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(b) While the refrigeration units were undergoing modernisation Lamont outsourced all its cold storage requirements
to Hogg Warehousing Services. At 31 March 2007 it was not possible to physically inspect Lamont’s inventory
held by Hogg due to health and safety requirements preventing unauthorised access to cold storage areas.
Lamont’s management has provided written representation that inventory held at 31 March 2007 was
$10·1 million (2006 – $6·7 million). This amount has been agreed to a costing of Hogg’s monthly return of
quantities held at 31 March 2007. (7 marks)
Required:
For each of the above issues:
(i) comment on the matters that you should consider; and
(ii) state the audit evidence that you should expect to find,
in undertaking your review of the audit working papers and financial statements of Lamont Co for the year ended
31 March 2007.
NOTE: The mark allocation is shown against each of the three issues.
参考答案
更多 “ (b) While the refrigeration units were undergoing modernisation Lamont outsourced all its cold storage requirementsto Hogg Warehousing Services. At 31 March 2007 it was not possible to physically inspect Lamont’s inventoryheld by Hogg due to health and safety requirements preventing unauthorised access to cold storage areas.Lamont’s management has provided written representation that inventory held at 31 March 2007 was$10·1 million (2006 – $6·7 million). This amount has been agreed to a costing of Hogg’s monthly return ofquantities held at 31 March 2007. (7 marks)Required:For each of the above issues:(i) comment on the matters that you should consider; and(ii) state the audit evidence that you should expect to find,in undertaking your review of the audit working papers and financial statements of Lamont Co for the year ended31 March 2007.NOTE: The mark allocation is shown against each of the three issues. ” 相关考题
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AWeather has a great influence(影响) on people．It influences people's health, intelligence (智力) and feelings．In August, it is very hot and wet in the southern part of the United States．People there have heart disease and other kinds of health problems during this month． In the Northeast and Middle West, it is very hot at some times and very cold at other times．People in these places may have heart disease after the weather changes in February or March．The weather can also influence intelligence． For example, in a 1982 study by scientists, the in scores of a group of students were very high during a storm, but after the storm their IQ scores were lower than usual level． So storms can increase intelligence．However, very hot weather can lower it． Students in the United States often do badly on exams in the hot months of the year．Weather also has a strong influence on people's feelings．Winter may be a bad time for thin people．They usually feel cold during these months and they may feel unhappy during cold weather． In hot summer weather, on the other hand, fat people may feel unhappy． The sum- mer heat may make them tired and they are easy to get angry．( )21．lf thin people feel unhappy, the weather may be very _________．A．warmB． coldC． coolD． hot
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(c) (i) State the date by which Thai Curry Ltd’s self-assessment corporation tax return for the year ended30 September 2005 should be submitted, and advise the company of the penalties that will be due ifthe return is not submitted until 31 May 2007. (3 marks)(ii) State the date by which Thai Curry Ltd’s corporation tax liability for the year ended 30 September 2005should be paid, and advise the company of the interest that will be due if the liability is not paid until31 May 2007. (3 marks)
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3 (a) Leigh, a public limited company, purchased the whole of the share capital of Hash, a limited company, on 1 June2006. The whole of the share capital of Hash was formerly owned by the five directors of Hash and under theterms of the purchase agreement, the five directors were to receive a total of three million ordinary shares of $1of Leigh on 1 June 2006 (market value $6 million) and a further 5,000 shares per director on 31 May 2007,if they were still employed by Leigh on that date. All of the directors were still employed by Leigh at 31 May2007.Leigh granted and issued fully paid shares to its own employees on 31 May 2007. Normally share options issuedto employees would vest over a three year period, but these shares were given as a bonus because of thecompany’s exceptional performance over the period. The shares in Leigh had a market value of $3 million(one million ordinary shares of $1 at $3 per share) on 31 May 2007 and an average fair value of$2·5 million (one million ordinary shares of $1 at $2·50 per share) for the year ended 31 May 2007. It isexpected that Leigh’s share price will rise to $6 per share over the next three years. (10 marks)Required:Discuss with suitable computations how the above share based transactions should be accounted for in thefinancial statements of Leigh for the year ended 31 May 2007.
