天津市考生：2020年ACCA国际会计师考试时间是如何安排的？

正确答案：
(ii) Further audit procedures:
Request from Peter Sheffield a written representation detailing:
– the exact nature of his control over Jarvis Co, i.e. if he is a shareholder then state his percentage shareholding, if
he is a member of senior management then state his exact position within the entity,
– a comment on whether in his opinion the balance is recoverable,
– a specific date by which the amount should be expected to be repaid, and
– a confirmation that there are no further balances outstanding from Jarvis Co, or any further transactions between
Jarvis Co and Pulp Co.
Tutorial note: Reference to the Exposure Draft ISA 550 Related Parties (Revised and Redrafted) requirement for both
general and specific management representations will be awarded credit.
Review the terms of any written confirmation of the amount, such as a signed agreement or invoice, checking whether
any interest is due to Pulp Co. The terms should be reviewed for details of any security offered, and the nature of the
consideration to be provided in settlement.
From discussion with Peter Sheffield, develop an understanding of the business purpose of the transaction, particularly
to understand whether the balance is a trade receivable or an investment.
Review the board minutes for evidence of any discussion of the transaction and the recoverability of the balance
outstanding.
Obtain the most recent audited financial statements of Jarvis Co and:
– ascertain whether Peter Sheffield is disclosed as the ultimate controlling party or disclosed as a member of key
management personnel,
– scrutinise the disclosure notes to find any disclosure of the transaction, where it should be described as a related
party liability, and
– perform. a liquidity analysis to establish whether the amount can be repaid from liquid assets.

正确答案：
(a) A highly-geared company has an obligation to pay interest on its loans regardless of its profit level. It will show high profits if
its overall rate of return on capital is greater than the rate of interest being paid on its borrowings, but a low profit or a loss if
there is a down-turn in its profit such that the rate of interest to be paid exceeds the return on its assets.

正确答案：
(b) Recent corporate scandals have increased the critical awareness of the need for business to operate ethically and in a socially
responsible way. This is seen largely in the context of large firms and their governance but as the Concrete Solutions scenario
shows small owner-managed firms are not immune from taking difficult decisions that have differing and significant impacts
on the firm’s stakeholders and their expectations. Johnson, Scholes and Whittington see corporate social responsibility as
‘concerned with the ways in which an organisation exceeds the minimum obligation to stakeholders specified through
regulation and corporate governance’. They argue it is useful to distinguish between contractual stakeholders including
customers, suppliers and employees, who have a legal relationship with an organisation and community stakeholders – such
as local communities – who do not have the same degree of legal protection as the first group. Clyde’s local community and
its representatives will face a dilemma – jobs v pollution – not an easy choice! Clearly there will be considerable negotiation
between the key stakeholders and Clyde as the owner/manager should act ethically and with integrity in reaching a decisionhaving profound effects for all parties concerned.

正确答案：
(c) Reduction of income tax liability by investing in unquoted shares
The two forms of investment
Income tax relief is available for investments in venture capital trusts (VCTs) and enterprise investment scheme (EIS) shares.
A VCT is a quoted company that invests in shares in a number of unquoted trading companies. EIS shares are shares in
qualifying unquoted trading companies.
Recommendation
The most suitable investment for Arthur and Cindy is a VCT for the following reasons.
– An investment in a VCT is likely to be less risky than investing directly in EIS companies as the risk will be spread over
a greater number of companies.
– The tax deduction is 40% of the amount invested as opposed to 20% for EIS shares.
– Dividends from a VCT are not taxable whereas dividends on EIS shares are taxed in the normal way.