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正确答案：
(b) It is important to appreciate that the finance request should cover not only the cost of the construction of the new facility, but
also costs in order to get the business unit up and running, and enough cash to meet initial working capital requirements.
Mulligan Co may have sufficient cash to cover such additional expenses, but the bank will want comfort that this is the case.
Enquiries would include the following:
Who has prepared the forecast? It is important to evaluate the experience and competence of the preparer. If management
has previously prepared forecasts and capital expenditure budgets that were reliable and accurate, this adds a measure of
confidence in the preparation of the new forecast and the underlying assumptions used.
To what extent is internal finance available to cover any shortfall in the finance requirement? If there is surplus cash within
the organisation then the bank need not provide the full amount of finance necessary to start up the new business operation.
Has the cost of finance been included in the forecast? It appears that this cost is missing. Finance costs should be calculated
based on the anticipated interest rate to be applied to the loan advanced, and included in the total finance requirement.
What is the forecast operating cycle of the new business unit? In particular how long is the work in progress period, and how
much credit will be extended to customers? i.e. when will cash inflows specific to the new business unit be received? More
finance might be required to fund initial working capital shortfalls during the period when work in progress is occurring, and
before cash receipts from customers are received.
Will further raw materials be required? A request has been made for $250,000 for raw materials of timber. Other materials
may need to be purchased, for example, non-timber raw materials, and inventory of other consumables such as nuts and
bolts.
How long will the ‘initial’ inventory of raw material last? What is the planned work in progress time for the new product? More
finance may be needed to avoid a stock out of raw materials.
Construction of the new factory – is there any documentation to support the capital expenditure? For example, architect’s
plans, surveyor’s reports. This will support the accuracy of the finance requested and is an important source of evidence given
the materiality of the premises to the total amount of finance requested.
How likely is it that costs may be subject to inflation before actually being incurred? This could increase the amount of finance
required by several percentage points.
Have quotes been obtained for the new machinery to be purchased?
Purchase of new machinery – will any specific installation costs be incurred? These costs can be significant for large pieces
of capital equipment. Also, enquiries should be made regarding any delivery costs.
The budget does not appear to contain any finance request for overheads such as use of electricity during the construction
period, and hire of installation equipment. Have these overheads been included in the construction cost estimate?
Will staff need to be trained in using the new machinery? If so, any incremental costs should be included in the finance
request.
Advertising and marketing of new product – enquire of Patrick Tiler the methods that will be used to market the new product.
Some types of advertising are more of a cash drain due to their high expense e.g. television advertising is expensive and ‘up
front’ compared to magazine advertising, which is cheap and spread out. As Patrick Tiler is new to Mulligan Co, his forecast
is not based on past experience of this particular business.
LCT Bank will also consider the recoverability of the amount advanced by looking at the cash generating potential of the new
business unit. Enquiries should therefore be made regarding the likely success of the new products, for example:
– Has any market research been carried out to support the commercial viability of the new products?
– Have any contracts with retailers to carry the new products been negotiated?
– How quickly have past products generated a cash inflow?
– Is there a contingency plan in place in case the new products fail to be successful?

正确答案：
(iii) Warranty provision
■ Agree the principal assumptions in management’s estimate of liabilities under warranties to the terms of warranty
as set out in contracts for sale of vehicle. For example:
– the period for which warranties are given;
– whether for parts replacement only or parts and labour;
– exclusion clauses, perhaps for vehicles sold into a particular market, or used in a specified industry (e.g. filmmaking).
■ Agree the reasonableness of management’s assumptions in the calculation of the provision. For example, the
proportion of vehicles for which claims are made within three months, three to six months, six to nine months, etc.
■ Substantiate the economic reality of the basis of management’s calculations. For example:
– agree the number of vehicles sold each month to a summary sales report;
– agree the calculation of average cost of a repair under warranty to job records;
– test costs of repair on a sample basis (e.g. parts replaced to price lists and labour charges to hours worked
(per job records) and charge-out rates).
■ Consider the reasonableness of management’s estimate by comparing:
– the actual cost of after-date repairs (say for three months) against the appropriate proportion of the provision
made;
– current year provision per vehicle sold against prior provision per vehicle sold.
■ Assess management’s ability to make reliable estimates in this area by comparing last year’s provision with the
actual repairs under warranty costs incurred during the year in respect of sales made in previous years.
Tutorial note: The basis of management’s estimate may tend to overstate or understate the provision required
and should be revised accordingly.
■ Agree the extent to which the provision takes account of (has been reduced by) any recourse to suppliers (e.g. in
respect of faulty parts). For example:
– by reviewing terms of purchases from major suppliers;
– by examining records of replacement parts received free of charge.

正确答案：C
83,600 + 18,000 – 4,500 = 97,100