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4 Hogg Products Company (HPC), based in a developing country, was recently wholly acquired by American OverseasInvestments (AOI), a North American holding company. The new owners took the opportunity to completely reviewHPC’s management, culture and systems. One of the first things that AOI questioned was HPC’s longstandingcorporate code of ethics.The board of AOI said that it had a general code of ethics that HPC, as an AOI subsidiary, should adopt. Simon Hogg,the chief executive of HPC, disagreed however, and explained why HPC should retain its existing code. He said thatHPC had adopted its code of ethics in its home country which was often criticised for its unethical business behaviour.Some other companies in the country were criticised for their ‘sweat shop’ conditions. HPC’s adoption of its code ofethics, however, meant that it could always obtain orders from European customers on the guarantee that productswere made ethically and in compliance with its own highly regarded code of ethics. Mr Hogg explained that HPC hadan outstanding ethical reputation both locally and internationally and that reputation could be threatened if it wasforced to replace its existing code of ethics with AOI’s more general code.When Ed Tanner, a senior director from AOI’s head office, visited Mr Hogg after the acquisition, he was shown HPC’soperation in action. Mr Hogg pointed out that unlike some other employers in the industry, HPC didn’t employ childlabour. Mr Hogg explained that although it was allowed by law in the country, it was forbidden by HPC’s code ofethics. Mr Hogg also explained that in his view, employing child labour was always ethically wrong. Mr Tanner askedwhether the money that children earned by working in the relatively safe conditions at HPC was an important sourceof income for their families. Mr Hogg said that the money was important to them but even so, it was still wrong toemploy children, as it was exploitative and interfered with their education. He also said that it would alienate theEuropean customers who bought from HPC partly on the basis of the terms of its code of ethics.Required:(a) Describe the purposes and typical contents of a corporate code of ethics. (9 marks)
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(c) Assess Mr Hogg’s belief that employing child labour is ‘always ethically wrong’ from deontological andteleological (consequentialist) ethical perspectives. (9 marks)
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(c) Assuming that Stuart:(i) purchased 201,000 shares in Omega plc on 3 December 2005; and(ii) dies on 20 December 2007,calculate the potential inheritance tax (IHT) liability which would arise if Rebecca were to die on 1 March2008, and no further tax planning measures were taken.Assume that all asset values remain unchanged and that the current rates of inheritance tax continue toapply. (6 marks)
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3 On 1 January 2007 Dovedale Ltd, a company with no subsidiaries, intends to purchase 65% of the ordinary sharecapital of Hira Ltd from Belgrove Ltd. Belgrove Ltd currently owns 100% of the share capital of Hira Ltd and has noother subsidiaries. All three companies have their head offices in the UK and are UK resident.Hira Ltd had trading losses brought forward, as at 1 April 2006, of ￡18,600 and no income or gains against whichto offset losses in the year ended 31 March 2006. In the year ending 31 March 2007 the company expects to makefurther tax adjusted trading losses of ￡55,000 before deduction of capital allowances, and to have no other incomeor gains. The tax written down value of Hira Ltd’s plant and machinery as at 31 March 2006 was ￡96,000 andthere will be no fixed asset additions or disposals in the year ending 31 March 2007. In the year ending 31 March2008 a small tax adjusted trading loss is anticipated. Hira Ltd will surrender the maximum possible trading lossesto Belgrove Ltd and Dovedale Ltd.The tax adjusted trading profit of Dovedale Ltd for the year ending 31 March 2007 is expected to be ￡875,000 andto continue at this level in the future. The profits chargeable to corporation tax of Belgrove Ltd are expected to be￡38,000 for the year ending 31 March 2007 and to increase in the future.On 1 February 2007 Dovedale Ltd will sell a small office building to Hira Ltd for its market value of ￡234,000.Dovedale Ltd purchased the building in March 2005 for ￡210,000. In October 2004 Dovedale Ltd sold a factoryfor ￡277,450 making a capital gain of ￡84,217. A claim was made to roll over the gain on the sale of the factoryagainst the acquisition cost of the office building.On 1 April 2007 Dovedale Ltd intends to acquire the whole of the ordinary share capital of Atapo Inc, an unquotedcompany resident in the country of Morovia. Atapo Inc sells components to Dovedale Ltd as well as to othercompanies in Morovia and around the world.It is estimated that Atapo Inc will make a profit before tax of ￡160,000 in the year ending 31 March 2008 and willpay a dividend to Dovedale Ltd of ￡105,000. It can be assumed that Atapo Inc’s taxable profits are equal to its profitbefore tax. The rate of corporation tax in Morovia is 9%. There is a withholding tax of 3% on dividends paid tonon-Morovian resident shareholders. There is no double tax agreement between the UK and Morovia.Required:(a) Advise Belgrove Ltd of any capital gains that may arise as a result of the sale of the shares in Hira Ltd. Youare not required to calculate any capital gains in this part of the question. (4 marks)
