2022年ACCA-CAT考試模擬考試題

2022年ACCA/CAT考試模擬考試題姓名:年級(jí):學(xué)號(hào):題型選擇題填空題解答題判斷題計(jì)算題附加題總分得分評(píng)卷人得分1x(ii)Commentonthefiguresinthestatementpreparedin(a)(i)above.(4marks)正確答案：(ii)ThestatementofproductprofitabiIityshowsthatCTCisforecasttoachieveaprofitof$2,185millionin2008givingaprofit:salesratioof11,9%.However,theforecastprofitin2009isonly$22,000whichwouIdgiveaprofit:salesratioofjust0,19%!TotaIsalesvoIumein2008is390,000unitswhichrepresent97?5%utiIisationoftotaIannuaIcapacity.Instarkcontrast,thetotaIsalesvolumein2009isforecasttobe240,000unitswhichrepresents60%utiIisationoftotaIannuaIcapacityandshowstheexpectedrapiddecIineinsalesvolumesofBrunoandKongproducts.TherapiddecIineinthesaIesofthesetv/oproductsisonIyoffsettoarelativelysmaIIextentbyincreasedsaIesvoIumefromtheZLeoproduct.Itisvitalthatanewproductorproductswithhealthycontributiontosalesratiosareintroduced.ManagementshouldaIsoundertakecost/benefitanalysesinordertoassessthepotentiaIofextendingtheIifeofBrunoandKongproducts.2、3DamianisthefinancedirectorofLindenLimited,amediumsized,unquoted,UKtradingcompany,witha31JuIyyearend.DamianpersonaIlyowns10%oftheordinaryissuedsharecapitalofLindenLimited,forwhichhepaid￡10.000inJune1998.HeestimatesthatthecurrentmarketvaIueofLindenLimitedis￡9millionandthatthecompanywiIImaketaxabIeprofitsof￡1?4miIIionintheforthcomingyearto31JuIy2007.DamianbeIievesthatLindenLimitedshouIdconductitsactivitiesinasociaIIyresponsiblemannerandtothisendhasproposedthatinfuturealIcarspurchasedbythecompanyshouldbelowemissionvehicles.ThesaIes□andcateringwholesalers.Marginsmaycomeunderpressurev/iththesupermarketsIookingforacontributiontosaIes■:promotions.Promotion-heretheissueofbranddevelopmentisacrucialfactor.Usingherownbrand,HelencandeveloptheproductIrangeandextendtheoutIetsshesellsthrough.Place-thisislargdycoveredintheearlieranalysisoftheadvantagesanddisadvantagesofeachcutletPremiummarketSupermarketCateringProductvarietymultiplemultiplesimplevolumessmalllargemediumqualityimportantimportantaveragepricelessimportantimponantimportantpromotionbrandprivatevlessdevelopmentownbrandimportantplacemulti-sitewidespreadlowcosthighcostlowcostOverall,themarketingmixshowsthechoicesopentoHeleninlookingtoimplementhermarketingstrategy."shouldberemembefedthatthismarketingeffortisintendedtoresultinsalesgeneratingrevenueandprofit.Somewritershavearguedforsalesandsalesmanagementtobeaddedtotheetementsofthemarketingmix.Ctearty.onsettingupthebusiness.Helenmustdecidewheresheisbestemployedinthebusiness.Successwillbringaneediodecidewhocarriesoutthekeymarketingactivitiesinthecompany.10xShoeCo,ashoemanufacturer,hasdeveIopedanewproductcalledthe'SmartShoe'forchiIdren,whichhasabuiIt-intrackingdevice.TheshoesareexpectedtohaveaIifecycleoftwoyears,atwhichpointShoeCohopestointroduceanewtypeofSmartShoewithevenmoreadvancedtechnology.ShoeCopIanstouseIifecyclecostingtoworkoutthetotaIproductioncostoftheSmartShoeandthetotaIestimatedprofitforthetwo-yearperiod.ShoeCohasspent$5,6mdevelopingtheSmartShoe.Thetimespentonthisdevelopmentmeantthatthecompanymissedoutontheopportunityofearninganestimated$800,000contributionfromthesaIeofanotherproduct.Thecompanyhasappliedforandbeengrantedaten-yearpatentforthetechnology,althoughitmustberenewedeachyearatacostof$200,000.ThecostsofthepatentappIicationwere$500,000,whichincIuded$20,000forthesaIarycostsofShoeCo'sIav/yer,whoisapermanentempIoyeeofthecompanyandwasresponsibleforpreparingtheappIication.ThefollowinginformationisaIsoavaiIableforthenexttwoyears:

Year1Year2Salesvolumes(units)280,000420,000$$Sellingpriceperunit5545Materialcostperunit1614Labourcostperunit87Note：AunitisapairofshoesOthercostsareexpectedtobeasfollows：Year1Year2$m$mFixedproductionoverheads1-62-2Sellinganddistributioncosts0-60-9Environmentalcosts01015ShoeCoisstiIInegotiatingwithmarketingcompanieswithregardtoitsadvertisingcampaign,soisuncertainastowhatthetotaImarketingcostswillbeeachyear.However,thefollowinginformationisavaiIabIeasregardstheprobabiIitiesoftherangeofcostswhichareIikelytobeincurred:Year2

Expectedcost

($m)

1-8

21

2-3Probability0-3

0-4Year2

Expectedcost

($m)

1-8

21

2-3Probability0-3

0-40-3ExpectedcostProbability($m)TOC\o"1-5"\h\z2-20-22-60-52-90-3Required:ApplyingtheprinciplesofIifecyclecosting,calculatethetotaIexpectedprofitforShoeCoforthetv/o-yearperiod.(10marks)正確答案：TotaIsaIesrevenue=(280,000x$55)+(420,000x$45)=$15?4m+18?9m=$34,3m.NoteTheexpectedprofithasbeencaIcuIatedusinglifecycIecostingnotreIevantcosting.Hence,the$20,OOOsaIarycostincIudedinpatentcostsshouIdbeincIudedintheIifecycIecost.SimiIarIy,theopportunitycostof$800,000isnotincIudedusinglifecycIecostingv/hereasifrelevantcostingwasbeingusedtodecideonaparticuIarcourseofaction,theopportunitycostwouIdbeincIuded.Working1Expectedmarketingcostinyearl:(0?2x$2?2m)+(0?5x$2?6m)+(0*3x$2,9m)=$2,61mExpectedmarketingcostyear2:(0,3x$1?8m)+(0?4x$2?1m)+(0,3x$2,3m)=$2,07mTotaIexpectedmarketingcost=$4,68m11、(b)WhiletherefrigerationunitswereundergoingmodernisationLamontoutsourcedaIIitscoldstoragerequirementstoHoggWarehousingServices.At31March2007itwasnotpossibletophysicaIlyinspectLamont)sinventoryheIdbyHoggduetohealthandsafetyrequirementspreventingunauthorisedaccesstocoldstorageareas.Lamont1smanagementhasprovidedwrittenrepresentationthatinventoryheldat31March2007was$10?1million(2006-$6-7million).ThisamounthasbeenagreedtoacostingofHogg'smonIinundertakingyourreviewoftheauditworkingpapersandfinanciaIstatementsofLamontCofortheyearended31March2007.NOTE:Themarkallocationisshownagainsteachofthethreeissues.正確答案：Outsourcedcoldstorage□(i)Matters■Inventoryat31March2007represents21%oftotaIassets(10,1/48,0)andisthereforeaverymaterialiteminthe□baIancesheet.ThevaIueofinventoryhasincreasedby50%thoughrevenuehasincreasedbyonly7,5%.InventorymaybeovervaIuedifnoaIIowancehasbeenmadeforsIow-moving/perishediternsinaccordancewithIAS2Inventories.InventoryturnoverhasfaIIento6,6timesperannum(2006-9?3times).Thismayindicateabuildupofunsaleableitems.-]TutoriaInote:IntheabsenceofcostofsaIesinformation,thisiscalculatedonrevenue.11mayaIsobeexpressedasthenumberofdayssaIesininventory,havingincreasedfrom39to55days.InabiIitytoinspectinventorymayamounttoaIimitationinscopeiftheauditorcannotobtainsufficientauditievidenceregardingquantityanditscondition.Thiswouldresultinan'exceptfor'opinion.AlthoughHogg'smonthlyreturnprovidesthirdpartydocumentaryevidenceconcerningthequantityofinventoryit□doesnotprovidesufficientevidencewithregardtoitsvaluation.Inventorywillneedtobev/rittendownif,forexample,itwascontaminatedbytheleakage(beforebeingmovedtoHogg,scoldstorage)ordefrostedduringHtransfer.Lamont*swrittenrepresentationdoesnotprovidesufficientevidenceregardingthevaIuationofinventoryaspresumablyLamont*smanagementdidnothaveaccesstophysicallyinspectiteither.Ifthisisthecasethismay□callintoquestionthevaIueofanyotherrepresentationsmadebymanagement.Whether,sineethebaIancesheetdate,inventoryhasbeenmovedbackfromHogg1scoldstoragetoLamont*srefrigerationunits.Ifso,aphysicaIinspectionandrolI-backofthemostsignificantfishIinesshouldhavebeenundertaken.TutoriaInote:CreditwiIIbeawardedforotherreIevantaccountingissues.Forexampleacandidatemayquestion□whether,forexample,coldstoragecostshavebeencapitaIisedintothecostofinventory.Orv/hetherinventorymovesonaFIFObasisindeepstorage(ratherthanLIFO).