分类： ACCA特许公认会计师考试题库

6月特许公认会计师（ACCA）F5考试真题及答案

Performance
Management
Monday 8 June 2009

2 Oliver is the owner and manager of Oliver’s Salon which is a quality hairdresser that experiences high levels of
competition. The salon traditionally provided a range of hair services to female clients only, including cuts, colouring
and straightening
A year ago, at the start of his 2009 financial year, Oliver decided to expand his operations to include the hairdressing
needs of male clients. Male hairdressing prices are lower, the work simpler (mainly hair cuts only) and so the time
taken per male client is much less.
The prices for the female clients were not increased during the whole of 2008 and 2009 and the mix of services
provided for female clients in the two years was the same.
The latest financial results are as follows:
2008 2009
$$ $$
Sales 200,000 238,500
Less cost of sales:
Hairdressing staff costs 65,000 91,000
Hair products – female 29,000 27,000
Hair products – male 8,000
——- ——-
94,000 126,000
——– ——–
Gross profit 106,000 112,500
Less expenses:
Rent 10,000 10,000
Administration salaries 9,000 9,500
Electricity 7,000 8,000
Advertising 2,000 5,000
——- ——-
Total expenses 28,000 32,500
——– ——–
Profit 78,000 80,000
——– ——–
Oliver is disappointed with his financial results. He thinks the salon is much busier than a year ago and was expecting
more profit. He has noted the following extra information:
1. Some female clients complained about the change in atmosphere following the introduction of male services,

2008年6月、12月特许公认会计师（ACCA）F6（United Kingdom）考试真题及答案

Taxation
(United Kingdom)
Monday 1 December 2008

National insurance contributions
(Not contracted out rates)
%
Class 1 Employee £1 – £5,225 per year Nil
£5,226 – £34,840 per year 11·0
£34,841 and above per year 11·0
Class 1 Employer £1 – £5,225 per year Nil
£5,226 and above per year 12·8
Class 1A 12·8
Class 2 £2·20 per week
Class 4 £1 – £5,225 per year Nil
£5,226 – £34,840 per year 8·0
£34,841 and above per year 1·0
Rates of interest
Official rate of interest: 6·25%
Rate of interest on underpaid tax: 7·5% (assumed)
ALL FIVE questions are compulsory and MUST be attempted
1 Peter Chic is employed by Haute-Couture Ltd as a fashion designer. The following information is available for the tax
year 2007-08:
Employment
(1) During the tax year 2007-08 Peter was paid a gross annual salary of £45,600 by Haute-Couture Ltd. Income
tax of £15,558 was deducted from this figure under PAYE.
(2) In addition to his salary, Peter received two bonus payments from Haute-Couture Ltd during the tax year
2007-08. The first bonus of £4,300 was paid on 30 April 2007 and was in respect of the year ended
31 December 2006. Peter became entitled to this first bonus on 10 April 2007. The second bonus of £3,600
was paid on 31 March 2008 and was in respect of the year ended 31 December 2007. Peter became entitled
to this second bonus on 25 March 2008.
(3) Throughout the tax year 2007-08 Haute-Couture Ltd provided Peter with a diesel powered motor car which has
a list price of £22,500. The motor car cost Haute-Couture Ltd £21,200, and it has an official CO2 emission rate
of 232 grams per kilometre. Peter made a capital contribution of £2,000 towards the cost of the motor car when
it was first provided to him. Haute-Couture Ltd also provided Peter with fuel for private journeys.
(4) Haute-Couture Ltd has provided Peter with living accommodation since 1 January 2005. The company had
purchased the property in 2004 for £160,000, and it was valued at £185,000 on 1 January 2005.
Improvements costing £13,000 were made to the property during June 2006. The annual value of the property
is £9,100.
(5) Throughout the tax year 2007-08 Haute-Couture Ltd provided Peter with two mobile telephones. The telephones
had each cost £250 when purchased by the company in January 2007.
(6) On 5 January 2008 Haute-Couture Ltd paid a health club membership fee of £510 for the benefit of Peter.
(7) During February 2008 Peter spent five nights overseas on company business. Haute-Couture Ltd paid Peter a
daily allowance of £10 to cover the cost of personal expenses such as telephone calls to his family.
Property income
(1) Peter owns two properties, which are let out. Both properties are freehold houses, with the first property being
let out furnished and the second property being let out unfurnished.

2008年6月、12月特许公认会计师（ACCA）F7（International）考试真题及答案

Financial Reporting
(International)
Tuesday 10 June 2008

ALL FIVE questions are compulsory and MUST be attempted
1 On 1 August 2007 Patronic purchased 18 million of a total of 24 million equity shares in Sardonic. The acquisition
was through a share exchange of two shares in Patronic for every three shares in Sardonic. Both companies have
shares with a par value of $1 each. The market price of Patronic’s shares at 1 August 2007 was $5·75 per share.
Patronic will also pay in cash on 31 July 2009 (two years after acquisition) $2·42 per acquired share of Sardonic.
Patronic’s cost of capital is 10% per annum. The reserves of Sardonic on 1 April 2007 were $69 million.
Patronic has held an investment of 30% of the equity shares in Acerbic for many years.
The summarised income statements for the three companies for the year ended 31 March 2008 are:
Patronic Sardonic Acerbic
$’000 $’000 $’000
Revenue 150,000 78,000 80,000
Cost of sales (94,000) (51,000) (60,000)
——– ——- ——-
Gross profit 56,000 27,000 20,000
Distribution costs (7,400) (3,000) (3,500)
Administrative expenses (12,500) (6,000) (6,500)
Finance costs (note (ii)) (2,000) (900) nil
——– ——- ——-
Profit before tax 34,100 17,100 10,000
Income tax expense (10,400) (3,600) (4,000)
——– ——- ——-
Profit for the period 23,700 13,500 6,000
——– ——- ——-
The following information is relevant:
(i) The fair values of the net assets of Sardonic at the date of acquisition were equal to their carrying amounts with
the exception of property and plant. Property and plant had fair values of $4·1 million and $2·4 million
respectively in excess of their carrying amounts. The increase in the fair value of the property would create
additional depreciation of $200,000 in the consolidated financial statements in the post acquisition period to
31 March 2008 and the plant had a remaining life of four years (straight-line depreciation) at the date of
acquisition of Sardonic. All depreciation is treated as part of cost of sales.
The fair values have not been reflected in Sardonic’s financial statements.
No fair value adjustments were required on the acquisition of Acerbic.
(ii) The finance costs of Patronic do not include the finance cost on the deferred consideration.
(iii) Prior to its acquisition, Sardonic had been a good customer of Patronic. In the year to 31 March 2008, Patronic
sold goods at a selling price of $1·25 million per month to Sardonic both before and after its acquisition. Patronic
made a profit of 20% on the cost of these sales. At 31 March 2008 Sardonic still held inventory of $3 million
(at cost to Sardonic) of goods purchased in the post acquisition period from Patronic.
(iv) An impairment test on the goodwill of Sardonic conducted on 31 March 2008 concluded that it should be written
down by $2 million. The value of the investment in Acerbic was not impaired.
(v) All items in the above income statements are deemed to accrue evenly over the year.
(vi) Ignore deferred tax.

2008年6月、12月特许公认会计师（ACCA）F7（International）考试真题及答案

Financial Reporting
(International)
Tuesday 10 June 2008

ALL FIVE questions are compulsory and MUST be attempted
1 On 1 August 2007 Patronic purchased 18 million of a total of 24 million equity shares in Sardonic. The acquisition
was through a share exchange of two shares in Patronic for every three shares in Sardonic. Both companies have
shares with a par value of $1 each. The market price of Patronic’s shares at 1 August 2007 was $5·75 per share.
Patronic will also pay in cash on 31 July 2009 (two years after acquisition) $2·42 per acquired share of Sardonic.
Patronic’s cost of capital is 10% per annum. The reserves of Sardonic on 1 April 2007 were $69 million.
Patronic has held an investment of 30% of the equity shares in Acerbic for many years.
The summarised income statements for the three companies for the year ended 31 March 2008 are:
Patronic Sardonic Acerbic
$’000 $’000 $’000
Revenue 150,000 78,000 80,000
Cost of sales (94,000) (51,000) (60,000)
——– ——- ——-
Gross profit 56,000 27,000 20,000
Distribution costs (7,400) (3,000) (3,500)
Administrative expenses (12,500) (6,000) (6,500)
Finance costs (note (ii)) (2,000) (900) nil
——– ——- ——-
Profit before tax 34,100 17,100 10,000
Income tax expense (10,400) (3,600) (4,000)
——– ——- ——-
Profit for the period 23,700 13,500 6,000
——– ——- ——-
The following information is relevant:
(i) The fair values of the net assets of Sardonic at the date of acquisition were equal to their carrying amounts with
the exception of property and plant. Property and plant had fair values of $4·1 million and $2·4 million
respectively in excess of their carrying amounts. The increase in the fair value of the property would create
additional depreciation of $200,000 in the consolidated financial statements in the post acquisition period to
31 March 2008 and the plant had a remaining life of four years (straight-line depreciation) at the date of
acquisition of Sardonic. All depreciation is treated as part of cost of sales.
The fair values have not been reflected in Sardonic’s financial statements.
No fair value adjustments were required on the acquisition of Acerbic.
(ii) The finance costs of Patronic do not include the finance cost on the deferred consideration.
(iii) Prior to its acquisition, Sardonic had been a good customer of Patronic. In the year to 31 March 2008, Patronic
sold goods at a selling price of $1·25 million per month to Sardonic both before and after its acquisition. Patronic
made a profit of 20% on the cost of these sales. At 31 March 2008 Sardonic still held inventory of $3 million
(at cost to Sardonic) of goods purchased in the post acquisition period from Patronic.
(iv) An impairment test on the goodwill of Sardonic conducted on 31 March 2008 concluded that it should be written
down by $2 million. The value of the investment in Acerbic was not impaired.
(v) All items in the above income statements are deemed to accrue evenly over the year.
(vi) Ignore deferred tax.