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(b) Explain by reference to Hira Ltd’s loss position why it may be beneficial for it not to claim any capitalallowances for the year ending 31 March 2007. Support your explanation with relevant calculations.(6 marks)
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(c) Calculate the expected corporation tax liability of Dovedale Ltd for the year ending 31 March 2007 on theassumption that all available reliefs are claimed by Dovedale Ltd but that Hira Ltd will not claim any capitalallowances in that year. (4 marks)
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5 (a) Carver Ltd was incorporated and began trading in August 2002. It is a close company with no associatedcompanies. It has always prepared accounts to 31 December and will continue to do so in the future.It has been decided that Carver Ltd will sell its business as a going concern to Blade Ltd, an unconnectedcompany, on 31 July 2007. Its premises and goodwill will be sold for ￡2,135,000 and ￡290,000 respectivelyand its machinery and equipment for ￡187,000. The premises, which do not constitute an industrial building,were acquired on 1 August 2002 for ￡1,808,000 and the goodwill has been generated internally by thecompany. The machinery and equipment cost ￡294,000; no one item will be sold for more than its original cost.The tax adjusted trading profit of Carver Ltd in 2007, before taking account of both capital allowances and thesale of the business assets, is expected to be ￡81,000. The balance on the plant and machinery pool for thepurposes of capital allowances as at 31 December 2006 was ￡231,500. Machinery costing ￡38,000 waspurchased on 1 March 2007. Carver Ltd is classified as a small company for the purposes of capital allowances.On 1 August 2007, the proceeds from the sale of the business will be invested in either an office building or aportfolio of UK quoted company shares, as follows:Office buildingThe office building would be acquired for ￡3,100,000; the vendor is not registered for value added tax (VAT).Carver Ltd would borrow the additional funds required from a UK bank. The building is let to a number ofcommercial tenants who are not connected with Carver Ltd and will pay rent, in total, of ￡54,000 per calendarquarter, in advance, commencing on 1 August 2007. The company’s expenditure for the period from 1 August2007 to 31 December 2007 is expected to be:￡Loan interest payable to UK bank 16,000Building maintenance costs 7,500Share portfolioShares would be purchased for the amount of the proceeds from the sale of the business with no need for furtherloan finance. It is estimated that the share portfolio would generate dividends of ￡36,000 and capital gains, afterindexation allowance, of ￡10,000 in the period from 1 August 2007 to 31 December 2007.All figures are stated exclusive of value added tax (VAT).Required:(i) Taking account of the proposed sale of the business on 31 July 2007, state with reasons the date(s) onwhich Carver Ltd must submit its corporation tax return(s) for the year ending 31 December 2007.(2 marks)
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(ii) Explain how the inclusion of rental income in Coral’s UK income tax computation could affect theincome tax due on her dividend income. (2 marks)You are not required to prepare calculations for part (b) of this question.Note: you should assume that the tax rates and allowances for the tax year 2006/07 and for the financial year to31 March 2007 will continue to apply for the foreseeable future.
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3 You are the manager responsible for the audit of Lamont Co. The company’s principal activity is wholesaling frozenfish. The draft consolidated financial statements for the year ended 31 March 2007 show revenue of $67·0 million(2006 – $62·3 million), profit before taxation of $11·9 million (2006 – $14·2 million) and total assets of$48·0 million (2006 – $36·4 million).The following issues arising during the final audit have been noted on a schedule of points for your attention:(a) In early 2007 a chemical leakage from refrigeration units owned by Lamont caused contamination of some of itsproperty. Lamont has incurred $0·3 million in clean up costs, $0·6 million in modernisation of the units toprevent future leakage and a $30,000 fine to a regulatory agency. Apart from the fine, which has been expensed,these costs have been capitalised as improvements. (7 marks)Required:For each of the above issues:(i) comment on the matters that you should consider; and(ii) state the audit evidence that you should expect to find,in undertaking your review of the audit working papers and financial statements of Lamont Co for the year ended31 March 2007.NOTE: The mark allocation is shown against each of the three issues.
