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中新国际财经 ACCA F1-F9 模拟试题汇总答案
中新国际财经 ACCA 模拟试题及答案
中新国际财经 ACCA 模拟试题汇总（F1-P3）
（针对 2008 年 12 月份考试）
PAPER F1 Accounting in Business
-- Prepared by Sunny Sun
QUESTION
1. Which of the followings belongs to UK Equal Opportunity legislation?
i） Disable person 1944 ＆ 1958
ii） Equal pay Act
iii）Rehabilitation of offender Act
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iv）Health and Safety at work 1974
v） Employment Act 2002
A. i)
ii)
iii)
v)
B. i)
iii)
iv)
C. i)
ii)
iii)
iv)
D.
All above
2. A combination of unacceptably high unemployment and unacceptably high inflation
is
call________. Which one of followings can complete the sentence?
A. Inflation
B. Deflation
C. Depression
D. Stagflation
3. Which one of the followings is NOT the suitable solution for clearing with balance
of payment
deficit?
A.
Depreciation
currehttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5ncy
B.
Import quotas and tariff
C.
Reduce to domestic demand
D.
Increase to domestic demand
of
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4. Inflation can have negative effect on macro-economic.
A.
True
B.
False
5. Fiscal economic policy refer to government use___; ___to influence the aggregate
demand .Monetary policy refer to government use___; ___; ___to influence the
aggregate
demand.
A.
Taxation, Government spending, Exchange rate, Money supply. Interest rate
B.
Money supply, Interest rate, Taxation, Government spending, Exchange rate.
C.
Exchange rate, Interest rate, Government spending, Money supply, Taxation
D.
Government spending, Money supply, Interest rate, Exchange rate, Taxation
6. Which one of followings is NOT a main accounting function in an organization?
A.
Financial
accounting
extehttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5rnal
purposes.
B.
Internal audit function for checking the control system
for
reporting
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C.
Management accounting and cost accounting.
D.
Financial management for fund rising and investment appraisal.
7. Which one of followings is NOT the purpose of the internal control system?
A.
Safeguard assets prevent and detect frauds and errors.
B.
To provide the timely and accurate management information for effective operation
of
company.
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C.
To make sure company will going concern forever.
D.
To make sure the quality of financial statement for external reporting purposes.
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8.
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5Which
one
of
following is NOT the computer input control?
A.
Pre-list
B.
Control total
C.
Post-list
D.
Hush
total
9. Which one of the following is NOT the purpose of good corporate governance?
A.
Balance to power of the board of directors
B.
Increase to transparent of management information
C.
Make sure company emphasis on internal control system.
D.
Make sure the directors have a high quality career development.
10. The member of nomination committee, remuneration committee and audit committee
are
mainly consisting the majority of non-executive directors.
A.
True
B.
False
11. Which one of the followings is NOT the type of Handy’s four types of culture?
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A. Power culture
B. Power distance
C. Person culture
D. Role culture
12. Whttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5hich one of the
following are components of Mintzberg’s organization configurations.
i)
Strategic apex
ii)
Middle line
iii)
Operating core
iv)
Firm infrastructure
v)
Technology development
vi)
Techno-structure
A. i)
ii)
iii)
v)
B. i)
ii)
iii)
vi)
C. i)
iii)
D. All above
13. The informal organization fills the gap left by formal organization.
A. True
B. False
14. Which one of the followings is NOT preventive control?
v)
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A. Check the credit rating before issue the sale order
B. Two signatures required before issue a payment document
C. Preparation of bank reconciliation statement
D. Input control such as password and reasonable check.
15. Types of system
Types of decisions
M
I
S
Un-http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5structured
E S S
Structured
D S S
Semi-structure
O A S
Word-process
(Question 15 is not the ACCA paper F1 exam style question, only for knowledge testing
purposes)
16. Which one of the followings is NOT the procedure related to selection?
A. Induction program
B. Sorting and short-listing the Candidates
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C. Selection interview
D. Job advertisement
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17. Which one of followings is NOT the characteristic related to informal
organization?
A. Informal communicate referred to “grapevine”
B.
Informahttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5l
working
style referred to “short-cut”
C. Informal membership referred to “cliques and buddies”
D. Informal leadership referred to “legitimate and position power”
18. Which one of followings is NOT the fundamental principle of ACCA Code of Ethics
and
Conduct?
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A. Professional competence and due care
B. Confidentiality
C. Objectivity
D. Independence
19. Span of control refers to number of subordinates reporting to their superior.
A. True
B. False
20. Scalar chain refers to chain of authority running from the top of the organization
hierarchy to
the bottom.
A. True
B. False
21. Which one of the followings is NOT the factor which can influence the span of
control?
A.
The
nature
of
manager’s
work
load
B.
Time
consuming
problems://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5ar
C. The ability of manager’s
D. Centralization or decentralization
22. Which of the followings factors can shape the culture of an organization?
ⅰ) organization founder and his beliefs
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ⅱ) organization history, stories, rituals and norms legitimatized
ⅲ) organization’s environment
ⅳ) past and preceding management leadership
ⅴ) HR policy and staff turnover
A.ⅰ) ⅱ) ⅲ)
B.ⅰ) ⅱ) ⅲ) ⅳ)
C.ⅰ) ⅱ) ⅴ)
D. All above
23. Which of the following areas should the UK equal opportunity legislation cover?
A. When recruitment and selection
B. When training, promoting and appraisal
C. When leaving the organization
D. All above
24. The term of bribery is same as grease money.
A. True
25.
B. False
Which
one
of
the
following
is
componenthttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
activities according to Michael
Porter’s value chain?
NOT
the
of
primary
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A. Procurement
B. In bound logistic
Real wage
C. Operation
D. Outbound logistics
Time to match job
Fictional
Cycles of economy
Structural
Industry structure change
Cyclical of demand
Trade union or minimum wages
(Question 26 is not the ACCA paper F1 exam style question, only for knowledge testing
purposes)
27. Which one of the followings is NOT the function of management according to Fayol’s
theory?
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A. Planning
B.http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
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Organizing
C. Co-Coordinating
D. Decision making
28. Which one of the following is NOT the feature of Talyor’s scientific management
theory?
A. Work study techniques
B. Planning and doing were separated
C. Job itself can be a motivating factor
D. Job were micro-designed
29. Which one of followings is NOT the element in Minizberg’s manager roles theory?
A. Communicational
B. Informational
C. Interpersonal
D.
Decisional
30. Contingency management theory can be defined as "There is no one right way to
lead that
will fit all situation”.
A.True
B. False
31. Which one of followings best described the (9.9) management type according to
Blake and
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Mouton’s management Grid model?
A. Country club
B. Director
C. Team
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
D. Middle of the road or the dampened pendulum
32. Which one of the followings is NOT the feature of a team?
A.Complementary skill
B. Mutually accountable
C. Concern with both task and people
D. Decision making by team leader
33.Which one of the followings is NOT the stage related to Tuckman's theory?
A. Dorming
B. Performing
C. Forming
D. Norming
34. Linda is a team leader in charge of a research project. Now the team has fulfilled
its objective
and recently there is no other work which will be given to the team. Which stage is
this team in
according to team development stage theory?
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A. Dorming
B. Mourning
C. Adjourning
D. Norming
35. Wendy is very sociable extrovert and communicative, she has very rich social
network,http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5 and
always use her personal influence power to help team to get necessary resource.
According
to Belbin’s team role theory .Which is the role of Wendy?
A.Shaper
B. Plant
C. Coordinator
D. Resource investigator
36. The ACCA qualification is useful and valuable to your professional career and
if you do your
best and practice more, you will pass it highly likely. Which motivation theory can
best
describe the above sentences?
A. Content theory
B. Process theory
C. Position theory
D. Hygiene theory
37.Which one of followings in NOT the limitation of Maslow's hierarchy of needs?
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A. Individual may have several needs at the same time
B. The theory ignores the ‘deferred’ need.
C. Once satisfied the level of needs is no longer motivates the individual
D.
The
actualization
is
highttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5hly subjective and
quite abstract
38. Which one of following is not the type of motivating needs according to
McClelland's theory?
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A.The need for power
C. The need for social relationship
B. The need for achievements
D. The need for affiliation
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39. Annan is a sale assistant. Previously, she followed the instruction from her
superior. Recently,
her superior empower the right to her and allows her to prepare the sales plan by
herself.
According to Histzberg's motivation theory which one of following can describe the
above job
redesign?
A. Job rotation
Bhttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5.
Job enrichment
C. Job enlargement
D. Job analysis
40. The word selection can be interchangeable used as recruitment in the context of
human
resource management.
A.True
B. False
41. Lannon is a salesman. At the start of this month, she agreed with her manager
to achieve 300
unit of company product to be sold .her manager also premised to her. If she can achieve
this
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target, the manger will give her ?100 bonus. Which one of the followings methods
related to
the target of 300 units to be sold?
A. Overall assessment
B. Grading
C. Results oriented schemes
D. Guided assessment
42. In the appraisal interview, which one of the followings is NOT the communication
method
according to Maier’s theory?
