分类： ACCA特许公认会计师考试题库

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