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(c) Lamont owns a residential apartment above its head office. Until 31 December 2006 it was let for $3,000 amonth. Since 1 January 2007 it has been occupied rent-free by the senior sales executive. (6 marks)Required:For each of the above issues:(i) comment on the matters that you should consider; and(ii) state the audit evidence that you should expect to find,in undertaking your review of the audit working papers and financial statements of Lamont Co for the year ended31 March 2007.NOTE: The mark allocation is shown against each of the three issues.
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(b) You are the audit manager of Petrie Co, a private company, that retails kitchen utensils. The draft financialstatements for the year ended 31 March 2007 show revenue $42·2 million (2006 – $41·8 million), profit beforetaxation of $1·8 million (2006 – $2·2 million) and total assets of $30·7 million (2006 – $23·4 million).You are currently reviewing two matters that have been left for your attention on Petrie’s audit working paper filefor the year ended 31 March 2007:(i) Petrie’s management board decided to revalue properties for the year ended 31 March 2007 that hadpreviously all been measured at depreciated cost. At the balance sheet date three properties had beenrevalued by a total of $1·7 million. Another nine properties have since been revalued by $5·4 million. Theremaining three properties are expected to be revalued later in 2007. (5 marks)Required:Identify and comment on the implications of these two matters for your auditor’s report on the financialstatements of Petrie Co for the year ended 31 March 2007.NOTE: The mark allocation is shown against each of the matters above.
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(ii) On 1 July 2006 Petrie introduced a 10-year warranty on all sales of its entire range of stainless steelcookware. Sales of stainless steel cookware for the year ended 31 March 2007 totalled $18·2 million. Thenotes to the financial statements disclose the following:‘Since 1 July 2006, the company’s stainless steel cookware is guaranteed to be free from defects inmaterials and workmanship under normal household use within a 10-year guarantee period. No provisionhas been recognised as the amount of the obligation cannot be measured with sufficient reliability.’(4 marks)Your auditor’s report on the financial statements for the year ended 31 March 2006 was unmodified.Required:Identify and comment on the implications of these two matters for your auditor’s report on the financialstatements of Petrie Co for the year ended 31 March 2007.NOTE: The mark allocation is shown against each of the matters above.
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The FIRST thing to do to ensure that a refrigeration unit will not start while undergoing repairs, is to _____.A.secure and tag the electrical circuitB.place a crow bar in the flywheel of the unitC.inform. all persons in the area not to start the unitD.make a log book entry
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第一篇Child maltreatment is a global problem with serious life long consequences.There are no reliable global estimates for the prevalence of child maltreatment. Data for many countries,especially low and middle income countries,are lacking.Child maltreatment is complex and difficult to study. Current estimates vary widely depending on the country and the method of research used.Nonetheless,international studies reveal that approximately 20% of women and 5%一10% of men report being sexually abused as children.While 25%一50%of all children report being physically abused. Additionally,many children are subject to emotional abuse(sometimes referred to as psychological abuse).Every year,there are an estimated 31 ,000 homicide（他杀）deaths in children under 15. This number underestimates the true extent of the problem,as a significant proportion of deaths due to child maltreatment are incorrectly attributed to（归因于）falls, burns and drowning.Child maltreatment causes suffering to children and families and can have long-term consequences.Maltreatment causes stress that is associated with disruption in early brain development. Extreme stress can impair the development of the nervous and immune systems.Consequently,as adults,maltreated children are at increased risk for behavioural,physical and mental health problems.Via the behavioural and mental health consequences,maltreatment can contribute to heart disease,cancer,suicide and sexually transmitted infections.Beyond the health consequences of child maltreatment,there is an economic impact,including :ost of hospitalization,mental health treatment,child welfare,and longer-term health cost.A number of risk factor for child maltreatment has been identified.These risk factors are not present in all social and cultural contexts,but provide an overview when attempting to understand the causes of child maltreatment.It is important to emphasize that children are the victims and are never to blame（责怪）for maltreatment.A number of characteristics of an individual child may increase the likelihood of being maltreated,such as being either under four years old or an adolescent,being unwanted,or failing to fulfill the expectations of parents and having special need,crying persistently or having abnormal physical features.Which of the following statements is ture according to the passage?A:20% of women got sexually abused in their childhood.B:25%一50%of all children were reported to have been physically abused.C:25%一50%of children were psychologically abused.D:60%—75%of children were neglected by their parents.