A.
The
tell
and sell
method
B.
The
tell
and
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5listen method
C. The listen and talk method
D. Problem solving method
43. Lulu is a marketing staff. She is excited by participation and enjoys the pressure
from new
projects. When she is in the day release course she is always sleep in the class.
According
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to Honey and Mumford four learning styles theory, which one of the followings learning
type
Lulu belongs to?
A.Pragmatists
B. Activists
C. Reflectors
D. Theorist
44.Which one of the following is NOT the Non-verbal communications?
A.Gestures
B. Speech
C. Facial expression
D. Posture
45. The term of training is same as development. The term of coaching is same as
mentoring.
A. True
B. False
46. Which one of followings is NOT the factor which can lead the inflation?
A.Dehttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5mand pull factors
B. Cost push factors
C. Unemployment factors
D. Excessive growth in the money supply.
47. "Pay was assumed to be only important motivating force" which one of followings
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management theory relate to the above sentences?
A. Classical scientific theories
C. Contingency theory
B. Human relations school
D. Style theory
48. "If the leader is liked and trusted by the group; the tasks of group are clearly
defined and the
position power of the leader is high” The leader should adopt the psychologically
close
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manhttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5ager
Fiedler’s two types of leader theory.
A.True
B. False
according
to
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49. Which of the followings relates to the limitation of internal controls?
i )
Cost-effectiveness
ii )
Potential for human error of fraud
iii )
iv )
v )
Collusion between employees
Control being by-passed by management
Controls being designed to cope wish routine and not non-routine transitions.
A. i)
ii)
iii)
iv)
B. i)
iii)
iv)
C. ii)
Above all
50. IASB is the same as IAASB which issues the IAS and IFRS
A. True
B. False
PAPER F2 Management Accounting
-- Prepared by Frank Gao
QUESTION
iii)
iv)
D.
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1. The following graph relates to a linear programming problem:
The
objective
is
to
maximise
contribution
and
the
dotted
line
onhttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5 the graph depicts
this function.
There are three constraints which are all of the “less than or equal to” type which
are depicted on the
graph by the three solid lines labelled (1), (2) and (3).
At which of the following intersections is contribution maximised?
A. Constraints (1) and (2)
B. Constraints (2) and (3)
C. Constraints (1) and (3)
D. Constraint (1) and the x-axis
2. Four vertical lines have been labelled G, H, J and K at different levels of activity
on the following
profit-volume chart:
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Which line represents the total contribution at that level of activity?
://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5A. Line G
H
C. Line J
B. Line
D. Line K
3. An organisation has the following total costs at three activity levels:
Activity level (units)
Total cost
?204,000
7,000
?250,000
12,000
15,000
?274,000
Variable cost per unit is constant within this activity range and there is a step
up of 10% in the total
fixed costs when the activity level exceeds 11,000 units.
What is the total cost at an activity level of 9,000 units?
A. ?220,000
B. ?224,000
C. ?227,000
D. ?234,000
4. An organisation manufactures and sells a single product which has a variable cost
of ?24 per unit
and a contribution to sales ratio of 40%. Total monthly fixed costs are ?720,000.
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What is the monthly breakeven point (in units)?
A. 18,000
B. 20,000
C. 30,000
D.
45,000://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5par
5. The following statements refer to qualities of good information:
(i) It should be communicated to the right person.
(ii) It should be accurate before it is used.
(iii) It should be understandable by the recipient.
Which of the above statements are correct?
A. (i) and (ii) only
B. (i) and (iii) only
C. (ii) and (iii) only
D.
(i), (ii) and (iii)
6. A company has established a marginal costing profit of ?72,300. Opening stock was
300 units and
closing stock is 750 units. The fixed production overhead absorption rate has been
calculated as
?5/unit.
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What was the profit under absorption costing?
A. ?67,050
B. ?70,050
C. ?74,550
D. ?77,550
7. Which of the following is correct?
A. Quantitative data is numerical information.
B. Ihttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5nformation can only
be extracted from external sources.
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C. Operational information gives details of long-term plans only.
D. Data is processed information.
8. Regression analysis is being used to find the line of best fit (y = a
bx) from
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five pairs of data. The
calculations have produced the following information:
??x = 129 ??y = 890 ??xy = 23,091 ??x2 = 3,433 ??y2 = 29,929
What is the value of ‘a’ in the equation for the line of best fit (to the nearest
whole number)?
A. 146
9.
Which
B. 152
of
the
C. 210
following
is
D. 245
a
feasible
value
for
a
cohttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5rrelation
coefficient?
A.
1·2
B.
0.9
C. –1·2
D. –2·0
10. A company manufactures one product which it sells for ?40 per unit. The product
has a
contribution to sales ratio of 40%. Monthly total fixed costs are ?60,000. At the
planned level of
activity for next month, the company has a margin of safety of ?64,000 expressed in
terms of sales
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value.
What is the planned activity level (in units) for next month?
A. 3,100
B. 4,100
C. 5,350
D. 7,750
11. A jobbing company operates a premium bonus scheme for its employees of 75% of
the time saved
compared with the standard time allowance for a job, at the normal hourly rate.
According to the
company policy, the guaranteed pay for each job is ?102.The data relating to Job 1206
completed
by an employee is ashttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
follows:
Allowed time for Job 1206
Normal hourly rate of pay
14 hours ?8 Time taken to complete Job 1206
What is the total pay of the employee for Job 1206?
A. ?104
B. ?110
C. ?102
D. ?108
10 hours
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12. A paint manufacturer has a number of departments. Each department is located in
a separate
building on the same factory site. In the mixing department the basic raw materials
are mixed
together in very large vessels. These are then moved on to the colour adding department
where
paints of different colours are created in these vessels. In the next department –
the pouring
department – the paint is poured from these vessels into litre sized tins. The tins
then go on to the
labelling department prior to going on to the finished goods department.
The
following
statements
relate
to
the
painhttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5t manufacturer:
(i) The mixing department is a cost centre.
(ii) A suitable cost unit for the colour adding department is vessel.
(iii) The pouring department is a profit centre.
Which statement or statements is/are correct?
A. (i) only
only
B. (i) and (ii) only
C. (i) and (iii) only
D. (ii) and (iii)
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[email protected]
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13. The following statements relate to spreadsheets:
(i) A spreadsheet consists of records and files.
(ii) Most spreadsheets have a facility to allow data within them to be displayed
graphically.
(iii) A spreadsheet could be used to prepare a budgeted profit and loss account.
(ivhttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5) A spreadsheet is
the most suitable software for storing large volumes of data.
Which of the above statements are correct?
A. (i) and (ii) only
(iii) and (iv) only
B. (i), (iii) and (iv) only
C. (ii) and (iii) only
D.
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14. A company uses absorption costing with a predetermined hourly overhead absorption
rate. The
following situations have both occurred:
(i) Actual overhead expenditure exceeded planned expenditure; and
(ii) Actual hours worked were less than the planned hours.
Which of the following statements is correct?
A. Situation (i) would cause overheads to be over absorbed and situation (ii) would
cause
overheads to be under absorbed.
B. Situation (i) would cause overheads to be under absorbed and situation (ii) would
cause
overheads to be over absorbed.
C.
Both
situations
would
cause
overheads
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5to be over absorbed.
D. Both situations would cause overheads to be under absorbed.
15. A company operates a job costing system. Job 812 requires ?60 of direct
materials, ?40 of direct
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labour and ?20 of direct expenses. Direct labour is paid ?8 per hour. Production
overheads are
absorbed at a rate of ?16 per direct labour hour and non-production overheads are
absorbed at a
rate of 60% of prime cost.
What is the total cost of Job 812?
A. ?240
B. ?260
C. ?272
D. ?320
16. At the end of manufacturing in Process I, product K can be sold for ?10 per litre.
Alternatively
product K could be further processed into product KK in Process II at an additional
cost of ?1 per
litre input into this process. Process II is an existing process in which a loss of
10% of the input
volume occurs. At thhttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5e
end of the further processing, product KK could be sold for ?12 per litre.
Which of the following statements is correct in respect of 9,000 litres of product
K?
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A. Further processing into product KK would increase profits by ?9,000.
B. Further processing into product KK would increase profits by ?8,100.
C. Further processing into product KK would decrease profits by ?900.
D. Further processing into product KK would decrease profits by ?1,800.
The following information relates to questions 17 and 18:
The standard direct material cost for a product is ?50 per unit (12·5 kg at ?4 per
kg). Last month
the actual amount paid for 45,600 kg of material purchased and used was ?173,280 and
the direct
material usage variance was ?15,200 adverse.
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17. What was the direct material price variance last month?
A. ?8,800 Adverse
B. ?8,800 Favourable
C. ?9,120 Adverse
D. ?9,120
Favourable
18. What was the actual production last month?
A. 3,344 units
B. 3,520 units
C. 3,952 units
D. 4,160
units
19. Equipment owned by a company has a net book value of ?1,800 and has been idle
for some
months. It could now be used on a six months contract which is being considered. If
not used on
this contract, the equipment would be sold now for a net amount of ?2,000. After use
on the
contract, the equipment would have no saleable value and would be dismantled. The
cost of
dismantling
and
disposing
of
it
would
be ?200.://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5ar
What is the total relevant cost of the equipment to the contract?
