点击查看：2020年ACCA考试练习试题分享15

发布时间：2020-09-04

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Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question.

1 Which of the following involves an offer which may only be accepted by performing an action?

A、A collateral contract

B、 A unilateral contract

C、A bilateral contract

2 An agency relationship which is made retrospectively is referred to by which of the following terms?

A、 Agency by estoppel

B、 Agency by ratification

C、Agency by necessity

3 In contract law, the ‘market price rule’ arises in relation to which of the following?

A、 Offer

B 、Consideration

C、 Remoteness

D、 Mitigation

4 In relation to a debenture, which of the following is NOT true?

A 、It may be issued at a discount

B、 Interest on it may be paid from capital

C、 It is paid after preference shares

D、It is freely transferable

5 Tan writes to Yun stating that he will sell his car to him for ￡10,000. At the same time, Yun writes to Tan stating that he will buy his car for ￡10,000. Which of the following statements applies to this situation?

A、There is a binding agreement due to the postal rule

B、There is a collateral contract

C、 There is neither an agreement nor a contract

6 Which of the following statements about contracts of employment is true?

A、They can be made either orally or in writing

B、 They must be made in writing

C、They must be evidenced in writing

7 Where directors make a false statement of solvency prior to a members’ voluntary liquidation, which of the following have they committed under the relevant legislation?

A、 A breach of criminal law with criminal penalties

B、A breach of civil law with criminal penalties

C、A breach of civil law with civil liability

D、 A breach of both civil and criminal law with liabilities under both

8 Which of the following is the consequence when a patient signs a medical consent form before an operation?

A、 The patient gives up any right of action for any injury suffered

B 、Any action for any injury suffered during the operation is limited to negligence

C 、The level of any potential payment for any injury suffered is reduced

9 Where a contract states the sum to be paid in the event of a breach of contract, the stated sum is known as which of the following?

A、Unliquidated damages

B、 Liquidated damages

C、Specific damages

D、 Nominal damages

10 Which of the following applies to the concept of enlightened shareholder value?

A、 It is the price shares can be expected to raise if they were to be sold

B、It is the yardstick for assessing the performance of directors’ duties

C、 It is the standard of behaviour expected of shareholders in general meetings

11 Which of the following involves a summary dismissal in relation to a contract of employment?

A、Both parties agree to end the contract immediately without notice

B、The employee breaks the contract without notice

C、The employer terminates the contract without notice

12 What qualification is the company secretary of a private limited company required to have?

A、 An appropriate legal qualification

B、 An appropriate professional qualification such as ACCA

C、 No qualification

13 Statutory redundancy payment is calculated on the basis of which of the following?

A、Length of service and pay only

B、 Age and length of service only

C、Age, length of service and pay

14 In relation to wrongful trading, the standard against which the conduct of directors will be assessed is which of the following?

A、Purely subjective, depending on the actual skill of the director

B、Purely objective, depending on what is expected of a director in that position

C、A mixture of subjective and objective but only to increase potential liability

D、A mixture of subjective and objective but only to reduce potential liability

15 Which of the following statements as regards an acceptance of an offer ‘subject to contract’ is true?

A、It binds the offeror

B、It binds neither party

C、It binds both parties

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3 (a) Discuss why the identification of related parties, and material related party transactions, can be difficult for

auditors. (5 marks)

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.

(c) You have been making preliminary inquiries regarding matters arising from the previous year’s audit of Di Rollo.

It has been revealed that no action has been taken in response to the management letter prepared by the previous

auditors. Di Rollo’s management has explained that this was because it was ‘poorly prepared’ and ‘unhelpful’.

Required:

Briefly describe various criteria against which the effectiveness of a management letter may be assessed.

