分类： 特许公认会计师（ACCA）国际认证资格考试（二区）

2015年6月特许公认会计师（ACCA）F8考试真题及答案

Audit and Assurance
(International)
Wednesday 3 June 2009

2 (a) List and explain FOUR methods of selecting a sample of items to test from a population in accordance with
ISA 530 (Redrafted) Audit Sampling and Other Means of Testing. (4 marks)
(b) List and explain FOUR assertions from ISA 500 Audit Evidence that relate to the recording of classes of
transactions. (4 marks)
(c) In terms of audit reports, explain the term ‘modified’. (2 marks)
(10 marks)
3 Following a competitive tender, your audit firm Cal & Co has just gained a new audit client Tirrol Co. You are the
manager in charge of planning the audit work. Tirrol Co’s year end is 30 June 2009 with a scheduled date to complete
the audit of 15 August 2009. The date now is 3 June 2009.
Tirrol Co provides repair services to motor vehicles from 25 different locations. All inventory, sales and purchasing
systems are computerised, with each location maintaining its own computer system. The software in each location is
the same because the programs were written specifically for Tirrol Co by a reputable software house. Data from each
location is amalgamated on a monthly basis at Tirrol Co’s head office to produce management and financial accounts.
You are currently planning your audit approach for Tirrol Co. One option being considered is to re-write Cal & Co’s
audit software to interrogate the computerised inventory systems in each location of Tirrol Co (except for head office)
as part of inventory valuation testing. However, you have also been informed that any computer testing will have to
be on a live basis and you are aware that July is a major holiday period for your audit firm.
Required:
(a) (i) Explain the benefits of using audit software in the audit of Tirrol Co; (4 marks)
(ii) Explain the problems that may be encountered in the audit of Tirrol Co and for each problem, explain
how that problem could be overcome. (10 marks)
(b) Following a discussion with the management at Tirrol Co you now understand that the internal audit department
are prepared to assist with the statutory audit. Specifically, the chief internal auditor is prepared to provide you
with documentation on the computerised inventory systems at Tirrol Co. The documentation provides details of

2014年6月、12月ACCA F7（International）考试真题及答案

Financial Reporting
(International)
Tuesday 9 December 2008

ALL FIVE questions are compulsory and MUST be attempted
1 On 1 April 2008, Pedantic acquired 60% of the equity share capital of Sophistic in a share exchange of two shares
in Pedantic for three shares in Sophistic. The issue of shares has not yet been recorded by Pedantic. At the date of
acquisition shares in Pedantic had a market value of $6 each. Below are the summarised draft financial statements
of both companies.
Income statements for the year ended 30 September 2008
Pedantic Sophistic
$’000 $’000
Revenue 85,000 42,000
Cost of sales (63,000) (32,000)
–––––––– ––––––––
Gross profit 22,000 10,000
Distribution costs (2,000) (2,000)
Administrative expenses (6,000) (3,200)
Finance costs (300) (400)
–––––––– ––––––––
Profit before tax 13,700 4,400
Income tax expense (4,700) (1,400)
–––––––– ––––––––
Profit for the year 9,000 3,000
–––––––– ––––––––
Statements of financial position as at 30 September 2008
Assets
Non-current assets
Property, plant and equipment 40,600 12,600
Current assets 16,000 6,600
–––––––– ––––––––
Total assets 56,600 19,200
Equity and liabilities
Equity shares of $1 each 10,000 4,000
Retained earnings 35,400 6,500
–––––––– ––––––––
45,400 10,500
Non-current liabilities
10% loan notes 3,000 4,000
Current liabilities 8,200 4,700
–––––––– ––––––––
Total equity and liabilities 56,600 19,200
–––––––– ––––––––
The following information is relevant:
(i) At the date of acquisition, the fair values of Sophistic’s assets were equal to their carrying amounts with the
exception of an item of plant, which had a fair value of $2 million in excess of its carrying amount. It had a
remaining life of five years at that date [straight-line depreciation is used]. Sophistic has not adjusted the carrying
amount of its plant as a result of the fair value exercise.
(ii) Sales from Sophistic to Pedantic in the post acquisition period were $8 million. Sophistic made a mark up on
cost of 40% on these sales. Pedantic had sold $5·2 million (at cost to Pedantic) of these goods by 30 September
2008.
(iii) Other than where indicated, income statement items are deemed to accrue evenly on a time basis.
(iv) Sophistic’s trade receivables at 30 September 2008 include $600,000 due from Pedantic which did not agree
with Pedantic’s corresponding trade payable. This was due to cash in transit of $200,000 from Pedantic to
Sophistic. Both companies have positive bank balances.
(v) Pedantic has a policy of accounting for any non-controlling interest at fair value. For this purpose the fair value
of the goodwill attributable to the non-controlling interest in Sophistic is $1·5 million. Consolidated goodwill was
not impaired at 30 September 2008.

