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（ii) The sales director has suggested to Damian, that to encourage the salesmen to accept

(ii) The sales director has suggested to Damian, that to encourage the salesmen to accept the new arrangement,

the company should increase the value of the accessories of their own choice that can be fitted to the low

emission cars.

State, giving reasons, whether or not Damian should implement the sales director’s suggestion.

(2 marks)

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发布时间：2021-04-18

更多“（ii) The sales director has suggested to Damian, that to encourage the salesmen to accept”相关的问题

第1题

The following information is available for a manufacturing company which produces multiple

products:

(i) The product mix ratio

(ii) Contribution to sales ratio for each product

(iii) General fixed costs

(iv) Method of apportioning general fixed costs

Which of the above are required in order to calculate the break-even sales revenue for the company？

A.All of the above

B.(i), (ii) and (iii) only

C.(i), (iii) and (iv) only

D.(ii) and (iii) only

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第2题

The Fruit Company （F Co) currently grows fruit which customers pick themselves from the fi

The Fruit Company (F Co) currently grows fruit which customers pick themselves from the fields before paying. F Co is concerned that a large number of customers are eating some of the fruit whilst picking it and are therefore not paying for all of it. As a result, it has to decide whether to hire staff to pick and package the fruit instead. The following values and costs have been identified:

(i) The total sales value of the fruit currently picked and paid for by customers

(ii) The cost of growing the fruit

(iii) The cost of hiring staff to pick and package the fruit

(iv) The total sales value of the fruit if it is picked and packaged by staff instead

Which of the above are relevant to the decision？

A.All of the above

B.(ii), (iii) and (iv) only

C.(i), (ii) and (iv) only

D.(i), (iii) and (iv) only

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第3题

（ii) On 1 July 2006 Petrie introduced a 10-year warranty on all sales of its entire range

(ii) On 1 July 2006 Petrie introduced a 10-year warranty on all sales of its entire range of stainless steel

cookware. Sales of stainless steel cookware for the year ended 31 March 2007 totalled $18·2 million. The

notes to the financial statements disclose the following:

‘Since 1 July 2006, the company’s stainless steel cookware is guaranteed to be free from defects in

materials and workmanship under normal household use within a 10-year guarantee period. No provision

has been recognised as the amount of the obligation cannot be measured with sufficient reliability.’

(4 marks)

Your auditor’s report on the financial statements for the year ended 31 March 2006 was unmodified.

Required:

Identify and comment on the implications of these two matters for your auditor’s report on the financial

statements of Petrie Co for the year ended 31 March 2007.

NOTE: The mark allocation is shown against each of the matters above.

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第4题

在化工产业的企业总体中，令rd表示年研发支出，sales表示年销售额（都以百万美元计)。（i)写一个

在化工产业的企业总体中，令rd表示年研发支出，sales表示年销售额(都以百万美元计)。

(i)写一个模型(不是估计方程)，其中rd和sales之间的弹性为常数。哪一个参数代表弹性？

(ii)再用RDCHEM.RAW中的数据估计模型。用通常的形式写出估计方程。rd关于sales的弹性估计值是多少？用文字解释这个弹性的含义。

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第5题

变量rdintens是研发支出（R&D)占销售额的百分比。销售额以百万美元度量。变量profmarg是利润

变量rdintens是研发支出(R&D)占销售额的百分比。销售额以百万美元度量。变量profmarg是利润占销售额的百分比。

利用RDCHEM.RAW中32家化工企业的数据，估计如下方程：

变量rdintens是研发支出（R&D)占销售额的百分比。销售额以百万美元度量。变量profmarg

(i)解释log(sales)的系数。特别地，如果sales增加10%，估计rdintens会变化多少个百分点？这在经济上是一个很大的影响吗？

(ii)检验假设R&D的强度不随sales而变化，备择假设是，它随着销售额的增加而提高。在5%和10%的显著性水平上进行这个检验。

(iii)解释profiarg的系数，它在经济上显著吗？

(iv)profmarg对rdintens是否有统计显著的影响？

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第6题

In a review of its provisions for the year ended 31 March 2015, Cumla’s assistant accounta

nt has suggested the following accounting treatments:

