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During ZXCTN product emergency fault handling, make sure to follow the rule of restore
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A.nAuto
B.nprimary reference clock
C.nloopback clock
D.nsystem clock
A.Protection lock
B.Protection signal invalidatio
C.Forced switching
D.Working signal invalidatio
year ended 31 December 2004.
The following material matters are under discussion:
(a) During the year the company has begun selling a product with a one-year warranty under which manufacturing
defects are remedied without charge. Some claims have already arisen under the warranty. (2 marks)
Required:
Advise the directors on the correct treatment of these matters, stating the relevant accounting standard which
justifies your answer in each case.
NOTE: The mark allocation is shown against each of the three matters
(i) The number of new employees recruited was lower than expected
(ii) Unexpected problems were encountered with production
(iii) Unexpected changes to Health and Safety laws meant that the company had to increase the number of breaks during production for employees
Which of the above reasons could have caused the difference between the expected rate of learning and the actual rate of learning？
A.All of the above
B.(ii) and (iii) only
C.(i) only
D.None of the above
her first job with a large supermarket chain. She knows there is a growing market for distinctive, quality cakes in the
bakery sections of the supermarket chains, as well as in supplying independent individual premium cake shops, and
also for catering wholesalers supplying restaurants and hotels.
Helen is very determined to set up her own business under the brand name of ‘Helen’s cakes’, and has bought some
equipment – industrial food mixers, ovens, cake moulds – and also rented a small industrial unit to make the cakes.
Helen has created three sets of recipes – one for the premium cake shop market, one for the supermarkets and one
for the catering wholesalers but is uncertain which market to enter first. Each channel of distribution offers a different
set of challenges. The premium cake shop market consists of a large number of independent cake shops spread
through the region, each looking for daily deliveries, a wide product range and low volumes. The supermarkets are
demanding good quality, competitive prices and early development of a product range under their own brand name.
The catering wholesalers require large volumes, medium quality and low prices.
Helen has learnt that you are a consultant specialising in start-up enterprises and is looking to you for advice.
Required:
(a) Acting as a consultant, prepare a short report for Helen advising her on the advantages and disadvantages
each channel offers and the implications for a successful start-up. (12 marks)
(a) Explain FOUR factors which influence the reliability of audit evidence. (4 marks)
Andromeda Industries Co (Andromeda) develops and manufactures a wide range of fast moving consumer goods. The company’s year end is 31 December 2015 and the forecast profit before tax is $8·3 million. You are the audit manager of Neptune & Co and the year-end audit is due to commence in January. The following information has been gathered during the planning process:
Inventory count
Andromeda’s raw materials and finished goods inventory are stored in 12 warehouses across the country. Each of these warehouses is expected to contain material levels of inventory at the year end. It is expected that there will be no significant work in progress held at any of the sites. Each count will be supervised by a member of Andromeda’s internal audit department and the counts will all take place on 31 December, when all movements of goods in and out of the warehouses will cease.
Research and development
Andromeda spends over $2 million annually on developing new product lines. This year it incurred expenditure on five projects, all of which are at different stages of development. Once they meet the recognition criteria under IAS 38 Intangible Assets for development expenditure, Andromeda includes the costs incurred within intangible assets. Once production commences, the intangible assets are amortised on a straight line basis over five years.
Required:
(b) Describe audit procedures you would perform. during the audit of Andromeda Industries Co:
(i) BEFORE and DURING the inventory counts; and (8 marks)
(ii) In relation to research and development expenditure. (4 marks)
(c) During the audit, the team discovers that one of the five development projects, valued at $980,000 and included within intangible assets, does not meet the criteria for capitalisation. The finance director does not intend to change the accounting treatment adopted as she considers this an immaterial amount.
Required:
Discuss the issue and describe the impact on the audit report, if any, if the issue remains unresolved. (4 marks)
"State of the art" is something that is as modem as possible. It is a product that is based on the very latest methods and technology. Something that is "state of the art" is the newest possible design or product of a business or industry. A state of the art television set, for example, uses the modernest electronic design and parts. It is the best that one can buy.
"State of the art" is not a new expression. Engineers have used it for years, to describe the best and most modem way of doing something. Millions of Americans began to use the expression in the late 1970 ' s. The reason was the computer revolution. Every computer company claimed that its computers were "state of the art".
Computer technology changed so fast that a state of the art computer today might be old tomorrow. (80) The expression "state of the art" became as common and popular as computers themselves. Now all kinds of products are said to be "state of the art".