2014年6月、12月特许公认会计师（ACCA）F8（International）考试真题及答案

Audit and Assurance
(International)
Wednesday 4 June 2008

3 (a) With reference to ISA 520 Analytical Procedures explain
(i) what is meant by the term ‘analytical procedures’; (2 marks)
(ii) the different types of analytical procedures available to the auditor; and (3 marks)
(iii) the situations in the audit when analytical procedures can be used. (3 marks)
Zak Co sells garden sheds and furniture from 15 retail outlets. Sales are made to individuals, with income being in
the form of cash and debit cards. All items purchased are delivered to the customer using Zak’s own delivery vans;
most sheds are too big for individuals to transport in their own motor vehicles. The directors of Zak indicate that the
company has had a difficult year, but are pleased to present some acceptable results to the members.
The income statements for the last two financial years are shown below:
Income statement
31 March 2008 31 March 2007
$000 $000
Revenue 7,482 6,364
Cost of sales (3,520) (4,253)
–––––– ––––––
Gross profit 3,962 2,111
Operating expenses
Administration (1,235) (1,320)
Selling and distribution (981) (689)
Interest payable (101) (105)
Investment income 145 –
–––––– ––––––
Profit/(loss) before tax 1,790 (3)
–––––– –––––– –––––– ––––––
Financial statement extract
–––––– ––––––
Required:
(b) As part of your risk assessment procedures for Zak Co, identify and provide a possible explanation for unusual
changes in the income statement. (9 marks)
(c) Confirmation of the end of year bank balances is an important audit procedure.
Required:
Explain the procedures necessary to obtain a bank confirmation letter from Zak Co’s bank. (3 marks)
(20 marks)

2014年6月、12月ACCA F9考试真题及答案

Financial Management
Thursday 4 December 2008

ALL FOUR questions are compulsory and MUST be attempted
1 Dartig Co is a stock-market listed company that manufactures consumer products and it is planning to expand its
existing business. The investment cost of $5 million will be met by a 1 for 4 rights issue. The current share price of
Dartig Co is $2·50 per share and the rights issue price will be at a 20% discount to this. The finance director of Dartig
Co expects that the expansion of existing business will allow the average growth rate of earnings per share over the
last four years to be maintained into the foreseeable future.
The earnings per share and dividends paid by Dartig over the last four years are as follows:
2003 2004 2005 2006 2007
Earnings per share (cents) 27·7 29·0 29·0 30·2 32·4
Dividend per share (cents) 12·8 13·5 13·5 14·5 15·0
Dartig Co has a cost of equity of 10%. The price/earnings ratio of Dartig Co has been approximately constant in recent
years. Ignore issue costs.
Required:
(a) Calculate the theoretical ex rights price per share prior to investing in the proposed business expansion.
(3 marks)
(b) Calculate the expected share price following the proposed business expansion using the price/earnings ratio
method. (3 marks)
(c) Discuss whether the proposed business expansion is an acceptable use of the finance raised by the rights
issue, and evaluate the expected effect on the wealth of the shareholders of Dartig Co. (5 marks)
(d) Using the information provided, calculate the ex div share price predicted by the dividend growth model and
discuss briefly why this share price differs from the current market price of Dartig Co. (6 marks)
2 The following financial information related to Gorwa Co:
2007 2006
$000 $000
Sales (all on credit) 37,400 26,720
Cost of sales 34,408 23,781
––––––– –––––––
Operating profit 2,992 2,939
Finance costs (interest payments) 355 274
––––––– –––––––
Profit before taxation 2,637 2,665
––––––– –––––––
2007 2006
$000 $000 $000 $000
Non-current assets 13,632 12,750
Current assets
Inventory 4,600 2,400
Trade receivables 4,600 2,200
–––––– ––––––
9,200 4,600
Current liabilities

