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第1题:
A major indicator of a country's economic growth is the change in its gross national product, or GNP, which is the total value of goods and services produced by an economic system in a year.()
此题为判断题(对,错)。
第2题:
Passage Two
How can a single postage stamp be worth $ 16,800?
Any mistake made in the printing of a stamp raises its value to stamp collectors. A mistake on one in expensive' postage stamp has made the stamp worth a million and a half times its original value.
The mistake was made more than a hundred years ago in the British colony of Mauritius, a small is land in the Indian Ocean. In 1847 an order for stamps was sent to a London printer, and Mauritius was to become the fourth country in the world to issue stamps.
Before the order was filled and delivered, a ball (舞会) was planned at Mauritius' Government House, and stamps were needed to send out the invitations. A local printer was instructed to copy the de sign for the stamps. He accidentally inscribed the words "Post Office" instead of "Post Paid" on the sever al hundred stamps that he printed.
Today there are only twenty-six of these misprinted stamps left--fourteen "One Penny Orange-Reds" and twelve "Two Penny Blues". Because of the Two Penny Blue's rareness (罕见) and age, collectors have paid as much as $ 16,800 for it.
36. A postage stamp's value to collectors is raised if ______.
A. there are few others like it
B. there are no errors on the stamps
C. a mistake is made in the ,printing
D. both A and C
第3题:
To calculate the expected value of an outcome:
A divide the value of each outcome by its probability, then add the results.
B divide the value of the desired outcome by the value all possible outcomes
C multiply the value of each outcome by its probability, then add the results
D use linear regression to assess the expected value of the outcome
E B and D only
第4题:
(b) Donald actually decided to operate as a sole trader. The first year’s results of his business were not as he had
hoped, and he made a trading loss of £8,000 in the year to 31 March 2007. However, trading is now improving,
and Donald has sufficient orders to ensure that the business will make profits of at least £30,000 in the year to
31 March 2008.
In order to raise funds to support his business over the last 15 months, Donald has sold a painting which was
given to him on the death of his grandmother in January 1998. The probate value of the painting was £3,200,
and Donald sold it for £8,084 (after deduction of 6% commission costs) in November 2006.
He also sold other assets in the year of assessment 2006/07, realising further chargeable gains of £8,775 (after
indexation of £249 and taper relief of £975).
Required:
(i) Calculate the chargeable gain on the disposal of the painting in November 2006. (4 marks)
第5题:
3 Seejoy is a famous football club but has significant cash flow problems. The directors and shareholders wish to take
steps to improve the club’s financial position. The following proposals had been drafted in an attempt to improve the
cash flow of the club. However, the directors need advice upon their implications.
(a) Sale and leaseback of football stadium (excluding the land element)
The football stadium is currently accounted for using the cost model in IAS16, ‘Property, Plant, and Equipment’.
The carrying value of the stadium will be $12 million at 31 December 2006. The stadium will have a remaining
life of 20 years at 31 December 2006, and the club uses straight line depreciation. It is proposed to sell the
stadium to a third party institution on 1 January 2007 and lease it back under a 20 year finance lease. The sale
price and fair value are $15 million which is the present value of the minimum lease payments. The agreement
transfers the title of the stadium back to the football club at the end of the lease at nil cost. The rental is
$1·2 million per annum in advance commencing on 1 January 2007. The directors do not wish to treat this
transaction as the raising of a secured loan. The implicit interest rate on the finance in the lease is 5·6%.
(9 marks)
Required:
Discuss how the above proposals would be dealt with in the financial statements of Seejoy for the year ending
31 December 2007, setting out their accounting treatment and appropriateness in helping the football club’s
cash flow problems.
(Candidates do not need knowledge of the football finance sector to answer this question.)
第6题:
此题为判断题(对,错)。
第7题:
4 Ryder, a public limited company, is reviewing certain events which have occurred since its year end of 31 October
2005. The financial statements were authorised on 12 December 2005. The following events are relevant to the
financial statements for the year ended 31 October 2005:
(i) Ryder has a good record of ordinary dividend payments and has adopted a recent strategy of increasing its
dividend per share annually. For the last three years the dividend per share has increased by 5% per annum.
