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[主观题]

On April 20, 2000, in Accra, Ghana, the leaders of six West African countries declared the

ir intention to proceed to monetary union among the non-CFA franc countries of the region by January 2003, as a first step toward a wider monetary union including all the ECOWAS countries in 2004. The six countries【71】themselves to reducing central bank financing of budget deficits【72】10 percent of the previous year's government【73】; reducing budget deficits to 4 percent of the second phase by 2003; creating a Convergence Council to help【74】macroeconomic policies; and【75】up a common central bank. Their declaration【76】that, "Member States【77】the need【78】strong political commitment and【79】to【80】all such national policies【81】would facilitate the regional monetary integration process.

The goal of a monetary union in ECOWAS has long been an objective of the organization, going back to its formation in 1975, and is intended to【82】a broader integration process that would include enhanced regional trade and【83】institutions. In the colonial period, currency boards linked sets of countries in the region.【84】independence,【85】, these currency boards were【86】, with the【87】of the CFA franc zone, which included the francophone countries of the region. Although there have been attempts to advance file agenda of ECOWAS monetary cooperation, political problems and other economic priorities in several of the region's countries have to【88】inhibited progress. Although some problems remain, the recent initiative has been bolstered by the election in 1999 of a democratic government and a leader who is committed to regional【89】in Nigeria, the largest economy of the region, raising hopes that the long-delayed project can be【90】.

(41)

A．committed

B．devoted

C．adjusted

D．attributed

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第1题

Dear Mr. Mills,In reply to your letter of April 20, I would【21】to inform（通知) you that th

Dear Mr. Mills,

In reply to your letter of April 20, I would【21】to inform(通知) you that there are a【22】of beautiful summer cottages(小别墅) for sale here in Ocean City.

For example, we have a modern two-storey house that is【23】up to date. It is two blocks from the sea and you may find this a disadvantage(不利), but,【24】all, the opening of the summer【25】is only a few weeks from now, and finding a house【26】to the ocean than that is【27】out of the question. The house I'm speaking of has two bedrooms and a porch(门廊) that can be【28】for sleeping. For this reason, I consider it as a very good buy. The plumbing(给水管道) is out of order at the【29】, but this will be repaired, of course. The price is reasonable; as a matter of fact, it is less than is being asked for comparable(同等的) houses elsewhere in town.

As a rule, I【30】 to deal with people face to face in matters of this kind.【31】, I will be out of town next week, and I don't think you should delay in【32】 your decision about this house, since it is sure to be sold quickly. Under the circumstances (环境),【33】, I suggest that you come to see it as【34】 as possible. You can deal with one of my assistants in the office. I am sure you will find the house is【35】 what you expect.

Sincerely yours,

Jason Riggs, Manager

Ocean City Real Estate Company

(46)

A．want

B．like

C．enjoy

D．choose

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第2题

（b) A sale of industrial equipment to Deakin Co in May 2005 resulted in a loss on disposal

(b) A sale of industrial equipment to Deakin Co in May 2005 resulted in a loss on disposal of $0·3 million that has

been separately disclosed on the face of the income statement. The equipment cost $1·2 million when it was

purchased in April 1996 and was being depreciated on a straight-line basis over 20 years. (6 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 Keffler Co for the year ended

31 March 2006.

NOTE: The mark allocation is shown against each of the three issues.

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第3题

4 Assume today’s date is 15 May 2005.In March 1999, Bob was made redundant from his job as

4 Assume today’s date is 15 May 2005.

In March 1999, Bob was made redundant from his job as a furniture salesman. He decided to travel round the world,

and did so, returning to the UK in May 2001. Bob then decided to set up his own business selling furniture. He

started trading on 1 October 2001. After some initial success, the business made losses as Bob tried to win more

customers. However, he was eventually successful, and the business subsequently made profits.

The results for Bob’s business were as follows:

Period Schedule D Case I

Trading Profits/(losses)

￡

1 October 2001 – 30 April 2002 13,500

1 May 2002 – 30 April 2003 (18,000)

1 May 2003 – 30 April 2004 28,000

Bob required funds to help start his business, so he raised money in three ways:

(1) Bob is a keen cricket fan, and in the 1990s, he collected many books on cricket players. To raise money, Bob

started selling books from his collection. These had risen considerably in value and sold for between ￡150 and

￡300 per book. None of the books forms part of a set. Bob created an internet website to advertise the books.

Bob has not declared this income, as he believes that the proceeds from selling the books are non-taxable.

(2) He disposed of two paintings and an antique silver coffee set at auction on 1 December 2004, realising

chargeable gains totalling ￡23,720.

(3) Bob took a part time job in a furniture store on 1 January 2003. His annual salary has remained at ￡12,600

per year since he started this employment.

Bob has 5,000 shares in Willis Ltd, an unquoted trading company based in the UK. He subscribed for these shares

in August 2000, paying ￡3 per share. On 1 December 2004, Bob received a letter informing him that the company

had gone into receivership. As a result, his shares were almost worthless. The receivers dealing with the company

estimated that on the liquidation of the company, he would receive no more than 10p per share for his shareholding.