口(ii)Auditevidence■AcopyofthehealthandsafetyregulationpreventingtheauditorfromgainingaccesstoHogg5scoldstorageto□inspectLamont,sinventory.AnalysisofHogg'smonthIyreturnsandagreementofsignificantmovementstopurchase/salesinvoices.Analyticalproceduressuchasmonth-on-monthcomparisonofgrossprofitpercentageandinventoryturnoverto□identifyanytrendthatmayaccountfortheincreaseininventoryvaluation(e.g.ifLamonthaspurchasedHreplacementinventorybutspoileditemshavenotbeenwrittenoff).PhysicaIinspectionofanyinventoryinLamont5srefrigerationunitsafterthebaIancesheetdatetoconfirmitsJcondition.Anaged-inventoryanalysisandrecalculationofanyaIlowanceforsIow-movingiterns.Areviewofafter-datesalesinvoicesforlargequantitiesoffishtoconfirmthatfairvalue(lesscoststosell)exceedIcarryingamount.Areviewofafter-datecreditnotesforanyreturnsofcontaminated/perishedorotherwisesubstandardfish.12、(iii)whetheryouagreeornotwiththestatementoftheproductiondirector.(3marks)正確答案：(iii)4IfweimpIementarewardschemethenitisboundtobebeneficialforBGL'.ThestatementofthemanufacturingdirectorisnotnecessariIycorrect.Indeedthereismuchevidencetosupportthepropositionthattheexistenceofperformance-reIatedrewardschemescanencouragedysfunctionaIbehaviour.Thisoften□manifestsitseIfintheform,of'budgetarysIack5whichisincorporatedintobudgetsinanticipationofsubsequentcutsby[higherlevelsofmanagementortomakesubsequentperformancelookbetter.13、(iii)FlexibiIity.(3marks)正確答案：(iii)FlexibiIitymayrelatetothecompanybeingabletocopev/ithflexibiIityofvoIume,deIiveryspeedorjobspecification.In□thisparticularcontext,flexibiIityappearstohavebeenproblematicforHLPasevidencedbythefactthat320consultationsrelatingtocommercialweresubcontractedduringtheyear.ThiscouldbeduetotheIackoftheabilityof□HLPadvisorstobeabletoprovideconsultationstoapotentiallywide-rangeofcommercialcIients,i.e.thevariabiIityinthe'jobspecification*requiresgreaterflexibiIitythanHLPcandeIiver.Furthermore,atotaIof600consultationsreIatingtoIitigationworkwereaIsosubcontractedthroughouttheyear.ThesesubcontractconsuItationsmightbeduetotheinabiIityofHLPtodeaIwithfluctuationsindemand.14、(c)Criticallydiscusstheadoptionofactivity-basedmanagement(ABM)incompaniessuchasTOC.(6marks)正確答案：(c)Activity-basedmanagement(ABM)isamethodofidentifyingandevaIuatingactivitiesthatabusinessperformsusingactivity-basedcostingtocarryoutavaluechainanalysisorare-engineeringinitiativetoimprovestrategicandoperationalideeisionsinanorganisation.Activity-basedcostingestabIishesreIationshipsbetweenoverheadcostsandactivitiessothatoverheadcostscanbemorepreciselyallocatedtoproducts,services,orcustomersegments.Activity-basedmanagementfocusesonmanagingactivitiestoreducecostsandimprovecustomervaIue.KaplanandCooper(1998)divideABMintooperationaIABMandstrategicABM:□OperationaIABMisabout'doingthingsright’,usingABCinformationtoimproveefficiency.ThoseactivitieswhichaddvaIue□totheproductcanbeidentifiedandimproved.Activitiesthatdon'taddvaIuearetheonesthatneedtobereducedtocutcosts□withoutreducingproductvalue.iStrategicABMisabout*doingtherightthings*,usingABCinformationtodecidewhichproductstodevelopandwhichactivitiestouse.ThiscanaIsobeusedforcustomerprofitabiIityanalysis,identifyingwhichcustomersarethemostprofitableandfocusingonthemmore