A. ?1,200
B. ?1,800
C. ?2,000
D. ?2,200
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20. A contract is under consideration which requires 800 labour hours to complete.
There are 450
hours of spare labour capacity for which the workers are still being paid the normal
rate of pay. The
remaining hours required for the contract can be found either by overtime working
paid at 50%
above the normal rate of pay or by diverting labour from the manufacture of product
OT. If the
contract is undertaken and labour is diverted, then sales of product OT will be lost.
Product OT
takes seven labour hours per unit to manufacture and makes a contribution of ?14 per
unit. The
normal rate of pay for labour is ?8 per hour.
What is the total relevant labour cost to the contract?
A.
B. ?4,200
?3,500http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
C. ?4,500
D. ?4,900
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21. A company determines its order quantity for a raw material by using the Economic
Order Quantity
(EOQ) model.
What would be the effects on the EOQ and the total annual holding cost of a decrease
in
the cost of ordering a batch of raw material?
EOQ Total annual holding cost
A. Higher Lower
B. Higher Higher
C. Lower Higher
D. Lower Lower
22. A company manufactures two products, X and Y, in a factory divided into two
production cost
centres, Primary and Finishing. The following budgeted data are available:
Cost centre
Primary
Finishing
Allocated and apportioned fixed
overhead costs
?96,000
?82,500
Direct labour minutes per unit:
– product X
36
25
– product Y
48
35
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://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5parBudgeted production is
6,000 units of product X and 7,500 units of product Y.
Fixed overhead costs are to be absorbed on a direct labour hour basis.
What is the budgeted fixed overhead cost per unit for product Y?
A. ?11
B. ?12
C. ?14
D. ?15
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23. A company has three shops (R, S and T) to which the following budgeted information
relates:
Shop R
Shop S
Shop T
?000
––––
Less: Fixed costs
Total
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Profit/(Loss)
80 Sales
(70)
(10)
––––
?000
400
500
?000
600
?000 –––– ––––
1,500 Contribution
–––– (70)
100
60
120
50
(200)
280 (60)
40
––––://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5ar
––––
––––
–––– ––––
––––
––––
60% of the total fixed costs are general company overheads. These are apportioned
to the
shops on the basis of sales value. The other fixed costs are specific to each shop
and are
avoidable if the shop closes down.
If shop S is closed down and the sales of the other two shops remained unchanged,
what would be the revised budgeted profit for the company?
A. ?50,000
B. ?60,000
C. ?70,000
D. ?90,000
24. An organization manufactures a single product which has a variable cost of ?36
per unit. The
organization’s total weekly fixed costs are ?81,000 and it has a contribution to
sales ratio of 40%.
This week it plans to manufacture and sell 5,000 units.
What is the organization’s margin of safety this week (in units)?
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A.
1,625
B.
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5 C. 3,375
2,750
D.
3,500
25. An organization has the following total costs at two activity levels:
Activity level (units)
Total costs
?380,000
15,000
24,000
?470,000
Variable cost per unit is constant in this activity range but there is a step up of
?18,000 in the total fixed costs when the activity exceeds 20,000 units.
What are the total costs at an activity level of 18,000 units?
A. ?404,000
B. ?410,000
C. ?422,000
D. ?428,000
26. The following statements refer to different types of planning within a
manufacturing organization:
(i) Operational planning includes the scheduling of work to be done in the short term.
(ii) Tactical planning includes consideration of ways in which the productivity of
the factory
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workforce could be improved.
(iii)
Strategic
planning
includhttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5es the setting of
the organization’s long term objectives.
Which of the statements are correct?
A. (i) and (ii) only
B. (i) and (iii) only
C. (ii) and (iii) only
D. (i),
(ii) and (iii)
27. The following statements relate to spreadsheets:
(i) A spreadsheet is the most suitable software for the storage of large amounts of
data.
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(ii) A spreadsheet consists of rows, columns and cells.
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(iii) A forecast profit and loss account could be prepared using a spreadsheet.
Which of the statements are correct?
A. (i) and (ii) only
B. (i) and (iii) only
C. (ii) and (iii) only
(ii) and (iiihttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5)
28. Data relating to one particular stores item are as follows:
Average daily issues
70 units
Maximum daily issues
90 units
Minimum daily issues
50 units
Lead time for the replenishment of stock
Reorder quantity
Reorder level
11 to 17 days
2,000 units
1,800 units
What is the maximum stock level (in units) for this stores item?
A. 2,950
B. 3,100
C. 3,250
D. 3,800
D. (i),
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29. A company determines its order quantity for a component using the Economic Order
Quantity
(EOQ) model.
What would be the effects on the EOQ and the total annual ordering cost of a decrease
in
the annual cost of holding one unit of the component in stock?
EOQ
A
Total annual ordering cost
Lower
No effect
B
Higher
No
effechttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5t
C
Lower
Higher
D
Higher
Lower
30. A company operates a job costing system. Job number 607 requires ?300 of direct
materials,
?400 of direct labour and ?100 of direct expenses. Direct labour is paid at a rate
of ?8 per hour.
Production overheads are absorbed at a rate of ?40 per direct labour hour and
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non-production
overheads are absorbed at a rate of 150% of prime cost.
What is the total cost of job number 607?
A. ?3,750
B. ?3,850
C. ?4,000
D. ?4,200
31. A company uses absorption costing with a predetermined hourly fixed overhead
absorption rate.
The following situations arose last month:
(i) Actual overhead expenditure was less than the planned expenditure.
(ii) Actual hours worked exceeded planned hours.
Which statement is correct?
A. Situation (i) wohttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5uld
cause overheads to be under absorbed and situation (ii) would cause
overheads to be over absorbed.
B. Situation (i) would cause overheads to be over absorbed and situation (ii) would
cause
overheads to be under absorbed.
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[email protected]
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C. Both situations would cause overheads to be over absorbed.
D. Both situations would cause overheads to be under absorbed.
32. A company manufactures two products K1 and K2 in a factory consisting of two cost
centres, Y
and Z. The following budgeted data are available:
Cost centre
Y
Allocated and apportioned fixed
overhead
costs
?576,000
?288,000://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf
11e4f5
Direct labour hours per unit:
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Product K1
Product K2
5
3
2 4
Z
Budgeted output is 12,000 units of each product. Fixed overhead costs are absorbed
on a direct
labour hour basis.
What is the budgeted fixed overhead cost per unit for product K2?
A. ?34
B. ?36
C. ?38
D. ?42
33. A factory consists of two production cost centres (P and Q) and two service cost
centres (T and V).
The total overheads allocated and apportioned to each cost centre are as follows:
P
Total overheads
The work done by the service cost centres can be represented as follows:
P
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Percentage of service cost centre V to:
The service cost centre costs are apportioned to production cost centres using a
method that fully
recognises
any
work
done
byhttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
one
service
cost
centre for another.
What are the total overheads for production cost centre P after the reapportionment
of all
service cost centre costs?
A. ?325,600
B. ?349,600
C. ?355,000
D. ?379,000
The following information relates to questions 34 and 35:
A company operates a process costing system using the first-in-first-out (FIFO)
system of
valuation. No losses occur in the process. The following data relate to last month:
Units
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Opening work-in-progress
200 with a total value of ?1,530
Input to the process
1,000
Completed production
1,040
Last month the cost per equivalent unit of production was ?20 and the degree of
completion of the
work-in-progress was 40% throughout the month.
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Q
T
V ?140,000
?180,000
of service cost centre T to:
?120,000 ?128,000
70%
30%
–
Q
– 40%
T
30%
V
– Percentage
30%
34. What was the value (at cost) of last month’s closing work-in-progress?
A. ?1,224
B. ?1,280
C. ?1,836
D. ?1,920
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35. What was the cost of the 1,040 units completed last month?
A. ?19,200
B. ?19,930
C. ?20,730
D. ?20,800
36. The following statements relate to the calculation of the regression line y =
a
bx using the
information on the formulae sheet at the end of this examination paper:
(i) ??xy is calculated by multiplying ??x by
(ii)
??y2
is
not
??y.
the
same
as
(http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5??y)2 .
(iii) n represents the number of pairs of data items used.
Which statements are correct?
A. (i) and (ii) only
B. (i) and (iii) only
C. (ii) and (iii) only
D. (i), (ii)
and (iii)
37. Which of the following correlation coefficients indicates the weakest
relationship between
two variables?
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A.
0·9
B. – 0·6
C. – 0·8
D. – 1·0
38. The following statements relate to responsibility centres:
(i) The manager of a revenue centre is responsible for sales and costs in a segment
of an
organisation.
(ii) Return on capital employed is a suitable measure of performance in a profit
centre.
(iii) Cost centres are found in manufacturing and service organisations.
Which of the statements, if any, is correct?
A.
(i)
only
B. (ii)
only
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
C.
