ACCA考试F5每日一练(2019-03-10)

发布时间：2019-03-10

Question:

In relation to company law:

(a)explain the meaning of， and procedures involved in， voluntary liquidation; and

(b)explain and distinguish between;

(i)a members' voluntary liquidation;

(ii)a creditors' voluntary liquidation.

Answer:

(a)This question requires candidates to explain the meaning and procedures involved in the course of a voluntary liquidation in company law. One of the many consequences of incorporation is that a registered company becomes a legal entity in its own right having existence apart from its member shareholders. One of the attributes of this legal personality is that the company has not only separate， but also perpetual， existence， in that it continues irrespective of changes in its membership. Indeed， the company can continue to exist where it has no members at all. Winding up， or liquidation， is the process whereby the life of the company is brought to an end and its assets realised and distributed to its members and/or creditors. The rules governing winding up are detailed in the provisions of the Insolvency Act (IA) 1986 and the exact nature of the procedure depends on the type of winding up involved and depends upon the solvency of the company at the time when liquidation commences. Winding up can be conducted on a voluntary basis， in which case the members of the company themselves determine that the time has come for it to come to an end， or alternatively， the court may make an order that the company‘s life should come to an end. This question refers to the first of these alternatives， voluntary winding up.

Section 84 IA states that a company may be wound up voluntarily:

(i)when any period fixed for the duration of the company by the articles expires， or any event occurs， which shall， according to the articles， lead to its dissolution. Under such circumstances the winding up has to be approved by an ordinary resolution.

(ii)for any other reason whatsoever. Under these circumstances a special resolution is required to approve the winding up.

This is the procedure the members would follow if the company is insolvent.

In any case the winding up is deemed to have started on the date that the appropriate resolution was passed.

(b)(i)A members‘ voluntary liquidation takes place when the directors of the company are of the opinion that the company is solvent and is capable of paying off its creditors. The directors are required to make a formal declaration to the effect that they have investigated the affairs of the company and that in their opinion it will be able to pay its debts within 12 months of the start of liquidation. It is a criminal offence for directors to make a false declaration without reasonable grounds. On appointment， by an ordinary resolution of the company， the job of the liquidator is to wind up the affairs of the company， to realise the assets and distribute the proceeds to its creditors. On completion of this task， the liquidator must present a report of the process to a final meeting of the shareholders. The liquidator then informs the Registrar of the holding of the final meeting and submits a copy of their report to them. The Registrar formally registers these reports and the company is deemed to be dissolved three months after that registration.

(ii)A creditors‘ voluntary liquidation takes place when the company is insolvent when it is decided to wind it up. The essential difference between this and the former type of liquidation is that， as the name implies， the creditors have an active role to play in overseeing the liquidation of the company and there is no declaration of solvency. First， a meeting of the creditors must be called within 14 days of the resolution to liquidate the company at which the directors must submit a statement of the company‘s affairs. The creditors have the final say in who should be appointed as liquidator

下面小编为大家准备了 ACCA考试 的相关考题，供大家学习参考。

(b) Describe the audit work to be performed in respect of the carrying amount of the following items in the

balance sheet of GVF as at 30 September 2005:

(i) goat herd; (4 marks)

正确答案：
(b) Audit work on carrying amounts
Tutorial note: This part concerns audit work to be undertaken in respect of non-current tangible assets (the production
animals in the goat herd and certain equipment) and inventories (the for-sale animals and cheese). One of the ‘tests’ for
assessing whether or not a point is worthy of a mark will be whether or not the asset to which it relates is apparent. Points
which are so vague that they could apply to ANY non-current asset for ANY entity, rather than those of GVF are unlikely to
attract many marks, if any, at this level.
(i) Goat herd
■ Physical inspection of the number and condition of animals in the herd and confirming, on a test basis, that they
are tagged (or otherwise ‘branded’ as being owned by GVF).
■ Tests of controls on management’s system of identifying and distinguishing held-for-sale animals (inventory) from
the production herd (depreciable non-current assets).
■ Comparison of GVF’s depreciation policies (including useful lives, depreciation methods and residual values) with
those used by other farming entities.
■ ‘Proof in total’, or other reasonableness check, of the depreciation charge for the herd for the year.
■ Observing test counts or total counts of animals held for sale.
■ Comparing carrying amounts of the kids, according to their weight and age, as at 30 September 2005 with their
market values. (These may approximate to actual invoiced selling prices obtained by GVF.)
Tutorial note: Market value of the production herd could also be compared with its carrying amount to assess possible
impairment. However, if value in use appears to be less than market value the herd should be sold rather than used
for production.