He has not yet received any money.

Required:

(a) Write a letter to Bob advising him on whether or not he is correct in believing that his book sales are nontaxable.

Your advice should include reference to the badges of trade and their application to this case.

(9 marks)

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第4题

6 Assume today’s date is 16 April 2005.Henry, aged 48, is the managing director of Happy H

6 Assume today’s date is 16 April 2005.

Henry, aged 48, is the managing director of Happy Home Ltd, an unquoted UK company specialising in interior

design. He is wealthy in his own right and is married to Helen, who is 45 years old. They have two children – Stephen,

who is 19, and Sally who is 17.

As part of his salary, Henry was given 3,000 shares in Happy Home Ltd with an option to acquire a further 10,000

shares. The options were granted on 15 July 2003, shortly after the company started trading, and were not part of

an approved share option scheme. The free shares were given to Henry on the same day.

The exercise price of the share options was set at the then market value of ￡1·00 per share. The options are not

capable of being exercised after 10 years from the date of grant. The company has been successful, and the current

value of the shares is now ￡14·00 per share. Another shareholder has offered to buy the shares at their market value,

so Henry exercised his share options on 14 April 2005 and will sell the shares next week, on 20 April 2005.

With the company growing in size, Henry wishes to recruit high quality staff, but the company lacks the funds to pay

them in cash. Henry believes that giving new employees the chance to buy shares in the company would help recruit

staff, as they could share in the growth in value of Happy Home Ltd. Henry has heard that there is a particular share

scheme that is suitable for small, fast growing companies. He would like to obtain further information on how such

a scheme would work.

Henry has accumulated substantial assets over the years. The family house is owned jointly with Helen, and is worth

￡650,000. Henry has a ￡250,000 mortgage on the house. In addition, Henry has liquid assets worth ￡340,000

and Helen has shares in quoted companies currently worth ￡125,000. Henry has no forms of insurance, and believes

he should make sure that his wealth and family are protected. He is keen to find out what options he should be

considering.

Required:

(a) (i) State how the gift of the 3,000 shares in Happy Home Ltd was taxed. (1 mark)

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第5题

Dalie Limited Liability Co （Dalie Co) applied to the people’s court for bankruptcy due to

Dalie Limited Liability Co (Dalie Co) applied to the people’s court for bankruptcy due to its poor business operations. On 30 April 2012, the people’s court rendered an order to accept the bankruptcy application and designated a bankruptcy administrator. At this moment, Dalie Co faced the following key financial matters:

(i) Construction Company had brought a lawsuit against Dalie Co for its delay to pay the construction price due, but the case was still pending for trial;

(ii) Dalie Co owed a loan totalling RMB 20 million yuan to Industry Bank, of which RMB 12 million yuan was secured by a guarantee agreement on the buildings of Dalie Co;

(iii) Dalie Co had provided a guarantee to Merchant Bank for a loan of RMB 10 million yuan borrowed by Jiqing Company. The loan has matured but Jiqing Company failed to repay the principal and interest.

Required:

Answer the following questions in accordance with the Enterprise Bankruptcy Law of China, and give your reasons for your answers:

(a) state how to deal with the pending disputes between Construction Company and Dalie Co; (3 marks)

(b) state how to deal with the loan of RMB 20 million yuan owed to Industry Bank; (3 marks)

(c) state whether Merchant Bank was entitled to declare the credit and join the bankruptcy procedure. (4 marks)

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第6题

（c) In April 2006, Keffler was banned by the local government from emptying waste water in

(c) In April 2006, Keffler was banned by the local government from emptying waste water into a river because the

water did not meet minimum standards of cleanliness. Keffler has made a provision of $0·9 million for the

technological upgrading of its water purifying process and included $45,000 for the penalties imposed in ‘other

provisions’. (5 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 Keffler Co for the year ended

31 March 2006.

NOTE: The mark allocation is shown against each of the three issues.

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第7题

（b) On 1 April 2004 Volcan introduced a ‘reward scheme’ for its customers. The main elemen

(b) On 1 April 2004 Volcan introduced a ‘reward scheme’ for its customers. The main elements of the reward

scheme include the awarding of a ‘store point’ to customers’ loyalty cards for every $1 spent, with extra points

being given for the purchase of each week’s special offers. Customers who hold a loyalty card can convert their

points into cash discounts against future purchases on the basis of $1 per 100 points. (6 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.

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第8题

（b) When a director retires, amounts become payable to the director as a form. of retireme

(b) When a director retires, amounts become payable to the director as a form. of retirement benefit as an annuity.

These amounts are not based on salaries paid to the director under an employment contract. Sirus has

contractual or constructive obligations to make payments to former directors as at 30 April 2008 as follows:

(i) certain former directors are paid a fixed annual amount for a fixed term beginning on the first anniversary of

the director’s retirement. If the director dies, an amount representing the present value of the future payment

is paid to the director’s estate.