(iii) only
D. None of
them.
39. A company operates a standard absorption costing system in which the standard
fixed production
overhead rate is ?9 per hour.
The following data relate to last month:
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Budgeted hours
8,000
Standard hours for actual production
Actual hours worked
8,200
8,400
What was the fixed production overhead capacity variance for last month?
A. ?1,800 Adverse
B. ?1,800 Favourable
C. ?3,600 Adverse
D. ?3,600
Favourable
40. A company operates a standard marginal costing system. Last month the company
sold 200 units
more than it planned to sell. The following data relate to last month:
Standard
?
Actual
?
Selling price per unit
40
38
Variable cost per unit
30
29
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CBD 教
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E-mail: [email protected]
[email protected]
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What was the favourable sales volume contribution variance last month?
A. ?1,600
B. ?1,800
C. ?2,000
D. ?2,200
41. Which of the following should be classified as indirect labour?
A. Machine operators in a factory producing furniture
B. Lawyers in a legal firm
C. Maintenance workers in a power generation organisation
D. Lorry drivers in a road haulage company.
42. Which of the following should NOT be classified as a service cost centre in a
manufacturing organisation?
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A. Factory canteen
B. Stores
C. Materials handling department
D. Final product inspection department
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
43. A firm has to pay a ＆0.5 per unit royalty to the inventor of a device which it
manufactures
and sells.
The royalty charge would be classified in the firm’s accounts as a:
A. selling expense
B. direct expense
C. production overhead
administration overhead
44. Which one of the following would be classified as indirect labor?
A. Assembly workers on a car production line
B. Bricklayers in a house building company
C. Machinists in a factory producing clothes
D. Forklift truck drivers in the stores of an engineering company
D.
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45. In a period, a company had opening inventory of 31,000 units of product G and
closing
inventory or 34,000 units. Profits based on marginal costing were ￡850,500 and
profits
based on absorption costing were ￡955,500.
If
the
budgeted
fixed
costs
for
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5for
the
the
company
period
were
￡1,837,500, what was the
budgeted level of activity?
A. 24,300 units
B. 27,300 units
C. 52,500 units
D. 65,000 units
46. The production budget is calculated by taking the sales budget adding the opening
inventory of
finished goods and subtracting the closing inventory of finished goods.
The statement is:
A. True
B. False
47. A company uses process costing to establish the cost per unit of its output.
The following information was available for the last month:
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Input units
10,000
Output units
9,850
Opening stock
300 units, 100% complete for materials and 70%
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zxihttp://www.mianfeiwendang.com/doc/[email protected]
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complete for conversion costs
Closing stock
450 units, 100% complete for materials and 30%
complete for conversion costs
The company uses the weighted average method of valuing stock.
What were the equivalent units for conversion costs?
A. 9,505 units
B. 9,715 units
C. 9,775 units
D. 9,985 units
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48. A company has calculated its margin of safety as 20% on budgeted sales and budgeted
sales are 5,000 units per month.
What would be the budgeted fixed costs if the budgeted contribution was ＆25 per
units?
A. ＆100,000
B. ＆125,000
C. ＆150,000
D. ＆160,000
49. A law firm recovers overheads on chargeable consulting hours. Budgeted overheads
were ＆
615,000
and
actual
consulting
hours
were
32,150.
overheads
were
under-recovhttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5ered by ＆
35,000.
If actual overheads were ＆694,075, the budgeted overhead absorption rate per hour
is:
A. ＆20.21
B. ＆20.50
C. ＆21.59
D. ＆22.68
50. The following diagram represents a profit/volume chart for an organization:
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At the specific levels indicated what do the lines “G” and “H” represent?
Line “G”
Line”H”
A.
Loss
Profit
B.
Loss
Contribution
C.
Contribution
Profit
D.
Contribution
Contribution
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PAPER F3 Financial Accounting
-- Prepared by Susan Shui
QUESTION
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1.
ABC prepares itshttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
accounts to a 30 June year end. Its accounts for the year ended 30th
September 20x8 are approved on 12th January 20x9 and issued on 20th February 20x9
and
opened the shareholders meeting on April 30th 20x9.
Which of the following is an adjusting post balance event.
A: A fire destroys inventory which cost $ 1,800 on 3rd December 20x8.
B: A credit customer with an outstanding balance at the year end was declared bankrupt
on
20th January 29x9.
C: Inventory value at a cost of $ 900 in the year end accounts was sold for $ 500
on 11th
January 20x9.
D: An ordinary dividend of 4c per share was declared on 1st December 29x8.
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2. Mr. C’s sales ledger control account shows a balance at the end of the year of
$ 58,200 before
making the following adjustments:
(1)
C
wishes
to
write
off
debts
tohttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
$
amounting
8,900
as
he
believes that are irrecoverable.
(2) He also wishes to make specific allowance for D’s debts of $ 1,350 and E’s debt
of $ 750.
(3) He wishes to maintain a general allowance of 3% of the year end receivable balance.
C’s allowance for receivables at the prior year end was $ 5,650.
What is the charge to the income statement in respect of the above?
A: $ 6,766
3. In times of
B: $ 11,034
C: $ 6,829
D: $ 10, 971
falling prices, the historical cost convention
(1) understates asset values and profits
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(2) understates asset values and overstates profits
(3) overstates asset values and profits
(4) overstates asset values and understates profits
4. Which of the following characteristics of financial information contribute to
reliability according
to
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5the
IASB’s
Framework for the Preparation and presentation of Financial Statements?
(1) Completeness
(2) Prudence
(3) Neutrality
(4) Faithful representation
(5) Comparability
(6) Timely
A: 1, 2, 3, 4
1, 5, 6
B: 1, 2, 3
C: 1, 2, 4
D: 2, 3, 4
E:
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海淀教学区
CBD 教学区
电 话：010-62124759/ 0842
010-62120859/ 3959 转 802/ 3/ 4
电 话：010-51019810
51019811
E-mail: [email protected]
[email protected]
地 址：朝阳区永安里北京
铁路宾馆西
5. A firm’s cash book at 30 June 20x7 shows a balance at the bank of $ 2,490. comparison
with
the bank statement at the same date reveals the following differences:
Un-presented cheque
840
Bank charges not in cash book 50
Receipts not yet credited by the bank
470
Dishonored chequehttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5 not
in cash book
140
The correct bank balance at 30 June 20x7 is:
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A: $ 1,460
B: $ 2,300
C: $ 2,580
D: $ 3, 140
6. The profit of a business may be calculated by using which one of the following
formulae?
A: opening capital – drawings
capital introduced – closing capital
B: closing capital
drawings – capital introduced – opening capital
C: opening capital
drawings – capital introduced – closing capital
D: closing capital – drawings
capital introduced – opening capital
7. Mr. Anderson runs business selling furniture. On January 3rd 20x7, he employed
his son as an
accountant for his business and took a cabinet from the store room for him to use
in the office.
Which is the double entry for this transaction:
A:
Dr:
Drawings
Cr:
cost
of
sales
B:
Dr:
Non-cuhttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5rrent assets Cr:
cost of sales
C: Dr: Cost of sales Cr: drawings
D: Dr: Cost of sales
Cr; Non-current
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assets
8. The trial balance of A shows total debits of $ 125,819 and total credits of $ 118,
251. Which of
the following explains the difference in full?
A: Discount allowed of $ 3,784 have been shown on the wrong side of the trial balance.
B: Discount received of $ 3,784 have been credited to the purchase ledger control
account.
C: The sales day book has been under cast by $ 7,568.
D: An opening accrual of $ 7,568 ahs been omitted from the rental expense accounts.
9. Mr. Write gives a cash discount of $40 to a customer. The discount is credited
to the discounts
allowed account.
The effect of recording the discount in this way is that profit will be:
A.
correct
B.
overstated
by
$80
underhttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5stated
D. understated by $40.
C.
by
$80
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10. Should dividend paid appeared on the face of the company’s income statement or
on the
statement of change in equity.
A: Income Statement
B: Statement of change in equity
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CBD 教学区
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[email protected]
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11. The purchase ledger control account below contains a number of errors:
12.The company's policy is to charge straight line depreciation at 20% per year on
a pro rata basis.
What should be the charge for depreciation in the company's income statement for the
year ended 31
December 20X7?
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A. $184,800
B. $192,600
C. $191,400
D. $184,200
://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5r
13. A and B are in partnership, sharing profits in the ratio 3:2 and preparing their
accounts to 30 June each
year. On 1 January 20X6, C joined the partnership and the profit sharing ratio became
4:3:3 (A:B:C).
Profits for the year ended 30 June 20X6 were:
$
Six months ended 31.12.X5
300,000
Six months ended 30.6.X6
450,000
An irrecoverable debt of $50,000 was written off in the six months ended 30 June X6
in
computingthe $450,000 profit. It was agreed that this should be borne by A and B only,
in their
original profit sharing ratios.
What is Albus' total profit share for the year ended 30 June 20X6?
