要参加ACCA考试的小伙伴看过来！ACCA有哪些教材你知道吗？

正确答案：
(b) There are several benefits for Hugh Co in choosing a voluntary financial statement audit.
An annual audit will ensure that any material mistakes made by the part-qualified accountant in preparing the year end
financial statements will be detected. This is important as the directors will be using the year end accounts to review their
progress in the first year of trading and will need reliable figures to assess performance. An audit will give the directors comfort
that the financial statements are a sound basis for making business decisions.
Accurate first year figures will also enable more effective budgeting and forecasting, which will be crucial if rapid growth is to
be achieved.
The auditors are likely to use the quarterly management accounts as part of normal audit procedures. The auditors will be
able to advise Monty Parkes of any improvements that could be made to the management accounts, for example, increased
level of detail, more frequent reporting. Better quality management accounts will help the day-to-day running of the business
and enable a speedier response to any problems arising during the year.
As a by-product of the audit, a management letter (report to those charged with governance) will be produced, identifying
weaknesses and making recommendations on areas such as systems and controls which will improve the smooth running of
the business.
It is likely that Hugh Co will require more bank funding in order to expand, and it is likely that the bank would like to see
audited figures for review, before deciding on further finance. It will be easier and potentially cheaper to raise finance from
other providers with an audited set of financial statements.
As the business deals in cash sales, and retails small, luxury items there is a high risk of theft of assets. The external audit
can act as both a deterrent and a detective control, thus reducing the risk of fraud and resultant detrimental impact on the
financial statements.
Accurate financial statements will be the best basis for tax assessment and tax planning. An audit opinion will enhance the
credibility of the figures.
If the business grows rapidly, then it is likely that at some point in the future, the audit exemption limit will be exceeded and
thus an audit will become mandatory.
Choosing to have an audit from the first year of incorporation will reduce potential errors carried down to subsequent periods
and thus avoid qualifications of opening balances.

正确答案：
(d) Implications for Gerard of the changes to Fizz plc’s bonus scheme
Value received
Under the existing scheme Gerard receives approximately ￡4,500 each year. This is subject to income tax at 40% and
national insurance contributions at 1% such that Gerard receives ￡2,655 (￡4,500 x 59%) after all taxes.
Under the proposed share incentive plan (SIP), Gerard expects to receive free shares worth ￡3,500 (￡2,100 + ￡1,400).
Provided the shares remain in the plan for at least five years there will be no income tax or national insurance contributions
in respect of the value received. Gerard’s base cost in the shares for the purposes of capital gains tax will be their value at
the time they are withdrawn from the scheme.
In addition, the amount he spends on partnership shares will be allowable for both income tax and national insurance such
that he will obtain shares with a value of ￡700 for a cost of only ￡413 (￡700 x 59%).
Accordingly, Gerard will receive greater value under the SIP than he does under the existing bonus scheme. However, as noted
below, he will not be able to sell the free or matching shares until they have been in the scheme for at least three years by
which time they may have fallen in value.
Timing of receipt of benefit
Under the existing scheme Gerard receives a cash bonus each year.
The value of free and matching shares awarded under a SIP cannot be realised until the shares are withdrawn from the
scheme and sold. This withdrawal cannot take place until at least three years after the shares are awarded to Gerard.
Accordingly, Gerard will not have access to the value of the bonuses he receives under the SIP until the scheme has been in
operation for at least three years. In addition, if the shares are withdrawn within five years of being awarded, income tax and
national insurance contributions will become payable on the lower of their value at the time of the award and their value at
the time of withdrawal thus reducing the value of Gerard’s bonus.

正确答案：

2 (a) In the case of a not-for-profit (NFP) organisation, the limit on the services that can be provided is the amount of funds that
are available in a given period. A key financial objective for an NFP organisation such as a charity is therefore to raise as
much funds as possible. The fund-raising efforts of a charity may be directed towards the public or to grant-making bodies.
In addition, a charity may have income from investments made from surplus funds from previous periods. In any period,
however, a charity is likely to know from previous experience the amount and timing of the funds available for use. The same
is true for an NFP organisation funded by the government, such as a hospital, since such an organisation will operate under
budget constraints or cash limits. Whether funded by the government or not, NFP organisations will therefore have the
financial objective of keeping spending within budget, and budgets will play an important role in controlling spending and in
specifying the level of services or programmes it is planned to provide.
Since the amount of funding available is limited, NFP organisations will seek to generate the maximum benefit from available
funds. They will obtain resources for use by the organisation as economically as possible: they will employ these resources
efficiently, minimising waste and cutting back on any activities that do not assist in achieving the organisation’s non-financial
objectives; and they will ensure that their operations are directed as effectively as possible towards meeting their objectives.
The goals of economy, efficiency and effectiveness are collectively referred to as value for money (VFM). Economy is
concerned with minimising the input costs for a given level of output. Efficiency is concerned with maximising the outputs
obtained from a given level of input resources, i.e. with the process of transforming economic resources into desires services.
Effectiveness is concerned with the extent to which non-financial organisational goals are achieved.
Measuring the achievement of the financial objective of VFM is difficult because the non-financial goals of NFP organisations
are not quantifiable and so not directly measurable. However, current performance can be compared to historic performance
to ascertain the extent to which positive change has occurred. The availability of the healthcare provided by a hospital, for
example, can be measured by the time that patients have to wait for treatment or for an operation, and waiting times can be
compared year on year to determine the extent to which improvements have been achieved or publicised targets have been
met.

Lacking a profit motive, NFP organisations will have financial objectives that relate to the effective use of resources, such as
achieving a target return on capital employed. In an organisation funded by the government from finance raised through
taxation or public sector borrowing, this financial objective will be centrally imposed.