2008年6月、12月ACCA F8（International）考试真题及答案

Audit and Assurance
(International)
Wednesday 3 December 2008

2(a) ISA 620 Using the Work of an Expert explains how an auditor may use an expert to obtain audit evidence.
Required:
Explain THREE factors that the external auditor should consider when assessing the competence and
objectivity of the expert. (3 marks)
(b) Auditors have various duties to perform in their role as auditors, for example, to assess the truth and fairness of
the financial statements.
Required:
Explain THREE rights that enable auditors to carry out their duties. (3 marks)
(c) List FOUR assertions relevant to the audit of tangible non-current assets and state one audit procedure which
provides appropriate evidence for each assertion. (4 marks)
(10 marks)
3 You are a manager in the audit firm of Ali & Co; and this is your first time you have worked on one of the firm’s
established clients, Stark Co. The main activity of Stark Co is providing investment advice to individuals regarding
saving for retirement, purchase of shares and securities and investing in tax efficient savings schemes. Stark is
regulated by the relevant financial services authority.
You have been asked to start the audit planning for Stark Co, by Mr Son, a partner in Ali & Co. Mr Son has been the
engagement partner for Stark Co, for the previous nine years and so has excellent knowledge of the client. Mr Son
has informed you that he would like his daughter Zoe to be part of the audit team this year; Zoe is currently studying
for her first set of fundamentals papers for her ACCA qualification. Mr Son also informs you that Mr Far, the audit
senior, received investment advice from Stark Co during the year and intends to do the same next year.
In an initial meeting with the finance director of Stark Co, you learn that the audit team will not be entertained on
Stark Co’s yacht this year as this could appear to be an attempt to influence the opinion of the audit. Instead, he has
arranged a balloon flight costing less than one-tenth of the expense of using the yacht and hopes this will be
acceptable. The director also states that the fee for taxation services this year should be based on a percentage of tax
saved and trusts that your firm will accept a fixed fee for representing Stark Co in a dispute regarding the amount of
sales tax payable to the taxation authorities.
Required:
(a) (i) Explain the ethical threats which may affect the auditor of Stark Co. (6 marks)
(ii) For each ethical threat, discuss how the effect of the threat can be mitigated. (6 marks)
(b) Discuss the benefits of Stark Co establishing an internal audit department. (8 marks)
(20 marks)
4 (a) Explain the term ‘audit risk’ and the three elements of risk that contribute to total audit risk. (4 marks)
The EuKaRe charity was established in 1960. The charity’s aim is to provide support to children from disadvantaged
backgrounds who wish to take part in sports such as tennis, badminton and football.
EuKaRe has a detailed constitution which explains how the charity’s income can be spent. The constitution also notes
that administration expenditure cannot exceed 10% of income in any year.
The charity’s income is derived wholly from voluntary donations. Sources of donations include:
(i) Cash collected by volunteers asking the public for donations in shopping areas,
(ii) Cheques sent to the charity’s head office,
(iii) Donations from generous individuals. Some of these donations have specific clauses attached to them indicating
that the initial amount donated (capital) cannot be spent and that the income (interest) from the donation must
be spent on specific activities, for example, provision of sports equipment.
The rules regarding the taxation of charities in the country EuKaRe is based are complicated, with only certain
expenditure being allowable for taxation purposes and donations of capital being treated as income in some situations.
Required:
(b) Identify areas of inherent risk in the EuKaRe charity and explain the effect of each of these risks on the audit
approach.
(12 marks)
(c) Explain why the control environment may be weak at the charity EuKaRe. (4 marks)
(20 marks)

2008年6月、12月特许公认会计师（ACCA）F9考试真题及答案

Financial Management
Thursday 5 June 2008

ALL FOUR questions are compulsory and MUST be attempted
1 Burse Co wishes to calculate its weighted average cost of capital and the following information relates to the company
at the current time:
Number of ordinary shares 20 million
Book value of 7% convertible debt $29 million
Book value of 8% bank loan $2 million
Market price of ordinary shares $5·50 per share
Market value of convertible debt $107·11 per $100 bond
Equity beta of Burse Co 1·2
Risk-free rate of return 4·7%
Equity risk premium 6·5%
Rate of taxation 30%
Burse Co expects share prices to rise in the future at an average rate of 6% per year. The convertible debt can be
redeemed at par in eight years’ time, or converted in six years’ time into 15 shares of Burse Co per $100 bond.
Required:
(a) Calculate the market value weighted average cost of capital of Burse Co. State clearly any assumptions that
you make. (12 marks)
(b) Discuss the circumstances under which the weighted average cost of capital can be used in investment
appraisal. (6 marks)
(c) Discuss whether the dividend growth model or the capital asset pricing model offers the better estimate of
the cost of equity of a company. (7 marks)
(25 marks)
2 THP Co is planning to buy CRX Co, a company in the same business sector, and is considering paying cash for the
shares of the company. The cash would be raised by THP Co through a 1 for 3 rights issue at a 20% discount to its
current share price.
The purchase price of the 1 million issued shares of CRX Co would be equal to the rights issue funds raised, less
issue costs of $320,000. Earnings per share of CRX Co at the time of acquisition would be 44·8c per share. As a
result of acquiring CRX Co, THP Co expects to gain annual after-tax savings of $96,000.
THP Co maintains a payout ratio of 50% and earnings per share are currently 64c per share. Dividend growth of 5%
per year is expected for the foreseeable future and the company has a cost of equity of 12% per year.
Information from THP Co’s statement of financial position:
Equity and liabilities $000
Shares ($1 par value) 3,000
Reserves 4,300
——
7,300
Non-current liabilities
8% loan notes 5,000
Current liabilities 2,200
——-
Total equity and liabilities 14,500
——-

2008年6月、12月特许公认会计师（ACCA）P1考试真题及答案

Professional
Accountant
Monday 9 June 2008

(ii) Describe the claim of each of the four identified stakeholders. (4 marks)
(b) Describe a framework to assess the risks to the progress of the Giant Dam Project. Your answer should
include a diagram to represent the framework. (6 marks)
(c) Using information from the case, assess THREE risks to the Giant Dam Project. (9 marks)
(d) Prepare the statement for Mr Markovnikoff to read out at the AGM. The statement you construct should
contain the following.
(i) A definition and brief explanation of ‘sustainable development’; (3 marks)
(ii) An evaluation of the environmental and sustainability implications of the Giant Dam Project; (8 marks)
(iii) A statement on the importance of confidentiality in the financing of the early stage working capital needs
and an explanation of how this conflicts with the duty of transparency in matters of corporate
governance. (6 marks)
Professional marks for layout, logical flow and persuasiveness of the statement. (4 marks)
(e) Internal controls are very important in a complex civil engineering project such as the Giant Dam Project.
Required:
Describe the difficulties of maintaining sound internal controls in the Giant Dam Project created by working
through sub-contractors. (4 marks)
Section B – TWO questions ONLY to be attempted
2 It was the final day of a two-week-long audit of Van Buren Company, a longstanding client of Fillmore Pierce Auditors.
In the afternoon, Anne Hayes, a recently qualified accountant and member of the audit team, was following an audit
trail on some cash payments when she discovered what she described to the audit partner, Zachary Lincoln, as an
‘irregularity’. A large and material cash payment had been recorded with no recipient named. The corresponding
invoice was handwritten on a scrap of paper and the signature was illegible.
Zachary, the audit partner, was under pressure to finish the audit that afternoon. He advised Anne to seek an
explanation from Frank Monroe, the client’s finance director. Zachary told her that Van Buren was a longstanding client
of Fillmore Pierce and he would be surprised if there was anything unethical or illegal about the payment. He said
that he had personally been involved in the Van Buren audit for the last eight years and that it had always been
without incident. He also said that Frank Monroe was an old friend of his from university days and that he was certain
that he wouldn’t approve anything unethical or illegal. Zachary said that Fillmore Pierce had also done some
consultancy for Van Buren so it was a very important client that he didn’t want Anne to upset with unwelcome and
uncomfortable questioning.

2008年6月、12月特许公认会计师（ACCA）P2（International）考试真题及答案

Corporate Reporting
(International)
Tuesday 10 June 2008

Section A – This ONE question is compulsory and MUST be attempted
1 The following draft statements of financial position relate to Ribby, Hall, and Zian, all public limited companies, as at
31 May 2008:
Ribby Hall Zian
$m $m Dinars m
Assets
Non-current assets:
Property, plant and equipment 250 120 360
Investment in Hall 98 – –
Investment in Zian 30 – –
Financial assets 10 5 148
Current assets 22 17 120
—- —- —-
Total assets 410 142 628
—- —- —-
Ordinary shares 60 40 209
Other reserves 30 10 –
Retained earnings 120 80 299
—- —- —-
Total equity 210 130 508
Non-current liabilities 90 5 48
Current liabilities 110 7 72
—- —- —-
Total equity and liabilities 410 142 628
—- —- —-
The following information needs to be taken account of in the preparation of the group financial statements of Ribby:
(i) Ribby acquired 70% of the ordinary shares of Hall on 1 June 2006 when Hall’s other reserves were $10 million
and retained earnings were $60 million. The fair value of the net assets of Hall was $120 million at the date of
acquisition. Ribby acquired 60% of the ordinary shares of Zian for 330 million dinars on 1 June 2006 when
Zian’s retained earnings were 220 million dinars. The fair value of the net assets of Zian on 1 June 2006 was
495 million dinars. The excess of the fair value over the net assets of Hall and Zian is due to an increase in the
value of non-depreciable land. There have been no issues of ordinary shares since acquisition and goodwill on
acquisition is not impaired for either Hall or Zian.
(ii) Zian is located in a foreign country and imports its raw materials at a price which is normally denominated in
dollars. The product is sold locally at selling prices denominated in dinars, and determined by local competition.
All selling and operating expenses are incurred locally and paid in dinars. Distribution of profits is determined by
the parent company, Ribby. Zian has financed part of its operations through a $4 million loan from Hall which
was raised on 1 June 2007. This is included in the financial assets of Hall and the non-current liabilities of Zian.
Zian’s management have a considerable degree of authority and autonomy in carrying out the operations of Zian
and other than the loan from Hall, are not dependent upon group companies for finance.
(iii) Ribby has a building which it purchased on 1 June 2007 for 40 million dinars and which is located overseas.
The building is carried at cost and has been depreciated on the straight-line basis over its useful life of 20 years.
At 31 May 2008, as a result of an impairment review, the recoverable amount of the building was estimated to
be 36 million dinars.
(iv) Ribby has a long-term loan of $10 million which is owed to a third party bank. At 31 May 2008, Ribby decided
that it would repay the loan early on 1 July 2008 and formally agreed this repayment with the bank prior to the
year end. The agreement sets out that there will be an early repayment penalty of $1 million.

2008年6月、12月ACCA P3考试真题及答案

Business Analysis
Wednesday 10 December 2008

Reaction to the proposals
Employees have reacted furiously to the Director General’s suggestions. The idea of linking budgets to visitor numbers
has been greeted with dismay by the Director of Art and Architecture. ‘This is a dreadful idea and confuses popularity
with historical significance. As previous governments have realised, what is important is the value of the collection.
Heritage Collections recognise this significance by putting the nation’s interests before those of an undiscerning public.
As far as I am concerned, if they want to see fashion, they can look in the high street shops. Unlike fashion, great art
and architecture remains.’ The Director of Art and Architecture and the two professors who hold the Head of
Architecture and Head of Art posts have also lobbied individual members of the Board of Trustees with their concerns
about the Director General’s proposals.
The Director of Industrial Arts and the Director of Media and Contemporary Art have contacted powerful figures in
both television and the press and as a result a number of articles and letters critical of the Director General’s proposals
have appeared. A recent television programme called ‘Strife at the NM’ also featured interviews with various heads of
collections criticising the proposed changes. They were particularly critical of the lack of consultation; ‘these proposals
have been produced with no input from museum staff. They have been handed down from on high by an ex-grocer’,
said one anonymous contributor.
Eventually, the criticism of staff and their lack of cooperation prompted the Director General to ask the Board of
Trustees to publicly back him. However, only the two trustees appointed by the government were prepared to do so.
Consequently, the Director General resigned. This has prompted an angry response from the government which has
now threatened to cut the museum’s funding dramatically next year and to change the composition of the Board of
Trustees so that the majority of trustees are appointed directly by the government. The Minister of Culture has asked
the museum to develop and recommend a new strategy within one month.
Required:
(a) Analyse the macro-environment of the National Museum using a PESTEL analysis. (20 marks)
(b) The failure of the Director General’s strategy has been explained by one of the trustees as ‘a failure to understand
our organisational culture; the way we do things around here’.
Assess the underlying organisational cultural issues that would explain the failure of the Director General’s
strategy at the National Museum.
Note: requirement (b) includes 2 professional marks. (20 marks)