A. $330,000
海淀教学区
B. $310,000
C. $340,000
D. $350,000
CBD 教学区
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电
话
：
010-62124759/
0842
010-62120859/
3959
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f54
转
802/
3/
电 话：010-51019810
51019811
E-mail: [email protected]
[email protected]
地 址：朝阳区永安里北京
铁路宾馆西
14. ABC, a company, makes two changes to accounting practice at the end of 20X7:
1
It changes the way in which it depreciates motor vehicles from 20% straight line
to 30%
reducing balance.
2
It starts to capitalize interest costs where allowed in accordance with the
relevant
standard. Previously it had adopted a policy of writing off all interest costs to
the income
statement.
What is the correct way to account for these two changes?
1
A.
2
Do not adjust opening reserves
Do not adjust opening reserves
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B.
Do not adjust opening reserves
C.
Adjust opening reserves
D.
Adjust opening reserves
Adjust opening reserves
Adjust
opening
reserhttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5ves
Do not adjust opening reserves
15. Which of the following statements about the treatment of inventory and work in
progress in
financial statements are correct?
(i) Inventory should be valued at the lower of cost, net realisable value and
replacement
cost.
(ii) In valuing work in progress, materials costs, labour costs and variable and fixed
production overheads must be included.
(iii) Inventory items can be valued using either first in, first out (FIFO) or weighted
average
cost.
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(iv) A company's financial statements must disclose the accounting policies used in
measuring inventories.
A. All four statements are correct.
B. 1,2 and 3 only
C. 2,3 and 4 only
D. 1 and
4 only
16. A draft cash flow statement contains the following:
$m
Profit
before
tax
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
Depreciation
22
8
Increase in inventories
(4)
Decrease in receivables
(3)
Increase in payables
(2)
Net cash inflow from operating activities
21
Which of the following corrections needs to be made to the calculations?
1 Depreciation should be deducted, not added
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2 Increase in inventories should be added, not deducted
3 Decrease in receivables should be added, not deducted
4 Increase in payables should be added, not deducted
A. 1 and2
B. 1 and3
C. 2 and4
D. 3 and4
17. Which of the following are books of prime entry?
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A. Sales day book and Trial balance
B. Petty cash book and accounts receivable
ledger
C. Petty cash book and journal
D. Cash book and asset register
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18. Which of the following statements is true?
A. The directors of a company are liable for any losses of the company.
B. A sole trader business is owned by shareholders and operated by the proprietor.
C. Partners are liable for losses in a partnership in proportion to their profit share
ratio.
D. A company is run by directors on behalf of its members.
19. Which of the following are documents issued by the customer in a transaction rather
than the
supplier?
A. Quotation, goods delivery note and debit note
B. Goods delivery note, remittance advice and sales order
C. Phttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5urchase order and
debit note
D. Sales order, purchase invoice and remittance advice
20. Which of the following are true?
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1
When there is a change in the structure of a partnership, the assets of the
business are
normally revalued.
2
Partnership goodwill can be calculated as a multiple of the previous year's
profit.
3
Partnership goodwill is only considered when a new partner joins or an old
partner
leaves the partnership.
A. 1 and2
B. 1 and3
C. 2 and3
D. All 3
21. A company's trial balance failed to agree, and a suspense account was opened for
the
difference. Subsequent checking revealed that discounts allowed of $13,000 had been
credited to the discounts received account and an entry on the credit side of the
cash book for
the
purchase
of
some
machinery
costing
$18,000
had
nhttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5ot been posted to the
plant and
machinery account.
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Which two of the following journal entries would correct the errors?
Debit
Credit
$
$
1
Discounts allowed
13,000
Discounts received
2 Discounts allowed
Discounts received
13,000
13,000
13,000
Suspense account
3 Suspense account
26,000
26,000
Discounts allowed
13,000
Discounts received
4 Plant and machinery
13,000
18,000
海淀教学区
电 话：010-62124759/ 0842
CBD 教学区
010-62120859/ 3959 转 802/ 3/ 4
电 话：010-51019810
51019811
E-mail: [email protected]
[email protected]
地 址：朝阳区永安里北京
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铁路宾馆西
Suspenshttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5e
account
18,000
5 Suspense account
18,000
Plant and machinery
A. 1 and4
18,000
B. 2 and 5
C. 2 and4
D. 3 and5
\par
22. A non-current asset was disposed of for $2,200 during the last accounting year.
It had been
purchased exactly three years earlier for $5,000, with an expected residual value
of $500,
and had been depreciated on the reducing balance basis, at 20% per annum.
The gain or loss on disposal was:
A. $360 loss
B. $150 loss
C. $104 loss
D. $200 profit
23. Extracts from the accounting records of A, a company, relating to the year ended
31
December 20X7 are as follows:
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Revaluation surplus
$230,000
Ordinary interim dividend paid
$12,000
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5Profit
before
tax
$178,000
Estimated tax liability for year
$45,000
8% ￡1 Preference shares
$100,000
Underprovision for tax in previous year
$5,600
Proceeds of issue of 2,000 ￡1 ordinary
Shares
$5,000
Final ordinary dividend proposed after year end
$30,000
What is the total change reported in the statement of changes in equity for the year?
A
$312,400
24. ABC
Project 1
The
B
$356,000
C
$348,000
D
$342,400
is engaged in the following research and development projects:
It is applying a new technology to the production of heat resistant fabric.
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project is intended to last for a further 18 months after which the fabric will be
used
in
the
ofhttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
production
uniforms
for
the
emergency services.
Project 2
It is considering whether a particular substance can be used as an
appetite
suppressant. If this is the case, it is expected be sold worldwide in chemists
and pharmacies.
Project 3
It is developing a material for use in kitchens which is self cleaning
and germ
resistant. A competitor is currently developing a similar material and for this
reason Geranium are unsure whether their project will be completed.
The costs associated with which of these projects can be capitalised?
A. Projects 1, 2 and 3
B. Projects 1 and 2
C. Project 1 only
D. Projects
1 and 3
25. You are given the following incomplete and incorrect extract from the income
statement of a
company that trades at a mark up of 25% on cost:
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$
$
海
淀
教
学
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
电 话：010-62124759/ 0842
010-62120859/ 3959 转 802/ 3/ 4
区
CBD 教学区
电 话：010-51019810
51019811
E-mail: [email protected]
[email protected]
地 址：朝阳区永安里北京
铁路宾馆西
Sales
174,258
Less: cost of goods sold
Opening inventory
Purchases
Closing
12,274
136,527
Gross profit
X
Having discovered that the sales figure should have been $174,825andthat purchase
returns
of $1,084and sales returnsof$1,146 have been omitted, the closing inventory should
be:
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A. $8,662
B. $8,774
C. $17,349
D. $17,458
26. At I October 20X6, O's capital was structured as follows:
$
Ordinary shares of 25c
100,000
Shahttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5re
premium
30,000
On 10 January 20X7, in order to raise finance for expansion, there was a 1 for 4 rights
issue at $1.15. The issue was fully taken up. This was followed by a 1 for 10 bonus
issue
on 1 June 20X7.
What is the balance on the share premium account after these transactions?
A. $17,500
B. $21,250
C. $107,500
D. $120,000
27. Jason performs an inventory count on 30 December 20X6 ahead of the 31 December
year
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end. He counts 1,200 identical units, each of which cost $50. On 31 December, David
sold
20 of the units for $48 each. What figure should be included in Jason's balance sheet
for
inventory at the year end?
A. $60,000
B. $59,000
C. $57,600
D. $56,640
28. The following bank reconciliation statement has been prepared by an inexperienced
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5bookkeeper
at
31
December 20X5:
$
Balance per bank statement (overdrawn)
38,640
Add: lodgments not
57,910
Less: unpresented Balance per cash book
43,650
What should the final cash book balance be when all the above items have been properly
dealt with?
A. $43,650 overdrawn
B. $33,630 overdrawn
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C. $5,110 overdrawn
D. $72,170 overdrawn
29. Classify the following amounts as current or non-current in Albatross, a limited
liability
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[email protected]
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company's accounts:
1. A sale has been mahttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5de
on credit to a customer. They have agreed to terms stating that
payment is due in 18 months time.
2. A bank overdraft facility of $30,000 is available under an agreement with the bank
which
extends 2 years.
3. A company has bought a small number of shares in another company which it intends
to
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trade.
4. A bank loan has been taken out with a repayment date 5 years hence.
Current
Non-current
A
2 and3
1 and 4
B
3 only
1,2 and 4
C
1,2 and 3
D
1 and 3
4
2 and 4
30. The following items have to be considered in finalising the financial statements
of Q, a limited
liability company:
1. The company gives warranties on its products. The company's statistics show that
about
5%
of
sales
give
rise
to
a
warranty
claim.http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
2. The company has guaranteed the overdraft of another company. The likelihood of
a liability
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arising under the guarantee is assessed as possible.
What is the correct action to be taken in the financial statements for these items?
Create a
Disclose by note
provision
only
A
1
B
2
1
C
No action
2
1 and 2
D
1 and 2
31. Which of the following statements are correct according to IAS 10 Events after
the balance
sheet date?
