ACCA考试 F2考试试题每日一练(2020-08-15)

发布时间：2020-08-15

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1.A company manufactures and sells a single product. Next year the budgeted total fixed production costs are $300,000, the budgeted sales are 100,000 units and the budgeted production is 120,000 units. The budgeted profit for next year using absorption costing principles is $80.000.

What is the budgeted profit for next year using marginal costing principles?

A.$140,000

B.$20,000

C.$30,000

D.$130,000

答案：$30,000

The difference between profits calculated under absorption costing and marginal costing principles is due to the treatment of fixed costs.

In absorption costing fixed costs are allocated to units produced. Therefore fixed costs will move from one financial period to another where not all units are sold, but are carried forward as inventory.

In marginal costing all fixed costs are set off against revenue in the period they are incurred. No fixed costs are carried forward.

Fixed cost per unit of production = $2.5 (300,000 1120,000)

Closing inventory = 20,000 (120,000 - 10,000)

Fixed cost held in closing inventory = $50,000 (2.5 x 20,000)

As the $50,000 of fixed cost would have been written off in the period under marginal costing, but carried forward under absorption costing, the absorption costing proft will be higher than under marginal costing principles by $50,000.

Therefore the profit using marginal costing principles is $30,000 (80,000 -50,000).

2. Which of the following statements about non-financial measures are true?

(1) Non-financial measures can be useful for indicating future financial performance

(2) Non-financial measures may help to prevent short termism

A.Statement 1 is true and statement 2 is false

B.Statement 1 is false and statement 2 is true

C.Both statements are true

D.Both statments are false

答案：Both statements are true

Statement 1 is true. For example the non-financial measure of poor customer satisfaction indicates that the financial measure of future sales may change.

Statement 2 is true. Financial performance measures used alone may provide managers with shorter term incentives which could be detrimental to the business in the long term. For example price increases applied in the short term may meet financial targets but damage customer relations in the longer term.

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下面小编为大家准备了 ACCA考试 的相关考题，供大家学习参考。

4 (a) The purpose of ISA 250 Consideration of Laws and Regulations in an Audit of Financial Statements is to

establish standards and provide guidance on the auditor’s responsibility to consider laws and regulations in an

audit of financial statements.

Explain the auditor’s responsibilities for reporting non-compliance that comes to the auditor’s attention

during the conduct of an audit. (5 marks)

正确答案：
4 CLEEVES CO
(a) Reporting non-compliance
Non-compliance refers to acts of omission or commission by the entity being audited, either intentional or unintentional, that
are contrary to the prevailing laws or regulations.
To management
Regarding non-compliance that comes to the auditor’s attention the auditor should, as soon as practicable, either:
■ communicate with those charged with governance; or
■ obtain audit evidence that they are appropriately informed.
However, the auditor need not do so for matters that are clearly inconsequential or trivial and may reach agreement1 in
advance on the nature of such matters to be communicated.
If in the auditor’s judgment the non-compliance is believed to be intentional and material, the auditor should communicate
the finding without delay.
If the auditor suspects that members of senior management are involved in non-compliance, the auditor should report the
matter to the next higher level of authority at the entity, if it exists (e.g. an audit committee or a supervisory board). Where
no higher authority exists, or if the auditor believes that the report may not be acted upon or is unsure as to the person to
whom to report, the auditor would consider seeking legal advice.
To the users of the auditor’s report on the financial statements
If the auditor concludes that the non-compliance has a material effect on the financial statements, and has not been properly
reflected in the financial statements, the auditor expresses a qualified (i.e. ‘except for disagreement’) or an adverse opinion.
If the auditor is precluded by the entity from obtaining sufficient appropriate audit evidence to evaluate whether or not noncompliance
that may be material to the financial statements has (or is likely to have) occurred, the auditor should express a
qualified opinion or a disclaimer of opinion on the financial statements on the basis of a limitation on the scope of the audit.
Tutorial note: For example, if management denies the auditor access to information from which he would be able to assess
whether or not illegal dumping had taken place (and, if so, the extent of it).
If the auditor is unable to determine whether non-compliance has occurred because of limitations imposed by circumstances
rather than by the entity, the auditor should consider the effect on the auditor’s report.
Tutorial note: For example, if new legal requirements have been announced as effective but the detailed regulations are not
yet published.
To regulatory and enforcement authorities
The auditor’s duty of confidentiality ordinarily precludes reporting non-compliance to a third party. However, in certain
circumstances, that duty of confidentiality is overridden by statute, law or by courts of law (e.g. in some countries the auditor
is required to report non-compliance by financial institutions to the supervisory authorities). The auditor may need to seek
legal advice in such circumstances, giving due consideration to the auditor’s responsibility to the public interest.

