As a result of this the company has recently introduced a just in time ordering system. The fashion buyers make an assessment nine months in advance as to what the key trends are likely to be, these goods are sourced from their suppliers but only limited numbers are initially ordered.

Greystone Co has an internal audit department but at present their only role is to perform. regular inventory counts at the stores.

Ordering process

Each country has a purchasing manager who decides on the initial inventory levels for each store, this is not done in conjunction with store or sales managers. These quantities are communicated to the central buying department at the head office in Europe. An ordering clerk amalgamates all country orders by specified regions of countries, such as Central Europe and North America, and passes them to the purchasing director to review and authorise.

As the goods are sold, it is the store manager’s responsibility to re-order the goods through the purchasing manager; they are prompted weekly to review inventory levels as although the goods are just in time, it can still take up to four weeks for goods to be received in store.

It is not possible to order goods from other branches of stores as all ordering must be undertaken through the purchasing manager. If a customer requests an item of clothing, which is unavailable in a particular store, then the customer is provided with other branch telephone numbers or recommended to try the company website.

Goods received and Invoicing

To speed up the ordering to receipt of goods cycle, the goods are delivered directly from the suppliers to the individual stores. On receipt of goods the quantities received are checked by a sales assistant against the supplier’s delivery note, and then the assistant produces a goods received note (GRN). This is done at quiet times of the day so as to maximise sales. The checked GRNs are sent to head office for matching with purchase invoices.

As purchase invoices are received they are manually matched to GRNs from the stores, this can be a very time consuming process as some suppliers may have delivered to over 500 stores. Once the invoice has been agreed then it is sent to the purchasing director for authorisation. It is at this stage that the invoice is entered onto the purchase ledger.

Required:

(b) As the external auditors of Greystone Co, write a report to management in respect of the purchasing system which:

(i) Identifies and explains FOUR deficiencies in that system;

(ii) Explains the possible implication of each deficiency;

(iii) Provides a recommendation to address each deficiency.

A covering letter is required.

Note: Up to two marks will be awarded within this requirement for presentation. (14 marks)

(c) Describe substantive procedures the auditor should perform. on the year-end trade payables of Greystone Co. (5 marks)

(d) Describe additional assignments that the internal audit department of Greystone Co could be asked to perform. by those charged with governance. (6 marks)

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第4题

It can be seen from Paragraph 5 that Gladwell's book______.A．is beginning to influence Oba

It can be seen from Paragraph 5 that Gladwell's book______.

A．is beginning to influence Obama's Policies

B．has become quite influential

C．has received severe criticisms

D．assumes that people just pursue maximum profits

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第5题

The Hi Life Co （HL Co) makes sofas. It has recently received a request from a customer to

The Hi Life Co (HL Co) makes sofas. It has recently received a request from a customer to provide a one-off order of sofas, in excess of normal budgeted production. The order would need to be completed within two weeks. The following cost estimate has already been prepared:

The Hi Life Co （HL Co) makes sofas. It has recentl

Notes

1 The fabric is regularly used by HL Co. There are currently 300 m2 in inventory, which cost $17 per m2. The current purchase price of the fabric is $17·50 per m2.

2 This type of wood is regularly used by HL Co and usually costs $8·20 per m2. However, the company’s current supplier’s earliest delivery time for the wood is in three weeks’ time. An alternative supplier could deliver immediately but they would charge $8·50 per m2. HL Co already has 500 m2 in inventory but 480 m2 of this is needed to complete other existing orders in the next two weeks. The remaining 20 m2 is not going to be needed until four weeks’ time.

3 The skilled labour force is employed under permanent contracts of employment under which they must be paid for 40 hours’ per week’s labour, even if their time is idle due to absence of orders. Their rate of pay is $16 per hour, although any overtime is paid at time and a half. In the next two weeks, there is spare capacity of 150 labour hours.

4 There is no spare capacity for semi-skilled workers. They are currently paid $12 per hour or time and a half for overtime. However, a local agency can provide additional semi-skilled workers for $14 per hour.

5 The $3 absorption rate is HL Co’s standard factory overhead absorption rate; $1·50 per hour reflects the cost of the factory supervisor’s salary and the other $1·50 per hour reflects general factory costs. The supervisor is paid an annual salary and is also paid $15 per hour for any overtime he works. He will need to work 20 hours’ overtime if this order is accepted.

6 This is an apportionment of the general administration overheads incurred by HL Co. Required: Prepare, on a relevant cost basis, the lowest cost estimate which could be used as the basis for the quotation. Explain briefly your reasons for including or excluding each of the costs in your estimate.

Required:

Prepare, on a relevant cost basis, the lowest cost estimate which could be used as the basis for the quotation. Explain briefly your reasons for including or excluding each of the costs in your estimate.

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第6题

1 The Health and Fitness Group （HFG), which is privately owned, operates three centres in

1 The Health and Fitness Group (HFG), which is privately owned, operates three centres in the country of Mayland.

Each centre offers dietary plans and fitness programmes to clients under the supervision of dieticians and fitness

trainers. Residential accommodation is also available at each centre. The centres are located in the towns of Ayetown,

Beetown and Ceetown.

The following information is available:

(1) Summary financial data for HFG in respect of the year ended 31 May 2008.

1 The Health and Fitness Group （HFG), which is pri

(2) HFG defines Residual Income (RI) for each centre as operating profit minus a required rate of return of 12% of

the total assets of each centre.

(3) At present HFG does not allocate the long-term borrowings of the group to the three separate centres.

(4) Each centre faces similar risks.

(5) Tax is payable at a rate of 30%.

(6) The market value of the equity capital of HFG is $9 million. The cost of equity of HFG is 15%.

2

(7) The market value of the long-term borrowings of HFG is equal to the book value.