2014年6月、12月ACCA P1考试真题及答案

Professional
Accountant
Monday 8 December 2008

Section A – This ONE question is compulsory and MUST be attempted
1 The scientists in the research laboratories of Swan Hill Company (SHC, a public listed company) recently made a very
important discovery about the process that manufactured its major product. The scientific director, Dr Sonja Rainbow,
informed the board that the breakthrough was called the ‘sink method’. She explained that the sink method would
enable SHC to produce its major product at a lower unit cost and in much higher volumes than the current process.
It would also produce lower unit environmental emissions and would substantially improve product quality compared
to its current process and indeed compared to all of the other competitors in the industry.
SHC currently has 30% of the global market with its nearest competitor having 25% and the other twelve producers
sharing the remainder. The company, based in the town of Swan Hill, has a paternalistic management approach and
has always valued its relationship with the local community. Its website says that SHC has always sought to maximise
the benefit to the workforce and community in all of its business decisions and feels a great sense of loyalty to the
Swan Hill locality which is where it started in 1900 and has been based ever since.
As the board considered the implications of the discovery of the sink method, chief executive Nelson Cobar asked
whether Sonja Rainbow was certain that SHC was the only company in the industry that had made the discovery and
she said that she was. She also said that she was certain that the competitors were ‘some years’ behind SHC in their
research.
It quickly became clear that the discovery of the sink method was so important and far reaching that it had the
potential to give SHC an unassailable competitive advantage in its industry. Chief executive Nelson Cobar told board
colleagues that they should clearly understand that the discovery had the potential to put all of SHC’s competitors out
of business and make SHC the single global supplier. He said that as the board considered the options, members
should bear in mind the seriousness of the implications upon the rest of the industry.
Mr Cobar said there were two strategic options. Option one was to press ahead with the huge investment of new plant
necessary to introduce the sink method into the factory whilst, as far as possible, keeping the nature of the sink
technology secret from competitors (the ‘secrecy option’). A patent disclosing the nature of the technology would not
be filed so as to keep the technology secret within SHC. Option two was to file a patent and then offer the use of the
discovery to competitors under a licensing arrangement where SHC would receive substantial royalties for the twenty-
year legal lifetime of the patent (the ‘licensing option’). This would also involve new investment but at a slower pace
in line with competitors. The licence contract would, Mr Cobar explained, include an ‘improvement sharing’
requirement where licensees would be required to inform SHC of any improvements discovered that made the sink
method more efficient or effective.
Required:
(a) Assess the secrecy option using Tucker’s model for decision-making. (10 marks)
(b) Distinguish between strategic and operational risks, and explain why the secrecy option would be a source
of strategic risk. (10 marks)
(c) Mr Cobar, the chief executive of SHC, has decided to draft two alternative statements to explain both possible
outcomes of the secrecy/licensing decision to shareholders. Once the board has decided which one to pursue,
the relevant draft will be included in a voluntary section of the next corporate annual report.
Required:
(i) Draft a statement in the event that the board chooses the secrecy option. It should make a convincing
business case and put forward ethical arguments for the secrecy option. The ethical arguments should
be made from the stockholder (or pristine capitalist) perspective. (8 marks)

2014年6月、12月ACCA P2（International）考试真题及答案

Corporate Reporting
(International)

(ii) The retirement benefit liability is shown as a long-term provision in the Statement of Financial Position and
comprises the following:
$m
Liability at 1 December 2007 96
Expense for period 10
Contributions to scheme (paid) (10)
Actuarial losses 4
––––
Liability at 30 November 2008 100
––––
Warrburt recognises actuarial gains and losses in the statement of comprehensive income in the period in which
they occur. The benefits paid in the period by the trustees of the scheme were $3 million. There is no tax impact
with regards to the retirement benefit liability.
(iii) The property, plant and equipment (PPE) in the Statement of Financial Position comprises the following:
$m
Carrying value at 1 December 2007 360
Additions at cost 78
Gains on property revaluation 4
Disposals (56)
Depreciation (36)
––––
Carrying value at 30 November 2008 350
––––
Plant and machinery with a carrying value of $1 million had been destroyed by fire in the year. The asset was
replaced by the insurance company with new plant and machinery which was valued at $3 million. The
machines were acquired directly by the insurance company and no cash payment was made to Warrburt. The
company included the net gain on this transaction in ‘additions at cost’ and ‘other income’.
The disposal proceeds were $63 million. The gain on disposal is included in administrative expenses. Deferred
tax of $2 million has been deducted in arriving at the ‘gains on property revaluation’ figure in ‘other
comprehensive income’.
The remaining additions of PPE comprised imported plant and equipment from an overseas supplier on 30 June

2014年6月、12月特许公认会计师（ACCA）P3考试真题及答案

Business Analysis
Wednesday 11 June 2008

Section A – This ONE question is compulsory and MUST be attempted
The following information should be used when answering question 1.
1 Introduction
AutoFone was established almost twenty years ago at the beginning of the mobile telephone boom. It was formed by
a dynamic Chief Executive Officer (CEO) who still remains a major shareholder of the company.
AutoFone brought two new concepts to the market. Firstly, it established retail shops where customers could go and
handle the products and discuss mobile phone options with trained sales people. Before AutoFone, all mobile
telephones were sold through the customer directly contacting the telephone network provider (like conventional home
land line services) and were generally aimed at business rather than leisure users. Secondly, AutoFone sold products
and services from all the four major network providers licensed by the government to provide telecommunications
services in the country. Previously, customers could only choose products and services from within one network
provider’s range. AutoFone allowed customers to choose products and services across the range of the four providers
and reflected this in the company’s motto ‘ethical advice: the customer’s choice’.
In 1990, AutoFone signed a thirty-year supply contract with each provider. Although, in retrospect, these deals were
on commercially favourable terms for AutoFone, the network providers were happy to agree these deals because none
of them believed that mobile telephones could be successfully sold through retail shops. However, speaking in 2003,
the managing director of one of the networks suggested ‘that AutoFone had got away with incredible profit margins’
when they signed the deals in 1990. The four network providers themselves had re-signed twenty-five year licence
deals with the government in 1995. Under the terms of these deals, licences will be restricted to the four current
providers until their renewal date of 2020.
Retail shops Division
AutoFone currently has 415 shops around the country. To reduce costs most shops are on the edge of (but not in)
the main shopping area of the town they serve. It is usual for AutoFone to sign a fifty-year shop lease in return for
low initial annual rental and a rent-free period at the start of the lease while the company fits out the shop to reflect
AutoFone’s corporate image. In 1997, AutoFone floated on the country’s stock market to assist the funding of further
shops and so continue its organic growth. The national coverage of its shops, the publicity generated by its CEO and
a successful television advertising campaign culminated, in 2005, with it being rated by consumers as one of the top
20 brands in the country.
The CEO of AutoFone established the retail shops along, in his words, ‘entrepreneurial lines’. He regards each shop

2014年6月、12月ACCA P4考试真题及答案

Advanced Financial
Management
Thursday 4 December 2008

Section A – BOTH questions are compulsory and MUST be attempted
1 It is now 1 December 2008. You have been hired as a financial consultant to the Blipton International Entertainment
Group which is evaluating a proposal from its hotel division to build a 400 bedroom hotel in the East End of London.
This area has developed rapidly over the last 15 years and the prospects have been further enhanced by the
announcement that London is to host the 2012 Olympics. Blipton is based in Dubai and both reports and accounts
for all its transactions in dollars. The current dollar/sterling spot rate is $1·4925/£. The operating costs for the hotel
are expected to be £30 per occupied room per day (variable) and a fixed cost of £1·7 million per annum expressed
in current prices. The proportion of bedrooms occupied, on the basis of opening for 365 days a year, is expected to
be as follows:
Year ended occupancy
31 December 2009 construction
31 December 2010 40%
31 December 2011 50%
31 December 2012 90%
31 December 2013 60%
31 December 2014 60%
UK inflation is currently projected by the Bank of England as 2·5% per annum and inflation in the United States is
4·8% per annum. These rates are expected to be constant over the term of the project. Blipton’s real cost of capital
is 4·2%. UK hotel property values within the London area are expected to rise in real terms by 8% per annum.
The construction cost for this hotel is estimated to be £6·2 million and it will be built over the 12 months to
31 December 2009. As part of the UK’s Olympic Development Plan, a 50% first year capital allowance is available
for tax purposes on building projects related to the Games. The balance of the capital expenditure can be claimed in
equal instalments over the following three years. UK profit tax is 30% and is levied and paid on profits in the year
they arise. There is no additional tax liability on remittance to or from Dubai. The company has sufficient UK profits
on its other activities to absorb the capital allowances on this project.
In making investment decisions of this type the company operates the following procedure:
1. All cash flows including construction costs are assumed to arise at the end of the year concerned and are to be
projected in nominal (money) terms over the six year period.
2. The residual value of the investment at the end of six years is assumed to be the open market value of the
property less a charge for repairs and renewals.
3. The charge for repairs and renewals is expected to be £1·2 million in current prices payable on disposal.
4. The net present value of the project should be based upon a 100% remittance of net cash flows to Dubai and
should be calculated in dollars.
5. Average room rates are set at the level required to recover variable cost plus 100%.
Required:
Prepare a report for management to include the following:
(a) A six year nominal dollar projection of the after tax cash flow for this project distinguishing between cash
flows arising from its investment phase and those arising from its return phase. (12 marks
(b) An estimate of the project’s dollar net present value and the modified internal rate of return.