6 Charles and Jane Miro, aged 31 and 34 years respectively, have been married for ten years and have two children

aged six and eight years. Charles is a teacher but for the last five years he has stayed at home to look after their

children. Jane works as a translator for Speak Write Ltd.

Speak Write Ltd was formed and began trading on 6 April 2006. It provides translation services to universities. Jane,

who ceased employment with Barnham University to found the company, owns 100% of its ordinary share capital

and is its only employee.

Speak Write Ltd has translated documents for four different universities since it began trading. Its biggest client is

Barnham University which represents 70% of the company’s gross income. It is estimated that the company’s gross

fee income for its first 12 months of trading will be ￡110,000. Speak Write Ltd usually agrees fixed fees in advance

with its clients although it charges for some projects by reference to the number of days taken to do the work. None

of the universities makes any payment to Speak Write Ltd in respect of Jane being on holiday or sick.

All of the universities insist that Jane does the work herself. Jane carries out the work for three of the universities in

her office at home using a computer and specialised software owned by Speak Write Ltd. The work she does for

Barnham University is done in the university’s library on one of its computers as the documents concerned are too

delicate to move.

The first set of accounts for Speak Write Ltd will be drawn up for the year ending 5 April 2007. It is estimated that

the company’s tax adjusted trading profit for this period will be ￡52,500. This figure is after deducting Jane’s salary

of ￡4,000 per month and the related national insurance contributions but before any adjustments required by the

application of the personal service companies (IR 35) legislation. The company has no other sources of income or

capital gains.

Jane has not entered into any communication with HM Revenue and Customs (HMRC) with respect to the company

and wants to know:

– When the corporation tax computation should be submitted and when the tax is due.

– When the corporation tax computation can be regarded as having been agreed by HMRC.

Charles and Jane have requested a meeting to discuss the family’s finances. In particular, they wish to consider the

shortfall in the family’s annual income and any other related issues if Jane were to die. Their mortgage is covered

by a term assurance policy but neither of them have made any pension contributions or carried out any other long

term financial planning.

Jane has estimated that her annual after tax income from Speak Write Ltd, on the assumption that she extracts all of

the company’s profits, will be ￡58,000. Charles owns two investment properties that together generate after tax

income of ￡8,500. He estimates that he could earn ￡28,000 after tax if he were to return to work.

The couple’s annual surplus income, after payment of all household expenditure including mortgage payments of

￡900 per month, is ￡21,000. Charles and Jane have no other sources of income.

Required:

(a) Write a letter to Jane setting out:

(i) the arguments that HMRC could put forward, based only on the facts set out above, in support of

applying the IR 35 legislation to Speak Write Ltd; and

(ii) the additional income tax and national insurance contributions that would be payable, together with

their due date of payment, if HMRC applied the IR 35 legislation to all of the company’s income in

2006/07. (11 marks)

正确答案：

 

(c) Explain the capital gains tax (CGT) and income tax (IT) issues Paul and Sharon should consider in deciding

which form. of trust to set up for Gisella and Gavin. You are not required to consider inheritance tax (IHT) or

stamp duty land tax (SDLT) issues. (10 marks)

You should assume that the tax rates and allowances for the tax year 2005/06 apply throughout this question.