2008年6月、12月特许公认会计师（ACCA）P4考试真题及答案

Advanced Financial
Management
Thursday 5 June 2008

Section A – BOTH questions are compulsory and MUST be attempted
1 Mercury Training was established in 1999 and since that time it has developed rapidly. The directors are considering
either a flotation or an outright sale of the company.
The company provides training for companies in the computer and telecommunications sectors. It offers a variety of
courses ranging from short intensive courses in office software to high level risk management courses using advanced
modelling techniques. Mercury employs a number of in-house experts who provide technical materials and other
support for the teams that service individual client requirements. In recent years, Mercury has diversified into the
financial services sector and now also provides computer simulation systems to companies for valuing acquisitions.
This business now accounts for one third of the company’s total revenue.
Mercury currently has 10 million, 50c shares in issue. Jupiter is one of the few competitors in Mercury’s line of
business. However, Jupiter is only involved in the training business. Jupiter is listed on a small company investment
market and has an estimated beta of 1·5. Jupiter has 50 million shares in issue with a market price of 580c. The
average beta for the financial services sector is 0·9. Average market gearing (debt to total market value) in the financial
services sector is estimated at 25%.
Other summary statistics for both companies for the year ended 31 December 2007 are as follows:
Mercury Jupiter
Net assets at book value ($million) 65 45
Earnings per share (c) 100 50
Dividend per share (c) 25 25
Gearing (debt to total market value) 30% 12%
Five year historic earnings growth (annual) 12% 8%
Analysts forecast revenue growth in the training side of Mercury’s business to be 6% per annum, but the financial
services sector is expected to grow at just 4%.
2 Venus Systems, a publicly quoted company, is a specialist manufacturer of mechanical control units for both the
defence and civil aviation industries. Its principal customers are the defence procurement agencies of a number of
western governments and European Aerospace Co, an aeroplane manufacturer. Over recent years the company has
suffered a collapse in profitability and has attempted to respond by reducing its defence related business and focusing
on its civil aviation business.
On the civil side, long delays at European Aerospace Co in the development of a new large-bodied passenger
aeroplane, the European Aircoach, have severely impacted upon suppliers such as Venus Systems. As a result Venus’s
share price has declined over the last three years, in line with movements in the sector index. However, market
valuations have not followed the general decline in earnings across the sector. Market analysts attribute this to the
high level of advance orders by airlines for the Aircoach and the confident expectation that full production will
commence in mid 2009.
Orders for defence components have fallen rapidly over the last three years and the company has taken the decision
to scale down its defence division and switch production resources to the civil side of the business. Wherever possible
the company has redeployed and retrained its workforce. Indeed, its commitment to its workforce has helped maintain
good industrial relations and the redeployment has been successfully matched against its natural labour turnover in
the civil division.

2008年6月、12月ACCA P5考试真题及答案

Advanced Performanc
Management
Friday 5 December 2008

Section A – BOTH questions are compulsory and MUST be attempted
1 The Sentinel Company (TSC) offers a range of door-to-door express delivery services. The company operates using a
network of depots and distribution centres throughout the country of Nickland. The following information is available:
(1) Each depot is solely responsible for all customers within a specified area. It collects goods from customers within
its own area for delivery both within the specific area covered by the depot and elsewhere in Nickland.
(2) Collections made by a depot for delivery outside its own area are forwarded to the depots from which the
deliveries will be made to the customers.
(3) Each depot must therefore integrate its deliveries to customers to include:
(i) goods that it has collected within its own area; and
(ii) goods that are transferred to it from depots within other areas for delivery to customers in its area.
(4) Each depot earns revenue based on the invoiced value of all consignments collected from customers in its area,
regardless of the location of the ultimate distribution depot.
(5) Depot costs comprise all of its own operating costs plus an allocated share of all company costs including
centralised administration services and distribution centre costs.
(6) Bonuses for the management team and all employees at each depot are payable quarterly. The bonus is based
on the achievement of a series of target values by each depot.
(7) Internal benchmarking is used at TSC in order to provide sets of absolute standards that all depots are expected
to attain.
(8) (a) The Appendix shows the target values and the actual values achieved for each of a sample group of four
depots situated in Donatellotown (D), Leonardotown (L), Michaelangelotown (M), and Raphaeltown (R).
(b) The target values focus on three areas:
(i) depot revenue and profitability;
(ii) customer care and service delivery; and
(iii) credit control and administrative efficiency.
(c) The bonus is based on a points system, which is also used as a guide to the operational effectiveness at

Required:
(a) Prepare a report for the directors of TSC which:
(i) contains a summary table which shows the points gained (or forfeited) by each depot. The points table
should facilitate the ranking of each depot against the others for each of the 12 measures provided in
the Appendix. (9 marks)
(ii) evaluates the relative performance of the four depots as indicated by the analysis in the summary table
prepared in (i); (5 marks)
(iii) assesses TSC in terms of financial performance, competitiveness, service quality, resource utilisation,
flexibility and innovation and discusses the interrelationships between these terms, incorporating
examples from within TSC; and (10 marks)
(iv) critiques the performance measurement system at TSC. (5 marks)
Note: requirement (a) includes 4 professional marks.
A central feature of the performance measurement system at TSC is the widespread use of league tables that display
each depot’s performance relative to one another.

2008年6月、12月ACCA P6（UK）考试真题及答案

Advanced Taxation
(United Kingdom)
Monday 1 December 2008

Section A – BOTH questions are compulsory and MUST be attempted
1 You have received the following memorandum from your manager.
To Tax senior
From Tax manager
Date 28 November 2008
Subject Maria Copenhagen and Nucleus Resources
I spoke to Maria Copenhagen this morning. We arranged to meet on Thursday 4 December to discuss the following
matters.
Nucleus Resources
Maria is planning a major expansion of her business, Nucleus Resources. I attach a schedule, prepared by Maria,
showing the budgeted income and expenditure of the business for a full year. Maria wants to know how much
additional after tax income the expansion of the business will create depending on whether she employs the two
additional employees or uses a sub-contractor, Quantum Ltd.
Quoted shares
In October 2006 Niels, Maria’s husband, received a gift of shares with a value of £170,000 from his uncle. The
shares are quoted on the Heisenbergia Stock Exchange. The uncle died in November 2008 and Maria wants to
know whether there will be any UK inheritance tax in respect of the gift. The uncle had been living in the country
of Heisenbergia since moving there from the UK in 1988 and had made substantial gifts to other close relatives in
2005 and 2006. Inheritance tax of £30,600 has been charged in Heisenbergia in respect of the gift to Niels.
According to Maria, Niels is considering transferring the shares to a trust for the benefit of their two sons.
Please prepare the following:
(a) In respect of Nucleus Resources:
Calculations of the additional annual after tax income that would be generated by the expansion of the business
under the two alternatives i.e. the recruitment of the additional employees and the use of the sub-contractor.
You should check to see if Maria is currently a higher rate taxpayer. If she is, you can simply deduct tax and
national insurance at the marginal rates from the additional profits.
Don’t worry about the precise timing of the capital allowances in respect of the car, just spread their effect
equally. Also, watch out for the VAT implications of the expansion; there is bound to be an effect on the
recoverability of input tax due to the business being partially exempt.
(b) In respect of the quoted shares:
(i) A list of the issues to be considered in order to determine whether or not the gift from the uncle is within
the scope of UK inheritance tax and the treatment of any inheritance tax suffered in the country of
Heisenbergia.
(ii) A brief outline of the tax implications of transferring the shares to the trust and the taxation of the trust
income paid to the beneficiaries. The shares are currently worth £210,000.
(iii) Notes on the extent to which it is professionally acceptable for me to discuss issues relating to the shares
with Maria.
I want to be able to use the calculations and notes in my meeting with Maria (or in a subsequent meeting with
Niels) and I may not have much time to study them beforehand so please make sure that they are clear, concise
and that I can find my way around them easily.

2008年12月ACCA P7（Int）考试真题及答案

Advanced Audit and
Assurance
(International)
Tuesday 2 December 2008

Section A – BOTH questions are compulsory and MUST be attempted
1 Bluebell Co operates a chain of 95 luxury hotels. This year’s results show a return to profitability for the company,
following several years of losses. Hotel trade journals show that on average, revenue in the industry has increased by
around 20% this year. Despite improved profitability, Bluebell Co has poor liquidity, and is currently trying to secure
further long-term finance.
You have been the manager responsible for the audit of Bluebell Co for the last four years. Extracts from the draft
financial statements for the year ended 30 November 2008 are shown below:
Extracts from the Statement of Comprehensive Income 2008 2007
$m $m
Revenue (note 1) 890 713
Operating expenses (note 2) (835) (690)
Other operating income (note 3) 135 10
—– —–
Operating profit 190 33
Finance charges (45) (43)
—– —–
Profit/(loss) before tax 145 (10)
—– —–
Note 1: Revenue recognition
Revenue comprises sales of hotel rooms, conference and meeting rooms. Revenue is recognised when a room is
occupied. A 20% deposit is taken when the room is booked.
Note 2: Significant items included in operating expenses: 2008 2007
$m $m
Share-based payment expense (i) 138 –
Damaged property repair expenses (ii) 100 –
(i) In June 2008 Bluebell Co granted 50 million share options to executives and employees of the company. The
cost of the share option scheme is being recognised over the three year vesting period of the scheme. It is
currently assumed that all of the options will vest and the expense is calculated on that basis. Bluebell Co
operates in a tax jurisdiction in which no deferred tax consequences arise from share-based payment schemes.
(ii) In September 2008, three hotels situated near a major river were severely damaged by a flood. All of the hotels,
which were constructed by Bluebell Co only two years ago, need extensive repairs and refurbishment at an
estimated cost of $100 million, which has been provided in full. All of the buildings are insured for damage
caused by flooding.
Note 3: Other operating income includes: 2008 2007
$m $m
Profit on property disposal (iii) 125 10
(iii) Eight properties were sold in March 2008 to Daffodil Fund Enterprises (DFE). Bluebell Co entered into a
management contract with DFE and is continuing to operate the eight hotels under a 15 year agreement. Under
the terms of the management contract, Bluebell Co receives an annual financial return based on the profit made
by the eight hotels. At the end of the contract, Bluebell Co has the option to repurchase the hotels, and it is likely
that the option will be exercised.