1
Details of all adjusting events must be disclosed by note to the financial
statements.
2
A material loss arising from the sale, after the balance sheet date, of inventory
valued
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at cost at the balance sheet date must be reflected in the financial statements.
3
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5If the market value
of investments falls materially after the balance sheet date, the
details must be disclosed by note.
4
Events after the balance sheet date are those that occur between the balance sheet
date and the date when the financial statements are authorised for issue.
A. l and 2 only
B. 1,3 and 4
C. 2 and 3 only
D. 2,3 and 4
32. A credit entry of $450 on X's account in the books of Y could have arisen by:
A. X buying goods on credit from Y
B. Y paying X $450
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C. Y returning goods to X
D. X returning goods to Y.
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33.
Inventories
should
be
valued
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5at the lower of cost and
net realisable value. Which ONE of the
following accounting concepts governs this?
A. Comparability
B. Prudence
C. Going concern
D. Materiality
34. ABC, a leasing apartment company, received cash totaling $838,600 from tenants
during the
year ended 31 December 20X6.
Figures for rent in advance and in arrears at the beginning and end of the year were:
31 December 20X5
$
31 December 20X6
$
Rent received in advance
102,600
Rent in arrears (all subsequently received)
42,300
88,700
48,400
What amount should appear in the company's income statement for the year ended 31
December 20X6 for rental income?
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A. $818,600
35.
B. $738,000
C. $939,200
Which
D. $858,600
of
the
fhttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5ollowing items could
appear as items in a company's cash flow statement?
1
A bonus issue of shares
2
A rights issue of shares
3
The revaluation of non-current assets
4
Dividends paid
A. All four items
B. 1,3 and 4 only
C. 2 and 4 only
D. 2 and 3 only
36. The Standards Advisory Council are responsible for:
(1)
issuing guidance in relation to emerging issues
(2)
advising the IASB on major standard-setting projects
A. 1 and2
B. 1 only
C. 2 only
D. neither 1 nor two
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37. The trial balance of MHSB does not balance at the year end. What type of error
may explain
this?
A. Extraction error
B. Error of commission
C. Compensating error
38.
Ellen
D. Error of original entry
is
registered
for
sales
thttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5ax. During May, she
sells goods with a tax exclusive price of
$600 to Kyle on credit. As Kyle is buying a large quantity of goods, Erin reduces
the price by
5%. She also offers a discount of another 3% if Kyle pays within 10 days. Kyle does
not pay
within the 10 days.
If sales tax is charged at 17.5%, what amount should Ellen charge on this transaction?
A. $96.60
B. $101.85
C. $99.75
D. $105.00
海淀教学区
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CBD 教学区
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电 话：010-51019810
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51019811
E-mail: [email protected]
[email protected]
地 址：朝阳区永安里北京
铁路宾馆西
39. Which of the following statements is true?
1. In a computerised system, all accounting personnel will have access to all records.
2.
The
general
ledger
in
a
computerised
system
tends
to
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5take the same format as
that in a
manual system, i.e. a number of T accounts.
A. Neither 1 nor 2
B. Both 1 and 2
C. 1 only
D. 2 only
40. Details of AIG's insurance policy are shown below:
Premium for year ended 31 March 20X6 paid April 20X5.
$10,800
Premium for year ending 31 March 20X7 paid April 20X6
$12,000
What figures should be included in the company's financial statements for the year
ended 30
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June 20X6?
Income Statement
Balance sheet
$
$
A.
11,100
9,000 prepayment
B.
11,700
9,000 prepayment
C.
11,100
9,000 accrual.
D.
11,700
9,000 accrual
41. A business' salehttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5s
(receivables) ledger control account did not agree with the total of the
balances on the receivables ledger. An investigation revealed that the sales day book
had
been overcast by $10. What effect will this have on the discrepancy?
A. the control account should be credited with $10
B. the control account should be debited with $10
C. the ledger total should be decreased by $10
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D. the ledger total should be increased by $10
42. A company's trial balance failed to agree, and a suspense account was opened for
the
difference.
Subsequent checking revealed that discounts allowed of $13,000 had been credited to
the
discounts received account and an entry on the credit side of the cash book for the
purchase
of some machinery costing $18,000 had not been posted to the plant and machinery
account.
Which
two
of
the
following
journahttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5l entries would
correct the errors?
Debit
Credit
$
$
1
Discounts allowed
13,000
Discounts received
6 Discounts allowed
13,000
13,000
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Discounts received
13,000
Suspense account
26,000
7 Suspense account
26,000
Discounts allowed
13,000
Discounts received
13,000
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Plant and machinery
18,000
Suspense account
18,000
9 Suspense account
18,000
Plahttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5nt
18,000
A. 1 and4
B. 2 and 5
C. 2 and4
D. 3 and5
and
machinery
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43. Which one of the following statements is correct?
A. The prudence concept requires assets to be understated and liabilities to be
overstated.
B. To comply with the law, the legal form of a transaction must always be reflected
in financial
statements.
C. If a non-current asset initially recognised at cost is revalued, the surplus must
be credited
in the income statement.
D. In times of rising prices, the use of historical cost accounting tends to understate
assets
and overstate profits.
44. A sales ledger control account showed a debit balance of $37,642. The individual
customers'
accounts in the sales ledger showed a total of $35,840. The difference could be due
to:
A.
undercasting
the
sales
day
book
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http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5by $1,802
B. overcasting the sales returns day book by $1,802
C. entering a cash receipt of $1,802 on the debit side of a customer's account
D. entering a cash discount allowed of $901 on the debit side of the control account.
45. Where, in a company's financial statements complying with International
accounting
standards, should you find the proceeds of non-current assets sold during the period?
A. Cash flow statement and balance sheet
B. Statement of changes in equity and balance sheet
C. Income statement and cash flow statement
D. Cash flow statement only
46. Which one of the following should be accounted for as capital expenditure?
A. The cost of painting a building.
B. The replacement of windows in a building.
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C. The purchase of a car by a garage for re-sale.
D. Legal fees incurhttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5red
on the purchase of a building.
47. Lee and Ham are in partnership, trading as 'Furniture'. They have made a profit
of $14,750 in
the year ended 31 May 20X5.
The partnership agreement provides for a salary of $12,000 to Lee and interest on
capital at
3%. Remaining profits are shared in the ratio 1:4 At the start of the year, Lee had
invested
$10,000 in the business and Ham $20,000.
What share of profit does Ham receive?
A. $370
B. $1,480
C. $2,080
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E-mail: [email protected]
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8
48. The sales account is:
A.
credited
with
the
total
of
sales
made,
including
sales
taxhttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
B. credited with the total of sales made, excluding sales tax
C. debited with the total of sales made, including sales tax
D. debited with the total of sales made, excluding sales tax.
49. Inventory movements for product X during the last quarter were as follows:
January
Purchases
10 items at$19.80 each
February
Sales
10items at $30 each
March
Sales
Purchases
20items at $24.50
5 items at$30 each
Opening inventory at 1 January was 6 items valued at $15 each.
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Gross profit for the quarter, using the continuous weighted average cost method would
be:
A. $135.75
B. $155.00
C. $174.00
D. $483.00
50. The following information is available about a company's dividends:
Sept
20X5
Final
dividend
for
the
30http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
year
June
20X5
ended
paid
$100,000
(declared August 20X5)
March 20X6
Interim dividend for the year ended 30 June 20X6
$40,000
paid
Sept 20X6
Final dividend for the year ended 30 June 20X6 paid
$120,000
(declared August 20X6)
What figures, if any, should be disclosed in the company's income statement for the
year
ended 30 June 20X6 and its balance sheet at that date?
Income statement
Balance sheet
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A.
$160,000 deduction
$120,000
B.
$140,000 deduction
Nil
C.
Nil
$120,000
D.
Nil
Nil
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[email protected]
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://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5ar
PAPER F4 Corporate and
Business
-- Prepared by Frank Gao
1. a) Explain the doctrine of binding precedent in English law paying particular
regard to the
hierarchy of the courts;
(5 marks)
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b) Assess the importance of delegated legislation as a source of contemporary law
paying
particular attention to the power of the Courts with respect to it.
(5 marks)
2. In relation to the contents of a contract explain the following:
(a) Conditions;
(4 marks)
(b) Warranties;
(3 marks)
(c) Innominate terms.
(3 marks)
3. Explain the liability of the members of partnerships formed under the following
Acts:
(a) Partnership Act 1890;
(b) Limited Partnerships Act 1907;
(c)
Limited
Liability
(3 marks)
(3 marks)
Partnership
Act
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5marks)
2000.
(4
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4. a) Explain what legal limitations there are on the names that may be adopted by
companies,
paying particular regard to the tort of ‘passing off’. (5 marks)
b) promoter
5. In relation to companies’ loan capital explain the following terms:
(a) debenture;
(b) fixed charge;
(3 marks)
(c) floating charge.
6.
(a)
Annual
(3 marks)
(4 marks)
general
meeting
and
extraordinary
general
meeting;
(5
marks)
(b) State and explain the grounds under which a company may be wound up under section
122 of the Insolvency Act 1986;
(5 marks)
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7. (a) Explain the term ‘money laundering’ and how such activity is conducted.
