ACCA考试《公司法与商法》章节练习(2020-08-12)

发布时间：2020-08-12

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1 Which of the following is an English court NORMALLY bound to follow?

A、 An obiter statement of a higher court

B、 A ratio of a lower court

C、 A ratio of a court at the same level

D、 An obiter statement of the Supreme Court

2 Which of the following courts hear appeals from the magistrates’ court?

(1) County court

(2) Crown Court

(3) High Court

A、 (1) and (2) only

B、(2) and (3) only

C、 (1) and (3) only

D、 (1), (2) and (3)

3 Which of the following is NOT an automatic consequence of a compulsory winding up order against a public limited company?

A、 Transfers of shareholdings are suspended

B、 Liquidation is deemed to start on the date of the issuing of the order

C、 Directors cease to exercise any management power

D、 Employees are immediately dismissed

4 Which TWO of the following apply to shares of companies whose names end in ‘Ltd’?

(1) They may not be issued to non-members

(2) They may not be offered to the public

(3) They may not be transferred

(4) They may not be traded on the stock exchange

A、 (1) and (2)

B、 (2) and (3)

C、 (1) and (4)

D、 (2) and (4)

5 Which of the following statements regarding the age limits for serving as a director in a public limited company is true?

A、 Minimum age 16 years and no maximum age

B、 Minimum age 21 years and no maximum age

C、 Minimum age 21 years and maximum age 75 years

D、 Minimum age 16 years and maximum age 75 years

6 Which TWO of the following are private law actions?

(1) Those between individuals

(2) Those between business organisations

(3) Those between individuals and the state

A、 (1) and (2)

B、 (1) and (3)

C、 (2) and (3)

7 In which procedure does a liquidation committee operate?

(1) Compulsory liquidation

(2) A members’ voluntary liquidation

(3) A creditors’ voluntary liquidation

(4) Administration

A、 (1) and (2)

B、 (2) and (4)

C、 (1) and (3)

D、 (3) and (4)

8 The category of treasury shares comes into existence under which of the following circumstances?

A、 They are issued as such by a private company

B、 They are issued as such by a public company

C、 They are purchased as such by the exchequer

D、 They are purchased as such by a private or public company

9 Which of the following is NOT a source of English law?

A、 Custom

B、 Equity

C、 Public law

10 Which of the following are owed a duty of care by auditors when preparing a company’s audit report?

A、 A potential investor with no current holding

B、 An existing shareholder looking to increase their holding

C、 A company looking to make a takeover bid for the company

D、 The company and the existing shareholders in the company as a body

1 、C

2 、B

3 、B

4 、D

5 、A

6、 A

7 、C

8 、D

9 、C

10 、D

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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。

(iii) Can internal audit services be undertaken for an audit client? (4 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：

(iii) Internal audit services
A self-review threat may be created when a firm, or network firm, provides internal audit services to a financial statement
audit client. Internal audit services may comprise:
■ an extension of the firm’s audit service beyond requirements of International Standards on Auditing (ISAs);
■ assistance in the performance of a client’s internal audit activities; or
■ outsourcing of the activities.
The nature of the service must be considered in evaluating any threats to independence. (For this purpose, internal audit
services do not include operational internal audit services unrelated to the internal accounting controls, financial systems
or financial statements.)
Services involving an extension of the procedures required to conduct a financial statement audit in accordance with
ISAs would not be considered to impair independence with respect to the audit client provided that the firm’s or network
firm’s personnel do not act or appear to act in a capacity equivalent to a member of audit client management.

When the firm, or a network firm, provides an audit client with assistance in the performance of internal audit activities
or undertakes the outsourcing, any self-review threat created may be reduced to an acceptable level by a clear separation
of:
■ the management and control of the internal audit by client management;
■ the internal audit activities.
Performing a significant portion of an audit client’s internal audit activities may create a self-review threat. Appropriate
safeguards should include the audit client’s acknowledgement of its responsibilities for establishing, maintaining and
monitoring the system of internal controls.
Other safeguards include:
■ the audit client designating a competent employee, preferably within senior management, to be responsible for
internal audit activities;
■ the audit client, audit committee or supervisory body approving the scope, risk and frequency of internal audit
work;
■ the audit client being responsible for evaluating and determining which recommendations of the firm should be
implemented;
■ the audit client evaluating the adequacy of the internal audit procedures performed and the resultant findings by
obtaining and acting on reports from the firm; and
■ appropriate reporting of findings and recommendations resulting from the internal audit activities to the audit
committee or supervisory body.
Consideration should also be given to whether such non-assurance services should be provided only by personnel not
involved in the financial statement audit engagement and with different reporting lines within the firm.