6月ACCA F4考试真题及答案

Corporate and
Business Law
(China)
Tuesday 2 June 2009

2 In relation to the Property Law of China:
(a) explain the term the confirmation of property; (3 marks)
(b) state the various measures that can be taken by a holder to protect the property if his property rights are
infringed by others; (3 marks)
(c) distinguish between the confirmation of property and the protection of property in terms of the nature of the
dispute; (2 marks)
(d) state for what a property holder is entitled to claim if his immovables or movables are possessed by a party
without legitimate reason. (2 marks)
(10 marks)
3 In relation to the Labour Contract Law of China:
(a) explain the term labour service despatching; (3 marks)
(b) state the legal relations between the entity despatching labour services and the persons despatched to the
labour service purchaser; (2 marks)
(c) state the statutory terms and wages of the labour contract，as stipulated in the Labour Contract Law,
between the entity despatching labour services and the person despatched. (5 marks)
(10 marks)
4 In relation to the Contract Law of China:

5 In relation to the Company Law of China:
(a) state the pre-condition for a shareholder to request a limited liability company to purchase his equity;
(2 marks)
(b) state the circumstances under which a shareholder may request a limited liability company to purchase his
equity at a reasonable price; (6 marks)
(c) state the legal remedy for a shareholder if he and the company fail to reach an agreement for the purchase
of equity. (2 marks)
(10 marks)
6 In relation to the Company Law of China,
(a) state the circumstances under which an extraordinary general shareholders’ meeting shall be held by a joint
stock company; (8 marks)
(b) state the time limit for such an extraordinary general shareholders’ meeting to be held. (2 marks)
(10 marks)

2008年6月、12月特许公认会计师（ACCA）F5考试真题及答案

Performance
Management
Monday 8 December 2008

ALL FOUR questions are compulsory and MUST be attempted
1 Pace Company (PC) runs a large number of wholesale stores and is increasing the number of these stores all the time.
It measures the performance of each store on the basis of a target return on investment (ROI) of 15%. Store managers
get a bonus of 10% of their salary if their store’s annual ROI exceeds the target each year. Once a store is built there
is very little further capital expenditure until a full four years have passed.
PC has a store (store W) in the west of the country. Store W has historic financial data as follows over the past four
years:
2005 2006 2007 2008
Sales ($’000) 200 200 180 170
Gross profit ($’000) 80 70 63 51
Net profit ($’000) 13 14 10 8
Net assets at start of year ($’000) 100 80 60 40
The market in which PC operates has been growing steadily. Typically, PC’s stores generate a 40% gross profit margin.
Required:
(a) Discuss the past financial performance of store W using ROI and any other measure you feel appropriate
and, using your findings, discuss whether the ROI correctly reflects Store W’s actual performance.
(8 marks)
(b) Explain how a manager in store W might have been able to manipulate the results so as to gain bonuses
more frequently. (4 marks)
PC has another store (store S) about to open in the south of the country. It has asked you for help in calculating the
gross profit, net profit and ROI it can expect over each of the next four years. The following information is provided:
Sales volume in the first year will be 18,000 units. Sales volume will grow at the rate of 10% for years two and three
but no further growth is expected in year 4. Sales price will start at $12 per unit for the first two years but then reduce
by 5% per annum for each of the next two years.
Gross profit will start at 40% but will reduce as the sales price reduces. All purchase prices on goods for resale will
remain constant for the four years.
Overheads, including depreciation, will be $70,000 for the first two years rising to $80,000 in years three and four.
Store S requires an investment of $100,000 at the start of its first year of trading.
PC depreciates non-current assets at the rate of 25% of cost. No residual value is expected on these assets.
Required:
(c) Calculate (in columnar form) the revenue, gross profit, net profit and ROI of store S over each of its first four
years. (9 marks)
(d) Calculate the minimum sales volume required in year 4 (assuming all other variables remain unchanged) to
earn the manager of S a bonus in that year. (4 marks)
(25 marks)
2 Shifters Haulage (SH) is considering changing some of the vans it uses to transport crates for customers. The new
vans come in three sizes; small, medium and large. SH is unsure about which type to buy. The capacity is 100 crates
for the small van, 150 for the medium van and 200 for the large van.
Demand for crates varies and can be either 120 or 190 crates per period, with the probability of the higher demand
figure being 0·6.
The sale price per crate is $10 and the variable cost $4 per crate for all van sizes subject to the fact that if the capacity
of the van is greater than the demand for crates in a period then the variable cost will be lower by 10% to allow for
the fact that the vans will be partly empty when transporting crates.
SH is concerned that if the demand for crates exceeds the capacity of the vans then customers will have to be turned
away. SH estimates that in this case goodwill of $100 would be charged against profits per period to allow for lost
future sales regardless of the number of customers that are turned away.
Depreciation charged would be $200 per period for the small, $300 for the medium and $400 for the large van.
SH has in the past been very aggressive in its decision-making, pressing ahead with rapid growth strategies. However,
its managers have recently grown more cautious as the business has become more competitive.
Required:
(a) Explain the principles behind the maximax, maximin and expected value criteria that are sometimes used to
make decisions in uncertain situations. (4 marks)
(b) Prepare a profits table showing the SIX possible profit figures per period. (9 marks)
(c) Using your profit table from (b) above discuss which type of van SH should buy taking into consideration the
possible risk attitudes of the managers. (6 marks)
(d) Describe THREE methods other than those mentioned in (a) above, which businesses can use to analyse and
assess the risk that exists in its decision-making. (6 marks)

6月ACCA F6考试真题及答案

Taxation
(United Kingdom)
Monday 1 June 2009

Capital allowances
%
Plant and machinery
Writing-down allowance – General pool 20
– Special rate pool 10
First-year allowance – Low emission motor cars (CO2 emissions of less than
110 grams per kilometre) 100
Annual investment allowance for the first £50,000 of expenditure 100
Industrial buildings
Writing-down allowance 3
Corporation tax
Financial year 2006 2007 2008
Small companies rate 19% 20% 21%
Full rate 30% 30% 28%
Lower limit 1,300,000 1,300,000 1,300,000
Upper limit 1,500,000 1,500,000 1,500,000
Marginal relief fraction 11/400 1/40 7/400
Value added tax
Standard rate 17·5%
Registration limit £67,000
Deregistration limit £65,000
Capital gains tax
Rate of tax 18%
Annual exemption £9,600
Entrepreneurs’ relief – Lifetime limit £1,000,000
– Relief factor 4/9ths
National insurance contributions
(Not contracted out rates)
%
Class 1 Employee £1 – £5,435 per year Nil
£5,436 – £40,040 per year 11·0
£40,041 and above per year 11·0
Class 1 Employer £1 – £5,435 per year Nil
£5,436 and above per year 12·8
Class 1A 12·8
Class 2 £2·30 per week

6月ACCA F7考试真题及答案

Financial Reporting
(International)
Tuesday 9 June 2009

ALL FIVE questions are compulsory and MUST be attempted
1 Below are the summarised statements of financial position for three companies as at 31 March 2009:
Pacemaker Syclop Vardine
Assets $ million $ million $ million $ million $ million $ million
Non-current assets
Property, plant and equipment 520 280 240
Investments 345 40 nil
—— —- —-
865 320 240
Current assets
Inventory 142 160 120
Trade receivables 95 88 50
Cash and bank 8 245 22 270 10 180
—- —— —- —- —- —-
Total assets 1,110 590 420
—— —- —-
Equity and liabilities
Equity shares of $1each 500 145 100
Share premium 100 nil nil
Retained earnings 130 230 260 260 240 240
—- —— —- —- —- —-
730 405 340
Non-current liabilities
10% loan notes 180 20 nil
Current liabilities 200 165 80
—— —- —-
Total equity and liabilities 1,110 590 420
—— —- —-
Notes:
Pacemaker is a public listed company that acquired the following investments:
(i) Investment in Syclop
On 1 April 2007 Pacemaker acquired 116 million shares in Syclop for an immediate cash payment of
$210 million and issued at par one 10% $100 loan note for every 200 shares acquired. Syclop’s retained
earnings at the date of acquisition were $120 million.
(ii) Investment in Vardine

6月ACCA F8考试真题及答案

Audit and Assurance
(International)
Wednesday 3 June 2009

ALL FIVE questions are compulsory and MUST be attempted
1 Background information
B-Star is a theme park based on a popular series of children’s books. Customers pay a fixed fee to enter the park,
where they can participate in a variety of activities such as riding roller-coasters, playing on slides and purchasing
themed souvenirs from gift shops.
The park is open all year and has been in operation for the last seven years. It is located in a country which has very
little rainfall – the park is open-air so poor weather such as rain results in a significant fall in the number of customers
for that day (normally by 50%). During the last seven years there have been on average 30 days each year with rain.
B-Star is now very successful; customer numbers are increasing at approximately 15% each year.
Ticket sales
Customers purchase tickets to enter the theme park from ticket offices located outside the park. Tickets are only valid
on the day of purchase. Adults and children are charged the same price for admission to the park. Tickets are pre-
printed and stored in each ticket office.
Tickets are purchased using either cash or credit cards.
Each ticket has a number comprising of two elements – two digits relating to the ticket office followed by six digits to
identify the ticket. The last six digits are in ascending sequential order.
Cash sales
1. All ticket sales are recorded on a computer showing the amount of each sale and the number of tickets issued.
This information is transferred electronically to the accounts office.
2. Cash is collected regularly from each ticket office by two security guards. The cash is then counted by two
accounts clerks and banked on a daily basis.
3. The total cash from each ticket office is agreed to the sales information that has been transferred from each office.
4. Total cash received is then recorded in the cash book, and then the general ledger.
Credit card sales
1. Payments by credit cards are authorised online as the customers purchase their tickets.
2. Computers in each ticket office record the sales information which is transferred electronically to the accounts
office.

6月ACCA F9考试真题及答案

Financial Management
Thursday 4 June 2009

ALL FOUR questions are compulsory and MUST be attempted
1 KFP Co, a company listed on a major stock market, is looking at its cost of capital as it prepares to make a bid to buy
a rival unlisted company, NGN. Both companies are in the same business sector. Financial information on KFP Co
and NGN is as follows:
KFP Co NGN
$m $m $m $m
Non-current assets 36 25
Current assets 7 7
Current liabilities 3 4
— —
Net current assets 4 3
— —
Total assets less current liabilities 40 28
— —
Ordinary shares, par value 50c 15 5
Retained earnings 10 3
— —
Total equity 25 8
7% bonds, redeemable at par in seven years’ time 15
9% bonds, redeemable at par in two years’ time 20
— —
Total equity and non-current liabilities 40 28
— —
Other relevant financial information:
Risk-free rate of return 4·0%
Average return on the market 10·5%
Taxation rate 30%
NGN has a cost of equity of 12% per year and has maintained a dividend payout ratio of 45% for several years. The
current earnings per share of the company is 80c per share and its earnings have grown at an average rate of 4·5%
per year in recent years.
The ex div share price of KFP Co is $4·20 per share and it has an equity beta of 1·2. The 7% bonds of the company
are trading on an ex interest basis at $94·74 per $100 bond. The price/earnings ratio of KFP Co is eight times.
The directors of KFP Co believe a cash offer for the shares of NGN would have the best chance of success. It has
been suggested that a cash offer could be financed by debt.