(8) The directors are concerned about the return on investment (ROI) generated by the Beetown centre and they are

considering using sensitivity analysis in order to show how a target ROI of 20% might be achieved.

(9) The marketing director stated at a recent board meeting that ‘The Group’s success depends on the quality of

service provided to our clients. In my opinion, we need only to concern ourselves with the number of complaints

received from clients during each period as this is the most important performance measure for our business.

The number of complaints received from clients is a perfect performance measure. As long as the number of

complaints received from clients is not increasing from period to period, then we can be confident about our

future prospects’.

Required:

(a) The directors of HFG have asked you, as management accountant, to prepare a report providing them with

explanations as to the following:

(i) Which of the three centres is the most ‘successful’？ Your report should include a commentary on return

on investment (ROI), residual income (RI), and economic value added (EVA) as measures of financial

performance. Detailed calculations regarding each of these three measures must be included as part of

your report;

Note: a maximum of seven marks is available for detailed calculations. (14 marks)

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第7题

A yacht factory sold a yacht to an individual customer and received a total amount of RMB4

00,000. The consumption tax rate for yachts is 10%.

What are the amounts to be recorded in the factory’s accounts for sales and consumption tax respectively？

A.RMB400,000 and RMB40,000

B.RMB310,800 and RMB31,080

C.RMB341,880 and RMB34,188

D.RMB376,068 and RMB37,607

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第8题

You are the audit manager of Chestnut & Co and are reviewing the key issues identified

in the files of two audit clients.

Palm Industries Co (Palm)

Palm’s year end was 31 March 2015 and the draft financial statements show revenue of $28·2 million, receivables of $5·6 million and profit before tax of $4·8 million. The fieldwork stage for this audit has been completed.

A customer of Palm owed an amount of $350,000 at the year end. Testing of receivables in April highlighted that no amounts had been paid to Palm from this customer as they were disputing the quality of certain goods received from Palm. The finance director is confident the issue will be resolved and no allowance for receivables was made with regards to this balance.

Ash Trading Co (Ash)

Ash is a new client of Chestnut & Co, its year end was 31 January 2015 and the firm was only appointed auditors in February 2015, as the previous auditors were suddenly unable to undertake the audit. The fieldwork stage for this audit is currently ongoing.

The inventory count at Ash’s warehouse was undertaken on 31 January 2015 and was overseen by the company’s internal audit department. Neither Chestnut & Co nor the previous auditors attended the count. Detailed inventory records were maintained but it was not possible to undertake another full inventory count subsequent to the year end.

The draft financial statements show a profit before tax of $2·4 million, revenue of $10·1 million and inventory of $510,000.

Required:

For each of the two issues:

(i) Discuss the issue, including an assessment of whether it is material;

(ii) Recommend ONE procedure the audit team should undertake to try to resolve the issue; and

(iii) Describe the impact on the audit report if the issue remains UNRESOLVED.

Notes:

1 The total marks will be split equally between each of the two issues.

2 Audit report extracts are NOT required.

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第9题

2 Plaza, a limited liability company, is a major food retailer. Further to the success of

its national supermarkets in the

late 1990s it has extended its operations throughout Europe and most recently to Asia, where it is expanding rapidly.

You are a manager in Andando, a firm of Chartered Certified Accountants. You have been approached by Duncan

Seymour, the chief finance officer of Plaza, to advise on a bid that Plaza is proposing to make for the purchase of

MCM. You have ascertained the following from a briefing note received from Duncan.

MCM provides training in management, communications and marketing to a wide range of corporate clients, including

multi-nationals. The ‘MCM’ name is well regarded in its areas of expertise. MCM is currently wholly-owned by

Frontiers, an international publisher of textbooks, whose shares are quoted on a recognised stock exchange. MCM

has a National and an International business.

The National business comprises 11 training centres. The audited financial statements show revenue of

$12·5 million and profit before taxation of $1·3 million for this geographic segment for the year to 31 December

2004. Most of the National business’s premises are owned or held on long leases. Trainers in the National business

are mainly full-time employees.

The International business has five training centres in Europe and Asia. For these segments, revenue amounted to

$6·3 million and profit before tax $2·4 million for the year to 31 December 2004. Most of the International business’s

premises are held on operating leases. International trade receivables at 31 December 2004 amounted to

$3·7 million. Although the International centres employ some full-time trainers, the majority of trainers provide their

services as freelance consultants.

Required:

(a) Define ‘due diligence’ and describe the nature and purpose of a due diligence review. (4 marks)

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第10题

It is doubtful that there was a more successful comedy team in the 20th century （1) the Three St

It is doubtful that there was a more successful comedy team in the 20th century(1)the Three Stooges. Larry, Moe, and Curly became famous for their many short movies(2)extraordinary comedy. In their movies, they found many ways of(3)funny actions. They attracted large audience and received a lot of(4). However, their movies also(5)criticism. Some people who didn't like the Three Stooges(6)they were too violent. In a TV interview Moe and Larry were roused to(7)themselves. Their coarse brand, they said, shouldn't be taken(8). It was just "cartoon violence".

The Stooges got their name and their start in an act(9)Ted Healy and His Stooges. This act began(10)the way for their exceedingly successful career.(11), the team was composed of Larry, Moe and Shemp.(12), Shemp left for a career in more serious movies. When Shemp left, Curly took his(13). Shemp's clumsy character returned in 1946 after Curly(14)a stroke.

Moe was the heart and soul of the team, acting as(15)their main comic force and their director. He was responsible(16)scripting many of the jokes. He'd also spend time providing his services as their business manager. In 1934 the team began a series of comedy shorts that numbered more than 200(17)they ceased in 1958,(18)won them numerous fans.(19)all the criticism, the Three Stooges are undoubtedly the most famous comedy team that history.(20)invented.

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