1 Oliver Hoppe has been working at Hoopers and Henderson accountancy practice for eighteen months. He feels that

he fits in well, especially with his colleagues and has learnt a lot from them. However, he feels that the rules and

regulations governing everyday activities and time keeping are not clear.

Oliver does not get on well with his line manager, David Morgan. There appears to be a clash of personalities and

reluctance on David Morgan’s part to deal with the icy atmosphere between them after David was asked by one of

the accounting partners to give Oliver a job. For the past three months Oliver has gone to lunch with his fellow workers

and always returned to work with them or before them. In fact they all have returned to work about ten minutes late

on several previous occasions. After the third time, Oliver was called into David Morgan’s office and given an oral

warning about his time keeping.

Oliver was not permitted to argue his case and none of the other staff who returned late were disciplined in this way.

On the next occasion the group was late returning from lunch, David Morgan presented Oliver with a written warning

about his time keeping.

Yesterday, Oliver was five minutes late returning to work. His colleagues returned after him. David Morgan gave Oliver

notice and told him to work until the end of the week and then collect his salary, the necessary paperwork and to

leave the practice.

There is a partner responsible for human resources. Oliver has come to see the partner to discuss the grievance

procedures against David Morgan for his treatment and about what Oliver regards as unfair dismissal.

Required:

(a) Describe the six stages of a formal disciplinary procedure that an organisation such as Hoopers and

Henderson should have in place. (12 marks)

正确答案：

1 Overview
A grievance occurs when an individual thinks that he or she has been wrongly treated by colleagues or management, especially
in disciplinary matters. An unresolved feeling of grievance can often lead to further problems for the organisation. The purpose of
procedures is to resolve disciplinary and grievance issues to the satisfaction of all concerned and as early as possible.
If a grievance perceived by an employee is not resolved, then conflict and discontent can arise that will affect the work of the
individual and the organisation. Accountants as managers need to be aware of the need to resolve grievances satisfactorily and
professionally.
The fundamental basis of organisational disciplinary and grievance procedures is that they must be explicitly clear and accessible
to all.
Part (a):
An official and correctly applied disciplinary procedure has six steps which should be followed in the correct order and applied
equitably.
The Informal Talk.
This is the first step. If the disciplinary matter is of a minor nature and the individual has had until this occasion a good record,
then an informal meeting can often resolve the issue.
Reprimand or Oral Warning.
Here the manager draws the attention of the employee to unsatisfactory behaviour, a repeat of which could lead to formal
disciplinary proceedings.
Official or Written Warning.
A written warning is a serious matter. It draws the attention of the offending employee to a serious breach of conduct and remains
a recorded document on the employee’s employment history.
Such written documents can be used as evidence if further action is taken, especially dismissal.
Suspension or Lay-off.
If an offence is of a serious nature, if the employee has repeated an earlier offence or if there have been repeated problems then
an employee may be suspended from work for a period of time without pay.
Demotion.
This is a situation where an employee is demoted to a lower salary or position within an organisation. This is a very serious step
to take and can be regarded as a form. of internal dismissal. This course of action can have negative repercussions because the
employee concerned will feel dissatisfied and such feelings can affect their own work and that of others.
Dismissal.
This is the ultimate disciplinary measure and should be used only in the most extreme cases. As with demotion, the dismissal of
a staff member can lead to wider dissatisfaction amongst the employees.
The employee may nominate a representative at any stage of the procedure, especially at the more serious stages.