What is the purpose of the passage？
A．To tell how "high tech" and "state of the art" have developed.
B．To give examples of "high tech".
C．To tell what "high tech" and "state of the art" are.
D．To describe very modem technology.
Mercury Motoring Co (Mercury) specialises in manufacturing engine parts for motor cars and the company has a diverse customer base but seven significant customers. The company’s year end was 30 September 2015.
During the year, a number of the company’s significant customers have experienced a fall in sales, and consequently they have purchased fewer items from Mercury. As a result, Mercury has paid a number of its suppliers later than usual and some of them have withdrawn credit terms meaning the company must pay cash on delivery. One of Mercury’s main suppliers is threatening legal action to recover the sums owing. As a result of the increased level of payables, the company’s current ratio has fallen below 1 to 0·9 for the first time.
Mercury has produced a cash flow forecast to 30 June 2016 and this shows net cash outflows until May 2016. Mercury has a loan of $2·3 million which is due for repayment in full by 30 September 2016.
The finance director has just informed the audit manager that there is a possible change in legislation which will result in one of Mercury’s top product lines becoming obsolete as it will not comply with the proposed law. The prepared cash flow forecasts do not reflect this possible event.
Required:
(a) Explain FIVE potential indicators that Mercury Motoring Co is NOT a going concern. (5 marks)
(b) Describe the audit procedures which you should perform. in assessing whether or not Mercury Motoring Co is a going concern. (5 marks)
a national supermarket chain of 23 stores, five of which are in the capital city, Urvina. All the stores are managed in
the same way with purchases being made through Volcan’s central buying department and product pricing, marketing,
advertising and human resources policies being decided centrally. The draft financial statements for the year ended
31 March 2005 show revenue of $303 million (2004 – $282 million), profit before taxation of $9·5 million (2004
– $7·3 million) and total assets of $178 million (2004 – $173 million).
The following issues arising during the final audit have been noted on a schedule of points for your attention:
(a) On 1 May 2005, Volcan announced its intention to downsize one of the stores in Urvina from a supermarket to
a ‘City Metro’ in response to a significant decline in the demand for supermarket-style. shopping in the capital.
The store will be closed throughout June, re-opening on 1 July 2005. Goodwill of $5·5 million was recognised
three years ago when this store, together with two others, was bought from a national competitor. It is Volcan’s
policy to write off goodwill over five years. (7 marks)
Required:
For each of the above issues:
(i) comment on the matters that you should consider; and
(ii) state the audit evidence that you should expect to find,
in undertaking your review of the audit working papers and financial statements of Volcan for the year ended
31 March 2005.
NOTE: The mark allocation is shown against each of the three issues.
5 The directors of Blaina Packaging Co (BPC), a well-established manufacturer of cardboard boxes, are currently
considering whether to enter the cardboard tube market. Cardboard tubes are purchased by customers whose
products are wound around tubes of various sizes ranging from large tubes on which carpets are wound, to small
tubes around which films and paper products are wound. The cardboard tubes are usually purchased in very large
quantities by customers. On average, the cardboard tubes comprise between 1% and 2% of the total cost of the
customers’ finished product.
The directors have gathered the following information:
(1) The cardboard tubes are manufactured on machines which vary in size and speed. The lowest cost machine is
priced at $30,000 and requires only one operative for its operation. A one-day training course is required in order
that an unskilled person can then operate such a machine in an efficient and effective manner.
(2) The cardboard tubes are made from specially formulated paper which, at times during recent years, has been in
short supply.
(3) At present, four major manufacturers of cardboard tubes have an aggregate market share of 80%. The current
market leader has a 26% market share. The market shares of the other three major manufacturers, one of which
is JOL Co, are equal in size. The product ranges offered by the four major manufacturers are similar in terms of
size and quality. The market has grown by 2% per annum during recent years.
(4) A recent report on the activities of a foreign-based multinational company revealed that consideration was being
given to expanding operations in their packaging division overseas. The division possesses large-scale automated
machinery for the manufacture of cardboard tubes of any size.
(5) Another company, Plastic Tubes Co (PTC) produces a narrow, but increasing, range of plastic tubes which are
capable of housing small products such as film and paper-based products. At present, these tubes are on average
30% more expensive than the equivalent sized cardboard tubes sold in the marketplace.
Required:
(a) Using Porter’s five forces model, assess the attractiveness of the option to enter the market for cardboard
tubes as a performance improvement strategy for BPC. (10 marks)