6月ACCA P1考试真题及答案

Professional
Accountant
Monday 8 June 2009

Section A – This ONE question is compulsory and MUST be attempted
1 Global-bank is a prominent European bank with branches throughout Europe and investment arms in many locations
throughout the world. It is regarded as one of the world’s major international banks. Through its network of investment
offices throughout the world, fund managers trade in local investment markets and equities. Futures and derivative
traders also operate. Its primary listing is in London although it is also listed in most of the other global stock markets
including New York, Hong Kong, Frankfurt and Singapore. As with similar banks in its position, Global-bank’s
structure is complicated and the complexity of its operations makes the strategic management of the company a
demanding and highly technical process. Up until the autumn of 2008, investors had a high degree of confidence in
the Global-bank board as it had delivered healthy profits for many years.
In the autumn of 2008, it came to light that Jack Mineta, a Global-bank derivatives trader in the large city office in
Philos, had made a very large loss dealing in derivatives over a three-month period. It emerged that the losses arose
from Mr Mineta’s practice of ignoring the company trading rules which placed limits on, and also restricted, the type
of financial instruments and derivatives that could be traded.
The loss, estimated to be approximately US$7 billion, was described by one analyst as ‘a huge amount of money and
enough to threaten the survival of the whole company’. As soon as the loss was uncovered, Mr Mineta was suspended
from his job and the police were called in to check for evidence of fraud. The newspapers quickly reported the story,
referring to Mr Mineta as a ‘rogue trader’ and asking how so much money could be lost without the bank’s senior
management being aware of it. It turned out that Mr Mineta’s line manager at the Philos office had ignored the trading
rules in the past in pursuit of higher profits through more risky transactions. Mr Mineta had considerably exceeded
his trading limit and this had resulted in the huge loss. It later emerged that Mr Mineta had been dealing in
unauthorised products which were one of the riskiest forms of derivatives.
At a press conference after Mr Mineta’s arrest, Global-bank’s chief executive, Mrs Barbara Keefer, said that her first
priority would be to ask the Philos office why the normal internal controls had not been effective in monitoring
Mr Mineta’s activities. It emerged that Mr Mineta had in the past been one of Global-bank’s most profitable derivatives
traders. Some journalists suggested to Mrs Keefer that the company was happy to ignore normal trading rules when
Mr Mineta was making profits because it suited them to do so.
Another derivatives trader in the Philos office, Emma Hubu, spoke to the media informally. She said that Mr Mineta
was brilliant and highly motivated but that he often said that he didn’t care about the trading rules. Miss Hubu

6月ACCA P2考试真题及答案

Corporate Reporting
(International)
Tuesday 9 June 2009

Section A – This ONE question is compulsory and MUST be attempted
1 Bravado, a public limited company, has acquired two subsidiaries and an associate. The draft statements of financial
position are as follows at 31 May 2009:
Bravado Message Mixted
$m $m $m
Assets:
Non-current assets
Property, plant and equipment 265 230 161
Investments in subsidiaries
Message 300
Mixted 128
Investment in associate – Clarity 20
Available-for-sale financial assets 51 6 5
—— —- —-
764 236 166
—— —- —-
Current assets:
Inventories 135 55 73
Trade receivables 91 45 32
Cash and cash equivalents 102 100 8
—— —- —-
328 200 113
—— —- —-
Total assets 1,092 436 279
—— —- —-
Equity and liabilities:
Share capital 520 220 100
Retained earnings 240 150 80
Other components of equity 12 4 7
—— —- —-
Total equity 772 374 187
—— —- —-
Non-current liabilities:
Long-term borrowings 120 15 5
Deferred tax 25 9 3
—— —- —-

6月ACCA P3考试真题及答案

Business Analysis
Wednesday 10 June 2009

Section A – This ONE question is compulsory and MUST be attempted
The following information should be used when answering question 1.
1 greenTech was established in 1990. The company began by specialising in the supply of low voltage, low emission,
quiet, recyclable components to the electronic industry. Its components are used in the control systems of lifts, cars
and kitchen appliances. Two medium-sized computer manufacturers use greenTech components in selected ‘green’
(that is, environmentally-friendly) models in their product range. Recent market research showed that 70% of the
global electronics industry used greenTech components somewhere in its products.
In 1993 the company began a catalogue mail order service (now Internet-based) selling ‘green’ components to home
users. Most of these customers were building their own computers and they required such components on either
environmental grounds or because they wanted their computers to be extremely quiet and energy efficient. From
2005, greenTech also offered fully assembled computer systems that could be ordered and configured over the
Internet. All greenTech’s components are purchased from specialist suppliers. The company has no manufacturing
capability, but it does have extensive hardware testing facilities and it has built up significant technical know-how in
supplying appropriate components. The management team that formed the company in 1990 still runs the company.
Finance and revenue
The company has traded profitably since its foundation and has grown steadily in size and revenues. In 2008, its
revenues were $64 million, with a pre-tax profit of $10 million. The spread across the three revenue streams is shown
in Figure 1:
All figures in $million 2008 2007 2006
Component sales to electronics industry 40 36 34
Component sales to home users 20 18 16
Fully assembled green computers 4 3 2
— — —
Total 64 57 52
— — —
Figure 1: Turnover by revenue stream 2006-2008
The company has gradually accumulated a sizeable cash surplus. The board cannot agree on how this cash should
be used. One beneficiary has been the marketing budget (see Figure 2), but the overall spend on marketing still
remains relatively modest and, by April 2008, the cash surplus stood at $17 million.

6月特许公认会计师（ACCA）P4考试真题及答案

Advanced Financial
Management
Thursday 4 June 2009

Section A – BOTH questions are compulsory and MUST be attempted
1 You have been conducting a detailed review of an investment project proposed by one of the divisions of your
business. Your review has two aims: first to correct the proposal for any errors of principle and second, to recommend
a financial measure to replace payback as one of the criteria for acceptability when a project is presented to the
company’s board of directors for approval. The company’s current weighted average cost of capital is 10% per annum.
The initial capital investment is for $150 million followed by $50 million one year later. The post tax cash flows, for
this project, in $million, including the estimated tax benefit from capital allowances for tax purposes, are as follows:
Year 0123456
Capital investment (plant and machinery):
First phase -127·50
Second phase -36·88
Project post tax cash flow ($ millions) 44·00 68·00 60·00 35·00 20·00
Company tax is charged at 30% and is paid/recovered in the year in which the liability is incurred. The company has
sufficient profits elsewhere to recover capital allowances on this project, in full, in the year they are incurred. All the
capital investment is eligible for a first year allowance for tax purposes of 50% followed by a writing down allowance
of 25% per annum on a reducing balance basis.
You notice the following points when conducting your review:
1. An interest charge of 8% per annum on a proposed $50 million loan has been included in the project’s post tax
cash flow before tax has been calculated.
2. Depreciation for the use of company shared assets of $4 million per annum has been charged in calculating the
project post tax cash flow.
3. Activity based allocations of company indirect costs of $8 million have been included in the project’s post tax
cash flow. However, additional corporate infrastructure costs of $4 million per annum have been ignored which
you discover would only be incurred if the project proceeds.
4. It is expected that the capital equipment will be written off and disposed of at the end of year six. The proceeds
of the sale of the capital equipment are expected to be $7 million which have been included in the forecast of
the project’s post tax cash flow. You also notice that an estimate for site clearance of $5 million has not been
included nor any tax saving recognised on the unclaimed writing down allowance on the disposal of the capital

6月特许公认会计师（ACCA）P5考试真题及答案

Advanced Performance
Management
Friday 5 June 2009

2 Franchising For You Ltd (F4U) markets a range of franchises which it makes available to its customers, the
franchisees. F4U supplies the franchisee with information of the mode of operation, detailed operation schedules and
back-up advice (by telephone, internet) and undertakes national advertising. Each franchisee must arrange for its own
premises, equipment and undertake local marketing.
F4U is considering the introduction of a Dance and Drama franchise which would have an expected life of six years.
From this project, the only income F4U will receive from franchisees comes from the initial franchise fee.
The following estimates have been made relating to the cash outflows and inflows for F4U in order that F4U can
evaluate the financial viability of the Dance and Drama franchise proposal:
1. Initial investment of $6m. This will include a substantial element relating to the ‘intellectual capital’ requirement
of the proposal.
2. Development/improvement costs of $1m per year at the end of each of years two and three.
3. 300 franchises will be sold each year at a fee of $20,000 per franchisee.
4. Variable costs, payable in full on the issue of each franchise, are estimated at $6,000 per franchise.
5. Directly attributable fixed costs of $0·6m per year in each of years one to six. No further fixed costs will be
payable by F4U after this period.
6. Corporation tax at the rate of 30%, payable in the year in which cash flow occurs. Tax allowances are not
available on the initial investment or development/improvement costs payable by F4U.
7. All cash flows are stated in current prices and with the exception of the initial investment will occur at the end
of each year.
8. The money cost of capital is 15·44%. Annual inflation during the period is estimated at 4%.
Required:
(a) Calculate the net present value (NPV) of the Dance and Drama franchise proposal and recommend whether
it should be undertaken by F4U. (6 marks)

6月ACCA P6考试真题及答案

Advanced Taxation
(United Kingdom)
Monday 1 June 2009

Section A – BOTH questions are compulsory and MUST be attempted
1 An extract from an e-mail from your manager is set out below.
I attach a letter from Frank Coltrane who is about to sell the unincorporated business (known as ‘Alto’) that he has
owned and operated since 2002. I would like you to prepare notes on the tax issues raised by Frank for me to use
at a meeting we are going to have later this week. I set out below some thoughts I have had which you should refer
to when preparing your notes.
(i) Capital gains tax
I have calculated that Frank’s capital gains on the sale of the unincorporated business will be £420,000 and
I’d like you to assume that the Tenor plc shares will be sold for £1,400,000 on 31 July 2012. Because the
sale of Alto will be Frank’s only chance to get entrepreneurs’ relief we have agreed that he will disclaim
incorporation relief so please prepare your calculations on this basis. By the way, Frank has capital losses
brought forward as at 6 April 2009 of £155,000.
Frank may be willing to gift some shares in Tenor plc to his wife prior to both of them selling their shares on
31 July 2012. Please include a summary of all of the tax implications of such a gift and the maximum potential
tax saving. Both Frank and his wife are resident, ordinarily resident and domiciled in the UK.
(ii) Corporation tax
Keep your comments brief and specific to Soprano Ltd. Soprano Ltd has trading losses brought forward as at
1 August 2008 of £65,000. I have reviewed the consolidated financial statements of Tenor plc and can confirm
that the group is large for all aspects of corporation tax.
(iii) Value added tax (VAT)
Don’t forget that the supply of baby clothes is zero rated.
Please keep your notes brief and clear so that I can find my way around them during the meeting.
Alice

6月ACCA P7考试真题及答案

Advanced Audit and
Assurance
(International)
Tuesday 2 June 2009

Section A – BOTH questions are compulsory and MUST be attempted
1 Champers Co operates a large number of restaurants throughout the country, which are operated under four well-
known brand names. The company’s strategy is to offer a variety of different dining experiences in restaurants situated
in city centres and residential areas, with the objective of maximising market share in a competitive business
environment. You are a senior audit manager in Carter & Co, a firm of Chartered Certified Accountants, and you are
planning the audit of the financial statements of Champers Co for the year ended 31 May 2009. Extracts from the
draft operating and financial review are shown below:
Key financial information
Business segments
The Happy Monkeys chain of restaurants provides family-friendly dining in an informal setting. Most of the restaurants
are located in residential areas. Each restaurant has a large children’s play area containing climbing frames and slides,
and offers a crèche facility, where parents may leave their children for up to two hours. Recently there has been some
media criticism of the quality of the child care offered in one crèche, because a child had fallen from a climbing frame
and was slightly injured. One of the Happy Monkeys restaurants was closed in December 2008 for three weeks
following a health and safety inspection which revealed some significant breaches in hygiene standards in the kitchen.
The Quick-bite chain offers fast-food. The restaurants are located next to busy roads, in shopping centres, and at
31 May 2009 31 May 2008
Draft Actual
$ million $ million
Company revenue 1,500 1,350
Revenue is derived from four restaurant chains, each having a
distinctive brand name:
Happy Monkeys family bistros 800 660
Quick-bite outlets 375 400
City Sizzler grills 300 290
Green George cafés 25 –
Company profit before tax 135 155
Company total assets 4,200 3,350
Company cash at bank 116 350

acca p2培训录音下载

acca p2培训录音文件下载，文件大小108M

ACCA P1 2007-2008年考试真题及答案

Professional
Accountant
Monday 9 June 2008

Time allowed
Reading and planning: 15 minutes
Writing: 3 hours
This paper is divided into two sections:
Section A – This ONE question is compulsory and MUST be attempted
Section B – TWO questions ONLY to be attempted
Do NOT open this paper until instructed by the supervisor.
During reading and planning time only the question paper may
be annotated. You must NOT write in your answer booklet until
instructed by the supervisor.
This question paper must not be removed from the examination hall.