正确答案：
(c) As the trust is created in the settlors’ (Paul and Sharon’s) lifetime its creation will constitute a chargeable disposal for capital
gains tax. Also, as the settlors and trustees are connected persons, the disposal will be deemed to be at market value, resulting
in a chargeable gain of ￡80,000 (160,000 – 80,000). No taper relief will be available as the property is a non-business
asset, and has been held for less than three years, but annual exemptions of ￡17,000 (2 x ￡8,500) will be available.
However, in the case of a discretionary trust, gift hold over relief will be available. This is because the gift will constitute a
chargeable lifetime transfer and because there is an immediate charge to inheritance tax (even though no tax is payable due
to the nil rate band) relief is available if a specific accumulation and maintenance trust is used, as in this case the gift will
qualify as a potentially exempt transfer and so gift relief would only be available in respect of business assets. The use of a
basic discretionary trust will thus facilitate the deferral of an immediate capital gains tax charge of ￡25,200 (63,000 x 40%).
If/when the property is disposed of, however, the trustees will pay capital gains tax on the deferred gain at the trust income
tax rate of 40%, and have an annual exemption of only ￡4,250 (50% of the normal individual rate) available to them. The
40% rate of tax and lower annual exemption rate also apply to chargeable gains arising in a specific accumulation and
maintenance trust, as well as a basic discretionary trust.
A chargeable disposal between connected persons will also arise for the purposes of capital gains tax if/when the property
vests in a beneficiary, i.e. one or more of the beneficiaries becomes absolutely entitled to all or part of the income or capital
of the trust. Gift hold over relief will again be available on all assets in the case of a discretionary trust, but only on business
assets in the case of an accumulation and maintenance trust, except where a beneficiary becomes entitled to both income
and capital at the same time.
The trust will have taxable property income in the form. of net rents from its creation and in future years is also likely to have
other investment income, probably in the form. of interest, to the extent that monies are retained in the trust. Whichever form
of trust is used, the trustees will pay tax at the standard trust rate of 40% on income other than dividend income (32·5%),
except to the extent of (1) the first ￡500 of taxable income, which is taxed at the rate that would otherwise apply to such
income (i.e. 22% for non-savings (rental) income, 20% for savings income (interest) and 10% for dividends) but, only to the
extent that it is not distributed; and (2) the legitimate trust management expenses, which are offsettable for the purposes of
the higher trust tax rates against the income with the lowest rate(s) of normal tax and so bear tax only at that rate. The higher
trust tax rate always applies to income that is distributed, other than to the extent that it has been treated as the settlor’s
income, and taxed at that settlor’s marginal tax rate.
As Paul and Sharon intend to create a trust for their unmarried minor (under 18) children, then even if the trust specifically
excludes them from any benefit under the trust, the trust income will be treated as theirs for income tax purposes to the extent
that it constitutes income paid for on behalf (including maintenance payments) of Gisella and Gavin; except where (1) the
total income arising does not exceed ￡100 gross per annum, and (2) income is held for the benefit of a child under an
accumulation and maintenance settlement, to the extent that it is not paid out.

(b) As a newly-qualified Chartered Certified Accountant, you have been asked to write an ‘ethics column’ for a trainee

accountant magazine. In particular, you have been asked to draft guidance on the following questions addressed

to the magazine’s helpline:

(i) What gifts or hospitality are acceptable and when do they become an inducement? (5 marks)

Required:

For each of the three questions, explain the threats to objectivity that may arise and the safeguards that

should be available to manage them to an acceptable level.

NOTE: The mark allocation is shown against each of the three questions above.

正确答案：
(b) Draft guidance
(i) Gifts and hospitality
Gifts and hospitality may be offered as an inducement i.e. to unduly influence actions or decisions, encourage illegal or
dishonest behaviour or to obtain confidential information. An offer of gifts and/or hospitality from a client ordinarily gives
rise to threats to compliance with the fundamental principles, for example:
■ self-interest threats to objectivity and/or confidentiality may be created if a gift from a client is accepted;
■ intimidation threats to objectivity and/or confidentiality may arise through the possibility of such offers being made
public and damaging the reputation of the professional accountant (or close family member).
The significance of such threats will depend on the nature, value and intent behind the offer. There may be no significant
threat to compliance with the fundamental principles if a reasonable and informed third party would consider gifts and
hospitality to be clearly insignificant. For example, if the offer of gifts or hospitality is made in the normal course of
business without the specific intent to influence decision making or to obtain information.
If evaluated threats are other than clearly insignificant, safeguards should be considered and applied as necessary to
eliminate them or reduce them to an acceptable level.
Offers of gifts and hospitality should not be accepted if the threats cannot be eliminated or reduced to an acceptable
level through the application of safeguards.
As the real or apparent threats to compliance with the fundamental principles do not merely arise from acceptance of
an inducement but, sometimes, merely from the fact of the offer having been made, additional safeguards should be
adopted. For example:
■ immediately informing higher levels of management or those charged with governance that an inducement has
been offered;
■ informing third parties (e.g. a professional body) of the offer (after seeking legal advice);
■ advising immediate or close family members of relevant threats and safeguards where they are potentially in
positions that might result in offers of inducements (e.g. as a result of their employment situation); and
■ informing higher levels of management or those charged with governance where immediate or close family
members are employed by competitors or potential suppliers of that organisation.

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