注意查看！2020年内蒙古ACCA考试报名时间

正确答案：
(b) Advice on Maureen’s VAT position
Deregistration
In order to voluntarily deregister for VAT you must satisfy HMRC that the value of your taxable supplies in the next twelve
months will not exceed ￡62,000. You will then be deregistered with effect from the date of your request or a later date as
agreed with HMRC.
On deregistering you are regarded as making a supply of all stocks and equipment in respect of which input tax has been
claimed. However, the VAT on this deemed supply need only be paid to HMRC if it exceeds ￡1,000.
Once you have deregistered, you must no longer charge VAT on your sales. You will also be unable to recover the input tax
on the costs incurred by your business. Instead, the VAT you pay on your costs will be allowable when computing your taxable
profits.
You should monitor your sales on a monthly basis; if your sales in a twelve-month period exceed ￡64,000 you must notify
HMRC within the 30 days following the end of the twelve-month period. You will be registered from the end of the month
following the end of the twelve-month period.
Flat rate scheme
Rather than deregistering you may wish to consider operating the flat rate scheme. This would reduce the amount of
administration as you would no longer need to record and claim input tax in respect of the costs incurred by your business.
Under the flat rate scheme you would continue to charge your customers VAT in the way that you do at the moment. You
would then pay HMRC a fixed percentage of your VAT inclusive turnover each quarter rather than calculating output tax less
input tax. This may be financially advantageous as compared with deregistering; I would be happy to prepare calculations for
you if you wish.

正确答案：
(b) Essentially, Universal is a one product or service company selling its services into two main customer segments in the housing
market. From the performance information provided in Table 1, the company has achieved impressive rates of growth over
the 2001–4 period and this growth has come almost exclusively from private house owners. Universal is in the replacement
market. Its customers are looking to replace existing roofing systems with low maintenance/high attractiveness Universal
systems. To date growth has been exclusively within one region and been achieved by growing the area served through
investment in showrooms and depots.
Universal has chosen to grow its business through a differentiation focus strategy. It has identified a niche not served by the
major PVC doors and windows installers and poorly served by small independent installers. The value chain analysis
discussed above has shown the ways in which Universal has successfully distinguished itself from its competitors. Growth
has been through increasing its market penetration of one particular region. Such is the size of the private house owner market
and the lack of effective competition that the company has achieved a significant share of the market in its particular region.
However, in national terms, with 1% of the available market, Universal is a small operator. What is clear from the sales figures
is that as the firm grows bigger the relative rate of growth inevitably slows down, so that by 2004 it has an annual growth of
27% – still impressive by most companies standards. The move into supplying the commercial housing market has been
successful, but the share of total sales seems to have stabilised at around 5%. Universal clearly is finding it difficult to commit
sufficient new resources to this sector while coping with the growth from the domestic housing sector. Direct labour and other
direct costs seem to be a reasonable proportion of sales and predictably grow with the number of installation teams. Overall,
the gross margin, which sustains sales, marketing and overhead expenses, is moving in the right direction with a gross margin
of 52·6% achieved in 2004.
Labour, not surprisingly in a service business, consumes a considerable amount of costs. If one combines the direct labour
with the commission costs of sales canvassers and representatives together with salaries to staff in head office, one is in a
business where well over 50% of costs are attributable to people. Equally important is the fact that over 80% of the staff
employed by Universal is paid by results. This has significant consequences for the structure of reward systems and the
training and development of staff looking to maximise their incomes through either their individual or team performance.
Clearly, Universal sees no incompatibility between a reward system dominated by payments by results and the delivery of a
quality service differentiating it from its competitors.
Marketing has grown considerably over the period and reflects the recruitment of Mick Hendry as Sales and Marketing Director
in 2002. The marketing and sales model is very much one influenced by the one used by large PVC installers of doors and
windows. Here there is a heavy emphasis on direct selling techniques supported by increasing levels of advertising. Universal
sells to its customers directly and therefore avoids the costs and channel complications of using third parties to provide its
services. In many ways the direct selling techniques used are a very well established way of reaching the customer. Elements
of the marketing mix may be influenced by changes in communication technology, but the nature of the service requires
effective face-to-face contact with the customer. Sales to private house owners using credit generates significant finance
commission and is an important source of extra margin to Universal. Often in businesses depending on significant amounts
of credit sales the sales representative receives significant reward for selling a finance arrangement to the customer.
In terms of net profit achieved, 2001 and 2002 represents a significant change and, as argued in the scenario, this reflects
the recruitment of the Sales and Marketing Director. The achievement of this ‘step change’ in sales required commensurate
increases in most costs, but it is the significant increase in sales costs that explains the losses experienced in 2002. Sales
costs as a proportion of total sales rose from 14% in 2001 to almost 34% in 2002.
Particularly significant is the increase in sales commissions paid. The detailed changes in the way commission is paid is not
given in the case scenario, but it seems likely to reflect the previous experience of the Sales and Marketing Director in a closely
related industry. Similar levels of sales costs are incurred in 2003 and 2004 but the increase in sales, improvement in gross
margin and slower rate of growth in commissions paid explain the improved return on sales from –6·7% in 2002 to 4·2%
in 2003 and 5·8% in 2004.
Equally significant is the growth in showrooms and depots to support the growth in sales. Each additional facility costs in the
order of ￡30K with significant additions to costs in terms of staff and stock. Overall the performance of Universal over the
2001–2004 period is of a company achieving high rates of growth, incurring significant costs in so doing and moving into
modest levels of profit over the period. Its cost structure reflects the service it provides and the staff and reward systemsenabling the service to be provided.