Section A – This ONE question is compulsory and MUST be attempted
1 Rowlands & Medeleev (R&M), a major listed European civil engineering company, was successful in its bid to become
principal (lead) contractor to build the Giant Dam Project in an East Asian country. The board of R&M prided itself in
observing the highest standards of corporate governance. R&M’s client, the government of the East Asian country, had
taken into account several factors in appointing the principal contractor including each bidder’s track record in large
civil engineering projects, the value of the bid and a statement, required from each bidder, on how it would deal with
the ‘sensitive issues’ and publicity that might arise as a result of the project.
The Giant Dam Project was seen as vital to the East Asian country’s economic development as it would provide a
large amount of hydroelectric power. This was seen as a ‘clean energy’ driver of future economic growth. The
government was keen to point out that because hydroelectric power did not involve the burning of fossil fuels, the
power would be environmentally clean and would contribute to the East Asian country’s ability to meet its
internationally agreed carbon emission targets. This, in turn, would contribute to the reduction of greenhouse gases
in the environment. Critics, such as the environmental pressure group ‘Stop-the-dam’, however, argued that the
project was far too large and the cost to the local environment would be unacceptable. Stop-the-dam was highly
organised and, according to press reports in Europe, was capable of disrupting progress on the dam by measures such
as creating ‘human barriers’ to the site and hiding people in tunnels who would have to be physically removed before
proceeding. A spokesman for Stop-the-dam said it would definitely be attempting to resist the Giant Dam Project when
construction started.
The project was intended to dam one of the region’s largest rivers, thus creating a massive lake behind it. The lake
would, the critics claimed, not only displace an estimated 100,000 people from their homes, but would also flood
productive farmland and destroy several rare plant and animal habitats. A number of important archaeological sites
would also be lost. The largest community to be relocated was the indigenous First Nation people who had lived on
and farmed the land for an estimated thousand years. A spokesman for the First Nation community said that the ‘true
price’ of hydroelectric power was ‘misery and cruelty’. A press report said that whilst the First Nation would be unlikely
to disrupt the building of the dam, it was highly likely that they would protest and also attempt to mobilise opinion in
other parts of the world against the Giant Dam Project.

ACCA F2历年考题大全（2002年-2007年）

3 A company manufactures a single product which it sells for ￡15 per unit. The product has a contribution to sales ratio
of 40%. The company’s weekly break-even point is sales of ￡18,000.
What would be the profit in a week when 1,500 units are sold?
A ￡900
B ￡1,800
C ￡2,700
D ￡4,500
4 The following production and total cost information relates to a single product organisation for the last three months:
Month Production Total cost
units ￡
1 1,200 66,600
2 1,900 58,200
3 1,400 68,200
The variable cost per unit is constant up to a production level of 2,000 units per month but a step up of ￡6,000 in
the monthly total fixed cost occurs when production reaches 1,100 units per month.
What is the total cost for a month when 1,000 units are produced?
A ￡54,200
B ￡55,000
C ￡59,000
D ￡60,200
5 Which of the following is NOT a feasible value for the correlation coefficient?
A + 1·2
B + 0·6
C + 0
D – 0·6
6 The following statements relate to responsibility centres:
(i) Return on capital employed is a suitable measure of performance in both profit and investment centres.
(ii) Cost centres are found in manufacturing organisations but not in service organisations.
(iii) The manager of a revenue centre is responsible for both sales and costs in a part of an organisation.
Which of the statements, if any, is true?
A (i) only
B (ii) only
C (iii) only
D None of them
7 The purchase price of a stock item is ￡25 per unit. In each three month period the usage of the item is 20,000 units.
The annual holding costs associated with one unit equate to 6% of its purchase price. The cost of placing an order
for the item is ￡20.
What is the Economic Order Quantity (EOQ) for the stock item to the nearest whole unit?
A 1,730
B 1,894
C 1,461
D 1,633

ACCA F3历年试题大全（2002年-2007年）

Section A – ALL 25 questions are compulsory and MUST be attempted
Please use the Candidate Registration Sheet provided to indicate your chosen answer to each multiple choice
question. Each question within this section is worth 2 marks.
1 A company issued one million ordinary $1 shares at a premium of 50c per share. The proceeds were correctly
recorded in the cash book, but were incorrectly credited to the sales account.
Which of the following journal entries will correct the error?
Debit Credit
$ $
A Sales 1,500,000
Share capital 1,000,000
Share premium 500,000
B Share capital 1,000,000
Share premium 500,000
Sales 1, 500,000
C Sales 1,500,000
Share capital 1,500,000
D Share capital 1,500,000
Sales 1,500,000
2 Which one of the following would cause a company’s gross profit percentage on sales to fall?
A A reduction in the total value of goods returned to suppliers.
B An increase in the costs of delivery of goods to customers.
C A decline in average inventory levels.
D An increase in theft of inventory by customers and staff
3 Where, in a company’s financial statements complying with International accounting standards, should you find
dividends paid?
1 Income statement
2 Balance sheet
3 Cash flow statement
4 Statement of changes in equity.
A 1 and 3
B 2 and 3
C 1 and 4
D 3 and 4

ACCA F4（China）历年试题大全（2002年-2008年）

8 For the purpose of expanding his business, Mr Zhang borrowed RMB 100,000 yuan from Mr Lee and would provide
a mini-bus as the pledge to Mr Lee. However, Mr Lee returned the mini-bus to Mr Zhang because he did not hold a
driver’s licence.
Subsequently, Mr Zhang borrowed another RMB 100,000 yuan from Mr Wang and put the mini-bus as the pledge
to Mr Wang. After the conclusion of the loan agreement and pledge agreement, Mr Zhang delivered the mini-bus to
Mr Wang.
During the period of his possession of the mini-bus, Mr Wang concluded a rental agreement with a transport company
without the advance consent of Mr Zhang. The mini-bus was put into transportation service by the transport company
but was totally destroyed in a traffic accident.
Upon the expiration of the loan agreement, Mr Zhang came to repay the principal and interest. However Mr Wang
could not return the pledged mini-bus to him.
Required:
Answer the following questions in accordance with the relevant provisions of the Property Law of China and give
your reasons for your answer:
(a) explain whether the pledge agreement between Mr Zhang and Mr Lee came into effect; (3 marks)
(b) explain what the legal relationship between Mr Zhang and Mr Wang was; (2 marks)
(c) explain whether Mr Wang was entitled to lease the mini-bus to the transport company; and (2 marks)
(d) explain against whom Mr Zhang should act in law for the recovery of the mini-bus. (3 marks)
(10 marks)

9 Since Hongyan Mechanical Engineering Co Ltd (Hongyan Co) could not settle the huge amount of debts due, its
creditors applied for bankruptcy in the competent people’s court. The court accepted the application of the creditors
and declared the bankruptcy of Hongyan Co. The court designated a bankruptcy administrator to be in charge of the
bankruptcy liquidation. During the process of bankruptcy liquidation, the bankruptcy administrator formulated a list
of bankruptcy assets, debts due and declared credits.
(a) the appraised bankruptcy assets of Hongyan Co were as follows:
(i) Office building – appraised value of RMB 2,400,000 yuan, mortgaged for a loan borrowed from the
Communication Bank.
(ii) Investment to a mutual fund – RMB 1,400,000 yuan.
(iii) A rental receivable from Company A – RMB 1,900,000 yuan.
(iv) Giving up a creditor’s right due 10 months before the bankruptcy of Hongyan Co – RMB 1,000,000 yuan.
(b) the declared credits by Hongyan Co’s creditors were as follows:
(i) Communication Bank’s loan – principal RMB 2,000,000 yuan with 10% of annual interest rate for two
years.
(ii) Company A’s credit due – RMB 7,000,000 yuan.
(iii) Company B’s credit under a sales contract payable by Hongyan Co – RMB 1,500,000 yuan.
(iv) Company C’s damages due to the termination of contract by the bankruptcy administrator –
RMB 1,400,000 yuan.
Required:
Answer the following questions in accordance with the relevant provisions of the Enterprise Bankruptcy Law of
China and give your reasons for your answer:
(a) state which creditor should be satisfied in the priority order in the allocation of the bankruptcy assets;

ACCA F4（English）历年试题大全（2002年-2008年）

9 Clare, Dan and Eve formed a partnership 10 years ago, although Clare was a sleeping partner and never had anything
to do with running the business. Last year Dan retired from the partnership. Eve has subsequently entered into two
large contracts. The first one was with a longstanding customer Greg, who had dealt with the partnership for some
five years. The second contract was with a new customer Hugh. Both believed that Dan was still a partner in the
business. Both contracts have gone badly wrong leaving the partnership owing ￡50,000 to both Greg and Hugh.
Unfortunately the business assets will only cover the first ￡50,000 of the debt.
Required:
Explain the potential liabilities of Clare, Dan, and Eve for the partnership debts.

10 Sid is a director of two listed public companies in which he has substantial shareholdings: Trend plc and Umber plc.
The annual reports of both Trend plc and Umber plc have just been drawn up although not yet disclosed. They show
that Trend plc has made a surprisingly big loss and that Umber plc has made an equally surprising big profit. On the
basis of this information Sid sold his shares in Trend plc and bought shares in Umber plc. He also advised his brother
to buy shares in Umber plc.
Vic who is also a shareholder in both companies sold a significant number of shares in Umber plc only the day before
its annual report was published.
Required:
(a) Analyse the above scenario from the perspective of the law relating to insider dealing; (8 marks)
(b) In particular advise Vic as to his position.

