4 The International Accounting Standards Board (IASB) has begun a joint project to revisit its conceptual framework forfinancial accounting and reporting. The goals of the project are to build on the existing frameworks and converge theminto a common framework.Required:(a) Discuss why there is a need to develop an agreed international conceptual framework and the extent to whichan agreed international conceptual framework can be used to resolve practical accounting issues.(13 marks)

考题 Including the customer in the process of project planning is:A.Slow and counterproductive.B.Essential in the definition and documentation of project goals.C.Necessary, but of limited value.D.Unnecessary because project goals are defined in the proposal stage.E.None of the above.

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考题 The identification, definition, and selection of the project objectives as well as the best approach to achieving the project objectives are indentified in the _____ phase of the project but first documented in the project _____.A.Conceptual, charter/baseline.B.Conceptual, master schedule.C.Development, charter/baseline.D.Development, master schedule.E.Development, masterplan.

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考题 The quality objectives are approved in the conceptual stage of the project by the:A . Project EngineerB . Project ManagerC . Functional ManagerD . Quality Assurance ManagerE . Project Owner

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考题 A common way by which executives provide the project manager with written authority is through:A . A common job description for all project managersB . An appointment letterC . A project charterD . All of the aboveE . B and C only

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考题 In the past, most project managers have come from _____ fields without proper _____ training or education in skillsA . Technical; accounting/financeB . Technical; managementC . Technical; psychologicalD . Marketing; technology-orientedE . Business; manufacturing know-how

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考题 Expectancy theory as applied to project management implies that:A The team will work the hardest on those goals that are clearly explained by the project managerB The more rewards that the project manager provides, the better the performance of the teamC Team members will work hardest for those project goals that also bring satisfaction to personal goalsD Employees will work hardest for those project goals which are accompanied by high levels of authority for the individual team membersE None of the above

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考题 156 Expectancy theory as applied to project management implies that:A. The team will work the hardest on those goals that are clearly explained by the project managerB. The more rewards that the project manager provides, the better the performance of the teamC. Team members will work hardest for those project goals that also bring satisfaction to personal goalsD. Employees will work hardest for those project goals which are accompanied by high levels of authority for the individual team members E. None of the above

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考题 121 The quality objectives are approved in the conceptual stage of the project by the:A. Project EngineerB. Project ManagerC. Functional ManagerD. Quality Assurance ManagerE. Project Owner

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考题 ● Problems can occur in properly defining a project because:A Project goals may not be agreeable to all partiesB The plan was "too loose," thus allowing priorities to changeC Low turnover of project personnelD Too much communication between the client and project personnelE The project objectives were quantified

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考题 ● Including the customer in the process of project planning is:A Slow and counterproductive.B Essential in the definition and documentation of project goals.C Necessary, but of limited value.D Unnecessary because project goals are defined in the proposal stage.E None of the above.

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考题 3 The directors of Panel, a public limited company, are reviewing the procedures for the calculation of the deferred taxprovision for their company. They are quite surprised at the impact on the provision caused by changes in accountingstandards such as IFRS1 ‘First time adoption of International Financial Reporting Standards’ and IFRS2 ‘Share-basedPayment’. Panel is adopting International Financial Reporting Standards for the first time as at 31 October 2005 andthe directors are unsure how the deferred tax provision will be calculated in its financial statements ended on thatdate including the opening provision at 1 November 2003.Required:(a) (i) Explain how changes in accounting standards are likely to have an impact on the provision for deferredtaxation under IAS12 ‘Income Taxes’. (5 marks)

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考题 5 The International Accounting Standards Board (IASB) is currently in a joint project with the Accounting StandardsBoard (ASB) in the UK and the Financial Accounting Standards Board (FASB) in the USA in the area of reportingfinancial performance/comprehensive income. The main focus of the project is the development of a single statementof comprehensive income to replace the income statement and statement of changes in equity. The objective is toanalyse all income and expenses and categorise them in a way that increases users’ understanding of the results ofan entity and assists in forming expectations of future income and expenditure. There seems to be some consensusthat the performance statement should be divided into three components being the results of operating activities,financing and treasury activities, and other gains and losses.Required:(a) Describe the reasons why the three accounting standards boards have decided to cooperate and produce asingle statement of financial performance. (8 marks)

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考题 (b) Prepare the balance sheet of York at 31 October 2006, using International Financial Reporting Standards,discussing the nature of the accounting treatments selected, the adjustments made and the values placedon the items in the balance sheet. (20 marks)

