贵州省2021年ACCA考试报名时间

正确答案：
3 LAMONT CO
(a) Chemical leakage
(i) Matters
■ $30,000 fine is very immaterial (just 1/4% profit before tax). This is revenue expenditure and it is correct that it
has been expensed to the income statement.
■ $0·3 million represents 0·6% total assets and 2·5% profit before tax and is not material on its own. $0·6 million
represents 1·2% total assets and 5% profit before tax and is therefore material to the financial statements.
■ The $0·3 million clean-up costs should not have been capitalised as the condition of the property is not improved
as compared with its condition before the leakage occurred. Although not material in isolation this amount should
be adjusted for and expensed, thereby reducing the aggregate of uncorrected misstatements.
■ It may be correct that $0·6 million incurred in modernising the refrigeration units should be capitalised as a major
overhaul (IAS 16 Property, Plant and Equipment). However, any parts scrapped as a result of the modernisation
should be treated as disposals (i.e. written off to the income statement).
■ The carrying amount of the refrigeration units at 31 March 2007, including the $0·6 million for modernisation,
should not exceed recoverable amount (i.e. the higher of value in use and fair value less costs to sell). If it does,
an allowance for the impairment loss arising must be recognised in accordance with IAS 36 Impairment of Assets.
(ii) Audit evidence
■ A breakdown/analysis of costs incurred on the clean-up and modernisation amounting to $0·3 million and
$0·6 million respectively.
■ Agreement of largest amounts to invoices from suppliers/consultants/sub-contractors, etc and settlement thereof
traced from the cash book to the bank statement.
■ Physical inspection of the refrigeration units to confirm their modernisation and that they are in working order. (Do
they contain frozen fish?)
■ Sample of components selected from the non-current asset register traced to the refrigeration units and inspected
to ensure continuing existence.
■ $30,000 penalty notice from the regulatory agency and corresponding cash book payment/payment per the bank
statement.
■ Written management representation that there are no further penalties that should be provided for or disclosed other
than the $30,000 that has been accounted for.

正确答案：

 

正确答案：
(c) Target costing should be viewed as an integral part of a strategic profit management system. The initial consideration in target
costing is the determination of an estimate of the selling price for a new product which will enable a firm to capture its required
share of the market. In this particular example, Superstores plc, which on the face of it looks a powerful commercial
organisation, wishes to apply a 35% mark-up on the purchase price of each cake from GWCC. Since Superstores plc has
already decided on a launch price of ￡20·25 then it follows that the maximum selling price that can be charged by GWCC
is (100/135) x ￡20·25 which is ￡15·00.
This is clearly a situation which lends itself to the application of target costing/pricing techniques as in essence GWCC can
see the extent to which they fall short of the required level of return with regard to a contract with Superstores plc which ends
after twelve months. Thus it is necessary to reduce the total costs by ￡556,029 to this figure in order to achieve the desired
level of profit, having regard to the rate of return required on new capital investment. The deduction of required profit from
the proposed selling price will produce a target price that must be met in order to ensure that the desired rate of return is
obtained. Thus the main theme that underpins target costing can be seen to be ‘what should a product cost in order to achieve
the desired level of return’.
Target costing will necessitate comparison of current estimated cost levels against the target level which must be achieved if
the desired levels of profitability, and hence return on investment, are to be achieved. Thus where a gap exists between the
current estimated cost levels and the target cost, it is essential that this gap be closed.
The Directors of GWCC plc should be aware of the fact that it is far easier to ‘design out’ cost during the pre-production phase
than to ‘control out’ cost during the production phase. Thus cost reduction at this stage of a product’s life cycle is of critical
significance to business success.
A number of techniques may be employed in order to help in the achievement and maintenance of the desired level of target
cost. Attention should be focussed upon the identification of value added and non-value added activities with the aim of the
elimination of the latter. The product should be developed in an atmosphere of ‘continuous improvement’. In this regard, total
quality techniques such as the use of Quality circles may be used in attempting to find ways of achieving reductions in product
cost.
Value engineering techniques can be used to evaluate necessary product features such as the quality of materials used. It is
essential that a collaborative approach is taken by the management of GWCC and that all interested parties such as suppliers
and customers are closely involved in order to engineer product enhancements at reduced cost.
The degree of success that will be achieved by GWCC via the application of target costing principles will be very much
dependent on the extent of ‘flexibility’ in variable costs. Also the accuracy of information gathered by GWCC will assume
critical importance because the use of inaccurate information will produce calculated ‘cost gaps’ which are meaningless and
render the application of target costing principles of little value.

正确答案：
(b) The strategic apex is the highest level of the organisation and is therefore the highest level of management. This part ensures that the organisation’s mission is followed and manages the relationship with the environment.
The operating core is the part that represents the productive activity of the organisation, gathering inputs and, through conversion, turns them into outputs.
The middle line represents that part of the organisation where the middle managers operate. The role of this part is to turn the instructions of the strategic apex into activities for the operating core.
The technostructure includes the staff who provide a technical or supportive activity but which are not a part of the core activities. This part of the organisation includes the engineering, accounting and human resource departments.
The support staff carry out the ancillary activities that are neither part of the core nor the technostructure. Support staff have no role in the direct activities of the organisation: these activities include catering and public relations.(Students may draw the appropriate diagram)