ACCA F5历年试题大全（2002年-2008年）

包含（2002年-2008年）ACCA F5历年考试真题及答案，文件列表如下：
Dec-2002.PDF、Dec-2003.PDF、Dec-2004.PDF、Dec-2005.PDF、Dec-2006.PDF、Dec-2007.PDF、Dec-2008.PDF；
June-2003.PDF、June-2004.PDF、June-2005.PDF、June-2006.PDF、June-2007.PDF、June-2008.PDF；

1 The consultant’s report has highlighted the need to modernise the IS department through the use of project
management software and CASE tools.
(a) Describe the features and functions of project management software and explain the advantages of such
software in the context of the Accashire Bank IS department and the consultant’s modernisation comments.
(10 marks)
(b) Describe the features and functions of CASE tools and explain the advantages of such software in the context
of the Accashire Bank IS department and the consultant’s modernisation comments. (10 marks)
(20 marks)
2 The consultant has suggested that part of the modernisation should be to reorganise the strict hierarchical structure
of the IS department into a flat project-team based structure. She has also recommended the formal sign-off of system
requirements and specifications.
(a) Explain what she means by a flat, project-team based structure. (6 marks)
(b Explain TWO advantages of using this structure in an IS department. (6 marks)
(c) Explain the implications of the proposed formal sign-off of system requirements and specifications:
(i) From the perspective of user departments; (4 marks)
(ii) From the perspective of the IS department.
3 The consultant’s report also suggests two ways of improving productivity through the use of Fourth Generation
Languages and ‘off-the-shelf’ software packages.
(a) Explain what is meant by a Fourth Generation Language. (4 marks)
(b) Briefly describe TWO features or functions of a Fourth Generation Language which would benefit end-users
at Accashire Bank. (6 marks)
(c) Briefly explain why ‘time to implementation’ and ‘quality’ are perceived as advantages of the software
package approach. (6 marks)
(d) Comment on the consultant’s suggestion that tailoring packages is an effective and efficient method of
delivering strategic benefits.
4 Managing Information Systems
A City Council is currently reviewing the way it accounts for the cost of its IT department. Currently the IT department
is a non-rechargeable cost centre with user departments (such as Housing and Social Services) having free, unlimited
access to the services and resources of the IT department. However, the chief executive of the City Council has
concerns about this approach and is currently considering a number of ways of cross-charging user departments for
the IT resources they use. The IT director of the City Council would prefer to establish the IT department as a separate
company, providing hardware and software services to local companies as well as the City Council.
Required:
(a) Briefly describe TWO disadvantages to the City Council of the current policy of treating IT as a nonrechargeable
cost centre. (4 marks)
(b) Briefly explain the general principles and benefits of cross-charging the IT department costs to user
departments. (4 marks)
(c) Two ways of cross-charging costs are currently being considered:
– Recharged at cost
– Recharged at a mark up (profit centre)
(i) Briefly describe the principles of each approach. (4 marks)
(ii) Briefly describe ONE disadvantage of each approach as a way of cross-charging costs. (4 marks)
The IT director of the City Council is keen to establish the IT department as a separate company providing software
services to organisations outside the City Council.
(d) Briefly describe ONE advantage and ONE disadvantage to the Council of establishing the IT department as
a separate company.

ACCA F6（China）历年考试真题及答案大全（2004年-2008年）

包含（2004年-2008年）ACCA F6（China）历年考试真题及答案，文件列表如下：
Dec-2004.PDF、Dec-2005.PDF、Dec-2006.PDF、Dec-2007.PDF、Dec-2008.PDF；
June-2004.PDF、June-2005.PDF、June-2006.PDF、June-2007.PDF、June-2008.PDF；

The following tax rates and allowances are to be used in answering the questions:
Tax Rates
Income tax for domestic enterprises
Annual taxable income rate
111,111 – 30,000 yuan 18%
130,001 – 100,000 yuan 27%
100,001 yuan and above 33%
Preferential tax rates:
High-tech enterprises established in high-tech development zones 15%
Newly set up enterprises may be exempted from income
tax for two years from its first production
Services provided to agriculture 0%
Technical services provided by universities and research institutions 0%
Newly set up consultant enterprises 2 years’ tax exemption from its establishment
Newly set up transportation or
communication enterprises 1 year tax exemption then 1 year at 50% of
the original tax rate from its establishment
Newly set up service enterprises 1 year tax exemption or deduction with the
approval of the tax authorities
Income tax for joint ventures and foreign enterprises
For ordinary joint ventures 33% (30% national and 3% local)
Group A lower rate 15%
enterprises in Special Economic Zones and manufacturing enterprises in Economic and Technology Development
Zones
Group B lower rate 24%
manufacturing enterprises in the old urban districts of Special Economic Zones and manufacturing enterprises in
Economic and Technology Development Zones, and in Coastal Open Zones
Income tax rates for individual income tax
For monthly salary rates
the part 1111,1 – 11, 800 yuan 0%
the part 11,801 – 1 1,300 yuan 5%
the part 11,301 – 1 2,800 yuan 10%
the part 12,801 – 1 5,800 yuan 15%
the part 15,801 – 20,800 yuan 20%
the part 20,801 – 40,800 yuan 25%
the part 40,801 – 60,800 yuan 30%
the part 60,801 – 80,800 yuan 35%
the part 80,801 – 100,800 yuan 40%
the part 100,801 yuan and above 45%
For other income rate
each time below 800 yuan 0%
each time from 801 to 4,000 yuan 20%
each time above 4,000 yuan (with 20% allowance) 20%
(for the part from 20,000 ~ 50,000 yuan 30%
for the part above 50,000 yuan 40%)
Business tax rate
Group A transportation, construction, communication, culture and sports 3%
Group B hotel, restaurant, tourism, warehouse, advertising, transfer of intangible property,
sale of real estate 5%
Group C finance 5%
Group D recreation 5~20%

ACCA F6（United Kingdom）历年考题及答案大全（2004年-2008年）

包含（2004年-2008年）ACCA F6（United Kingdom）历年考试真题及答案，文件列表如下：
Dec-2004.PDF、Dec-2005.PDF、Dec-2006.PDF、Dec-2007.PDF、Dec-2008.PDF；
June-2004.PDF、June-2005.PDF、June-2006.PDF、June-2007.PDF、June-2008.PDF；

Business Taxation
(UK Stream)

QUESTION PAPER
Time allowed 3 hours
This paper is divided into two sections
Section A BOTH questions are compulsory and MUST be
answered
Section B THREE questions ONLY to be answered
Tax rates and allowances are on pages 2-4
Do not open this paper until instructed by the supervisor
This question paper must not be removed from the examination
hall
The Association of Chartered Certified Accountants

The following tax rates and allowances are to be used in answering the questions:
Income Tax
%
Starting rate ￡1 – ￡2,150 10
Basic rate ￡2,151 – ￡33,300 22
Higher rate ￡33,301 and above 40
Personal Allowance
Personal allowance ￡5,035
Car Benefit Percentage
The base level of CO2 emissions is 140 grams per kilometre.
Car Fuel Benefit
The base figure for calculating the car fuel benefit is ￡14,400.
Pension Scheme Limits
Annual allowance ￡215,000
The maximum contribution that can qualify for tax relief without any earnings is ￡3,600.
Capital Allowances
%
Plant and machinery
Writing-down allowance 25
First-year allowance – Plant and machinery 40
First-year allowance – Low emission motor cars (CO2 emissions of less than
120 grams per kilometre) 100

For small businesses only: the rate of plant and machinery first-year allowance is increased to
50% for the period from 1 April 2006 to 31 March 2007 (6 April 2006 to 5 April 2007 for
unincorporated businesses).
Long-life assets
Writing-down allowance 6
Industrial buildings
Writing-down allowance 4

Corporation Tax
Financial year 2004 2005 2006
Small companies rate 19% 19% 19%
Full rate 30% 30% 30%
Lower limit 1,300,000 1,300,000 1,300,000
Upper limit 1,500,000 1,500,000 1,500,000
Marginal relief fraction 11/400 11/400 11/400
Marginal Relief
(M – P) x I/P x Marginal relief fraction
Value Added Tax
￡
Registration limit 61,000
Deregistration limit 59,000
Rates of Interest
Official rate of interest: 5·0%
Rate of interest on underpaid tax: 6·5% (assumed)
Rate of interest on overpaid tax: 2·25% (assumed)

ACCA F7（International）历年考题及答案大全（2002年-2008年）

包含（2002年-2008年）ACCA F7（International）历年考试真题及答案，文件列表如下：
Dec-2002.PDF、Dec-2003.PDF、Dec-2004.PDF、Dec-2005.PDF、Dec-2006.PDF、Dec-2007.PDF、Dec-2008.PDF；
June-2003.PDF、June-2004.PDF、June-2005.PDF、June-2006.PDF、June-2007.PDF、June-2008.PDF；

Fundamentals Level – Skills Module

Financial Reporting
(International)

Time allowed
Reading and planning: 15 minutes
Writing: 3 hours
ALL FIVE questions are compulsory and MUST be attempted.
Do NOT open this paper until instructed by the supervisor.
During reading and planning time only the question paper may
be annotated. You must NOT write in your answer booklet until
instructed by the supervisor.
This question paper must not be removed from the examination hall.

Section A – This ONE question is compulsory and MUST be attempted
1 Parentis, a public listed company, acquired 600 million equity shares in Offspring on 1 April 2006. The purchase
consideration was made up of:
a share exchange of one share in Parentis for two shares in Offspring
the issue of $100 10% loan note for every 500 shares acquired; and
a deferred cash payment of 11 cents per share acquired payable on 1 April 2007.
Parentis has only recorded the issue of the loan notes. The value of each Parentis share at the date of acquisition was
75 cents and Parentis has a cost of capital of 10% per annum.
The balance sheets of the two companies at 31 March 2007 are shown below:
Parentis Offspring
$ million $ million $ million $ million
Assets
Property, plant and equipment (note (i)) 640 340
Investments 120 nil
Intellectual property (note (ii)) nil 30
—- —-
760 370
Current assets
Inventory (note (iii)) 76 22
Trade receivables (note (iii)) 84 44
Bank nil 160 4 70
—- —- —- —-
Total assets 920 440
—- —-
Equity and liabilities
Equity shares of 25 cents each 300 200
Retained earnings – 1 April 2006 210 120
– year ended 31 March 2007 90 300 20 140
—- —- —- —-
600 340
Non-current liabilities
10% loan notes 120 20
Current liabilities
Trade payables (note (iii)) 130 57
Current tax payable 45 23
Overdraft 25 200 nil 80
—- —- —- —-
Total equity and liabilities 920 440
—- —-
The following information is relevant:
(i) At the date of acquisition the fair values of Offspring’s net assets were approximately equal to their carrying
amounts with the exception of its properties. These properties had a fair value of $40 million in excess of their
carrying amounts which would create additional depreciation of $2 million in the post acquisition period to
31 March 2007. The fair values have not been reflected in Offspring’s balance sheet.
(ii) The intellectual property is a system of encryption designed for internet use. Offspring has been advised that
government legislation (passed since acquisition) has now made this type of encryption illegal. Offspring will
receive $10 million in compensation from the government.
(iii) Offspring sold Parentis goods for $15 million in the post acquisition period. $5 million of these goods are included
in the inventory of Parentis at 31 March 2007. The profit made by Offspring on these sales was $6 million.
Offspring’s trade payable account (in the records of Parentis) of $7 million does not agree with Parentis’s trade
receivable account (in the records of Offspring) due to cash in transit of $4 million paid by Parentis.
(iv) Due to the impact of the above legislation, Parentis has concluded that the consolidated goodwill has been
impaired by $27 million.