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The Old GateIn the Middle Ages the vast majority of European cities had walls around them.This was partly for _________(51)reasons but another factor was the need to keep out anyone regarded as undesirable,likepeople with contagious. _________(52).The Old City of London gates were all__________(53)by theend of the 18th century.The last of London's gates was removed a century ago,________(54)by a stroke of luck,it was never destroyed.This gate is,in__________(55)fact,not called a gate at all;its name is Temple Bar,and it marked the__________(56)between the Old City of London and Westminster. In 1878 the Council of London tookthe Bar _________ (57),numbered the stones and put the gate in storage___________（58)its design wasunfashionable,it was expensive to __________ (59)and it was blocking the traffic.The Temple Bar Trust was set up in the 1970s with the__________(60)of returning the gate home. The aim of the trust is the_________(61)of the nation's architectural heritage.Transporting the gate will mean physically pulling it_________(62),stone by stone,removing and rebuilding it near St Paul's Cathedral.Most of the facade of the gate will probably be___________(63), though there is a good__________(64)that the basic structure will be sound. The hardest_________(65)of all,however,will be to recreate the statues of the monarchs that once stood on top of the gate._________(57)A:alongB:downC:upD:away
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Warm People Likely to Keep Cold at BayStaying positive through the cold season could be your best defense against getting ill,new study findings suggest.In an experiment that exposed healthy volunteers to a cold or flu virus,researchers found that people with a generally sunny disposition were less likely to fall ill.The findings,published in the journal Psychosomatic Medicine,build on evidence that a"positive emotional style"can help ward off the common cold and other illnesses.Researchers believe the reasons may be both objective as in happiness boosting immune function and subjective as in happy people being less troubled by a scratchy throat or runny nose?"People with a positive emotional style may have different immune responses to the virus,"explained lead study author Dr Sheldon Cohen of Carnegie Mellon University in Pittsburgh."And when they do get a cold,they may interpret their illness as being less severe."Cohen and his colleagues had found in a previous study that happier people seemed less susceptible to catching a cold,but some questions remained as to whether the emotional trait itself had the effect.For the new study,the researchers had 193 healthy adults complete standard measures of personality traits,self-perceived health and emotional"style".Those who tended to be happy,energetic and easy-going were judged as having a positive emotional style,while those who were often unhappy,tense and hostile had a negative style.The researchers gave them nasal drops containing either a cold virus or a particular flu virus.Over the next six days,the volunteers reported on any aches,pains,sneezing or congestion they had,while the researchers collected objective data,like daily mucus production.Cohen and his colleagues found that based on objective measures of nasal woes,happy people were less likely to develop a cold.The study inferred that there's no relations between positive emotional style and getting cold.A:Right B:Wrong C:Not mentioned
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A customer has been receiving warning alerts on their storage units. All data is protected nightlyby a backup and has been tested without any issues. What should the customer do prior tocontacting IBM Support？（）A、collect all support dataB、implement a current backupC、update all firmware levelsD、shut down the storage system
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Unicast Reverse Path Forwarding can perform all of these actions except which one？（）A、examine all packets received to make sure that the source addresses and source interfaces appear in the routing table and match the interfaces where the packets were receivedB、check to see if any packet received at a router interface arrives on the best return pathC、combine with a configured ACLD、log its events，if you specify the logging options for the ACL entries used by the unicast rpf commandE、inspect IP packets encapsulated in tunnels， such as GRE
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单选题All units of the first batch were to be recalled due to the design flaws in ______.A
its color.B
its shape.C
its quality.D
All of the above.
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单选题Cold weather starting of a diesel engine is more difficult than warm weather starting due to（）A
use of low viscosity oil in cold weatherB
increased moisture content of inlet air in cold weatherC
increased drag of pistons and bearings due to increased oil viscosityD
higher compression pressures reached due to smaller clearances existing in the engine during cold weather
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单选题The author most probably agrees that artificial sweetened gum _____A
is not effective in reducing stress.B
may cause some health problems.C
should be avoided although it is healthful.D
is harmful for one’s health due to its sugar containing.
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单选题What’s the meaning of “This is a business philosophy, not a social philosophy” in the fourth paragraph?A
Wal-Mart predicts huge profits in its green activity.B
Wal-Mart aims to solve its health-insurance practice.C
Wal-Mart’s green activity is just a window dressing.D
Wal-Mart doesn’t have any social responsibility at all.
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单选题The FIRST thing to do to ensure that a refrigeration unit will not start while undergoing repairs, is to （）.A
secure and tag the electrical circuitB
place a crow bar in the flywheel of the unitC
inform all persons in the area not to start the unitD
make a log book entry
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