ACCA考试F1考试试题练习及答案（3）

正确答案：
(c) Impact on the audit of the financial statements
Tutorial note: The answer to this part should reflect that it is not the external auditor who is providing the internal audit
services. Thus comments regarding objectivity impairment are not relevant.
■ As Grey & Co is likely to be placing some reliance on RBG’s internal audit department in accordance with ISA 610
Considering the Work of Internal Auditing the degree of reliance should be reassessed.
■ The appointment will include an evaluation of organisational risk. The results of this will provide Grey with evidence,
for example:
– supporting the appropriateness of the going concern assumption;
– of indicators of obsolescence of goods or impairment of other assets.
■ As the quality of internal audit services should be higher than previously, providing a stronger control environment, the
extent to which Grey may rely on internal audit work could be increased. This would increase the efficiency of the
external audit of the financial statements as the need for substantive procedures should be reduced.
■ However, if internal audit services are performed on a part-time basis (e.g. fitting into the provider’s less busy months)
Grey must evaluate the impact of this on the prevention, detection and control of fraud and error.
■ The internal auditors will provide a body of expertise within RBG with whom Grey can consult on contentious matters.
Tutorial note: Appropriate credit will be given for arguing that less reliance may be placed on internal audit in this year of
change of provider.

正确答案：
(b) This theory is based on the idea that the goals of the individual and the organisation can be integrated and that personal satisfaction can be achieved through the workplace. It also assumes that individuals will achieve self-actualisation through their role in assisting the organisation to achieve its objectives. It follows therefore that work is the principal source of satisfaction.
The theory’s practical application is that managers should recognise that subordinates’ needs are always evolving and increasing, so continued attention to increasing the employees’ personal development, opportunities for advancement and recognition of achievement are essential to keep them motivated.

正确答案：

Handsets and revenue recognition
The inventory of handsets should be measured at the lower of cost and net realisable value (IAS2, ‘Inventories’, para 9). Johan
should recognise a provision at the point of purchase for the handsets to be sold at a loss. The inventory should be written down
to its net realisable value (NRV) of $149 per handset as they are sold both to prepaid customers and dealers. The NRV is $51
less than cost. Net realisable value is the estimated selling price in the normal course of business less the estimated selling costs.
IAS18, ‘Revenue’, requires the recognition of revenue by reference to the stage of completion of the transaction at the reporting
date. Revenue associated with the provision of services should be recognised as service as rendered. Johan should record the
receipt of $21 per call card as deferred revenue at the point of sale. Revenue of $18 should be recognised over the six month
period from the date of sale. The unused call credit of $3 would be recognised when the card expires as that is the point at which
the obligation of Johan ceases. Revenue is earned from the provision of services and not from the physical sale of the card.
IAS18 does not deal in detail with agency arrangements but says the gross inflows of economic benefits include amounts collected
on behalf of the principal and which do not result in increases in equity for the entity. The amounts collected on behalf of the
principal are not revenue. Revenue is the amount of the ‘commission’. Additionally where there are two or more transactions, they
should be taken together if the commercial effect cannot be understood without reference to the series of transactions as a whole.
As a result of the above, Johan should not recognise revenue when the handset is sold to the dealer, as the dealer is acting as an
agent for the sale of the handset and the service contract. Johan has retained the risk of the loss in value of the handset as they
can be returned by the dealer and the price set for the handset is under the control of Johan. The handset sale and the provision
of the service would have to be assessed as to their separability. However, the handset cannot be sold separately and is
commercially linked to the provision of the service. Johan would, therefore, recognise the net payment of $130 as a customer
acquisition cost which may qualify as an intangible asset under IAS38, and the revenue from the service contract will be recognised
as the service is rendered. The intangible asset would be amortised over the 12 month contract. The cost of the handset from the
manufacturer will be charged as cost of goods sold ($200).