(5
marks)
(b) Explain how the Proceeds of Crime Act 2002 seeks to control money laundering.
(5
marks)://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5ar
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[email protected]
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8. Ali is an antique dealer and one Saturday in November 2007 he put a vase in the
window of
his shop with a sign which stated ‘exceptional piece of 19th century pottery – on
offer for ?500’.
Ben happened to notice the vase as he walked past the shop and thought he would like
to
have it. Unfortunately, as he was late for an important meeting, he could not go into
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the shop to
buy it, but as soon as his meeting was finished he wrote to Ali agreeing to buy the
vase for the
stated price of ?500. The letter was posted at 11:30 am.
Later on the same day, Chet visited Ali’s shop and said he would like the vase but
was only://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5ar
willing to pay ?400 for it. Ali replied that he would accept ?450 for the vase, but
Chet insisted
that he was only willing to pay ?400 and left the shop. However, on his journey home
Chet
realised that ?450 was actually a very good price for the vase and he immediately
wrote to Ali
agreeing to buy it for that price. His letter was posted at 12:30 pm.
Just before closing time at 5 pm. Di came into Ali’s shop and she also offered ?400
for the
vase. This time Ali agreed to sell the vase at that price and Di promised to return
the following
Monday with the money.
On the Monday morning Ali received both of the letters from Ben and Chet before Di
could
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arrive to pay and collect the vase.
Required:
From the point of view of the law of contract advise Ali as to his legal relations
with Ben, Chet
and Di.
9. Fine Ltd specialhttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5ises
in providing software to the financial services industry. It has two offices,
one in Edinburgh and the other, its main office, in London. In January 2003 Gus was
employed
as a software designer attached to the Edinburgh office. However, by May 2004, Gus
was
informed that he was to be transferred to the head office in London, which is more
than 350
miles from his usual workplace.
Gus refused to accept the transfer on the basis that he had been employed to work
in
Edinburgh not London. Consequently, on 1 June 2004 he wrote to Fine Ltd terminating
his
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contract with them.
Required:
Analyse the scenario from the point of view of employment law and in particular advise
Gus as
to:
(a) his rights on the termination of his contract of employment with Fine Ltd;
(b) the likelihood of a successful claim for unfair dismissal;
://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5par(c) the remedies which
might be available were he to win such an action.
10. Three years ago Norm, a wealthy retired accountant, agreed to become a director
of his
son Owen’s company, Push Ltd, which had been established three years previously.
Owen
told Norm that he only wanted his name amongst the directors in order to give Push
Ltd
increased credibility. Norm never actually took part in the management of the company
and
never attended any company meetings. Norm has now learned that Push Ltd is insolvent
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and
owes considerable debts. Owen has confessed to Norm that he had deliberately hidden
the
海淀教学区
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E-mail: [email protected]
[email protected]
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facthttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5 that Push Ltd has
been insolvent and carried on trading for the past two years, in which
time Push Ltd’s debts have increased from ?50,000 to ?300,000.
Required:
Advise Norm in regard to the following:
(a) the common law duty of care owed by directors to their companies;
(b) any potential liability on behalf of himself or Owen for fraudulent trading under
s.213 of the
Insolvency Act 1986;
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(c) any potential liability of himself or Owen for wrongful trading under s.214 of
the Insolvency
Act 1986.
PAPER F5 Performance Management
-- Prepared by Holly Hong
1. FLOPRO PLC
(a)
Flopro plc makes and sells two products A and B, each of which passes through the
same
automated production operations. The following estimated information is available
for period 1:
(i)
Product
unit
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
B
Direct material cost $
2
40
data:
A
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Variable production overhead cost $
Overall hours per product unit (hours)
28
0.25
4
0.15
(ii) Production/sales of products A and B are 120,000 units and 45,000 units with
selling prices per
unit $60 and $70 respectively.
(iii) Maximum demand for each product is 20% above the estimated sales levels.
(iv)Total fixed production overhead cost is $1,470,000. This is absorbed at an average
rate per
hour based on the estimated production levels.
Required:
Using net profit as the decision measure, show why the management of Flopro plc argues
that it is
indifferent on financial grounds as to the mix of products A and B which should be
produced and
sold and calculate the total net profit for period 1.
(5
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5marks)
(b)
One of the production operations has a maximum capacity of 3,075 hours which has been
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identified as a bottleneck which limits the overall production/sales of products A
and B. The
bottleneck hours required per 100 units for products A and B are 2 and 1.5 hours
respectively.
Required:
(i) Calculate the mix (units) of products A and B which will maximise net profit and
the
value
of
net
profit.
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(6
(ii)
marks)
Explain
the
concept
of
throughput
accounting.
(3
marks)://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
(iii)
(2
Calculate
the
throughput
ratio
for
product
B.
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marks)
(iv)
Explain how the concept of contribution in throughput accounting differs from
that in
marginal
(4 marks)
(v) Comment on the interpretation of throughput accounting ratios and their use as
a control
device.
You should refer to the ratio for product B in your answer.
(5
marks)
(Total: 25
marks)
2. ROBERT
(a) Some time ago Robert launched a new product. At first, sales were good but now
the figure are
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causing concern. Robert wants a more accurate sales forecast to produce detailed
expenditure
bugets.
Since there is some seasonality present in the raw data, the series for sales shown
below represents
the underlying trend based on an averaging process:
://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5parYear Quarter Trend point
Sales 20W9 3
20W9 4
20X0 1
20X0 2
20X0 3
20X0 4
20X1 1
20X1 2
20X1 3
20X1 4 1 2 3 4 5 6 7 8 9 10 costing.
X Y (units) 10,000 10,790
10,920 11,000 11,050 11,080 11,085 11,095 11,120 11,130 On average, quarters 1 and
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3 are 5% and 6% respectively above trend whilst quarters 2 and 4 are
respectively 2% and 9% below trend.
Some preliminary calculations on the above ten observations have been carded out and
the results
are summarised below:
Results from ten periods' observations:
z Linear regression: y = a
bx
z Slope: 82.67
z Intercept: 10,472.33
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zxihttp://www.mianfeiwendang.com/doc/[email protected]
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z Coefficient of determination: 0.535
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It is required to make forecasts of sales for quarters 3 and 4 in 20X2 and for quarters
1 and 2 in
20X3 but there is some discussion on whether the ten-period data shown above are
suitable for
forecasting or whether only the last five periods would provide a better basis for
forecasting.
Linear analysis of the last five periods only gives the following intermediate
results:
y2= 555.10
x= 330
y2= 61,627.40
xy= 4,442.15
2r= 0.92
Notes: the y value have been scaled down by 100 times for ease of calculation.
(i) Forecast the sales of the four quarters required using the last five-period
observations results
and discuss the limitations of the sales forecasting method.
(8
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marks)
(ii)
Explain
whttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5hich
forecasting basis produces the better forecast.
(2
marks)
(b)
The following information relates to budget period 20W7 for Robert: ∑∑∑∑
Actual production and sales in budget period 20W7 were 80,000 units. Actual labour
costs for the
period included ?50,000 of fixed labour costs. Actual production overheads for the
period
included ?110,000 of fixed production overheads.
Required:
Using a marginal costing approach, prepare a flexed budget for the period and comment
on its
use
ful
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nes
s.
(7
ma
rks
)
海淀教学区
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CBD 教学区
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电 话：010-51019810
51019811
E-mail: [email protected]
[email protected]
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铁路宾馆西://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5r
Robert has introduced a new product which is complex and labour intensive.
It is expected that an 80% learning curve applies.
The standard cost card for the product, based on estimates for the time required to
produce the first
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unit, includes standard labour time of 100 hours at a cost of $8 per hour.
The first 4 units took 270 hours to produce at a cost of $2,187.
(b) Calculate the labour rate and efficiency variances based on
i)The initial labour standard
ii) A labour standard for 4 units which takes into account an 80% learning curve effect.
(5
marks)
(b) Discuss the impact of learning curve on labour variances and its implications.
(3
marks)
(Total: 25 marks)
3. HFL
Healthfoods Ltd (HFL) is a well-established company which markets fruit and
vegetables under://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
their ‘Good Health’ brand name at each of its 6 outlets in the country of Ateland.
During recent
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years HFL has marketed organically grown fruit and vegetables. The directors are now
planning to
market organic mushrooms which have a unique eating quality and will be the most
nutritious
mushrooms available on the market.
The finance director has collated the following information regarding the proposed
introduction
and sale of organic mushrooms within Ateland:
(1) HFL will purchase the organic mushrooms from Orgmush Ltd (OML) and sell them at
each of
its 6 outlets within Ateland. Sales volumes of organic mushrooms are expected to be
at the same
level at each outlet.
(2) OML, which is the only grower of this particular type of organic mushroom within
Ateland,
has offered HFL a choice of four different contracts in respect of the
forthcomhttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5ing year. OML
has
the capacity to produce 360,000 kilograms of organic mushrooms for each of the 6
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outlets.