正确答案：
(b) Property is sometimes sold with a degree of continuing involvement by the seller so that the risks and rewards of ownership
have not been transferred. The nature and extent of the buyer’s involvement will determine how the transaction is accounted
for. The substance of the transaction is determined by looking at the transaction as a whole and IAS18 ‘Revenue’ requires
this by stating that where two or more transactions are linked, they should be treated as a single transaction in order to
understand the commercial effect (IAS18 paragraph 13). In the case of the sale of the hotel, theme park and casino, Norman
should not recognise a sale as the company continues to enjoy substantially all of the risks and rewards of the businesses,
and still operates and manages them. Additionally the residual interest in the business reverts back to Norman. Also Norman
has guaranteed the income level for the purchaser as the minimum payment to Conquest will be $15 million a year. The
transaction is in substance a financing arrangement and the proceeds should be treated as a loan and the payment of profits
as interest.
The principles of IAS18 and IFRIC13 ‘Customer Loyalty Programmes’ require that revenue in respect of each separate
component of a transaction is measured at its fair value. Where vouchers are issued as part of a sales transaction and are
redeemable against future purchases, revenue should be reported at the amount of the consideration received/receivable less
the voucher’s fair value. In substance, the customer is purchasing both goods or services and a voucher. The fair value of the
voucher is determined by reference to the value to the holder and not the cost to the issuer. Factors to be taken into account
when estimating the fair value, would be the discount the customer obtains, the percentage of vouchers that would be
redeemed, and the time value of money. As only one in five vouchers are redeemed, then effectively the hotel has sold goods
worth ($300 + $4) million, i.e. $304 million for a consideration of $300 million. Thus allocating the discount between the
two elements would mean that (300 ÷ 304 x $300m) i.e. $296·1 million will be allocated to the room sales and the balance
of $3·9 million to the vouchers. The deferred portion of the proceeds is only recognised when the obligations are fulfilled.
The recognition of government grants is covered by IAS20 ‘Accounting for government grants and disclosure of government
assistance’. The accruals concept is used by the standard to match the grant received with the related costs. The relationship
between the grant and the related expenditure is the key to establishing the accounting treatment. Grants should not be
recognised until there is reasonable assurance that the company can comply with the conditions relating to their receipt and
the grant will be received. Provision should be made if it appears that the grant may have to be repaid.
There may be difficulties of matching costs and revenues when the terms of the grant do not specify precisely the expense
towards which the grant contributes. In this case the grant appears to relate to both the building of hotels and the creation of
employment. However, if the grant was related to revenue expenditure, then the terms would have been related to payroll or
a fixed amount per job created. Hence it would appear that the grant is capital based and should be matched against the
depreciation of the hotels by using a deferred income approach or deducting the grant from the carrying value of the asset
(IAS20). Additionally the grant is only to be repaid if the cost of the hotel is less than $500 million which itself would seem
to indicate that the grant is capital based. If the company feels that the cost will not reach $500 million, a provision should
be made for the estimated liability if the grant has been recognised.

正确答案：
3 The interview is extensively used for the selection of new employees and in many cases is the only method of selection. However,interviews have been criticised for failing to identify appropriate candidates suitable for the organisation. It is essential therefore that professional accountants recognise both the problems and opportunities that the formal selection interview presents.
(a) The purpose of the selection interview is to find the best possible person for the position who will fit into the organisation. Those conducting the interview must also ensure that the candidate clearly understands the job on offer, career prospects and that all candidates feel that fair treatment has been provided through the selection process.In addition, the interview also gives the opportunity to convey a good impression of the organisation, whether the candidate has been successful or not.