.AriskwithABMisthatsomeactivitieshaveanimpIicitvalue,notnecessariIyrefIectedinafinancialvalueaddedtoanyproduct.ForinstanceaparticularlypleasantworkpIacecanhelpattractandretainthebeststaff,butmaynotbeidentifiedasaddingvalueinoperationaIABM.AcustomerthatrepresentsaIossbasedoncommittedactivities,butthatopensupleadsinanewmarket,maybeidentifiedasaIowvaIuecustomerbyastrategicABMprocess.ABMcangivemiddlemanagersanunderstandingofcoststootherteamstoheIpthemmakedecisionsthatbenefitthewhoIe□organisation,notjusttheiractivities*bottomIine.□15、(ii)thepanelinterviewwithmorethanoneinterviewer.(5marks)正確答案：(ii)PaneIinterviewsareoftenusedforseniorappointmentsandconsistoftwoormoreinterviewers.TheadvantagesofsuchinterviewsarethattheyallowopinionandviewstobesharedamongstthepaneI.TheyprovideamorecompIeteandcoherentapproach,henceproblemsofbiasinherentinfacetofaceinterviewscanbereduced.□TheymayaIsobeappropriatewhereanindividualv/ithspecialistortechnicalskillshastosupporttheinterviev/erinreIationtoassessingthetechnicaIcompetenciesoftheinterviewee.ThedisadvantagesarethatpaneIinterviewscanbedifficulttocontrol,interviev/ersmaydeviateoraskirrelevantquestionsandtheycanbeeasiIydominatedbyastrongpersonaIitywhoisableunduIytoinfluenceothers.Inaddition,suchinterviewscanoftenresultindisagreementamongstthepaneImembers.□16、(ii)jobenIargement;(5marks)正確答案：(ii)JobenIargementisoftenreferredtoas'horizontaljobenIargement*andisaimedatwideningthecontentofjobsbyincreasingthenumberofoperationsinwhichthejobholderisinvolvedandisanothermethodbywhichemployeesatBailey'smightbecomemoreinvolved.ItreducestheIeveIofrepetitionandduIInessbyprovidingahorizontaIextensiontoactivity,reducingmonotonyandboredominherentintheoperationsatBailey*s.□17、1TheboardofWorIdv/ideMinersIs(WM)wasmeetingfortheIastmonthIymeetingbeforethepubIicationoftheyearendresults.Thereweretwopointsofdiscussionontheagenda.Firstwasthediscussionoftheyear-endresults;secondwasthecrucialIatestmineraIsreservesreport.WMisalargeIistedmultinationalcompanythatdealswithnaturaImineraIsthatareextractedfromtheground,processedandsoldtoawiderangeofindustrialandconstructioncompanies.InordertomaintainaconsistentsupplyofmineraIsintoitsprincipalmarkets,anessentiaIpartofWM'sbusinessstrategyistheseekingoutofnewsourcesandthemeasurementofknownreserves.InvestmentanaIystshaveoftenpointedoutthatWM'svaIuerestsprincipallyupontheaccuracyofitsreservereportsasthesearethebestindicatorsoffuturecashfIowsandearnings.Inordertosupportthiskeypartofitsstrategy.WMhasaIargeandweII-fundedgeologicalsurveydepartmentwhich,accordingtothecompanywebsite,contains'someoftheworldJsbestgeologistsandmineralsscientists5.InitsinvestorreIationsIiterature,thecompanyclaimsthat:'ourexpertssearchtheearthformineraIreservesandoncelocated,theyarecarefulIymeasuredsothatthecompanycanaIwaysreportonknownreserves.ThisknowIedgeunderpinsmarketconfidenceandkeepsourcustomerssuppliedwiththeinventorytheyneed.Youcantrustourreservereports-ourreputationdependsonit!'Attheboardmeeting,theheadofthegeologicaIsurveydepartment.RanjanaTyler,reportedthattherewasaproblemwiththelatestreportbecauseoneofthemajorreservefigureshadrecentlybeenfoundtobewrong.ThemineraIinquestion,maIIerite,wasWM'sIargestmineraIinvoIumetermsandRanjanaexplainedthatthemaIleritereservesinadeepmineinacertainpartoftheworIdhadbeensignificantIyoverestimated.SheexpIainedthat,basedontheinterimmineraIsreport,thestockmarketanaIystswereexpectingWMtoannounceknownmaIleritereservesof4,8biIIiontonnes.TheactuaIfigurewascIoserto2,4biIIiontonnes.ItwasagreedthatthisdifferencewassufficienttoaffectWM'smarketvaIue,despitetheotherwisegoodresultsforthepastyear.VandaMonroe,thefinancedirector,saidthatthesharepricereflectsmarketconfidenceinfutureearnings.ShesaidthatanannouncementofanincorrectestimationIikethatformaIleritewouIdcauseareductioninsharevaIue.MoreimportantlyforWMitseIf,however,itcouldundermineconfidenceinthegeologicaIsurveydepartment.AlIagreedthatasthiswasstrategicallyimportantforthecompany,itwasatopprioritytodeaIwiththisprobIem.Ranjanaexplainedhowthesituationhadarisen.ThemajormaIIeriteminewasinacountrynewtoWM'soperations.TheWMengineerattheminesaiditwasdifficulttodeaIwithsomeIocaIpeoplebecause,accordingtotheengineer,'theydidn'tIiketogiveusbadnews,.TheengineerexplainedthatwhentheminewasfoundtobesmaIlerthanoriginallythought,hewasnottolduntiIitwastooIatetoreducethepricepaidforthemine.Thiswasembarrassinganditwasagreedthatitv/ouIdaffectmarketconfidenceinWMifitwasmadepubIic.Theboarddiscussedtheoptionsopentoit.Thechairman,whowasaIsoaquaIifiedaccountant,v/asTimBlake.HebeganbyexpressingseriousconcernabouttheoverestimationandtheninvitedtheboardtoexpressviewsfreeIy.GaryHoweIIs,theoperationsdirector,saidthatbecausedisclosingtheerrortothemarketwouIdbesodamaging,itmightbebesttokeepitasecretandhopethatnewreservescanbefoundinthenearfuturethatv/iIImakeupfortheshortfaII.Hesaidthatitv/asunIikelythatthisconceaImentwouIdbefoundoutassharehoIderstrustedWMandtheyhadmanyyearsofgoodinvestorreIationstodrawon.VandaMonroe,thefinancedirector,remindedtheboardthatthecompanywasboundtocertainstandardsoftruthfuInessandtransparencybyitsstockmarketIisting.ShepointedoutthattheywereconstrainedbycodesofgovernanceandethicsbythestockmarketandthatcolleaguesshouldbeawarethatWMwouldbeintechnicalbreachoftheseiftheincorrectestimationwasconcealedfrominvestors.Finally,MartinChan,thehumanresourcesdirector,saidthattheerrorshouldbedisclosedtotheinvestorsbecausehev/ouIdnotv/anttobedeceivedifhev/ereanoutsideinvestorinthecompany.HearguedthatwhateverthegovernancecodessaidandwhateverthecostintermsofreputationandmarketvaIue,WMshouldadmititserrorandcopewithwhateverconsequencesarose.TheWMboardcontainsthreenon-executivedirectorsandtheirviewswereaIsoinvited.AtthepreIiminaryresultspresentationsometimeIater,oneanalyst,ChristinaGonzaIes.whohadbecomeawareofthemaIIeriteproblem,askedaboutinternaIauditandcontrolsystems,andwhethertheywereadequateinsuchareserve-sensitiveindustry.WM'schairman,TimBlake,saidthatheintendedtowriteaIettertoaIIinvestorsandanalystsintheIightofthemaIleriteproblemwhichhehopedwouldaddresssomeoftheissuesthatMissGonzaIeshadraised.Required:Define'transparency'andevaIuateitsimportanceasanunderIyingprincipIeincorporategovernanceandinreIevantandreIiabIefinanciaIreporting.YouranswershouIdrefertothecaseasappropriate.(10marks)正確答案：TransparencyanditsimportanceatWMDefinetransparency□Transparencyisoneoftheunderlyingprinciplesofcorporategovernance.Assuch,itisoneofthe4buiIdingblocks*that□underpinasoundsystemofgovernance.Inparticular,transparencyisrequiredintheagencyrelationship.Intermsof□definition,transparencymeansopenness(say,ofdiscussions),clarity,lackofwithholdingofrelevantinformationunIessHnecessaryandadefaultpositionofinformationprovisionratherthanconcealment.ThisisparticularlyimportantinfinancialHreporting,asthisistheprimarysourceofinformationthatinvestorshaveformakingeffectiveinvestmentdecisions.Evaluationofimportanceoftransparency□Thereareanumberofbenefitsoftransparency.Forinstance,itispartofgainingtrustwithinvestorsandstateauthorities(e.g.taxpeopIe).TransparencyprovidesaccessforinvestorsandotherstakeholderstocompanyinformationtherebydispeIIingsuspicionandunderpinningmarketconfidenceinthecompanythroughtruthfulandfairreporting.ItaIsohelpstomanagestakeholderclaimsandreducesthestressescausedbystakeholders(e.g.tradeunions)forwhominformationprovisionisLIimportant.Reasonsforsecrecy/confidentiaIityincludethefactthatitmaybenecessarytokeepstrategydiscussionssecret.fromcompetitors.InternaIissuesmaybeprivatetoindividuaIs,thusjustifyingconfidentiaIity.Finally,free(secretor□confidentiaI)discussionoftenhastotakepIacebeforeanagreedpositionisannounced(cabinetgovernmentapproach).Referencetocase□AtWorIdwideMinerals,transparencyasaprincipleisneededtodeaIwiththediscussionofconcealment.ShouldadiscussionofpossibIeconcealmentevenbetakingplace?TruthfuI,accurateandtimelyreportingunderpinsinvestorconfidenceinaII□capitaI-fundedcompaniesincludingWM.TheissueoftheoverestimationofthemaIleritereserveiscIearIyamatterofconcern口t。shareholdersandsoisanexampleofwhereadefaultassumptionoftransparencywouldbeappropriate.18、(b)PrepareaconsolidatedbaIancesheetasat31October2005fortheLateraIGroupinaccordancewithInternationaIFinanciaIReportingStandards.(21marks)正確答案:LateralGroupBalanceSheetasat31October2005$mAssetsNon-currentassets：TOC\o"1-5"\h\zProperly,plantandequipment1.098Investmentinassociate347Hekitomaturityinvestments33Goochvill601.538CurrentassetsInventories385Tradereceivables250Cashandcashequivalents70705Totalassets2.243Equityandliabilities：ShareCapital400Retainedearnings958MinorityInterest105Totalequity1,463Non-currentliabilities310Currentliabilities470Totalliabilities780Totalequityandliabilities2.243directorhasstatedthatseveraIofhisstaff,whoarethemainrecipientsofcompanycars,otherthanthedirectors,areextremeIyunhappywiththisproposaI,perceivingitasdowngradingtheirvaIueandstatus.Thecarscurrentlyprovidedtothesalesstaffhavealistpriceof￡19,600,onwhichLindenLimitedreceivesabuIkpurchasediscountof6%fromthedeaIer,andaC02emissionrateof168grams/kilometre.Thecompanypaysforupto￡400ofaccessories,ofthesaIesmen*sownchoicetobefittedtothecarsandaIIoftherunningcosts,includingprivatepetroI.Thecarsarereplacedeverythreeyearsandthe'old'carsaresoldatauction,becausetheyarehighmiIeagevehicles.TheIowemissioncarsitisproposedtopurchasev/iIIhavethesameIistpriceasthecurrentcars,butthedealerisonlypreparedtoofferabulkdiscountof5%onthesevehicles.DamiandoesnotproposetomakeanyotherchangestoLindenLimited5scompanycarpolicyorpractice.Required:Explainthetaxconsequencesoftheproposedmovetolov/emissionvehiclesforboththeindividuaIsaIesmenandLindenLimited,iIIustratingyouranswerbymeansofrelevantcalculationsofthetaxandnationsIinsurance(NIC)savingsarising.(9marks)正確答案：(a)(i)IndividualsaIesmen]ThetaxabIebenefitisdeterminedbytheIistpriceofthevehicleplusthecostoftheaccessories(￡20,000)andtheC02iemissionrate.ThecurrentvehicleshaveaC02emissionrateof168grams/kilometre,sothebenefitwillbecalculatedIattherateof20%((168-140)/5+15),resultinginatotaIannuaIcarandcarfueIbenefitchargeof￡6,880(20.000」x20%+14,400x20%).TheIowemissionvehicIeswillbechargeabIeatthebasicpercentagerateof15%resu11inginatotaIannuaIcarandfueIbenefitchargeof￡5,160(20,000x15%+14,400x15%).ThesaIesmenwiIIthus□makeanannuaIincometaxsavingattheirmarginsIrateoftax,i.e.￡378(1,720x22%)iftheyarebasicratetaxpayers'land￡688(1,720x40%)iftheyarehigherratetaxpayers.LindenLimitedThecurrentvehicleswiIIbeclassedas'expensive'carsbasedonthediscountedIistpriceplusthecostoftheaccessories

