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[主观题]

After a period of expansion into several overseas markets and some structural decentralisa

tion, Loho Company was considering its internal audit and internal control needs. Although privately owned and therefore not subject to listing rules, Loho’s auditors had often suggested that a formal internal audit function would be beneficial.

The launch of several new products and a rapid increase in exports had raised a number of problems at Loho. These included problems in meeting order deadlines, whilst a number of operational constraints had meant that some orders had been delivered to customers late. The increase in overseas business had also, according to Sonja Tan, the financial director, increased the overall risk profile of the business. Credit risk had risen substantially as had a range of risks associated with exporting and overseas investment. In addition to a growth from 150 to 600 employees in its home country, Loho also had recruited a further 200 people overseas in order to facilitate business in those countries.

As part of her continuing professional development (CPD), Sonja Tan, the finance director who was also a professional accountant, had been to a seminar on improving internal controls (IC). She believed that at this point in its growth, Loho could benefit from tighter internal controls. Speaking about this to the board on her return from the seminar, she reminded her colleagues that sound internal controls could only provide ‘reasonable assurance’ and that any IC system had inherent limitations and could never be totally effective whatever changes were made to improve them. This came as a surprise to some board members who assumed, because internal controls were often very expensive, that they should be guaranteed to be fully effective.

Required:

(a) Construct the case for establishing an internal audit function at Loho Company. (10 marks)

(b) Explain the reasons why many internal controls can never be guaranteed to be fully effective and discuss why ICs being ‘very expensive’ are no guarantee of their effectiveness. (9 marks)

(c) The finance director Sonja Tan learned about improved internal controls as part of her continuing professional development (CPD).

Required:

Explain the advantages of continuing professional development (CPD) for professional accountants such as finance director Sonja Tan. (6 marks)

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发布时间：2021-04-23
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更多“After a period of expansion into several overseas markets and some structural decentralisa”相关的问题

第1题

After a whole day's heavy work, the old worker returned home, ______.A．being hungry and ex

After a whole day's heavy work, the old worker returned home, ______.

A．being hungry and exhausting

B．hungry and exhausted

C．being hungry and exhausted

D．hungry and exhausting

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第2题

（c) On 1 May 2007 Sirus acquired another company, Marne plc. The directors of Marne, who w

(c) On 1 May 2007 Sirus acquired another company, Marne plc. The directors of Marne, who were the only

shareholders, were offered an increased profit share in the enlarged business for a period of two years after the

date of acquisition as an incentive to accept the purchase offer. After this period, normal remuneration levels will

be resumed. Sirus estimated that this would cost them $5 million at 30 April 2008, and a further $6 million at

30 April 2009. These amounts will be paid in cash shortly after the respective year ends. (5 marks)

Required:

Draft a report to the directors of Sirus which discusses the principles and nature of the accounting treatment of

the above elements under International Financial Reporting Standards in the financial statements for the year

ended 30 April 2008.

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第3题

After a court announces its acceptance of a bankruptcy application, within what period of
time must any creditors of the debtor declare their creditors’ rights？

A.Between 30 days and 6 months

B.Between 30 days and 3 months

C.Between 15 days and 3 months

D.Between 10 days and 1 month

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第4题

（a) The objective of IAS 10 Events after the Reporting Period is to prescribe the treatmen

(a) The objective of IAS 10 Events after the Reporting Period is to prescribe the treatment of events that occur after an entity’s reporting period has ended.

Required:

Define the period to which IAS 10 relates and distinguish between adjusting and non-adjusting events.

(5 marks)

(b) Waxwork’s current year end is 31 March 2009. Its financial statements were authorised for issue by its directors on 6 May 2009 and the AGM (annual general meeting) will be held on 3 June 2009. The following matters have been brought to your attention:

(i) On 12 April 2009 a fire completely destroyed the company’s largest warehouse and the inventory it

contained. The carrying amounts of the warehouse and the inventory were $10 million and $6 million

respectively. It appears that the company has not updated the value of its insurance cover and only expects

to be able to recover a maximum of $9 million from its insurers. Waxwork’s trading operations have been

severely disrupted since the fire and it expects large trading losses for some time to come. (4 marks)

(ii) A single class of inventory held at another warehouse was valued at its cost of $460,000 at 31 March

2009. In April 2009 70% of this inventory was sold for $280,000 on which Waxworks’ sales staff earned

a commission of 15% of the selling price. (3 marks)

(iii) On 18 May 2009 the government announced tax changes which have the effect of increasing Waxwork’s

deferred tax liability by $650,000 as at 31 March 2009. (3 marks)

Required:

Explain the required treatment of the items (i) to (iii) by Waxwork in its financial statements for the year

ended 31 March 2009.