(c) Explain how absolutist (dogmatic) and relativist (pragmatic) ethical assumptions would affect the outcome

of Anne’s decision. (6 marks)

正确答案：
(c) Absolutism and relativism
Absolutism and relativism represent two extreme positions of ethical assumptions.
Definitions
An absolutist assumption is one that believes that there are ‘eternal’ rules that should guide all ethical and moral decision
making in all situations. Accordingly, in any given situation, there is likely to be one right course of action regardless of the
outcome. An absolutist believes that this should be chosen regardless of the consequences or the cost. A dogmatic approach
to morality is an example of an absolutist approach to ethics. A dogmatic assumption is one that is accepted without
discussion or debate.
Relativist assumptions are ‘situational’ in nature. Rather than arguing that there is a single right choice, a relativist will tend
to adopt a pragmatic approach and decide, in the light of the situation being considered, which is the best outcome. This will
involve a decision on what outcome is the most favourable and that is a matter of personal judgment.
Outcomes
If Anne were to adopt absolutist/dogmatic assumptions, she would be likely to decide that she would need to pursue what
she perceives is the right course of action regardless of cost to herself or the relationship with the client or her manager. Given
that she unearthed a suspect and unaccounted-for payment, and that she received an inadequate explanation from the client,
she would probably recommend extension to the audit beyond the weekend.
If Ann were to adopt relativist or pragmatic assumptions, she would have a potentially much more complicated decision to
make. She would have to decide whether it was more important, ethically, to yield to the pressure from Zachary in the
interests of her short-term career interests or ‘hold out’ to protect the interests of the shareholders. Anne could recommend
sign off and trust the FD’s explanation but she is more likely to seek further evidence or assurance from the company before
she does so.

(b) Discuss the relevance of each of the following actions as steps in trying to remedy performance measurement

problems relating to the ‘365 Sports Complex’ and suggest examples of specific problem classifications that

may be reduced or eliminated by each action:

(i) Focusing on and improving the measurement of customer satisfaction

(ii) Involving staff at all levels in the development and implementation of performance measures

(iii) Being flexible in the extent to which formal performance measures are relied on

(iv) Giving consideration to the auditing of the performance measurement system. (8 marks)

正确答案：
(b) Trying to focus on and improve the measurement of customer satisfaction.
This is a vital goal. Without monitoring and improvement of levels of customer satisfaction, an organisation will tend to
underachieve and is likely to have problems with its future effectiveness. Positive signals from performance measures made
earlier in the value chain are only relevant if they contribute to the ultimate requirement of customer satisfaction. Tunnel vision
and sub-optimisation are examples of measurement problems that may be reduced through recognition of the need for a
management focus on customer satisfaction. For example undue focus on the importance of maximising opening hours may
lead to lack of focus on other quality issues seen as important by customers.
Involving staff at all levels in the development and implementation of performance measures.
People are involved in the achievement of performance measures at all levels and in all aspects of an organisation. It is
important that all staff are willing to accept and work towards any performance measures that are developed to monitor their
part in the operation of the organisation and in the achievement of its objectives. This should help, for example, to reduce
gaming. At the sports complex an example of gaming might be, a deliberate attempt to understate the potential benefits of
maintaining the buildings in order to ensure that funds would be used for other purposes such as an increased advertising
budget. The directors of Astrodome Sports Ltd must recognise that leisure facilities that appear dated and in a poor state of
repair will cause customers to look for more aesthetically appealing alternatives.
Being flexible in the extent to which formal performance measures are relied on.
It is best to acknowledge that measures should not be relied on exclusively for control. A performance measure may give a
short-term signal that does not relate directly to actions that are taking place to improve the level of performance in the longer
term. To some extent, improved performance may be achieved through the informal interaction between individuals and
groups. This flexibility should help to reduce measure fixation and misrepresentation. For example the percentage increase in
the quantity of bowling equipment purchased is seen as necessarily implying increased demand for use of the bowling greens.
Giving consideration to the audit of the performance measurement system.
Actions that may be taken may include:
– Seeking expert interpretation of the performance measures in place. It is important that any audit is ‘free from bias’ and
conducted independently on an ‘arm’s length’ basis. Thus it is essential that such audits should be ‘free from the
influence’ of those personnel involved in the operation of the system.
– Maintaining a careful audit of the data used. Any assessment scheme is only as good as the data on which it is founded
and how this data is analysed and interpreted.
The above actions should help, in particular, to reduce the incidence and impact of measure fixation, misinterpretation and
gaming.
For example, an audit may show that the directors of Astrodome Sports Ltd are fixated on equipment availability and
misinterpret this as being the key to customer volume and high profitability. The audit may also provide evidence of gaming
such as a deliberate attempt to underplay the benefits of one course of action in order to release funds for use on some
alternative.

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