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考题 4 The transition to International Financial Reporting Standards (IFRSs) involves major change for companies as IFRSsintroduce significant changes in accounting practices that were often not required by national generally acceptedaccounting practice. It is important that the interpretation and application of IFRSs is consistent from country tocountry. IFRSs are partly based on rules, and partly on principles and management’s judgement. Judgement is morelikely to be better used when it is based on experience of IFRSs within a sound financial reporting infrastructure. It ishoped that national differences in accounting will be eliminated and financial statements will be consistent andcomparable worldwide.Required:(a) Discuss how the changes in accounting practices on transition to IFRSs and choice in the application ofindividual IFRSs could lead to inconsistency between the financial statements of companies. (17 marks)

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考题 4 Whilst acknowledging the importance of high quality corporate reporting, the recommendations to improve it aresometimes questioned on the basis that the marketplace for capital can determine the nature and quality of corporatereporting. It could be argued that additional accounting and disclosure standards would only distort a marketmechanism that already works well and would add costs to the reporting mechanism, with no apparent benefit. Itcould be said that accounting standards create costly, inefficient, and unnecessary regulation. It could be argued thatincreased disclosure reduces risks and offers a degree of protection to users. However, increased disclosure has severalcosts to the preparer of financial statements.Required:(a) Explain why accounting standards are needed to help the market mechanism work effectively for the benefitof preparers and users of corporate reports. (9 marks)

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考题 6 The explosive growth of investing and raising capital in the global markets has put new emphasis on the developmentof international accounting, auditing and ethical standards. The International Federation of Accountants (IFAC) hasbeen at the forefront of the development of the worldwide accountancy profession through its activities in ethics,auditing and education.Required:Explain the developments in each of the following areas and indicate how they affect Chartered CertifiedAccountants:(a) IFAC’s ‘Code of Ethics for Professional Accountants’; (5 marks)

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考题 ACCOUNTING IS MORE THAN NUMBERS Accounting could date back to about 7,000 years ago. People of that time relied on old accounting methods to record the growth of crops and herds. Accounting has greatly developed with the growth of joint-stock companies. When you think of accounting, you may find pages of tables and numbers. That image doesn’t usually give you too much excitement. When you have your own business, though, those numbers come to mean the world to you because they give you the record of how much money you’ve earned or lost. Actually, accounting is not simply about strange dollar amounts or boring numbers; they’re your sales figures, your costs, and your profits. In other words, accounting is a language of business. Once you know how to work with those numbers, how to read those numbers and how to read the story they tell, you will be able to manage your business toward greater success.1. Accounting could date back to about ()years ago.A. 7,000B. 6,000C. 5,0002. People in the old days relied on old accounting methods to record ().A. how much money they hadB. management of their businessC. the growth of crops and herds3. Accounting has greatly changed with the development of ().A. crops and herdsB. joint-stock companiesC. internet companies4. Accounting is very important in your business because it shows ().A. how much money you’ve earned or lostB. pages full of tables and numbersC. strange dollar amounts or boring numbers5. According to the writer, accounting is ().A. a language of businessB. your sales figures, your costs, and your profitsC. Both A and B

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考题 PURPOSE OF ACCOUNTING Every company has an accounting office or a finance department that looks ()its accounting details. An accounting department is the backbone(脊梁)of every business. It records all the business transactions(交易), and keeps a track(记录) of the incomes(收入) and expenses(支出)of the business. The accounting department also helps to determine the correct financial position and standing of the business. For a systematic(系统的)and ()recording of transactions, accounting is important. The purpose of accounting is recording all the transactions honestly and accurately in the “Books of Accounts(账本)”. The accounting process can be defined ()“the process that begins when the transaction takes place and ends ()the transaction is recorded in the books of accounts”. It includes a series of steps that ()to analyze(分析)and record the business transactions for a particular period.1.A. forB. afterC. up2.A. accurateB. simpleC. correct3.A. toB. atC. as4.A. whenB. whichC. what5.A. useB. is usedC. uses

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考题听力原文：Although the said company is a sun-rising firm, its accounting management should be improved before the loan is extended to it.(9)A．The company is a sun-rising firm so it is worthwhile to extend the loan.B．The company has some accounting problems, some improvement is needed.C．The company is short of funds because it is sun-rising.D．The company has some accounting problems because it is sun-rising.