Note: assume all items are material and are independent of each other. (10 marks as indicated)

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第5题

Fifty volunteers were alphabetically divided into two equal groups. Group A is to partic
ipate in a 7-week exercise program and Group B is to avoid planned exercise of any sort during those 7 weeks. On the day before the exercise program began, all 50 men participated in a step-test. This consisted of stepping up and down on a 16-inch bench, at 30 steps a minute for 5 minutes. One minute after completion of the step-test, the pulse rate of each subject (被测试者 ) was taken and recorded. This served as the pretest for the experiment. For the next 7 weeks, subjects in Group A rode an Exercycle (机器脚踏车 ) for 15 minutes each day, while Group B remained doing no planned exercises.At the end of the 7 weeks, the step-test was again given to both groups of subjects, and their pulses taken. The post-exercise pulse rates of subjects in the experimental were found to have decreased an average of 30 heart beats per minutes, with the lowest decrease 28 and the highest decrease 46. The pulse rates of subjects in the control group remained the same or changed no more than 4 beats, with an average difference between the initial and final tests of zero.

1).The step-test was given ()

A、after each exercise period

B、at the beginning and at the end of the seven week period

C、only once, at the beginning of the seven week period

D、twice to the men in Group A and once to the men in Group B

2).The post-exercise pulse rates of Group B were found on the average to have ()

A、not changed

B、gone down 28 beats per minute

C、gone down 30 beats per minute？

D、gone down 4 beats per minute

3).How many people were in each group？ ()

A、100

B、50

C、25

D、15

4).What did Group A in their program？ They ()every day.

A、stepped up and down on a bench

B、pushed and pulled on exercise handles

C、rode on an Exercycle

D、refrained from any exercise

5).When was pulse taken？ ()

A、After every exercise period

B、Every day

C、Every time the ratio of active riding was increased

D、After the step-test

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第6题

Each of the following events occurred after the reporting date of 31 March 2015, but befor
e the financial statements were authorised for issue.

Which would be treated as a NON-adjusting event under IAS 10 Events After the Reporting Period？

A.A public announcement in April 2015 of a formal plan to discontinue an operation which had been approved by the board in February 2015

B.The settlement of an insurance claim for a loss sustained in December 2014

C.Evidence that $20,000 of goods which were listed as part of the inventory in the statement of financial position as at 31 March 2015 had been stolen

D.A sale of goods in April 2015 which had been held in inventory at 31 March 2015. The sale was made at a price below its carrying amount at 31 March 2015

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第7题

听力原文：At the end of the total accounting period and after all transactions have been jo

听力原文： At the end of the total accounting period and after all transactions have been journalized and posted, the equality of the debit and credit entries is checked by preparing a trial balance. A trial balance is a schedule that lists the titles of the accounts in the general ledger and their debit or credit balances. If the trial balance is in balance, the financial statements can be prepared. If a trial balance does not agree, it implies that an error or errors have been made. The account balances, postings and the journal entries must be checked until the error is found. A trial balance does not prove that all transactions have been recorded or that the ledger is correct. The trial balance may still agree when a transaction is not journalized, a journal entry is not posted, an entry is posted twice, incorrect accounts are used in journalizing or posting, or offsetting errors are made in recording the amount of a transaction.

24. How does the accountant check the equality of the debit and credit entries？

25.What is a trial balance？

26.What is implied if a trial balance does not agree？

(24)

A．By posting all the entries.

B．By preparing a trial balance.

C．By comparing the entries on both sides.

D．By recording all the entries once more.

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第8题

But let no one think that pleasure is immoral. Pleasure in itself is a great good, all ple
asure, but its consequences may be such (31) the sensible person eschews certain varieties of (32) Nor need pleasure be gross and sensual. They are wise in their generation (33) have discovered that intellectual pleasure is the most satisfying and the most enduring. It is well to (34) the habit of reading. There are (35) sports in which you can engage to your own satisfaction after you have passed the prime of life; there are no games except patience, chess problems and crossword puzzles that you can play without someone to play them with you. Reading suffers (36) no such disadvantages; there is no occupation--except perhaps needle-work, but that leaves the restless spirit (37) liberty-- which you can more easily (38) up at any moment, for any period, and more easily put (39) when other calls press upon you; there is no other amusement that can be obtained in these happy days of public liberties and cheap editions at so small a (40) . To acquire the habit of reading is to construct for yourself a refuge from almost all the miseries of life.A.thisB.thatC.theseD.those

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第9题

Text 1 The period of adolescence, i.e., the period between childhood and adulthood, may be

Text 1

The period of adolescence, i.e., the period between childhood and adulthood, may be long or short, depending on social expectations and on society’s definition as to what constitutes maturity and adulthood. In primitive societies adolescence is frequently a relatively short period of time, while in industrial societies with patterns of prolonged education coupled with laws against child labor, the period of adolescence is much longer and may include most of the second decade of one’s life. Furthermore, the length of the adolescent period and the definition of adulthood status may c

hange in a given society as social and economic conditions change. Examples of this type of change are the disappearance of the frontier in the latter part of the nineteenth century in the United States, and more universally, the industrialization of an agricultural society.

