ACCA考试P7模拟练习：Planning and risk assessment

发布时间：2019-01-04

特许公认会计师公会(The Association of Chartered Certified Accountants）简称ACCA，成立于1904年，是目前世界上领先的专业会计师团体，也是国际学员最多、学员规模发展最快的专业会计师组织。今天我们要看的就是ACCA考试中P7科目的模拟练习

，希望大家能从做题过程中提升自己。

 

Question：Which of the following best describes the nature of an audit strategy?

 

A. It is a detailed specification of auditing procedures to be performed.

B. It is the auditor's plan for meeting the ISAs pertaining to study andevaluation of accounting and internal control systems.

C. It represents the auditor's plan for meeting quality control standards.

D. It sets the scope, timing and direction of the audit, and guides the development of the more detailed audit plan.

 

The correct answer is: It sets the scope, timing and direction of the audit, and guides the development of the more detailed audit plan.

 

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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。

(ii) Calculate the chargeable gain arising as a consequence of Jan accepting Jumper’s offer. (4 marks)

正确答案：

 

(ii) how effective delegation might be achieved; (6 marks)

正确答案：
(ii) Effective delegation can be achieved by assigning agreed tasks to the subordinate, ensuring that resources are allocated and by specifying expected performance levels and ensuring that they are understood. In addition, it is necessary to ensure that the subordinate has the ability and experience to undertake the tasks by maintaining frequent contact and ensuring that the subordinate has authority to do the job. Sufficient authority must be delegated to fulfil the task. This authority in turn may be specific or general; the scenario suggests that the authority of the managers and supervisors is specific. The subordinate should not refer decisions upwards, and the superior should not expect this. In addition there should be no doubts over boundaries; they must be clearly defined as to who holds what authority and who accounts to whom. Therefore there must be clarity as to departmental functions and individual authority, which is at the root of the problem at Flavours Fine Foods.

5 Jones and Cousin, a public quoted company, operate in twenty seven different countries and earn revenue and incur

costs in several currencies. The group develops, manufactures and markets products in the medical sector. The growth

of the group has been achieved by investment and acquisition. It is organised into three global business units which

manage their sales in international markets, and take full responsibility for strategy and business performance. Only

five per cent of the business is in the country of incorporation. Competition in the sector is quite fierce.

The group competes across a wide range of geographic and product markets and encourages its subsidiaries to

enhance local communities by reinvestment of profits in local educational projects. The group’s share of revenue in a

market sector is often determined by government policy. The markets contain a number of different competitors

including specialised and large international corporations. At present the group is awaiting regulatory approval for a

range of new products to grow its market share. The group lodges its patents for products and enters into legal

proceedings where necessary to protect patents. The products are sourced from a wide range of suppliers, who, once

approved both from a qualitative and ethical perspective, are generally given a long term contract for the supply of

goods. Obsolete products are disposed of with concern for the environment and the health of its customers, with

reusable materials normally being used. The industry is highly regulated in terms of medical and environmental laws

and regulations. The products normally carry a low health risk.

The Group has developed a set of corporate and social responsibility principles during the period which is the

responsibility of the Board of Directors. The Managing Director manages the risks arising from corporate and social

responsibility issues. The group wishes to retain and attract employees and follows policies which ensure equal

opportunity for all the employees. Employees are informed of management policies, and regularly receive in-house

training.

The Group enters into contracts for fixed rate currency swaps and uses floating to fixed rate interest rate swaps. The

cash flow effects of these swaps match the cash flows on the underlying financial instruments. All financial

instruments are accounted for as cash flow hedges. A significant amount of trading activity is denominated in the

Dinar and the Euro. The dollar is its functional currency.

Required:

(a) Describe the principles behind the Management Commentary discussing whether the commentary should be

mandatory or whether directors should be free to use their judgement as to what should be included in such

a commentary. (13 marks)

正确答案：
(a) The purpose of the Management Commentary (MC) is to present a balanced and comprehensive analysis of the development
position and performance of the entity in the year. Additionally, it deals with the main trends and factors behind the
development, position and performance of the entity during the financial year and those factors which are likely to affect the
entity in the future. The MC should enable users to assess the strategies adopted by the entity and the potential success of
those strategies. The key principles are as follows:
– The MC should be seen through the eyes of the directors and should focus on those matters relevant to the members of
the company.
– The review should look forward, identifying trends and factors relevant to the assessment of the current and future
performance of the entity.
– The MC should supplement and complement the financial statements so as to improve disclosure by providing additional
financial and non-financial information.
– The review should be comprehensive, understandable, reliable, relevant and represent faithfully the underlying strategies
and trends.
– Both good and bad aspects of the position of the entity should be discussed in a balanced and neutral way.
– The MC should be comparable over time, and the information should be supportable and consistent with the financial
statements to which it relates.
The increase in transparency and accountability improves the links between strategy, performance and risk, and the
evaluation of directors, and how they are paid.
A mandatory MC would make it easier for companies to judge the content of the reports and the necessary standard of
reporting, and would mean that the reports may be more robust and comparable. If the MC is not mandatory then this could
lead to uncertainty, risks of non compliance and possible mis-information being shown in the review. Directors may adopt a
policy of stating the minimum amount of disclosure which will frustrate the significant benefits to be gained from using
financial reporting as a strategic communication tool. ‘Necessity to report’ decisions will become subjective with possible legal
outcomes. The minimalist approach may also prove problematic if directors’ insurers reject claims because of ‘non-disclosure’
of information. Senior executives and the company board will play a more prominent role in deciding upon matters of MC
content than will be the case with mandatory reporting practice. Influential factors driving MC disclosure practice may become
the following rather than the broader issues:
(1) those expected to have short-term financial impact,
(2) whether shareholder decisions may be influenced,
(3) issues of risk management.
However, it can be argued that a mandatory MC could produce stereo-typed reports which would be based on a checklist
approach. Thus innovation in corporate reporting would be stifled. The power of market forces could be enough to ensure
that entities produce relevant and reliable information. Every company is different as are their challenges and risks and in anon-mandatory environment, companies could produce individual MCs to reflect those challenges and risks.

17 Which of the following statements are correct?

(1) All non-current assets must be depreciated.

(2) If goodwill is revalued, the revaluation surplus appears in the statement of changes in equity.

(3) If a tangible non-current asset is revalued, all tangible assets of the same class should be revalued.

(4) In a company’s published balance sheet, tangible assets and intangible assets must be shown separately.

A 1 and 2

B 2 and 3

C 3 and 4

D 1 and 4

正确答案：C

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