点击查看：2020年ACCA考试练习试题分享06

发布时间：2020-09-04

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Question：Which of the following will be partially subject to tax as property income?

A. The grant of a 60 year lease from a freehold.

B. The assignment of a 70 year lease.

C. The assignment of a 10 year lease.

D. The grant of a 10 year lease from a freehold.

The correct answer is: The grant of a 10 year lease from a freehold.

解析：The premium, less 2% of the premium for each complete year of the lease except the first is assessed as property income on the grant of a short lease (a lease of 50 years or less).

There are no property income implications on the assignment of a lease, nor on the grant of a lease of more than 50 years.

Question：Following the end of each tax year, which two of the following forms must an employer send to HM Revenue and Customs by 19 May?

A. Forms PIID(b).

B. Forms PIID.

C. Form P35.

D. Form P45

E. Forms P9D.

F. Form P60

G. End of year Returns P14.

The correct answers are: End of year Returns P14; Form P35.

解析：The P14 and P35 deal with summaries of tax and NI deducted, and individual employee details.

These must be submitted by 19 May.

Question：Ray draws accounts annually to 31 December. He decides to change his accounts date and does so by drawing up a 16 month set of accounts covering the period 1 January 2011 to 30 April 2012.

What is the tax year of change?

A. 2010/11

B. 2011/12

C. 2013/14

D. 2012/13

The correct answer is: 2011/12.

Earlier of:

2011/12 (first tax year in which there are no accounts drawn to 31 December) or

2012/13 (first tax year in which accounts are drawn to 30 April).

Year of change is therefore 2011/12.

1. Background

John, Fran and Stan have purchased an off –the –shelf company, XYZ Ltd, from their solicitor. Their solicitor has advised them to change the name to make it more meaningful in relation to their film production business. The solicitor has also advised them to consider which of the company’s articles of association require changing?

Task-1

Which of the following CANNOT be changed, in relation to the company‘s articles of association?

A. The procedure for declaring dividends

B. The requirement for the company’s shares to be fully paid-up at the time they are issued

C. The name of the company

D. The procedure for changing the company’s articles

参考答案D

Task-2

Jan, Fran and Stan pass a shareholder resolution to change the company name to Films-4-Us Ltd at a general meeting convened for that purpose. Which TWO of the following statements are true?

A. They had to wait 14 days before the general meeting could be held

B. The meeting had to be called in the name of XYZ Ltd

C. They had to notify the Registrar of Companies within 21 days of passing the resolution

D. A 75% majority vote was needed for this resolution

参考答案A

2. Background

Katia has purchased 100 preference shares in ZZZ Ltd, each with a nominal value of gdp100. She does not have ordinary shares or debentures in the comoany. ZZZ Ltd has adopted the model articles of association.

Lenny has purchased 100 debentures in ZZZ Ltd, each with a nominal value of gdp100. He does not own any shares in the company.

参考答案

Task-1

Which TWO of the following benefits will Katia normally be entitled to?

A. The right to vote at general meetings of shareholders

B. A right to receive a fixed dividend

C. Repayment before ordinary shareholders on liquidation

D. Payment of dividends before debentures’ interest

参考答案BC

Task-2

Which of the following benefits will Lenny NOT be entitled to?

A. Payment regardless of financial performance

B. A right to vote at general meeting of shareholders

C. A right to a fixed return

D. Payment of return before shareholders interest

参考答案A

Background

Bill, Fazil and Jill are the three directors of a company, Cheer Ltd, which supplies a huge range of products and equipment for parties. Although he has never been appointed as managing director, Bill often makes the day-to-day decisions needed for running Cheer Ltd, since he is most often based in the office. However, Cheer Ltd’s articles of association stipulate that all three directors are needed to constitute a quorum.

Fazil is the sales and marketing manager and Jill works as the company secretary.

The following contracts have been made in Cheer Ltd’s name.

(1)Jill has negotiated a discount in Cheer Ltd’s name on some new office furniture. She pays for this furniture using Cheer Ltd’s bank account and sends the company lorry to collect the furniture, but installs it at her home address

(2)It had been agreed by the company to diversify the business into selling party goods. However, when Bill’s negotiations for this new contract failed. Bill took it upon himself to negotiate a supplier of beauty products instead. Jill and Fazil were aware of Bill’s negotiations for the beauty products but did nothing to stop him from placing a large order.

Task-1

Which TWO of the following types of directors have the power to bind the company into contracts?