In modern society, ceremonies for adolescence have lost their formal recognition and symbolic significance and there no longer is agreement as to what constitutes initiation ceremonies. Social ones have been replaced by a sequence of steps that lead to increased recognition and social status. For example, grade school graduation, high school graduation and college graduation constitute such a sequence, and while each step implies certain behavioral changes and social recognition, the significance of each depends on the socio-economic status and the educational ambition of the i

ndividual. Ceremonies for adolescence have also been replaced by legal definitions of status roles, right, privileges and responsibilities. It is during the nine years from the twelfth birthday to the twenty-first that the protective and restrictive aspects of childhood and minor status are removed and adult privileges and responsibilities are granted. The twelve-year-old is no longer considered a child and has to pay full fare for train, airplane, theater and movie tickets. Basically, the individual at this age

loses childhood privileges without gaining significant adult rights. At the age of sixteen the adolescent is granted certain adult rights which increases his social status by providing him with more freedom and choices. He now can obtain a driver’s license; he can leave public schools; and he can work without the restrictions of child labor laws. At the age of eighteen the law provides adult responsibilities as well as ri

ghts; the young man can now be a soldier, but he also can marry without parental permission. At the age of twenty-one the individual obtains his full legal rights as an adult. He now can vote, he can buy liquor, he can enter into financial contracts, and he is entitled to run for public office. No additional basic rights are acquired as a function of age after majority status has been attained. None of these legal pro

visions determine at what point adulthood has been reached but they do point to the prolonged period of adolescence.

41. The period of adolescence is much longer in industrial societies because ________.

[A] the definition of maturity has changed

[B] the industrialized society is more developed

[C] more education is provided and laws against child labor are made

[D] ceremonies for adolescence have lost their formal recognition and symbolic significance

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第10题

The history of English is conventionally, if perhaps too neatly, divided into three pe
riods usually called Old (or Anglo-Saxon) English, Middle English, and Modern English.The earliest period begins with the migration of certain Germanic tribes from the continent to Britain in the fifth century A.D., though no records of their language survive from before the seventh century, and it continues until the end of the eleventh century or a bit later.By that time, Latin, Old Norse (the language of the Viking invaders), and especially the Anglo-Norman French of the dominant class after the Norman Conquest in 1066 had begun to have a substantial impact on the vocabulary, and the well-developed inflectional(词尾变化的)system that typify the grammar of Old English had began to break down.

The period of Middle English extends roughly from the twelfth century through the fifteenth.The influence of French(and Latin,often by way of French)upon the vocabulary continued throughout the period,the loss of some inflections and the reduction of others accelerate, and many changes took place within the grammatical systems of the language.A typical prose passage, especially one from the later part of the period, will not have such a foreign look to us as the prose of Old English, but it will not be mistaken for contemporary writing either.

The period of Modern English extends from the sixteenth century to our own day.The early part of this period saw the completion of a revolution in vowel distribution that had began in late Middle English and that effectively brought the language to something resembling its present pattern.Other important early developments include the stabilizing effect on spelling of the printing press and the beginning of the direct influence of Latin, and to a lesser extent.Greel pm the vocabulary.Later, as English came into contact with other cultures around the world and distinctive dialects of English developed in the many areas which Britain had colonized, numerous other languages made small but interesting contributions to our word-stock.

1.The earliest writing record of English available to us started_____.

A.from the seventh century

B.from the fifth century

C.from the twelfth century

D.from the ninth century

2.What is the main features of the grammar of Old English？()

A.The influence of Latin

B.A revolution in vowel distribution

C.A well-developed inflectional system

D.Loss of some inflection

3.What can be inferred from the passage？()

A.Even an educated person cannot read old English without special training

B.A person who knows French well can understand old English

C.An educated person can understand old English but cannot pronounce it

D.A person can pronounce old English words but cannot understand them

4.Which of the following is NOT mentioned？()

A.French

B.Latin

C.Greek

D.German

5.What is the most remarkable characteristic of Modern English？()

A.Numerous additions to its vocabulary.

B.Completion of a revolution in vowel distribution.

C.Gradual changes in tis grammatical system.

D.The direct influence of Latin.

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第11题

听力原文：It's no secret that throughout history common stock has outperformed most financi

听力原文： It's no secret that throughout history common stock has outperformed most financial instruments. If an investor plans to have an investment for a long period of time, then their portfolio should be comprised mostly of stocks ; however, investors who don't have this kind of time should diversify their portfolios. For this reason, the concept of "asset allocation" was developed. Asset allocation is an investment portfolio technique that aims to balance risk and create diversification by dividing assets among major categories. The underlying principle of asset allocation is that the older a person gets, the less risk he or she should face. After you retire you may have to depend on your savings as your only source of income.

28. Throughout history, what kind of stock has outperformed most financial instruments？

29.What is the purpose of asset allocation？

30.What is the principle underlying the concept of asset allocation？

(28)

A．preferred stock

B．common stock

C．concept stock

D．cynical stock

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