acca考试P阶段的考试是机考还是笔试呢？

正确答案：

 

正确答案：
(c) The opening inventory should be included in the current year’s income statement at the corrected figure, and the opening
balance of retained profit reduced by $100,000. The $100,000 reduction will appear in the statement of changes in equity.
(IAS8 Accounting policies, changes in accounting estimates and errors)

正确答案：
(b) Financial statement ratios can provide useful measures of liquidity but an analysis of the information in the cash flow
statement, particularly cash flow generated from operations, can provide specific insights into the liquidity of Warrburt. It is
important to look at the generation of cash and its efficient usage. An entity must generate cash from trading activity in order
to avoid the constant raising of funds from non-trading sources. The ‘quality of the profits’ is a measure of an entity’s ability
to do this. The statement of cash flow shows that the company has generated cash in the period despite sustaining a
significant loss ($92m cash flow but $21m loss). The problem is the fact that the entity will not be able to sustain this level
of cash generation if losses continue.
An important measure of cash flow is the comparison of the cash from operating activity to current liabilities. In the case of
Warrburt, this is $92m as compared to $155m. Thus the cash flow has not covered the current liabilities.
Operating cash flow ($92 million) determines the extent to which Warrburt has generated sufficient funds to repay loans,
maintain operating capability, pay dividends and make new investments without external financing. Operating cash flow
appears to be healthy, partially through the release of cash from working capital. This cash flow has been used to pay
contributions to the pension scheme, pay finance costs and income taxes. These uses of cash generated would be normal for
any entity. However, the release of working capital has also financed in part the investing activities of the entity which includes
the purchase of an associate and property, plant and equipment. The investing activities show a net cash outflow of
$43 million which has been financed partly out of working capital, partly from the sale of PPE and AFS financial assets and
partly out of cash generated from operations which include changes in working capital. It seems also that the issue of share
capital has been utilised to repay the long term borrowings and pay dividends. Also a significant amount of cash has been
raised through selling AFS investments. This may not continue in the future as it will depend on the liquidity of the market.
This action seems to indicate that the long term borrowings have effectively been ‘capitalised’. The main issue raised by the
cash flow statement is the use of working capital to partially finance investing activities. However, the working capital ratio
and liquidity ratios are still quite healthy but these ratios will deteriorate if the trend continues.

正确答案：
(c) Claims for capital losses
Where the value of shares (a chargeable asset) has become negligible (defined as <5% of the original cost), a claim can be
made to treat the asset as though it was sold and then immediately reacquired for its current market value. This is known as
a negligible value claim.
The sale and reacquisition is treated as taking place at the time that the claim is made or at a specified time (up to 2 years
before the start of the tax year in which the claim was made) if the asset was of negligible value at that time.
As the loss is on unquoted shares, a further relief (s.574 ICTA 1988) allows the loss to be relieved against the total income
of the taxpayer for the year in which the loss arose, and/or against the total income of the previous year.
Losses are first relieved against current year income, with any excess being available for offset against the prior year’s income.
Bob can therefore make a negligible value claim as at 1 December 2004. This will give rise to a loss of ￡14,500
(￡500 – ￡15,000) which will be deemed to arise in the year 2004/05. By doing so, his taxable income for that year will be
reduced from ￡36,875 to ￡22,375.