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正确答案：
(ii) Close investment holding company status
Carver Ltd will not become a close investment-holding company if it purchases the office building as, although it will no
longer be a trading company, it intends to rent out the building to a number of tenants none of whom is connected to
the company.
Carver Ltd will become a close investment holding company if it purchases a portfolio of quoted shares as it will no
longer be a trading company. As a result it will pay corporation tax at the full rate of 30% regardless of the level of its
profits.

正确答案：A

正确答案：
3 Pulp Co
(a) Identification of related parties
Related parties and associated transactions are often difficult to identify, as it can be hard to establish exactly who, or what,
are the related parties of an entity. IAS 24 Related Party Disclosures contains definitions which in theory serve to provide a
framework for identifying related parties, but deciding whether a definition is met can be complex and subjective. For example,
related party status can be obtained via significant interest, but in reality it can be difficult to establish the extent of influence
that potential related parties can actually exert over a company.
The directors may be reluctant to disclose to the auditors the existence of related parties or transactions. This is an area of
the financial statements where knowledge is largely confined to management, and the auditors often have little choice but to
rely on full disclosure by management in order to identify related parties. This is especially the case for a close family member
of those in control or having influence over the entity, whose identity can only be revealed by management.
Identification of material related party transactions
Related party transactions may not be easy to identify from the accounting systems. Where accounting systems are not
capable of separately identifying related party transactions, management need to carry out additional analysis, which if not
done makes the transactions extremely difficult for auditors to find. For example sales made to a related party will not
necessarily be differentiated from ‘normal’ sales in the accounting systems.
Related party transactions may be concealed in whole, or in part, from auditors for fraudulent purposes. A transaction may
not be motivated by normal business considerations, for example, a transaction may be recognised in order to improve the
appearance of the financial statements by ‘window dressing’. Clearly if the management is deliberately concealing the true
nature of these items it will be extremely difficult for the auditor to discover the rationale behind the transaction and to consider
the impact on the financial statements.
Finally, materiality is a difficult concept to apply to related party transactions. Once a transaction has been identified, the
auditor must consider whether it is material. However, materiality has a particular application in this situation. ISA 550
Related Parties states that the auditor should consider the effect of a related party transaction on the financial statements.
The problem is that a transaction could occur at an abnormally small, even nil, value. Determining materiality based on
monetary value is therefore irrelevant, and the auditor should instead be alert to the unusual nature of the transaction making
it material.

正确答案：
(b)Thealgebraicmodelrequiresseveralassumptionstobetrue.First,theremustbeaconsistentrelationshipbetweenprice(P)anddemand(Q),sothatademandequationcanbeestablished,usuallyintheform.P=a–bQ.Here,althoughthereisaclearrelationshipbetweenthetwo,itisnotaperfectlylinearrelationshipandsomorecomplicatedtechniquesarerequiredtocalculatethedemandequation.ItalsocannotbeassumedthatalinearrelationshipwillholdforallvaluesofPandQotherthanthefivegiven.Similarly,theremustbeaclearrelationshipbetweendemandandmarginalcost,usuallysatisfiedbyconstantvariablecostperunitandconstantfixedcosts.Thechangingvariablecostsperunitagaincomplicatetheissue,butitisthechangesinfixedcostswhichmakethealgebraicmethodlessusefulinJewel’scase.Thealgebraicmodelisonlysuitableforcompaniesoperatinginamonopolyanditisnotclearherewhetherthisisthecase,butitseemsunlikely,soany‘optimum’pricemightbecomeirrelevantifJewel’scompetitorschargesignificantlylowerprices.Othermoregeneralfactorsnotconsideredbythealgebraicmodelarepoliticalfactorswhichmightaffectimports,socialfactorswhichmayaffectcustomertastesandeconomicfactorswhichmayaffectexchangeratesorcustomerspendingpower.Thereliabilityoftheestimatesthemselves–forsalesprices,variablecostsandfixedcosts–couldalsobecalledintoquestion.