(ii) in the case of other former directors, they are paid a fixed annual amount which ceases on death.

The rights to the annuities are determined by the length of service of the former directors and are set out in the

former directors’ service contracts. (6 marks)

Required:

Draft a report to the directors of Sirus which discusses the principles and nature of the accounting treatment of

the above elements under International Financial Reporting Standards in the financial statements for the year

ended 30 April 2008.

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第9题

The publication of IFRS 9, Financial Instruments, represents the completion of the first s

tage of a three-part project to replace IAS 39 Financial Instruments: Recognition and Measurement with a new standard. The new standard purports to enhance the ability of investors and other users of financial information to understand the accounting of financial assets and reduces complexity.

Required:

(a) (i) Discuss the approach taken by IFRS 9 in measuring and classifying financial assets and the main effect that IFRS 9 will have on accounting for financial assets. (11 marks)

(ii) Grainger, a public limited company, has decided to adopt IFRS 9 prior to January 2012 and has decided to restate comparative information under IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The entity has an investment in a financial asset which was carried at amortised cost under IAS 39 but will be valued at fair value through profit and loss (FVTPL) under IFRS 9. The carrying value of the assets was $105,000 on 30 April 2010 and $110,400 on 30 April 2011. The fair value of the asset was $106,500 on 30 April 2010 and $111,000 on 30 April 2011. Grainger has determined that the asset will be valued at FVTPL at 30 April 2011.

Required:

Discuss how the financial asset will be accounted for in the financial statements of Grainger in the year ended 30 April 2011. (4 marks)

(b) Recently, criticisms have been made against the current IFRS impairment model for financial assets (the incurred loss model). The issue with the incurred loss model is that impairment losses (and resulting write-downs in the reported value of financial assets) can only be recognised when there is evidence that they exist and have been incurred. Reporting entities are not allowed currently to consider the effects of expected losses. There is a view that earlier recognition of loan losses could potentially reduce the problems incurred in a credit crisis.

Grainger has a portfolio of loans of $5 million which was initially recognised on 1 May 2010. The loans mature in 10 years and carry an interest rate of 16%. Grainger estimates that no loans will default in the first two years, but from the third year onwards, loans will default at an annual rate of about 9%. If the loans default as expected, the rate of return from the portfolio will be approximately 9·07%. The number of loans are fixed without any new lending or any other impairment provisions.

Required:

(i) Discuss briefly the issues related to considering the effects of expected losses in dealing with impairment of financial assets. (4 marks)

(ii) Calculate the impact on the financial statements up to the year ended 30 April 2013 if Grainger anticipated the expected losses on the loan portfolio in year three. (4 marks)

Professional marks will be awarded in question 4 for clarity and quality of discussion. (2 marks)

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第10题

（a) The objective of IAS 10 Events after the Reporting Period is to prescribe the treatmen

(a) The objective of IAS 10 Events after the Reporting Period is to prescribe the treatment of events that occur after an entity’s reporting period has ended.

Required:

Define the period to which IAS 10 relates and distinguish between adjusting and non-adjusting events.

(5 marks)

(b) Waxwork’s current year end is 31 March 2009. Its financial statements were authorised for issue by its directors on 6 May 2009 and the AGM (annual general meeting) will be held on 3 June 2009. The following matters have been brought to your attention:

(i) On 12 April 2009 a fire completely destroyed the company’s largest warehouse and the inventory it

contained. The carrying amounts of the warehouse and the inventory were $10 million and $6 million

respectively. It appears that the company has not updated the value of its insurance cover and only expects

to be able to recover a maximum of $9 million from its insurers. Waxwork’s trading operations have been

severely disrupted since the fire and it expects large trading losses for some time to come. (4 marks)

(ii) A single class of inventory held at another warehouse was valued at its cost of $460,000 at 31 March

2009. In April 2009 70% of this inventory was sold for $280,000 on which Waxworks’ sales staff earned

a commission of 15% of the selling price. (3 marks)

(iii) On 18 May 2009 the government announced tax changes which have the effect of increasing Waxwork’s

deferred tax liability by $650,000 as at 31 March 2009. (3 marks)

Required:

Explain the required treatment of the items (i) to (iii) by Waxwork in its financial statements for the year

ended 31 March 2009.

Note: assume all items are material and are independent of each other. (10 marks as indicated)

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第11题

（c) In October 2004, Volcan commenced the development of a site in a valley of ‘outstandin

(c) In October 2004, Volcan commenced the development of a site in a valley of ‘outstanding natural beauty’ on

which to build a retail ‘megastore’ and warehouse in late 2005. Local government planning permission for the

development, which was received in April 2005, requires that three 100-year-old trees within the valley be

preserved and the surrounding valley be restored in 2006. Additions to property, plant and equipment during

the year include $4·4 million for the estimated cost of site restoration. This estimate includes a provision of

$0·4 million for the relocation of the 100-year-old trees.

In March 2005 the trees were chopped down to make way for a car park. A fine of $20,000 per tree was paid

to the local government in May 2005. (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.

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