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考题 Accounting is More Than NumbersAccounting could date back to about 7,000 years ago. People of that time relied on old accounting methods to record the growth of crops and herds. Accounting has greatly developed with the growth of joint-stock companies.When you think of accounting, you may find pages of tables and numbers. That image doesnt usually give you too much excitement. When you have your own business, though, those numbers come to mean the world to you because they give you the record of how much money youve earned or lost.Actually, accounting is not simply about strange dollar amounts or boring numbers; theyre your sales figures, your costs, and your profits. In other words, accounting is a language of business. Once you know how to work with those numbers, how to read those numbers and how to read the story they tell, you will be able to manage your business toward greater success.21. Accounting could date back to about()years ago.A. 7,000B. 6,000C. 5,00022. People in the old days relied on old accounting methods to record().A. how much money they hadB. management of their businessC. the growth of crops and herds23. Accounting has greatly changed with the development of().A. crops and herdsB. joint-stock companiesC. internet companies24. Accounting is very important in your business because it shows().A. how much money youve earned or lostB. pages full of tables and numbersC. strange dollar amounts or boring numbers25. According to the writer, accounting is().A. a language of businessB. your sales figures, your costs, and your profitsC. Both A and B

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考题 The two most common specialized fields of accounting in practice are(). A.managerial accounting and financial accountingB.managerial accounting and environmental accountingC.forensic accounting and financial accountingD.financial accounting and tax accounting systems

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考题 (a) An assistant of yours has been criticised over a piece of assessed work that he produced for his study course for giving the definition of a non-current asset as ‘a physical asset of substantial cost, owned by the company, which will last longer than one year’.Required:Provide an explanation to your assistant of the weaknesses in his definition of non-current assets whencompared to the International Accounting Standards Board’s (IASB) view of assets. (4 marks)(b) The same assistant has encountered the following matters during the preparation of the draft financial statements of Darby for the year ending 30 September 2009. He has given an explanation of his treatment of them.(i) Darby spent $200,000 sending its staff on training courses during the year. This has already led to animprovement in the company’s efficiency and resulted in cost savings. The organiser of the course has stated that the benefits from the training should last for a minimum of four years. The assistant has therefore treated the cost of the training as an intangible asset and charged six months’ amortisation based on the average date during the year on which the training courses were completed. (3 marks)(ii) During the year the company started research work with a view to the eventual development of a newprocessor chip. By 30 September 2009 it had spent $1·6 million on this project. Darby has a past historyof being particularly successful in bringing similar projects to a profitable conclusion. As a consequence theassistant has treated the expenditure to date on this project as an asset in the statement of financial position.Darby was also commissioned by a customer to research and, if feasible, produce a computer system toinstall in motor vehicles that can automatically stop the vehicle if it is about to be involved in a collision. At30 September 2009, Darby had spent $2·4 million on this project, but at this date it was uncertain as towhether the project would be successful. As a consequence the assistant has treated the $2·4 million as anexpense in the income statement. (4 marks)(iii) Darby signed a contract (for an initial three years) in August 2009 with a company called Media Today toinstall a satellite dish and cabling system to a newly built group of residential apartments. Media Today willprovide telephone and television services to the residents of the apartments via the satellite system and payDarby $50,000 per annum commencing in December 2009. Work on the installation commenced on1 September 2009 and the expenditure to 30 September 2009 was $58,000. The installation is expectedto be completed by 31 October 2009. Previous experience with similar contracts indicates that Darby willmake a total profit of $40,000 over the three years on this initial contract. The assistant correctly recordedthe costs to 30 September 2009 of $58,000 as a non-current asset, but then wrote this amount down to$40,000 (the expected total profit) because he believed the asset to be impaired.The contract is not a finance lease. Ignore discounting. (4 marks)Required:For each of the above items (i) to (iii) comment on the assistant’s treatment of them in the financialstatements for the year ended 30 September 2009 and advise him how they should be treated underInternational Financial Reporting Standards.Note: the mark allocation is shown against each of the three items above.