Working(ii)Plantandequipment(i)GoodwillThinkPlankCostofinvestment-As-proceedsaddedback$m380$m340180/gssnetassetsacquiredatfairvalueOrdinarysharecapital250Retainedeamings150Fairvalueadjustment-3805205002109080%of40060%of800(320)(480)GoodwillImpairment6040(28)Writtenoffonsaleofshares(%x12)12(4)Goodwillat31October200560_8IAS36doesnotallowanimpairmentlossrelatingtogoodwilltobereversed.TheplantandequipmentwillbeshownasheldforsaleintheindividualfinancialstatementsofThinkbutinthegroupaccountsthiswillnotbethecaseasitisaninter-companysale.Theitemsdisclosedasheldforsaleareincorrectlyvaluedatthe'fairvaluelesscoststosell'.(IFRS5saysthat'heldforsale'itemsshouldbevaluedatthel(M*eroftheircarryingvalueandfairvaluelesscoststoselli.e.$10mandthecompanyhasvaluedtheitemincorrectlyinanyevent).Theplantshouldbeincludedwiththeremainderofthegroupplantandequipmentanddepreciated.Think$mLateral$mTotal$mPropGrty,plantandequipmentat31Ocioter20053907001.090Heldforsaleassets15lessprofit(5)1010Depreciation-heldforsale(2)(2)3987001,098DebtinstrumentAmortisedcostatbeginningofInterestAmortisedcostyearInterest(10%)teceived(4-7%)atendofyear$mSrnSm$m1November2003303(1-76)31241November20043124312(1-76)326612352EffectivelytheinstrumenthadnotbeenaccountedforunderIAS39.Onlythecashreceivedhasbeenaccountedfor.Therefore,retainedreservesshouldbecreditedwith$26million