2014年6月、12月特许公认会计师（ACCA）P5考试真题及答案

Advanced Performance
Management
Friday 6 June 2008

Section A – BOTH questions are compulsory and MUST be attempted
1 The Health and Fitness Group (HFG), which is privately owned, operates three centres in the country of Mayland.
Each centre offers dietary plans and fitness programmes to clients under the supervision of dieticians and fitness
trainers. Residential accommodation is also available at each centre. The centres are located in the towns of Ayetown,
Beetown and Ceetown.
The following information is available:
(1) Summary financial data for HFG in respect of the year ended 31 May 2008.
Ayetown Beetown Ceetown Total
$000 $000 $000 $000
Revenue:
Fees received 1,800 2,100 4,500 8,400
Variable costs (468) (567) (1,395) (2,430)
–––––– –––––– –––––– –––––––
Contribution 1,332 1,533 3,105 5,970
Fixed costs (936) (1,092) (2,402) (4,430)
–––––– –––––– –––––– –––––––
Operating profit 396 441 703 1,540
Interest costs on long-term debt at 10% (180)
–––––––
Profit before tax 1,360
Income tax expense (408)
–––––––
Profit for the year 952
–––––––
Average book values for 2008:
Assets
Non-current assets 1,000 2,500 3,300 6,800
Current assets 800 900 1,000 2,700
–––––– –––––– –––––– –––––––
Total assets 1,800 3,400 4,300 9,500
(7) The market value of the long-term borrowings of HFG is equal to the book value.
(8) The directors are concerned about the return on investment (ROI) generated by the Beetown centre and they are
considering using sensitivity analysis in order to show how a target ROI of 20% might be achieved.
(9) The marketing director stated at a recent board meeting that ‘The Group’s success depends on the quality of
service provided to our clients. In my opinion, we need only to concern ourselves with the number of complaints
received from clients during each period as this is the most important performance measure for our business.
The number of complaints received from clients is a perfect performance measure. As long as the number of
complaints received from clients is not increasing from period to period, then we can be confident about our
future prospects’.
Required:
(a) The directors of HFG have asked you, as management accountant, to prepare a report providing them with
explanations as to the following:
(i) Which of the three centres is the most ‘successful’? Your report should include a commentary on return
on investment (ROI), residual income (RI), and economic value added (EVA) as measures of financial
performance. Detailed calculations regarding each of these three measures must be included as part of
your report;
Note: a maximum of seven marks is available for detailed calculations. (14 marks)
(ii) The percentage change in revenue, total costs and net assets during the year ended 31 May 2008 that
would have been required in order to have achieved a target ROI of 20% by the Beetown centre. Your
answer should consider each of these three variables in isolation. State any assumptions that you make.

2014年6月、12月特许公认会计师（ACCA）P6（UK）考试真题及答案

Advanced Taxation
(United Kingdom)
Monday 2 June 2008

Required:
(a) Prepare the memorandum requested by your manager. The memorandum should include explanations
together with supporting calculations and should identify any further information that you think is required.
The following marks are available for the four components of the memorandum:
(i) The amount of tax that can be saved via the use of the loss of Dione Ltd; (7 marks)
In early 2009, Tethys Ltd will sell its manufacturing premises for £240,000 and move to a rented factory. The
premises were acquired new on 1 May 1998 for £112,000 and immediately brought into industrial use. The tax
written down value for the purposes of industrial buildings allowances as at 31 December 2008 will be £62,720.
We agreed that the indexation factor on the disposal can be assumed to be 27%.
Information requested by DD
(i) The maximum amount of tax that can be saved via the use of the loss of Dione Ltd assuming it is not carried
forward and the date by which the necessary claims must be submitted.
(ii) The amount of the trading loss of Tethys Ltd for the year ending 31 December 2008 that can be used by
Saturn Ltd and the ability of Tethys Ltd to use this loss in the future.
(iii) In respect of the sale of the manufacturing premises:
– Whether or not Tethys Ltd should charge value added tax (VAT) on the sale of the property.
– The taxable profit arising in respect of the sale.
– The amount of the gain that could be rolled over if Tethys Ltd or any of the other Saturn Ltd group
companies acquired assets costing £200,000, the types of asset that would have to be purchased and
the period during which the assets would need to be acquired.
(iv) Any stamp duty and/or stamp duty land tax payable by the Saturn Ltd group in respect of the proposed
transactions.
Tax manag e r