(c) At 1 June 2006, Router held a 25% shareholding in a film distribution company, Wireless, a public limited

company. On 1 January 2007, Router sold a 15% holding in Wireless thus reducing its investment to a 10%

holding. Router no longer exercises significant influence over Wireless. Before the sale of the shares the net asset

value of Wireless on 1 January 2007 was $200 million and goodwill relating to the acquisition of Wireless was

$5 million. Router received $40 million for its sale of the 15% holding in Wireless. At 1 January 2007, the fair

value of the remaining investment in Wireless was $23 million and at 31 May 2007 the fair value was

$26 million. (6 marks)

Required:

Discuss how the above items should be dealt with in the group financial statements of Router for the year ended

31 May 2007.Required:

Discuss how the above items should be dealt with in the group financial statements of Router for the year ended

31 May 2007.

正确答案：
(c) The investment in Wireless is currently accounted for using the equity method of accounting under IAS28 ‘Investments in
Associates’. On the sale of a 15% holding, the investment in Wireless will be accounted for in accordance with IAS39. Router
should recognise a gain on the sale of the holding in Wireless of $7 million (Working 1). The gain comprises the following:
(i) the difference between the sale proceeds and the proportion of the net assets sold and
(ii) the goodwill disposed of.
The total gain is shown in the income statement.
The remaining 10 per cent investment will be classified as an ‘available for sale’ financial asset or at ‘fair value through profit
or loss’ financial asset. Changes in fair value for these categories are reported in equity or in the income statement respectively.
At 1 January 2007, the investment will be recorded at fair value and a gain of $1 million $(23 – 22) recorded. At 31 May
2007 a further gain of $(26 – 23) million, i.e. $3 million will be recorded. In order for the investment to be categorised as
at fair value through profit or loss, certain conditions have to be fulfilled. An entity may use this designation when doing so
results in more relevant information by eliminating or significantly reducing a measurement or recognition inconsistency (an
‘accounting mismatch’) or where a group of financial assets and/or financial liabilities is managed and its performance is
evaluated on a fair value basis, in accordance with a documented risk management or investment strategy, and information
about the assets and/ or liabilities is provided internally to the entity’s key management personnel.

Required:

Discuss the principles and practices which should be used in the financial year to 30 November 2008 to account

for:(b) the costs incurred in extending the network; (7 marks)

正确答案：
Costs incurred in extending network
The cost of an item of property, plant and equipment should be recognised when
(i) it is probable that future economic benefits associated with the item will flow to the entity, and
(ii) the cost of the item can be measured reliably (IAS16, ‘Property, plant and equipment’ (PPE))
It is necessary to assess the degree of certainty attaching to the flow of economic benefits and the basis of the evidence available
at the time of initial recognition. The cost incurred during the initial feasibility study ($250,000) should be expensed as incurred,
as the flow of economic benefits to Johan as a result of the study would have been uncertain.
IAS16 states that the cost of an item of PPE comprises amongst other costs, directly attributable costs of bringing the asset to the
location and condition necessary for it to be capable of operating in a manner intended by management (IAS16, para 16).
Examples of costs given in IAS16 are site preparation costs, and installation and assembly costs. The selection of the base station
site is critical for the optimal operation of the network and is part of the process of bringing the network assets to a working
condition. Thus the costs incurred by engaging a consultant ($50,000) to find an optimal site can be capitalised as it is part of
the cost of constructing the network and depreciated accordingly as planning permission has been obtained.
Under IAS17, ‘Leases’, a lease is defined as an agreement whereby the lessor conveys to the lessee, in return for a payment or
series of payments, the right to use an asset for an agreed period of time. A finance lease is a lease that transfers substantially all
the risks and rewards incidental to ownership of the leased asset to the lessee. An operating lease is a lease other than a finance
lease. In the case of the contract regarding the land, there is no ownership transfer and the term is not for the major part of the
asset’s life as it is land which has an indefinite economic life. Thus substantially all of the risks and rewards incidental to ownership
have not been transferred. The contract should be treated, therefore, as an operating lease. The payment of $300,000 should be
treated as a prepayment in the statement of financial position and charged to the income statement over the life of the contract on
the straight line basis. The monthly payments will be expensed and no value placed on the lease contract in the statement of
financial position

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