(7 marks)

正确答案：
(c) Management letter effectiveness criteria
Tutorial note: Candidates at this level must know that a management letter is a letter of weakness (also called post-audit
letter). NO marks will be awarded for consideration of any other letters (e.g. management representation letters, engagement
letters).
■ Timeliness – a management letter should be issued as soon as possible after completion of the audit procedures giving
rise to comment. This is particularly important when audit work is carried out on more than one audit visit and where
it is a matter of urgency that management make improvements to their procedures (e.g. where there is evidence of
serious weakness).
■ Clarity – wording must be clear so that recipients understand the significance of weaknesses that are being drawn to
their attention. It is particularly important that implications are explained clearly in terms that will prompt management
to respond positively (e.g. drawing attention to the risks of financial loss arising).
■ Illustrative – specific illustrative examples (e.g. of where controls have not been evidenced) should aid management in
understanding the nature of the problem(s).
■ Constructive comments/advice – recommendations for improvements must be practicable (i.e. appropriate and costeffective
in the light of the client’s resources) if the client is to take corrective action.
■ Conciseness – unnecessary volume will distract management from new/additional matters that require their attention.
For example, matters adequately dealt with in the internal auditor’s report should not be repeated.
■ Factual accuracy is essential. Inaccuracies will not only aggravate the client and appear unprofessional but could, in rare
circumstances, result in liability. Similarly, the letter should not criticise (or ‘cast aspersions’) on individual staff members
if it is the system that is inadequate.
■ A suitable structure – for example ‘tiered’, where the report contains matters of varying levels of significance. By directing
different classes of matters to the appropriate level or area of responsibility action by management can be taken more
speedily and constructively.
Tutorial note: An alternative structure might be one that sequences those recommendations that improve
profitability/cash flows before those that deal with information systems.
■ Inclusion of staff responses – both to advise senior management of action proposed/being taken by their staff and to give
credit to recommendations for improvements where it is due (e.g. where client’s staff have proposed recommendations).
■ Inclusion of management’s response – an indication of the actions that management intends to take is more likely to
result in action being taken. Discussing findings with management first should also ensure their factual accuracy.
■ Client’s perspective – implications from the client’s viewpoint (e.g. in terms of cost savings) are more likely to be acted
on than those expressed from an audit perspective (e.g. in terms of lowered audit risk).
■ Professional tone – should not be offensive. Comments that fault management’s knowledge, competence, motives or
integrity are likely to provoke defensive reactions. Comments should be positive/constructive by emphasising
solutions/benefits.
Tutorial notes: Other points that candidates may include:
■ Inclusion of matters of future relevance
■ Cost effectiveness – minutes of discussions with management instead of a formal weakness letter
■ Not raising ‘people problems’ in such a formal communication (a confidential discussion is preferable).

(ii) The percentage change in revenue, total costs and net assets during the year ended 31 May 2008 that

would have been required in order to have achieved a target ROI of 20% by the Beetown centre. Your

answer should consider each of these three variables in isolation. State any assumptions that you make.

(6 marks)

正确答案：
(ii) The ROI of Beetown is currently 13·96%. In order to obtain an ROI of 20%, operating profit would need to increase to
(20% x $3,160,000) = $632,000, based on the current level of net assets. Three alternative ways in which a target
ROI of 20% could be achieved for the Beetown centre are as follows:
(1) Attempts could be made to increase revenue by attracting more clients while keeping invested capital and operating
profit per $ of revenue constant. Revenue would have to increase to $2,361,644, assuming that the current level
of profitability is maintained and fixed costs remain unchanged. The current rate of contribution to revenue is
$2,100,000 – $567,000 = $1,533,000/$2,100,000 = 73%. Operating profit needs to increase by $191,000
in order to achieve an ROI of 20%. Therefore, revenue needs to increase by $191,000/0·73 = $261,644 =
12·46%.
(2) Attempts could be made to decrease the level of operating costs by, for example, increasing the efficiency of
maintenance operations. This would have the effect of increasing operating profit per $ of revenue. This would
require that revenue and invested capital were kept constant. Total operating costs would need to fall by $191,000
in order to obtain an ROI of 20%. This represents a percentage decrease of 191,000/1,659,000 = 11·5%. If fixed
costs were truly fixed, then variable costs would need to fall to a level of $376,000, which represents a decrease
of 33·7%.
(3) Attempts could be made to decrease the net asset base of HFG by, for example, reducing debtor balances and/or
increasing creditor balances, while keeping turnover and operating profit per $ of revenue constant. Net assets
would need to fall to a level of ($441,000/0·2) = $2,205,000, which represents a percentage decrease
amounting to $3,160,000 – $2,205,000 = 955,000/3,160,000 = 30·2%.

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