ACCA F7（United Kingdom）历年考试真题及答案大全（2002年-2008年）

包含（2002年-2008年）ACCA F7（United Kingdom）历年考试真题及答案，文件列表如下：
Dec-2002.PDF、Dec-2003.PDF、Dec-2004.PDF、Dec-2005.PDF、Dec-2006.PDF、Dec-2007.PDF、Dec-2008.PDF；
June-2003.PDF、June-2004.PDF、June-2005.PDF、June-2006.PDF、June-2007.PDF、June-2008.PDF；

Financial Reporting
(United Kingdom)

Section A – This ONE question is compulsory and MUST be attempted
1 Parentis, a public listed company, acquired 600 million equity shares in Offspring on 1 April 2006. The purchase
consideration was made up of:
a share exchange of one share in Parentis for two shares in Offspring
the issue of ￡100 10% loan note for every 500 shares acquired; and
a deferred cash payment of 11 pence per share acquired payable on 1 April 2007.
Parentis has only recorded the issue of the loan notes. The value of each Parentis share at the date of acquisition was
75 pence and Parentis has a cost of capital of 10% per annum.
The balance sheets of the two companies at 31 March 2007 are shown below:
Parentis Offspring
￡ million ￡ million ￡ million ￡ million
Tangible fixed assets (note (i)) 640 340
Investments 120 nil
Intellectual property (note (ii)) nil 30
—- —-
760 370
Current assets
Stock (note (iii)) 76 22
Trade debtors (note (iii)) 84 44
Bank nil 4
—- —-
160 70
—- —-
Creditors: amounts falling due within one year
Trade creditors (note (iii)) 130 57
Taxation 45 23
Overdraft 25 nil
—- —-
200 80
—- —-
Net current liabilities (40) (10)
Creditors: amounts falling due after more than one year
10% loan notes (120) (20)
—- —-
600 340
—- —-
Capital and reserves:
Equity shares of 25 pence each 300 200
Profit and loss account – 1 April 2006 210 120
– year ended 31 March 2007 90 300 20 140
—- —- —- —-
600 340
—- —-
The following information is relevant:
(i) At the date of acquisition the fair values of Offspring’s net assets were approximately equal to their carrying
amounts with the exception of its properties. These properties had a fair value of ￡40 million in excess of their
carrying amounts which would create additional depreciation of ￡2 million in the post acquisition period to
31 March 2007. The fair values have not been reflected in Offspring’s balance sheet.
(ii) The intellectual property is a system of encryption designed for internet use. Offspring has been advised that
government legislation (passed since acquisition) has now made this type of encryption illegal. Offspring will
receive ￡10 million in compensation from the government.
(iii) Offspring sold Parentis goods for ￡15 million in the post acquisition period. ￡5 million of these goods are included
in the stock of Parentis at 31 March 2007. The profit made by Offspring on these sales was ￡6 million.
Offspring’s trade creditor account (in the records of Parentis) of ￡7 million does not agree with Parentis’s trade
debtor account (in the records of Offspring) due to cash in transit of ￡4 million paid by Parentis.

ACCA F8（International）历年考题及答案大全（2002年-2008年）

包含（2002年-2008年）ACCA F8（International）历年考试真题及答案，文件列表如下：
Dec-2002.PDF、Dec-2003.PDF、Dec-2004.PDF、Dec-2005.PDF、Dec-2006.PDF、Dec-2007.PDF、Dec-2008.PDF；
June-2003.PDF、June-2004.PDF、June-2005.PDF、June-2006.PDF、June-2007.PDF、June-2008.PDF；

Fundamentals Level – Skills Module

Audit and Assurance
(International)

Section A – ALL THREE questions are compulsory and MUST be attempted
1 Green Co grows crops on a large farm according to strict organic principles that prohibits the use of artificial pesticides
and fertilizers. The farm has an ‘organic certification’, which guarantees its products are to be organic. The certification
has increased its sales of flour, potatoes and other products, as customers seek to eat more healthily.
Green Co is run by two managers who are the only shareholders. Annual revenue is $50 million with a net profit of
5%. Both managers have run other businesses in the last 10 years. One business was closed due to suspected tax
fraud (although no case was ever brought to court).
Green Co’s current auditors provide audit services. Additional assurance on business controls and the preparation of
financial statements are provided by a different accountancy firm.
Last year, a neighbouring farm, Black Co started growing genetically modified (GM) crops, the pollen from which
blows over Green Co’s fields on a regular basis. This is a threat to Green Co’s organic status because organic crops
must not be contaminated with GM material. Green Co is considering court action against Black Co for loss of income
and to stop Black Co growing GM crops.
You are an audit partner in Lime & Co, a 15 partner firm of auditors and business advisors. You have been friends
with the managers of Green Co for the last 15 years, advising them on an informal basis. The managers of Green Co
have indicated that the audit will be put out to tender next month and have asked your audit firm to tender for the
audit and the provision of other professional services.
Required:
(a) Using the information provided, identify and explain the ethical threats that could affect Lime & Co.
(8 marks)
(b) In respect of the going concern concept:
(i) Define ‘going concern’ and state two situations in which it should NOT be applied in the preparation of
financial statements; (3 marks)
(ii) Explain the directors’ responsibilities and the auditors’ responsibilities regarding financial statements
prepared on the going concern principle. (4 marks)
(c) List the audit procedures that should be carried out to determine whether or not the going concern basis is
appropriate for Green Co. (5 marks)

ACCA F8（United Kingdom）历年试题大全（2002年-2008年）

包含（2002年-2008年）ACCA F8（United Kingdom）历年考试真题及答案，文件列表如下：
Dec-2002.PDF、Dec-2003.PDF、Dec-2004.PDF、Dec-2005.PDF、Dec-2006.PDF、Dec-2007.PDF、Dec-2008.PDF；
June-2003.PDF、June-2004.PDF、June-2005.PDF、June-2006.PDF、June-2007.PDF、June-2008.PDF；

Audit and Assurance
(United Kingdom)

ALL FIVE questions are compulsory and MUST be attempted
1 Introduction – audit firm
You are an audit senior in Brennon & Co, a firm providing audit and assurance services. At the request of an audit
partner, you are preparing the audit programme for the sales and debtors systems of Seeley Ltd.
Audit documentation is available from the previous year’s audit, including internal control questionnaires and audit
programmes for the despatch and sales system. The audit approach last year did not involve the use of computerassisted
audit techniques (CAATs); the same approach will be taken this year. As far as you are aware, Seeley’s system
of internal control has not changed in the last year.
Client background – sales system
Seeley Ltd is a wholesaler of electrical goods such as kettles, televisions, MP3 players, etc… The company maintains
one large warehouse in a major city. The customers of Seeley are always owners of small retail shops, where electrical
goods are sold to members of the public. Seeley only sells to authorised customers; following appropriate credit
checks, each customer is given a Seeley identification card to confirm their status. The card must be used to obtain
goods from the warehouse.
Despatch and sales system
The despatch and sales system operates as follows:
1. Customers visit Seeley’s warehouse and load the goods they require into their vans after showing their Seeley
identification card to the despatch staff.
2. A pre-numbered goods despatch note (GDN) is produced and signed by the customer and a member of Seeley’s
despatch staff confirming goods taken.
3. One copy of the GDN is sent to the accounts department, the second copy is retained in the despatch
department.
4. Accounts staff enter goods despatch information onto the computerised sales system. The GDN is signed.
5. The computer system produces the sales invoice, with reference to the stock master file for product details and
prices, maintains the sales day book and also the debtors ledger. The debtors control account is balanced by the
computer.
6. Invoices are printed out and sent to each customer in the post with paper copies maintained in the accounts
department. Invoices are compared to GDNs by accounts staff and signed.
7. Paper copies of the debtors ledger control account and list of aged debtors are also available.
8. Error reports are produced showing breaks in the GDN sequence.
Information on debtors
The chief accountant has informed you that debtors days have increased from 45 to 60 days over the last year. The
aged debtors report produced by the computer is shown below:
Number of Range of debt Total debt ￡ Current ￡ 1 to 2 More than 2
debtors months old ￡ months old ￡
15 Less than ￡0 (87,253) (87,253)
197 ￡0 to ￡20,000 2,167,762 548,894 643,523 975,345
153 ￡20,001 to 50,000 5,508,077 2,044,253 2,735,073 728,751
23 ￡50,001 or more 1,495,498 750,235 672,750 72,513
—- ———- ———- ———- ———-
388 9,084,084 3,256,129 4,051,346 1,776,609
—- ———- —- ———- ——————– ——————– ——————–
In view of the deteriorating debtors situation, a direct confirmation of debtors will be performed this year.

ACCA F9历年试题大全（2002年-2008年）

包含（2002年-2008年）ACCA F9历年考试真题及答案，文件列表如下：
Dec-2002.PDF、Dec-2003.PDF、Dec-2004.PDF、Dec-2005.PDF、Dec-2006.PDF、Dec-2007.PDF、Dec-2008.PDF；
June-2003.PDF、June-2004.PDF、June-2005.PDF、June-2006.PDF、June-2007.PDF、June-2008.PDF；

Financial Management
Thursday 5 June 2008

Time allowed
Reading and planning: 15 minutes
Writing: 3 hours
ALL FOUR questions are compulsory and MUST be attempted.
Formulae Sheet, Present Value and Annuity Tables are on
pages 6, 7 and 8.
Do NOT open this paper until instructed by the supervisor.
During reading and planning time only the question paper may
be annotated. You must NOT write in your answer booklet until
instructed by the supervisor.
This question paper must not be removed from the examination hall.

ALL FOUR questions are compulsory and MUST be attempted
1 Burse Co wishes to calculate its weighted average cost of capital and the following information relates to the company
at the current time:
Number of ordinary shares 20 million
Book value of 7% convertible debt $29 million
Book value of 8% bank loan $2 million
Market price of ordinary shares $5·50 per share
Market value of convertible debt $107·11 per $100 bond
Equity beta of Burse Co 1·2
Risk-free rate of return 4·7%
Equity risk premium 6·5%
Rate of taxation 30%
Burse Co expects share prices to rise in the future at an average rate of 6% per year. The convertible debt can be
redeemed at par in eight years’ time, or converted in six years’ time into 15 shares of Burse Co per $100 bond.
Required:
(a) Calculate the market value weighted average cost of capital of Burse Co. State clearly any assumptions that
you make. (12 marks)
(b) Discuss the circumstances under which the weighted average cost of capital can be used in investment
appraisal. (6 marks)
(c) Discuss whether the dividend growth model or the capital asset pricing model offers the better estimate of
the cost of equity of a company. (7 marks)

2 THP Co is planning to buy CRX Co, a company in the same business sector, and is considering paying cash for the
shares of the company. The cash would be raised by THP Co through a 1 for 3 rights issue at a 20% discount to its
current share price.
The purchase price of the 1 million issued shares of CRX Co would be equal to the rights issue funds raised, less
issue costs of $320,000. Earnings per share of CRX Co at the time of acquisition would be 44·8c per share. As a
result of acquiring CRX Co, THP Co expects to gain annual after-tax savings of $96,000.
THP Co maintains a payout ratio of 50% and earnings per share are currently 64c per share. Dividend growth of 5%
per year is expected for the foreseeable future and the company has a cost of equity of 12% per year.
Information from THP Co’s statement of financial position: