题目内容（请给出正确答案）

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5 The directors of Quapaw, a limited liability company, are reviewing the company’s draft

financial statements for the

year ended 31 December 2004.

The following material matters are under discussion:

(a) During the year the company has begun selling a product with a one-year warranty under which manufacturing

defects are remedied without charge. Some claims have already arisen under the warranty. (2 marks)

Required:

Advise the directors on the correct treatment of these matters, stating the relevant accounting standard which

justifies your answer in each case.

NOTE: The mark allocation is shown against each of the three matters

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第1题

（d) Estimate by how much the bid might be increased without the shareholders of Paxis suff

(d) Estimate by how much the bid might be increased without the shareholders of Paxis suffering a fall in their expected wealth, and discuss whether or not the directors of Paxis should proceed with the bid. (5 marks)

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第2题

Section ADirections: In this section, you will hear 8 short conversations and 2 long conve

Section A

Directions: In this section, you will hear 8 short conversations and 2 long conversations. At the end of each conversation, one or more questions will be asked about what was said. Both the conversation and the questions will be spoken only once. After each question there will be a pause. During the pause, you must read the four choices marked A, B, C and D, and decide which is the best answer.

听力原文：W：With the company in such financial difficulties, I wonder what will happen to the president．

M：Haven't you heard？ The board of directors has asked for his resignation．

Q：What happened to the president of the company？

(12)

A．He was fired.

B．His salary was reduced.

C．He was demoted.

D．Nothing happened to him.

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第3题

（c) On 1 May 2007 Sirus acquired another company, Marne plc. The directors of Marne, who w

shareholders, were offered an increased profit share in the enlarged business for a period of two years after the

date of acquisition as an incentive to accept the purchase offer. After this period, normal remuneration levels will

be resumed. Sirus estimated that this would cost them $5 million at 30 April 2008, and a further $6 million at

30 April 2009. These amounts will be paid in cash shortly after the respective year ends. (5 marks)

Required:

Draft a report to the directors of Sirus which discusses the principles and nature of the accounting treatment of

the above elements under International Financial Reporting Standards in the financial statements for the year

ended 30 April 2008.

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第4题

（c) Discuss the ethical responsibility of the company accountant in ensuring that manipula

of cash flows, such as that suggested by the directors, does not occur. (5 marks)

Note: requirements (b) and (c) include 2 professional marks in total for the quality of the discussion.

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第5题

（c) Explain the reasons for the concerns of the government of Happyland with companies suc

advise the directors of a strategy that might be considered in order to avoid being subject to any forthcoming

legislation concerning the environment. (5 marks)

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第6题

5 GE Railways plc （GER) operates a passenger train service in Holtland. The directors have

5 GE Railways plc (GER) operates a passenger train service in Holtland. The directors have always focused solely on

the use of traditional financial measures in order to assess the performance of GER since it commenced operations

in 1992. The Managing Director of GER has asked you, as a management accountant, for assistance with regard to

the adoption of a balanced scorecard approach to performance measurement within GER.

Required:

(a) Prepare a memorandum explaining the potential benefits and limitations that may arise from the adoption of

a balanced scorecard approach to performance measurement within GER. (8 marks)

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第7题

3 The directors of Panel, a public limited company, are reviewing the procedures for the c

alculation of the deferred tax

provision for their company. They are quite surprised at the impact on the provision caused by changes in accounting

standards such as IFRS1 ‘First time adoption of International Financial Reporting Standards’ and IFRS2 ‘Share-based

Payment’. Panel is adopting International Financial Reporting Standards for the first time as at 31 October 2005 and

the directors are unsure how the deferred tax provision will be calculated in its financial statements ended on that

date including the opening provision at 1 November 2003.

Required:

(a) (i) Explain how changes in accounting standards are likely to have an impact on the provision for deferred

taxation under IAS12 ‘Income Taxes’. (5 marks)

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第8题

The following scenario relates to questions11 to 15.The following information relates to a

The following scenario relates to questions 11 to 15.

The following information relates to an investment project which is being evaluated by the directors of Fence Co, a listed company. The initial investment, payable at the start of the first year of operation, is $3·9 million.

The following scenario relates to questions11 to 1

The directors believe that this investment project will increase shareholder wealth if it achieves a return on capital employed greater than 15%. As a matter of policy, the directors require all investment projects to be evaluated using both the payback and return on capital employed methods. Shareholders have recently criticised the directors for using these investment appraisal methods, claiming that Fence Co ought to be using the academically-preferred net present value method.

The directors have a remuneration package which includes a financial reward for achieving an annual return on capital employed greater than 15%. The remuneration package does not include a share option scheme.

What is the payback period of the investment project？

A.2·75 years

B.1·50 years

C.2·65 years

D.1·55 years

Which of the following statements about investment appraisal methods is correct？A.The return on capital employed method considers the time value of money

B.Return on capital employed must be greater than the cost of equity if a project is to be accepted

C.Riskier projects should be evaluated with longer payback periods

D.Payback period ignores the timing of cash flows within the payback period

Which of the following statements about Fence Co is/are correct？

(1) Managerial reward schemes of listed companies should encourage the achievement of stakeholder objectives

(2) Requiring investment projects to be evaluated with return on capital employed is an example of dysfunctional behaviour encouraged by performance-related pay

(3) Fence Co has an agency problem as the directors are not acting to maximise the wealth of shareholders

A.1 and 2 only

B.1 only

C.2 and 3 only

D.1, 2 and 3

Which of the following statements about Fence Co directors’ remuneration package is/are correct？

(1) Directors’ remuneration should be determined by senior executive directors

(2) Introducing a share option scheme would help bring directors’ objectives in line with shareholders’ objectives

(3) Linking financial rewards to a target return on capital employed will encourage short-term profitability and discourage capital investment

A.2 only

B.1 and 3 only

C.2 and 3 only

D.1, 2 and 3

Based on the average investment method, what is the return on capital employed of the investment project？

A.13·3%

B.26·0%

C.52·0%

D.73·5%

请帮忙给出每个问题的正确答案和分析，谢谢！

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第9题

5、Which of the following statements is most correct？_________ 以下哪种说法最正确？_________

A、A、The government is powerless to discourage corporate takeovers. （政府无权阻止企业收购）

B、B、A disadvantage of the corporation is unlimited liability. （公司的劣势是无限责任）

C、C、The shareholders of a corporation elect managers who in turn select a board of directors to run the business. （公司的股东选出经理人，经理人又选择董事会来经营公司）

D、D、Partnerships do not pay corporate tax. （合伙企业不缴纳企业税）

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第10题

During the year the internal auditor of Mulligan Co discovered several discrepancies in th

e inventory records. In a

statement made to the board of directors, the internal auditor said:

‘I think that someone is taking items from the warehouse. A physical inventory count is performed every three months,

and it has become apparent that about 200 boxes of flat-packed chairs and tables are disappearing from the

warehouse every month. We should get someone to investigate what has happened and quantify the value of the

loss.’

Required:

(5 marks)

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