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考题 Faithful representation is a fundamental characteristic of useful information within the IASB’s Conceptual framework for financial reporting.Which of the following accounting treatments correctly applies the principle of faithful representation?A.Reporting a transaction based on its legal status rather than its economic substanceB.Excluding a subsidiary from consolidation because its activities are not compatible with those of the rest of the groupC.Recording the whole of the net proceeds from the issue of a loan note which is potentially convertible to equity shares as debt (liability)D.Allocating part of the sales proceeds of a motor vehicle to interest received even though it was sold with 0% (interest free) finance

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考题 There has been significant divergence in practice over recognition of revenue mainly because International Financial Reporting Standards (IFRS) have contained limited guidance in certain areas. The International Accounting Standards Board (IASB) as a result of the joint project with the US Financial Accounting Standards Board (FASB) has issued IFRS 15 Revenue from Contracts with Customers. IFRS 15 sets out a five-step model, which applies to revenue earned from a contract with a customer with limited exceptions, regardless of the type of revenue transaction or the industry. Step one in the five-step model requires the identification of the contract with the customer and is critical for the purpose of applying the standard. The remaining four steps in the standard’s revenue recognition model are irrelevant if the contract does not fall within the scope of IFRS 15.Required:(a) (i) Discuss the criteria which must be met for a contract with a customer to fall within the scope of IFRS 15. (5 marks)(ii) Discuss the four remaining steps which lead to revenue recognition after a contract has been identified as falling within the scope of IFRS 15. (8 marks)(b) (i) Tang enters into a contract with a customer to sell an existing printing machine such that control of the printing machine vests with the customer in two years’ time. The contract has two payment options. The customer can pay $240,000 when the contract is signed or $300,000 in two years’ time when the customer gains control of the printing machine. The interest rate implicit in the contract is 11·8% in order to adjust for the risk involved in the delay in payment. However, Tang’s incremental borrowing rate is 5%. The customer paid $240,000 on 1 December 2014 when the contract was signed. (4 marks)(ii) Tang enters into a contract on 1 December 2014 to construct a printing machine on a customer’s premises for a promised consideration of $1,500,000 with a bonus of $100,000 if the machine is completed within 24 months. At the inception of the contract, Tang correctly accounts for the promised bundle of goods and services as a single performance obligation in accordance with IFRS 15. At the inception of the contract, Tang expects the costs to be $800,000 and concludes that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will occur. Completion of the printing machine is highly susceptible to factors outside of Tang’s influence, mainly issues with the supply of components.At 30 November 2015, Tang has satisfied 65% of its performance obligation on the basis of costs incurred to date and concludes that the variable consideration is still constrained in accordance with IFRS 15. However, on 4 December 2015, the contract is modified with the result that the fixed consideration and expected costs increase by $110,000 and $60,000 respectively. The time allowable for achieving the bonus is extended by six months with the result that Tang concludes that it is highly probable that the bonus will be achieved and that the contract still remains a single performance obligation. Tang has an accounting year end of 30 November. (6 marks)Required:Discuss how the above two contracts should be accounted for under IFRS 15. (In the case of (b)(i), the discussion should include the accounting treatment up to 30 November 2016 and in the case of (b)(ii), the accounting treatment up to 4 December 2015.)Note: The mark allocation is shown against each of the items above.Professional marks will be awarded in question 4 for clarity and quality of presentation. (2 marks)

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考题 ()are?those?costs?that?cannot?be?directly?traced?to?a specific?project?and?therefore?will?be?accumulated?and allocated?equitably?over?multiple?projects?by?some?approved and?documented?accounting?procedure.A.Direct costs B.Operation costs C.Indirect costs D.Implement costs

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考题 Accounting is More Than Numbers Accounting could date back to about 7,000 years ago. People of that time relied on old accounting methods to record the growth of crops and herds. Accounting has greatly developed with the growth of joints tock companies . When you think of accounting， you may find pages of tables and numbers. That image doesn’t usually give you too much excitement. When you have your ownbusiness， though， those numbers come to mean the world to you because they give you the record of how much money you’ve earned or lost. Actually， accounting is not simply about strange dollar amounts or boring numbers； they’re your sales figures， your costs， and your profits. In other words， accounting is alanguage of business. Once you know how to work with those numbers， how to read those numbers and how to read the story they tell， you will be able to manage your business toward greater success. Accounting has greatly changed with the development of（）.A、cropsandherdsB、joint stockcompaniesC、internetcompanies

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考题单选题The medical board, concerned by the drop in insurance payments and the failure of the accounting department to obtain the anticipated funds, resolved to pursue legal action against the insurance company.A concerned by the drop in insurance payments and the failure of the accounting department to obtainB concerning the drop in payments by insurance and the failure of the accounting department to obtainC because of its concern for the dropping insurance payments and the accounting department’s failure at obtainingD in its concern that the drop in insurance payments and the failure of the accounting department to obtainE being concerned about the drop in insurance payments and the accounting department falling to obtain

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