On 20 November 2005, the board of directors proposed a dividend of 10c per share for the year ended
31 October 2005. The shareholders are expected to approve it at a meeting on 10 January 2006, and a
dividend amount of $20 million will be paid on 20 February 2006 having been provided for in the financial
statements at 31 October 2005. The directors feel that a provision should be made because a ‘valid expectation’
has been created through the company’s dividend record. (3 marks)
(ii) Ryder disposed of a wholly owned subsidiary, Krup, a public limited company, on 10 December 2005 and made
a loss of $9 million on the transaction in the group financial statements. As at 31 October 2005, Ryder had no
intention of selling the subsidiary which was material to the group. The directors of Ryder have stated that there
were no significant events which have occurred since 31 October 2005 which could have resulted in a reduction
in the value of Krup. The carrying value of the net assets and purchased goodwill of Krup at 31 October 2005
were $20 million and $12 million respectively. Krup had made a loss of $2 million in the period 1 November
2005 to 10 December 2005. (5 marks)
(iii) Ryder acquired a wholly owned subsidiary, Metalic, a public limited company, on 21 January 2004. The
consideration payable in respect of the acquisition of Metalic was 2 million ordinary shares of $1 of Ryder plus
a further 300,000 ordinary shares if the profit of Metalic exceeded $6 million for the year ended 31 October
2005. The profit for the year of Metalic was $7 million and the ordinary shares were issued on 12 November
2005. The annual profits of Metalic had averaged $7 million over the last few years and, therefore, Ryder had
included an estimate of the contingent consideration in the cost of the acquisition at 21 January 2004. The fair
value used for the ordinary shares of Ryder at this date including the contingent consideration was $10 per share.
The fair value of the ordinary shares on 12 November 2005 was $11 per share. Ryder also made a one for four
bonus issue on 13 November 2005 which was applicable to the contingent shares issued. The directors are
unsure of the impact of the above on earnings per share and the accounting for the acquisition. (7 marks)
(iv) The company acquired a property on 1 November 2004 which it intended to sell. The property was obtained
as a result of a default on a loan agreement by a third party and was valued at $20 million on that date for
accounting purposes which exactly offset the defaulted loan. The property is in a state of disrepair and Ryder
intends to complete the repairs before it sells the property. The repairs were completed on 30 November 2005.
The property was sold after costs for $27 million on 9 December 2005. The property was classified as ‘held for
sale’ at the year end under IFRS5 ‘Non-current Assets Held for Sale and Discontinued Operations’ but shown at
the net sale proceeds of $27 million. Property is depreciated at 5% per annum on the straight-line basis and no
depreciation has been charged in the year. (5 marks)
(v) The company granted share appreciation rights (SARs) to its employees on 1 November 2003 based on ten
million shares. The SARs provide employees at the date the rights are exercised with the right to receive cash
equal to the appreciation in the company’s share price since the grant date. The rights vested on 31 October
2005 and payment was made on schedule on 1 December 2005. The fair value of the SARs per share at
31 October 2004 was $6, at 31 October 2005 was $8 and at 1 December 2005 was $9. The company has
recognised a liability for the SARs as at 31 October 2004 based upon IFRS2 ‘Share-based Payment’ but the
liability was stated at the same amount at 31 October 2005. (5 marks)
Required:
Discuss the accounting treatment of the above events in the financial statements of the Ryder Group for the year
ended 31 October 2005, taking into account the implications of events occurring after the balance sheet date.
(The mark allocations are set out after each paragraph above.)
(25 marks)
第8题:
141 To calculate the expected value of an outcome:
A. divide the value of each outcome by its probability, then add the results.
B. divide the value of the desired outcome by the value all possible outcomes
C. multiply the value of each outcome by its probability, then add the results
D. use linear regression to assess the expected value of the outcome
E. B and D only
第9题:
(c) At 1 June 2006, Router held a 25% shareholding in a film distribution company, Wireless, a public limited
company. On 1 January 2007, Router sold a 15% holding in Wireless thus reducing its investment to a 10%
holding. Router no longer exercises significant influence over Wireless. Before the sale of the shares the net asset
value of Wireless on 1 January 2007 was $200 million and goodwill relating to the acquisition of Wireless was
$5 million. Router received $40 million for its sale of the 15% holding in Wireless. At 1 January 2007, the fair
value of the remaining investment in Wireless was $23 million and at 31 May 2007 the fair value was
$26 million. (6 marks)
Required:
Discuss how the above items should be dealt with in the group financial statements of Router for the year ended
31 May 2007.Required:
Discuss how the above items should be dealt with in the group financial statements of Router for the year ended
31 May 2007.
第10题:
(iii) State the value added tax (VAT) and stamp duty (SD) issues arising as a result of inserting Bold plc as
a holding company and identify any planning actions that can be taken to defer or minimise these tax
costs. (4 marks)
You should assume that the corporation tax rates for the financial year 2005 and the income tax rates
and allowances for the tax year 2005/06 apply throughout this question.