A. The board of directors

B. De facto directors

C. Non-executive directors

D. Executive directors

参考答案AD

Task-2

For each of the contract, indicates whether or not Cheer Ltd will be liable.

Task-3

In relation to directors’ duties, which of the following statements is NOT true?

A. Bill has acted outside his powers

B. Jill has allowed her interests to conflict with those of the company

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(d) Briefly describe the principal audit work to be performed in respect of the carrying amount of the following

items in the balance sheet:

(i) trade receivables; and (3 marks)

正确答案：
(d) Principal audit work
(i) Trade receivables
■ Review of agreements to determine the volume rebates terms. For example,
– the % discounts;
– the volumes to which they apply;
– the period over which they accumulate;
– settlement method (e.g. by credit note or other off-set or repayment).
■ Direct positive confirmation of a value-weighted sample of balances (i.e. larger amounts) to identify potential
overstatement (e.g. due to discounts earned not being awarded).
■ Monitoring of after-date cash receipts and matching against amounts due as shortfalls may indicate disputed
amounts.
■ Review of after-date credit notes to ensure adequate allowance (accrual) is made for discounts earned in the year
to 30 June 2006.
■ Credit risk analysis of individually significant balances and assessment of impairment losses (where carrying value
is less than the present value of the estimated cash flows discounted at the effective interest rate).

3 Clyde Williams is facing a dilemma. He has successfully built up a small family-owned company, Concrete Solutions

Ltd, manufacturing a range of concrete based products used in making roads, pavements and walkways. The

production technology is very low tech and uses simple wooden moulds into which the concrete is poured. As a

consequence he is able to use low skilled and low cost labour, which would find it difficult to find alternative

employment in a region with high unemployment levels. The company has employed many of its workforce since its

creation in 1996. The company’s products are heavy, bulky and costly to transport. This means its market is limited

to a 30-mile area around the small rural town where the manufacturing facility is located. Its customers are a mix of

private sector building firms and public sector local councils responsible for maintaining roads and pavements. By its

nature much of the demand is seasonal and very price sensitive.

A large international civil engineering company has recently approached Clyde with an opportunity to become a

supplier of concrete blocks used in a sophisticated system for preventing coast and riverbank erosion. The process

involves interlocking blocks being placed on a durable textile base. Recent trends in global warming and pressure in

many countries to build in areas liable to flooding have created a growing international market for the patented erosion

prevention system. Clyde has the opportunity to become the sole UK supplier of the blocks and to be one of a small

number of suppliers able to export the blocks to Europe. To do it he will need to invest a significant amount in CAM

(computer aided manufacturing) technology with a linked investment in the workforce skills needed to operate the

new technology. The net result will be a small increase in the size of the labour force but redundancy for a significant

number of its existing workers either unwilling or unable to adapt to the demands of the new technology. Successful

entry into this new market will reduce his reliance on the seasonal low margin concrete products he currently produces

and significantly improve profitability.

One further complication exists. Concrete Solutions is located in a quiet residential area of its home town. Clyde is

under constant pressure from the local residents and their council representatives to reduce the amount of noise and

dust created in the production process. Any move into making the new blocks will increase the pollution problems

the residents face. There is a possibility of moving the whole manufacturing process to a site on a new industrial estate

being built by the council in a rival town. However closure of the existing site would lead to a loss of jobs in the current

location. Clyde has asked for your help in resolving his dilemma.

Required:

(a) Using models where appropriate, advise Clyde on whether he should choose to take advantage of the

opportunity offered by the international company. (12 marks)

正确答案：

SWOT analysis, including his personal liability to manage the strategic change would be useful. There may be a significant
investment in new technology and employee training to make the new blocks. In effect he will be forming a strategic alliance
with the international company and making significant changes to both the value chain and value system. There will be no
need to invest in sales and marketing as this will be the responsibility of its larger partner. As a major strategic option there
is a need to address issues of its suitability, acceptability and feasibility. In terms of suitability the option seems to address
many of the strategic problems attached to his current product range. It is a product that can be sold all year round and into
a much wider geographical market area. It is in terms of acceptability that the dilemma reveals itself and the impact on the
different stakeholders involved – he may find stakeholder mapping and scenario building useful in coming to a decision. As
the owner of the business he needs to assess the risk involved against the likely returns. Feasibility looks reasonably sound– new resources and skills will be needed but affordable and achievable with the support of the partner.

(b) Calculate the inheritance tax (IHT) liability arising as a result of Christopher’s death. (11 marks)

正确答案：

 

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