(i) Making a provision for a constructive obligation of $400,000; this being the sales value of goods expected to be returned by retail customers after the year end under the company’s advertised 30-day returns policy

(ii) Based on past experience, a $200,000 provision for unforeseen liabilities arising after the year end

(iii) The partial reversal (as a credit to the statement of profit or loss) of the accumulated depreciation provision on an item of plant because the estimate of its remaining useful life has been increased by three years

(iv) Providing $1 million for deferred tax at 25% relating to a $4 million revaluation of property during March 2015 even though Cumla has no intention of selling the property in the near future

Which of the above suggested treatments of provisions is/are permitted by IFRS？

A.(i) only

B.(i) and (ii)

C.(ii) and (iii)

D.(iv)

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第7题

（c) Lamont owns a residential apartment above its head office. Until 31 December 2006 it w

month. Since 1 January 2007 it has been occupied rent-free by the senior sales executive. (6 marks)

Required:

For each of the above issues:

(i) comment on the matters that you should consider; and

(ii) state the audit evidence that you should expect to find,

in undertaking your review of the audit working papers and financial statements of Lamont Co for the year ended

31 March 2007.

NOTE: The mark allocation is shown against each of the three issues.

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第8题

（a) （i) Defi ne a ‘test of control’ and a ‘substantive procedure’; （2 marks) （ii) State ON

(a) (i) Defi ne a ‘test of control’ and a ‘substantive procedure’; (2 marks)

(ii) State ONE test of control and ONE substantive procedure in relation to sales invoicing. (2 marks)

(b) Shiny Happy Windows Co (SHW) is a window cleaning company. Customers’ windows are cleaned monthly, the window cleaner then posts a stamped addressed envelope for payment through the customer’s front door.

SHW has a large number of receivable balances and these customers pay by cheque or cash, which is received in the stamped addressed envelopes in the post. The following procedures are applied to the cash received cycle:

1. A junior clerk from the accounts department opens the post and if any cheques or cash have been sent, she records the receipts in the cash received log and then places all the monies into the locked small cash box.

2. The contents of the cash box are counted each day and every few days these sums are banked by which ever member of the fi nance team is available.

3. The cashier records the details of the cash received log into the cash receipts day book and also updates the sales ledger.

4. Usually on a monthly basis the cashier performs a bank reconciliation, which he then fi les, if he misses a month then he catches this up in the following month’s reconciliation.

Required:

For the cash cycle of SHW:

(i) Identify and explain THREE defi ciencies in the system; (3 marks)

(ii) Suggest controls to address each of these defi ciencies; and (3 marks)

(iii) List tests of controls the auditor of SHW would perform. to assess if the controls are operating effectively. (3 marks)

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第9题

Background informationB-Star is a theme park based on a popular series of children’s books

Background information

B-Star is a theme park based on a popular series of children’s books. Customers pay a fixed fee to enter the park,where they can participate in a variety of activities such as riding roller-coasters, playing on slides and purchasing themed souvenirs from gift shops.

The park is open all year and has been in operation for the last seven years. It is located in a country which has very little rainfall – the park is open-air so poor weather such as rain results in a significant fall in the number of customers for that day (normally by 50%). During the last seven years there have been on average 30 days each year with rain.

B-Star is now very successful; customer numbers are increasing at approximately 15% each year.

Ticket sales

Customers purchase tickets to enter the theme park from ticket offices located outside the park. Tickets are only valid on the day of purchase. Adults and children are charged the same price for admission to the park. Tickets are preprinted and stored in each ticket office.

Tickets are purchased using either cash or credit cards.

Each ticket has a number comprising of two elements – two digits relating to the ticket office followed by six digits to identify the ticket. The last six digits are in ascending sequential order.

