分类： 特许公认会计师（ACCA）国际认证资格考试（二区）

ACCA F9历年考试真题及答案大全（2002年-2014年）

包含（2002年-2014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

PART 2
WEDNESDAY 13 JUNE 2007

QUESTION PAPER
Time allowed 3 hours
This paper is divided into two sections
Section A This ONE question is compulsory and MUST be
answered
Section B TWO questions ONLY to be answered
Formulae Sheet, Present Value and Annuity Tables are on
pages 7, 8 and 9.
Do not open this paper until instructed by the supervisor

Section A – This ONE question is compulsory and MUST be attempted
1 The finance director of GTK plc is preparing its capital budget for the forthcoming period and is examining a number
of capital investment proposals that have been received from its subsidiaries. Details of these proposals are as follows:
Proposal 1
Division A has requested that it be allowed to invest ￡500,000 in solar panels, which would be fitted to the roof of
its production facility, in order to reduce its dependency on oil as an energy source. The solar panels would save
energy costs of ￡700 per day but only on sunny days. The Division has estimated the following probabilities of sunny
days in each year.
Number of sunny days Probability
Scenario 1 100 0·3
Scenario 2 125 0·6
Scenario 3 150 0·1
Each scenario is expected to persist indefinitely, i.e. if there are 100 sunny days in the first year, there will be 100
sunny days in every subsequent year. Maintenance costs for the solar panels are expected to be ￡2,000 per month
for labour and replacement parts, irrespective of the number of sunny days per year. The solar panels are expected to
be used indefinitely.
Proposal 2
Division B has asked for permission to buy a computer-controlled machine with a production capacity of 60,000 units
per year. The machine would cost ￡221,000 and have a useful life of four years, after which it would be sold for
￡50,000 and replaced with a more up-to-date model. Demand in the first year for the machine’s output would be
30,000 units and this demand is expected to grow by 30% per year in each subsequent year of production. Standard
cost and selling price information for these units, in current price terms, is as follows:
￡/unit Annual inflation
Selling price 12 4%
Variable production cost 4 5%
Fixed production overhead cost 6 3%
Fixed production overhead cost is based on expected first-year demand.
Proposal 3
Division C has requested approval and funding for a new product which it has been secretly developing, Product RPG.
Product development and market research costs of ￡350,000 have already been incurred and are now due for
payment. ￡300,000 is needed for new machinery, which will be a full scale version of the current pilot plant.
Advertising takes place in the first year only and would cost ￡100,000. Annual cash inflow of ￡100,000, net of all
production costs but before taking account of advertising costs, is expected to be generated for a five-year period. After
five years Product RPG would be retired and replaced with a more technologically advanced model. The machinery
used for producing Product RPG would be sold for ￡30,000 at that time.
Other information
GTK plc is a profitable, listed company with several million pounds of shareholders’ funds, a small overdraft and no
long-term debt. For profit calculation purposes, GTK plc depreciates assets on a straight-line basis over their useful
economic life. The company can claim writing down allowances on machinery on a 25% reducing balance basis and
pays tax on profit at an annual rate of 30% in the year in which the liability arises. GTK plc has a before-tax cost of
capital of 10%, an after-tax cost of capital of 8% and a target return on capital employed of 15%.

ACCA P1 2007-2014年考试真题及答案

Professional
Accountant
Monday 8 December 2008

The Association of Chartered Certified Accountants

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.

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)
(ii) Draft a statement in the event that the board chooses the licensing option. It should make a convincing
business case and put forward ethical arguments for the licensing option. The ethical arguments should
be made from the wider stakeholder perspective. (8 marks)
(iii) Professional marks for the persuasiveness and logical flow of arguments: two marks per statement.
(4 marks)
(d) Corporate annual reports contain both mandatory and voluntary disclosures.
Required:
(i) Distinguish, using examples, between mandatory and voluntary disclosures in the annual reports of
public listed companies. (6 marks)
(ii) Explain why the disclosure of voluntary information in annual reports can enhance the company’s
accountability to equity investors. (4 marks)
(50 marks)

ACCA P2（International）历年试题大全（2002年-2014年）

包含（2002年-2014年）ACCA P2（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；

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.
(v) The directors of Ribby announced on 1 June 2007 that a bonus of $6 million would be paid to the employees
of Ribby if they achieved a certain target production level by 31 May 2008. The bonus is to be paid partly in
cash and partly in share options. Half of the bonus will be paid in cash on 30 November 2008 whether or not
the employees are still working for Ribby. The other half will be given in share options on the same date, provided
that the employee is still in service on 30 November 2008. The exercise price and number of options will be
fixed by management on 30 November 2008. The target production was met and management expect 10% of
employees to leave between 31 May 2008 and 30 November 2008. No entry has been made in the financial
statements of Ribby.

ACCA P2（United Kingdom）历年考试真题及答案大全（2002年-2014年）

包含（2002年-2014年）ACCA P2（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；

Advanced Corporate
Reporting
(UK Stream)

PART 3
TUESDAY 12 JUNE 2007

Section A – This ONE question is compulsory and MUST be attempted
1 The following draft balance sheets relate to Glove, Body and Fit, all public limited companies, as at 31 May 2007:
Glove Body Fit
￡m ￡m ￡m
Fixed assets:
Tangible assets 260 20 26
Investment in Body 60
Investment in Fit 30
Available for sale investments 10
–––– –––– ––––
330 50 26
Current assets 65 29 20
Creditors: amounts falling due within one year (35) (7) (5)
–––– –––– ––––
Net current assets 30 22 15
Creditors: amounts falling due after more than one year (45) (2) (3)
–––– –––– ––––
Net assets 315 70 38
–––– –––– ––––
Capital and reserves
Share capital 150 40 20
Other reserves 30 5 8
Profit and Loss reserve 135 25 10
–––– –––– ––––
Capital employed 315 70 38
–––– –––– ––––
The following information is relevant to the preparation of the group financial statements:
(i) Glove acquired 80% of the share capital of Body on 1 June 2005 when Body’s other reserves were ￡4 million
and the profit and loss reserve was ￡10 million. The fair value of the net assets of Body was ￡60 million at
1 June 2005. Body acquired 70% of the share capital of Fit on 1 June 2005 when the other reserves of Fit were
￡8 million and the profit and loss reserve was ￡6 million. The fair value of the net assets of Fit at that date was
￡39 million. The excess of the fair value over the net assets of Body and Fit is due to an increase in the
value of non-depreciable land of the companies. There have been no issues of share capital in the group since
1 June 2005.
(ii) Body owns several brand names which are highly regarded in the market place, and regularly sells them. Body
has invested a significant amount in marketing these brands and has expensed the costs. None of the brands
has been acquired externally and, therefore, the costs have not been capitalised in the balance sheet of Body.
On the acquisition of Body by Glove, a firm of valuation experts valued the brands at ￡5 million and this valuation
had been taken into account by Glove when offering ￡60 million for the investment in Body. The valuation of the
brands is not included in the fair value of the net assets of Body above. Group policy is to amortise intangible
assets over ten years.
(iii) On 1 June 2005, Glove introduced a new defined benefit retirement plan. At 1 June 2005, there were no
unrecognised actuarial gains and losses. The actuarial valuation of the company’s pension scheme showed a net
liability of ￡5 million at 31 May 2006. The following relates to the pension scheme for the year ended 31 May
2007:
￡m
Current service cost 26
Expected return on pension scheme assets 7
Interest on pension scheme liabilities 5
The company decided to increase its contributions to the scheme to ￡23 million. At 31 May 2007, the net
liability was measured at ￡8 million, but this valuation had not been taken into account in the financial
statements. All of the above elements had been recorded in the financial statements other than the measurement
of the closing liability of ￡8 million. The defined benefit liability is included in creditors: amounts falling due after
more than one year.

Section B – THREE questions ONLY to be attempted
2 Wader, a public limited company, is assessing the nature of its provisions for the year ended 31 May 2007. The
following information is relevant:
(a) The impairment of debtors has been calculated using a formulaic approach which is based on a specific
percentage of the portfolio of debtors. The general provision approach has been used by the company at 31 May
2007. At 31 May 2007, one of the credit customers, Tray, has come to an arrangement with Wader whereby
the amount outstanding of ￡4 million from Tray will be paid on 31 May 2008 together with a penalty of
￡100,000. The total amount of debtors outstanding at 31 May 2007 was ￡11 million including the amount
owed by Tray. The following is the analysis of the debtors:

特许公认会计师ACCA-F7考前串讲11个讲座录音MP3文件下载

ACCA P4历年考试真题及答案大全（2002年-2014年）

包含（2002年-2014年）ACCA P4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；

Strategic Financial
Management

PART 3
WEDNESDAY 13 JUNE 2007

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 TWO questions ONLY to be answered
Formulae sheet, present value, annuity and standard normal
distribution tables are on pages 9, 10, 11 and 12

Section A – BOTH questions are compulsory and MUST be attempted
1 Partsea plc, a UK company, currently exports to a developing country, Hotternia. Hotternia has recently enjoyed a
period of sustained economic growth, and inflation has reduced from 60% per year to 10% per year during the last
three years. Partsea wishes to expand its sales in Hotternia and is considering either foreign direct investment or a
licensing deal with KBD, a large Hotternian company.
Foreign Direct Investment
Foreign direct investment would involve the purchase of an existing competitor in Hotternia, expansion of its facilities
and the introduction of new technologically advanced machinery. A purchase price of 120 million Hotternian dollars
($H) has been agreed for the Hotternian company, in addition to which $H70 million will be needed for expansion
of buildings, and $H35 million for working capital. The purchase of the Hotternian company and the working capital
outlay would take place immediately, the other cash outflows would occur at the end of year 1. The new machinery
will be supplied from the UK parent company at a cost of ￡4 million, has an expected working life of four years, and
will increase the parent company’s pre-tax net cash flow in year 1 by ￡1 million. Tax allowable depreciation is
available in Hotternia on the new machinery on a straight line basis at 25% per year from the beginning of year two.
The existing Hotternian company has fully depreciated its machinery.
Production and sales is expected to be 1 million units at a price of $H150 per unit in the first year as existing
operations continue in the Hotternian company, and 2·5 million units per year for the remainder of Partsea’s five-year
planning horizon. Sales prices are expected to increase after year 1 in line with Hotternian inflation.
At the end of five years the investment, including working capital, is expected to have a total after tax realisable value
of $H150 million.
Variable costs per unit ($H) are expected to be:
Year 1 Year 2
Labour 35·0 28·6
Materials 33·0 32·0
Distribution 8·0 9·0
Variable costs after year 2 are expected to increase in line with inflation in Hotternia for the relevant year.
Fixed costs in year 1 are expected to be $H23 million, increasing to H$40 million in each of years 2-5.
Semi-finished components for the product will be imported from another of Partsea’s subsidiaries in Bottoniland from
year two onwards at a fixed price of 5 Bottoniland tala (Bt) per unit. 25% of this price represents a profit element to
the Bottoniland company.
Licensing
Under a licensing agreement Partsea would permit KBD to manufacture and market its product for an initial period
of four years commencing in year 2. Partsea would sell the ￡4 million new machinery to KBD in year 1, and would
also insist on a maintenance contract for the machinery for which it would charge a fixed rate of ￡500,000 per year.
This is double the expected annual cost of maintenance. Partsea would also supply two members of staff to Hotternia
to monitor quality control. The cost of these staff (salaries and other expenses) is expected to be ￡200,000 per year
in total at current prices.
KBD would pay Partsea a fee of $H20 per unit for the license, increasing after year 2 by the rate of inflation in
Hotternia. KBD expects to sell 2 million units per year. Partsea would not have a legal presence in Hotternia and would
not be liable for Hotternian tax.
Other information:
Exchange rates $H/￡ Bt/￡
Spot 15·80 4·2

ACCA P5历年考试真题及答案大全（2002年-2014年）

包含（2002年-2014年）ACCA P5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；

Performance
Management

PART 3
FRIDAY 9 JUNE 2006

Section A – BOTH questions are compulsory and MUST be attempted
1 The Great Western Cake Company (GWCC) is a well-established manufacturer of specialist flour confectionery
products, including cakes. GWCC sells its products to national supermarket chains. The company’s success during
recent years is largely attributable to its ability to develop innovative products which appeal to the food selectors within
national supermarket chains.
The marketing department of Superstores plc, a national supermarket chain has asked GWCC to manufacture a cake
known as the ‘Mighty Ben’. Mighty Ben is a character who has recently appeared in a film which was broadcast
around the world. The cake is expected to have a minimum market life of one year although the marketing department
consider that this might extend to eighteen months.
The management accountant of GWCC has collated the following estimated information in respect of the Mighty Ben
cake:
(1) Superstores plc has decided on a launch price of ￡20·25 for the Mighty Ben cake and it is expected that this
price will be maintained for the duration of the product’s life. Superstores plc will apply a 35% mark-up on the
purchase price of each cake from GWCC.
(2) Sales of the Mighty Ben cake are expected to be 100,000 units per month during the first twelve months.
Thereafter sales of the Mighty Ben cake are expected to decrease by 10,000 units in each subsequent month.
(3) Due to the relatively short shelf-life of the Mighty Ben cake, management has decided to manufacture the cakes
on a ‘just-in-time’ basis for delivery in accordance with agreed schedules. The cakes will be manufactured in
batches of 1,000. Direct materials input into the baking process will cost ￡7,000 per batch for each of the first
three months’ production. The material cost of the next three months’ production is expected to be 95% of the
cost of the first three months’ production. All batches manufactured thereafter will cost 90% of the cost of the
second three months’ production.
(4) Packaging costs will amount to ￡0·75 per cake. The original costs of the artwork and design of the packaging
will amount to ￡24,000. Superstores plc will reimburse GWCC ￡8,000 in the event that the product is
withdrawn from sale after twelve months.
(5) The design of the Mighty Ben cake is such that it is required to be hand-finished. A 75% learning curve will
apply to the total labour time requirement until the end of month five. Thereafter a steady state will apply with
labour time required per batch stabilising at that of the final batch in month five. The labour requirement for the
first batch of Mighty Ben cakes to be manufactured is expected to be 6,000 hours at ￡10 per hour.
(6) A royalty of 5% of sales revenue (subject to a maximum royalty of ￡1·1 million) will be payable by GWCC to the
owners of the Mighty Ben copyright.
(7) Variable overheads are estimated at ￡3·50 per direct labour hour.
(8) The manufacture of the Mighty Ben cake will increase fixed overheads by ￡75,000 per month.
(9) In order to provide a production facility dedicated to the Mighty Ben cake, an investment of ￡1,900,000 will be
required and this will be fully depreciated over twelve months.
(10) The directors of GWCC require an average annual return of 35% on their investment over 12 months and
18 months.
(11) Ignore taxation and the present value of cash flows.
Note: Learning curve formula:
y = axb
where y = average cost per batch
a = the cost of the initial batch
x = the total number of batches
b = learning index (= –0·415 for 75% learning rate)

ACCA P6（China）历年考试真题及答案大全（2004年-2014年）

包含（2004年-2014年） ACCA P6（China）历年考试真题及答案，文件列表如下：
DDec-2004.PDF、Dec-2005.PDF、Dec-2006.PDF、Dec-2007.PDF、Dec-2008.PDF；
June-2005.PDF、June-2006.PDF、June-2007.PDF、June-2008.PDF；

Advanced Taxation(China)

PART 3
WEDNESDAY 7 JUNE 2006

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 TWO questions ONLY to be answered
Tax rates and allowances are on pages 2 – 3

Section A – BOTH questions are compulsory and MUST be attempted
1 Company K is a wholly owned Chinese holding company which was set up by a US multi-national corporation in
2003 for the purpose of overseeing the operations of joint ventures set up in Beijing, Shanghai, Qindgao and
Chengdu. The total investments in China held by Company K amount to RMB1,500,000,000. In 2004, Company
K received a total dividend of RMB3,000,000 from the joint ventures in China.
Company K has employed a team of experienced management to handle the day-to-day management of their equity
interests in the joint ventures. On a needed basis, the management team also provides technical support and training
to the joint ventures. In addition, all sales and marketing activities are centralised at Company K. So far, Company K
has not allocated any expenses incurred for the technical support and training or the sales and marketing activities to
the joint ventures.
In view of the growing business opportunities in China, the general manager of Company K is considering expanding
the business scope of Company K such that Company K will also be engaged in general trading business for goods
produced by some third party manufacturers outside China. In this connection, he called a meeting with his in-house
tax counsel. In the meeting, he was advised that the contemplated trading business would not be allowed under the
relevant Chinese rules and regulations. In addition, he was advised that there were a few tax issues pertaining to the
existing operations, which should be attended to as soon as possible. The general manager was very puzzled and
would like a second opinion with regard to these matters.
Required:
(a) Identify the potential tax issues pertaining to the technical support and training as well as sales and
marketing activities under the existing operations of Company K assuming Company K has not taken into
consideration any tax adjustments from a Chinese tax perspective. (5 marks)
(b) Explain briefly the tax implications of:
(i) the dividend income received in 2004; and (3 marks)
(ii) the expenses of the day-to-day management activities performed with respect to the equity interests in
the joint ventures. (14 marks)
(c) As the joint ventures commenced to make a profit in 2004, the general manager is considering allocating the
expenses incurred for technical support and training, as well as for sales and marketing activities amongst the
joint ventures from 2006 onwards.
Required:
Advise the general manager of the tax implications of this proposal, together with any actions that Company
K should take. (18 marks)
(40 marks)

ACCA P6（United Kingdom）历年试题大全（2003年-2014年）

包含（2003年-2014年）ACCA P6（United Kingdom）历年考试真题及答案，文件列表如下：
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；

Advanced Taxation
(United Kingdom)
Monday 2 June 2008

Time allowed
Reading and planning: 15 minutes
Writing: 3 hours
This paper is divided into two sections:
Section A – BOTH questions are compulsory and MUST be attempted
Section B – TWO questions ONLY to be attempted
Tax rates and allowances are on pages 3–5

2 You have received the following memorandum from your manager, Irwin Allen.
8
To Tax senior
From Irwin Allen
Date 2 June 2008
Subject John and Maureen Robinson
I had a meeting with John Robinson and his wife Maureen yesterday. They have two children; Will, aged seven
and Penny, aged nine. John and Maureen have made a number of errors in their income tax returns and Maureen
requires advice in connection with her business.
Errors in income tax returns
John inherited a portfolio of quoted shares, an investment property and a large sum of cash in May 2005. Whilst
completing his tax return for 2005/06 he decided to ‘give’ all of the income arising from the shares, property and
cash deposits to his wife for tax purposes. Accordingly, he omitted the income from his own tax return and included
it in that of his wife. He did the same thing in 2006/07.
John has since realised that such a ‘gift’ has no effect for tax purposes and has decided to notify HM Revenue and
Customs (HMRC) of his mistake.
In January 2006 John gave the investment property to Maureen who sold it a week later. The gift to Maureen was
the subject of a legitimate legal conveyance but, after the sale, Maureen gave the sales proceeds to John in
accordance with an agreement they had made prior to the gift. Maureen declared the capital gain of ￡13,470 in
her 2005/06 income tax return.
John has asked us to calculate the additional tax payable as a result of his mistaken declarations to HMRC. A
schedule prepared by John summarising the family’s income for the two tax years 2005/06 and 2006/07 together
with details of the investment property is on your desk. The gain on the sale of the investment property was the
couple’s only capital gain in the last four years.
Maureen’s business
Maureen began trading as Robinson Mapping on 1 November 2005. She registered for value added tax (VAT)
immediately and prepared her first accounts to 30 September 2006. A schedule prepared by Maureen
summarising the results of the business is also on your desk.
Maureen supplies specialised maps to businesses in the leisure industry. All of her customers are registered for VAT.
The business has recoverable input tax of approximately ￡300 per quarter. Despite accounting for VAT on an
annual basis, Maureen is finding the administration of the tax very time consuming and is considering deregistering
unless the amount of administration can be reduced.
Please prepare the following for me.
(a) A calculation of the additional taxes payable by John and Maureen Robinson in respect of the tax years
2005/06 and 2006/07 as a result of disclosing to HMRC the errors in their tax returns.
There’s quite a bit to do here; please ensure that your calculations are clear and logical so that they are easy
to follow. You’ll need to work out the extra tax payable by John on the investment income and compare it with
the tax paid by Maureen (probably a fairly small amount as most if not all of the income will have fallen into
her basic rate band).
Please do not address the issue of interest and penalties for the moment.
(b) Advice for Maureen on her ability to deregister for the purposes of VAT together with the procedure she should
follow and the implications of deregistration. Include details of any alternative strategy that might solve her
problem.
I do not want you to write a letter or to prepare illustrative calculations; just write the necessary paragraphs
for me to incorporate in a letter that will cover a number of other issues.

ACCA P7（International）历年试题大全（2002年-2014年）

包含（2002年-2014年）ACCA P7（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；

Advanced Audit and
Assurance
(International)
Tuesday 3 June 2008

Section A – BOTH questions are compulsory and MUST be attempted
1 You are a senior audit manager in Mitchell & Co, a firm of Chartered Certified Accountants. You are reviewing some
information regarding a potential new audit client, Medix Co, a supplier of medical instruments. Extracts from notes
taken at a meeting that you recently held with the finance director of Medix Co, Ricardo Feller, are shown below:
Meeting notes – meeting held 1 June 2008 with Ricardo Feller
Medix Co is a provider of specialised surgical instruments used in medical procedures. The company is owner
managed, has a financial year ending 30 June 2008, and has invited our firm to be appointed as auditor
for the forthcoming year end. The audit is not going out to tender. Ricardo Feller has been with the company
since January 2008, following the departure of the previous finance director, who is currently taking legal
action against Medix Co for unfair dismissal.
Company background
Medix Co manufactures surgical instruments which are sold to hospitals and clinics. Due to the increased
use of laser surgery in the last four years, demand for traditional metal surgical instruments, which provided
75% of revenue in the year ended 30 June 2007, has declined rapidly. Medix Co is expanding into the
provision of laser surgery equipment, but research and development is at an early stage. The directors feel
confident that the laser instruments currently being designed will eventually receive the necessary licence for
commercial production, and that the laser product will replace surgical instruments as a leading source of
revenue. There is currently one scientist working on the laser equipment, subcontracted by Medix Co on a
freelance basis. The building in which the research is being carried out has recently been significantly
extended by the construction of a large laboratory.
A considerable revenue stream is derived from agents who are not employed by Medix Co. The agents earn
a commission based on the value of sales they have secured for Medix Co during the year. There are many
suppliers into the market and agents are used by all manufacturers as a means of marketing and distributing
their products.
The company’s manufacturing facility is located in another country, where operating costs are significantly
lower. The facility is under the control of a local manager who visits the head office of Medix Co annually for
a meeting with senior management. Products are imported via aeroplane. The overseas plant and equipment
is owned by the company and was constructed 12 years ago specifically for the manufacture of metal surgical
instruments.
The company has a bank overdraft facility and makes use of the facility most months. A significant bank
loan, which will carry a variable interest rate, is currently being negotiated. The terms of the loan will be
finalised once the audited financial statements have been viewed by the bank.
After receiving permission from Medix Co, you held a discussion with the current audit partner of Medix Co, Mick
Evans, who runs a small accounting and audit practice of which he is one of two partners. Mick told you the following:
‘Medix Co has been an audit client for three years. We took over from the previous auditors following a disagreement
between them and the directors of Medix Co over fees. As we are a small practice with low overheads we could offer
lower fees than our predecessors. We could also do the audit very quickly, which pleased the client, as they like to
keep costs as low as possible.
During our audits we have found the internal systems and controls to be quite weak. Despite our recommendations,
there always seemed to be a lack of interest in making improvements to the accounting systems, as this was seen
to be a ‘waste of money’. There have been two investigations by the tax authorities, which we did not deal with, as
we are not tax experts. In the end the directors sorted it all out, and I believe that the tax matter is now resolved.
We never had a problem getting access to accounting books and records. However, the managing director, Jon Tate,
once gave us what he described as ‘the wrong cash book’ by mistake, and replaced it with the ‘proper version’ later
in the day. We never found out why he was keeping two cash books, but cash was an immaterial asset so we didn’t
worry about it too much.
We are resigning as auditors because the work load is too much for our small practice, and as Medix Co is our only
audit client we have decided to focus on providing non-audit services in the future.’