The cost incurred by HFL in respect of organic mushrooms will vary according to
contract size, as
shown in the following table:
Contract Number of kilograms Cost per kilogram (?)
A 160,000
4·45
B 240,000
3·70
C 280,000
3·55
D 360,000
3·35
Note: The same contract type must be chosen in respect of each outlet.
(3) HFL will charge ?5·50 per kilogram for all sales of organic mushrooms.
(4) Any unsold produce will be sold to the Animal Farm Group for ?0·25 per kilogram.
(5) HFL must decide in advance of the forthcoming year which size of contract to enter.
(6) HFL uses acclaimed dieticians, international athletes or international film stars
to promote its
products
via
television
advertisementhttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5s and has
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estimated the following probability distribution of
海淀教学区
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[email protected]
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advertisements to be held during the forthcoming year:
Category of advertisement:
Acclaimed dietician
International athlete
International film star
%
20
40
40
Market research has indicated that where an acclaimed dietician appears in an
advertisement, HFL
can be reasonably assured of selling 160,000 kilograms of mushrooms per outlet and
where an
international athlete appears in an advertisement then 234,000 kilograms of mushrooms
per outlet
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will
be
sold.
HFL
expects
to
sell
360,000
kilograms
mushttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5hrooms
per
of
outlet
when an
international film star appears in an advertisement.
Required:
(a) Using expected values, advise HFL regarding which contract should be entered into
with
OML.
Your answer should show the expected annual contribution from each contract.
(12
marks)
(b) Determine whether your decision in (a) would change if you were to use each of
the Maximin
and Minimax regret decision criteria.
Your
answer
should
be
supported
by
relevant
workings.
(6
marks)
(c) Briefly discuss why the directors of HFL might choose contract D irrespective
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of whether or
not contract D would have been selected using expected values as per part (a). (2
marks)
(d) Advise HFL
(5
marks)
(Total: 25
mhttp://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5arks)
4. Mack-king
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E-mail: [email protected]
[email protected]
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Required:
(a) Provide an assessment of the total corporate financial performance of Mack-King
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and of the
contribution made towards it by each of the two divisions between 2000 and 2001.
(12 marks)
(b) Identify and explain the purpose of any additional information that would be
required to
provide a more complete assessment of Mack-King’s financial performance.
(6 marks)
(c) Explain the problems that may arise in endeavouring to assess the comparative
financial
performance
of
the
management
in
the
two
divisions.
Suggest
any
allowances/adjustments
that://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
could be made to improve the validity of any comparisons between managers operating
in
different countries.
(7
marks) End of Question Paper
海淀教学区
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51019811
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E-mail: [email protected]
[email protected]
地 址：朝阳区永安里北京
铁路宾馆西
PAPER F6 Taxation
-- Prepared by Doreen Du
Supplementary Instructions
1 Calculations and workings need only be made to the nearest ?.
2 All apportionments should be made to the nearest month.
3 All workings should be shown.
The following tax rates and allowances are to be used in answering the questions
Income tax
% Starting
rate
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
?1
–
?2,230
10
海 淀 教 学 区
CBD 教学区
电 话：010-62124759/ 0842
010-62120859/ 3959 转 802/ 3/ 4
51019811 E-mail: [email protected]
安里北京铁路宾馆西
[email protected]
电 话：010-51019810
地 址：朝阳区永
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Basic rate
rate
?2,231 – ?34,600
?34,601 and above
22 Higher
40 Personal
allowance
Personal allowance
Standard
65–74
?7,550
75 and over
?7,690
?5,225
Income limit for age related allowances ?20,900
Car benefit percentage
The base level of CO2 emissions is 140 grams per kilometer.
Car fuel benefit
The base figure for calculating the car fuel benefit is ?14,400.
Pension scheme limits
://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5arAnnual
allowance
?225,000 The
maximum contribution that can qualify for tax relief without any earnings is ?3,600.
Capital allowances
% Plant
and machinery
Writing-down allowance
25
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First-year allowance – Plant and machinery
40 –
Low emission motor cars (CO2 emissions of less than
120 grams per kilometer)
100
For small businesses only: the rate of plant and machinery first-year allowance is
increased to 50% for the period from 1 April 2006 to 31 March 2008 (6 April 2006 to
5 April 2008 for unincorporated businesses).
Long-life assets
Writing-down allowance
6
Industrial buildings
Writing-down allowance http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
4
Corporation tax
Financial year
2005
companies rate
30%
limit
relief fraction
19%
30%
2006
19%
2007 Small
20% Full rate
30% Lower limit 300,000 300,000 300,000 Upper
1,500,000
1,500,000
1,500,000 Marginal
11/400
11/400
1/40 Marginal
relief
(M – P) x I/P x Marginal relief fraction
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Value added tax
?
Registration limit
64,000
Deregistration limit
62,000
Capital gains tax: Annual exemption
海淀教学区
电
0842
CBD 教学区
话 ： 0http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f510-62124759/
010-62120859/ 3959 转 802/ 3/ 4
[email protected]
电 话 ： 010-51019810
[email protected]
51019811 E-mail:
地 址：朝阳区永安里北京铁路宾馆
西
Individuals
?9,200
Capital gains tax: Taper relief
Complete years after 5
April 1998 for which
Gains on
asset held
50%
business assets
100%
Gains on
non-business assets 1
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2
25%
100%
3
25%
95%
4
25%
90%
5
25%
85%
6
25%
80%
7
25%
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
75%
8
25%
70%
9
25%
65%
10 or more
25%
60%
National insurance contributions
% Class 1 Employee
?1 – ?5,225 per year
?5,226 – ?34,840 per year
11·0
?34,841 and above per year
1·0
Nil
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Class 1 Employer
?1 – ?5,225 per year
?5,226 and above per year
Nil
12·8
Class 1A
12·8
Class 2
?2·20 per week
Class 4
?1 – ?5,225 per year
Nil
?5,226 – ?34,840http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5 per
year
8·0
?34,841 and above per year
1·0
Rates of interest
Official rate of interest:
Rate of interest on underpaid tax:
6·25%
7·5%
(assumed)
Rate of interest on overpaid tax:
3·00%
(assumed)
ALL FIVE questions are compulsory and MUST be attempted
1 (a) Sam and Kim White are a married couple. Sam is aged 36 and Kim is aged 38. The
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following information is available for the tax year 2007–08:
Sam White
(1) Sam is self-employed running a retail clothing shop. His profit and loss account
for the
year ended 5 April 2008 is as follows:
海淀教学区
电
话
CBD 教学区
：
010-62124759/
0842
010-62120859/
3/http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
010-51019810
51019811
E-mail:
[email protected]
3959
4
转
电
?
?
Gross profit
Depreciation
140,300
7,600
话 ：
[email protected]
地 址：朝阳区永安里北京铁路宾馆西
Note
802/
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Motor expenses
2
8,800
Patent royalties
3
700
Professional fees
4
1,860
Other expenses
5
71,340
–––––––
(90,300)
––––––––
Net profit
(2)
50,000
During the year ended 5 April 2008 Sam drove a total of 25,000 miles, of which
5,000
miles were driven when he visited his suppliers in Europe. The balance of the
mileage
is
25%
for
private
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f575%
journeys
for
and
business
journeys in the United Kingdom.
(3)
in
During the year ended 5 April 2008 Sam paid patent royalties of ?700 (gross)
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respect of specialized technology that he uses when altering clothes for customers.
(4)
The figure for professional fees consists of ?1,050 for legal fees in connection
with
an action brought against a supplier for breach of contract and ?810 for
accountancy. Included in the figure for accountancy is ?320 in respect of personal
capital gains tax advice for the tax year 2006–07.
(5)
The figure for other expenses of ?71,340 includes ?560 for gifts to customers
of food
hampers costing ?35 each and ?420 for gifts to customers of pens carrying an
advertisement for the clothing shop costing ?60 each.
(6)
Sam uses one of the eight rooms in the couple’s private house as an office for
when://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5ar
he works at home. The total running costs of the house for the year ended 5 April
2008 were ?5,120. This cost is not included in the profit and loss account expenses
of ?90,300.
(7)
Sam uses his private telephone to make business telephone calls. The total cost
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of
the private telephone for the year ended 5 April 2008 was ?1,600, and 25% of this
related to business telephone calls. The cost of the private telephone is not included
in the profit and loss account expenses of ?90,300.
(8)
During the year ended 5 April 2008 Sam took goods out of the clothing shop for
his
personal use without paying for them and no entry has been made in the accounts to
record this. The goods cost ?820, and had a selling price of ?1,480.
(9)
The tax written down values for capital allowance purposes at 6 April 2007 were
as follows:
?
海淀教学区
http://www.mianfeiwendang.com/doc/cfc73e1e99ee5037cf11e4f5
CBD 教学区
电 话：010-62124759/ 0842
010-62120859/ 3959 转 802/ 3/ 4
51019811 E-mail: [email protected]
安里北京铁路宾馆西
[email protected]
电 话：010-51019810
地 址：朝阳区永
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