Cash sales

1. All ticket sales are recorded on a computer showing the amount of each sale and the number of tickets issued.

This information is transferred electronically to the accounts office.

2. Cash is collected regularly from each ticket office by two security guards. The cash is then counted by two

accounts clerks and banked on a daily basis.

3. The total cash from each ticket office is agreed to the sales information that has been transferred from each office.

4. Total cash received is then recorded in the cash book, and then the general ledger.

Credit card sales

1. Payments by credit cards are authorised online as the customers purchase their tickets.

2. Computers in each ticket office record the sales information which is transferred electronically to the accounts office.

3. Credit card sales are recorded for each credit card company in a receivables ledger.

4. When payment is received from the credit card companies, the accounts clerks agree the total sales values to the amounts received from the credit card companies, less the commission payable to those companies. The receivables ledger is updated with the payments received.

You are now commencing the planning of the annual audit of B-Star. The date is 3 June 2009 and B-Star’s year end is 30 June 2009.

Required:

(a) List and explain the purpose of the main sections of an audit strategy document and for each section, provide an example relevant to B-Star. (8 marks)

(b) (i) For the cash sales system of B-Star, identify the risks that could affect the assertion of completeness of sales and cash receipts; (4 marks)

(ii) Discuss the extent to which tests of controls and substantive procedures could be used to confirm the

assertion of completeness of income in B-Star. (6 marks)

ticket sales for one day in B-Star;

(ii) List the substantive analytical procedures that may be used to give assurance on the total income from

ticket sales in B-Star for the year. (8 marks)

(d) List the audit procedures you should perform. on the credit card receivables balance. (4 marks)

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第10题

Hummingbird Scents Co （Hummingbird) manufactures and sells luxury toiletries; they have be

Hummingbird Scents Co (Hummingbird) manufactures and sells luxury toiletries; they have been trading for over 20 years and the company’s year end is 30 September 2014. Hummingbird sells products to trade customers via its own website; this represents 60% of revenue. Remaining revenue is generated by contracts to supply toiletries to hotels. Below is a description of the sales system.

Hotel revenue

The hotel revenue is made up of four key customers. Hummingbird has one sales clerk, Brenda, who maintains all aspects of this revenue stream; Brenda receives customer orders, raises sales invoices and processes payments. In raising invoices, the sales system automatically inserts the online trade customer prices for products. However, each hotel customer has contracted prices which are lower than the online prices and hence Brenda manually edits the invoices prior to despatch.

Online revenue

New trade customers are set up in the sales ledger master file upon passing suitable credit checks, and a credit limit is set at this stage by the finance director. Customers place online orders up to their pre-set credit limit; they receive an email confirmation and the sales order interfaces into the despatch system. The order number is linked to the customer account number. Goods are despatched daily with a goods despatched note which is referenced to the sales order number but are not sequentially numbered. Hummingbird used to despatch goods via a reliable national courier company. However, to reduce costs they have changed to a cheaper local courier and some orders have been delivered to customers late.

Trade customers’ sales invoices are automatically generated by the system on the day the online order is placed. The prices are inserted in accordance with the website rates. Occasionally Hummingbird makes special offers or discounts sales; when this occurs the master file data has to be amended to ensure that the correct prices are used on invoices. This task is usually performed by a senior sales ledger clerk.

Revenue and receivables records

On a monthly basis statements are sent to the hotel customers; a number of trade customers have been requesting monthly statements and Hummingbird is considering this request. The company only reconciles the sales ledger control account at the end of September in order to verify the year-end balance.

Required:

(a) As the external auditor of Hummingbird Co, write a report to management in respect of the sales system described above which:

(i) Identifies and explains SEVEN deficiencies in the sales system; and

(ii) Provides a recommendation to address each of these deficiencies.

A covering letter IS required.

Note: Up to two marks will be awarded within this requirement for presentation and the remaining marks will be split equally between each part. (16 marks)

(b) Describe substantive procedures the auditor should perform. to confirm Hummingbird Co’s revenue. (4 marks)

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