ACCA P7(United Kingdom)历年考试真题及答案大全(2002年-2008

ACCA P7(United Kingdom)历年考试真题及答案大全(2002年-2008年)

包含(2002年-2008年)ACCA P7(United Kingdom)历年考试真题及答案,文件列表如下:

Section A – ALL THREE questions are compulsory and MUST be attempted
1 You are an audit manager in Ross & Co, a firm of Chartered Certified Accountants. The principal activity of one of your
audit clients, Murray Ltd, is the manufacture and retail sale of women’s fashions and menswear throughout the capital
cities of Western Europe.
The following financial information has been extracted from Murray’s most recent consolidated accounts:
Year ended 31 March
2007 2006
£000 £000
Turnover 36,367 27,141
——- ——-
Gross profit 22,368 16,624
——- ——-
Profit before tax 5,307 4,405
————– ————–
Fixed assets
Intangible assets
– goodwill 85 85
– trademarks 52 37
Tangible assets 7,577 4,898
Current assets 13,803 9,737
Amounts falling due within one year
– trade and other creditors (8,090) (4,385)
——- ——-
Net current assets 5,713 5,352
——- ——-
Total assets less current liabilities 13,427 10,372
Provisions for liabilities and charges (201) (87)
——- ——-
13,226 10,285
————– ————–
Shareholders’ funds 13,226 10,285
————– ————–
In May 2007 Murray purchased 100% of the shareholding of Di Rollo Ltd. Di Rollo manufactures fashion accessories
(for example, jewellery, scarves and bags) in South America that are sold throughout the world by mail order. Murray’s
management is now planning that clothes manufacture will expand into South America and sold into Di Rollo’s mail
order market. Additionally, Di Rollo’s accessories will be added to the retail stores’ product range.
Murray is a member of an ethical trade initiative that aims to improve the employment conditions of all workers
involved in the manufacture of its products. Last week Di Rollo’s chief executive was dismissed following allegations
that he contravened Di Rollo’s policy relating to the environmentally-friendly disposal of waste products. The former
chief executive is now suing Di Rollo for six months’ salary in lieu of notice and a currently undisclosed sum for
Paper 3.1GBR
Paper 3.1GBR

Ross & Co has recently been invited to accept nomination as auditor to Di Rollo. Murray’s management has indicated
that the audit fee for the enlarged Murray group should not exceed 120% of the fee for the year ended 31 March
2007. You have been provided with the following information relating to the acquisition of Di Rollo:
Book Fair value Fair value
value adjustment to the group
£000 £000 £000
Di Rollo brand name – – 600
Plant and machinery 95 419 514
Current assets 400 – 400
Current liabilities (648) – (648)
—– —- ——
Net assets at date of acquisition (153) 419 866
—– —-
Goodwill arising on acquisition 859
Cash consideration 1,725
(a) Using the information provided, explain the matters that should be considered before accepting the
engagement to audit Di Rollo Ltd’s accounts for the year ending 31 March 2008. (8 marks)
(b) Explain what effect the acquisition of Di Rollo Ltd will have on the planning of your audit of Murray Ltd’s
consolidated accounts for the year ending 31 March 2008.