分类： 特许公认会计师（ACCA）国际认证资格考试

2009年6月特许公认会计师（ACCA）F7考试真题及答案

2 The following trial balance relates to Pricewell at 31 March 2009:
$’000 $’000
Leasehold property – at valuation 31 March 2008 (note (i)) 25,200
Plant and equipment (owned) – at cost (note (i)) 46,800
Plant and equipment (leased) – at cost (note (i)) 20,000
Accumulated depreciation at 31 March 2008
Owned plant and equipment 12,800
Leased plant and equipment 5,000
Finance lease payment (paid on 31 March 2009) (note (i)) 6,000
Obligations under finance lease at 1 April 2008 (note (i)) 15,600
Construction contract (note (ii)) 14,300
Inventory at 31 March 2009 28,200
Trade receivables 33,100
Bank 5,500
Trade payables 33,400
Revenue (note (iii)) 310,000
Cost of sales (note (iii)) 234,500
Distribution costs 19,500
Administrative expenses 27,500
Preference dividend paid (note (iv)) 2,400
Equity dividend paid 8,000
Equity shares of 50 cents each 40,000
6% redeemable preference shares at 31 March 2008 (note (iv)) 41,600
Retained earnings at 31 March 2008 4,900
Current tax (note (v)) 700
Deferred tax (note (v)) 8,400
——– ——–
471,700 471,700
——– ——–

2008年6月、12月特许公认会计师（ACCA）F5考试真题及答案

Performance
Management
Monday 9 June 2008

ALL FOUR questions are compulsory and MUST be attempted
1 Chaff Co processes and sells brown rice. It buys unprocessed rice seeds and then, using a relatively simple process,
removes the outer husk of the rice to produce the brown rice. This means that there is substantial loss of weight in
the process. The market for the purchase of seeds and the sales of brown rice has been, and is expected to be, stable.
Chaff Co uses a variance analysis system to monitor its performance.
There has been some concern about the interpretation of the variances that have been calculated in month 1.
1. The purchasing manager is adamant, despite criticism from the production director, that he has purchased wisely
and saved the company thousands of dollars in purchase costs by buying the required quantity of cheaper seeds
from a new supplier.
2. The production director is upset at being criticised for increasing the wage rates for month 1; he feels the decision
was the right one, considering all the implications of the increase. Morale was poor and he felt he had to do
something about it.
3. The maintenance manager feels that saving $8,000 on fixed overhead has helped the profitability of the
business. He argues that the machines’ annual maintenance can wait for another month without a problem as
the machines have been running well.
The variances for month 1 are as follows:
$
Material price 48,000 (Fav)
Material usage 52,000 (Adv)
Labour rate 15,000 (Adv)
Labour efficiency 18,000 (Fav)
Labour idle time 12,000 (Fav)
Variable overhead expenditure 18,000 (Adv)
Variable overhead efficiency 30,000 (Fav)
Fixed overhead expenditure 8,000 (Fav)
Sales price 85,000 (Adv)
Sales volume 21,000 (Adv)
Fav = Favourable, Adv = Adverse
Chaff Co uses labour hours to absorb the variable overhead.
Required:
(a) Comment on the performance of the purchasing manager, the production director and the maintenance
manager using the variances and other information above and reach a conclusion as to whether or not they
have each performed well
In month 2 the following data applies:
Standard costs for 1 tonne of brown rice
– 1·4 tonnes of rice seeds are needed at a cost of $60 per tonne
– It takes 2 labour hours of work to produce 1 tonne of brown rice and labour is normally paid $18 per hour. Idle
time is expected to be 10% of hours paid; this is not reflected in the rate of $18 above.
– 2 hours of variable overhead at a cost of $30 per hour
– The standard selling price is $240 per tonne
– The standard contribution per tonne is $56 per tonne
Budget information for month 2 is
– Fixed costs were budgeted at $210,000 for the month
– Budgeted production and sales were 8,400 tonnes
The actual results for month 2 were as follows:
Actual production and sales were 8,000 tonnes
– 12,000 tonnes of rice seeds were bought and used, costing $660,000
– 15,800 labour hours were paid for, costing $303,360
– 15,000 labour hours were worked
– Variable production overhead cost $480,000
– Fixed costs were $200,000
– Sales revenue achieved was $1,800,000

2008年6月、12月ACCA F6（United Kingdom）考试真题及答案

Taxation
(United Kingdom)
Monday 2 June 2008

National insurance contributions
(not contracted out rates)
%
Class 1 Employee £1 – £5,225 per year Nil
£5,226 – £34,840 per year 11·0
£34,841 and above per year 11·0
Class 1 Employer £1 – £5,225 per year Nil
£5,226 and above per year 12·8
Class 1A 12·8
Class 2 £2·20 per week
Class 4 £1 – £5,225 per year Nil
£5,226 – £34,840 per year 8·0
£34,841 and above per year 1·0
Rates of interest
ALL FIVE questions are compulsory and MUST be attempted
1 Sam and Kim White are a married couple. Sam is aged 36 and Kim is aged 38. The following information is available
for the tax year 2007-08:
Sam White
(1) Sam is self-employed running a retail clothing shop. His profit and loss account for the year ended 5 April 2008
is as follows:
Note £ £
Gross profit 140,300
Depreciation 7,600
Motor expenses 2 8,800
Patent royalties 3 700
Professional fees 4 1,860
Other expenses 5 71,340
——-
(90,300)
——–
Net profit 50,000
——–
(2) During the year ended 5 April 2008 Sam drove a total of 25,000 miles, of which 5,000 miles were driven when
he visited his suppliers in Europe. The balance of the mileage is 25% for private journeys and 75% for business
journeys in the United Kingdom.
(3) During the year ended 5 April 2008 Sam paid patent royalties of £700 (gross) in respect of specialised
technology that he uses when altering clothes for customers.
(4) The figure for professional fees consists of £1,050 for legal fees in connection with an action brought against a
supplier for breach of contract and £810 for accountancy. Included in the figure for accountancy is £320 in
respect of personal capital gains tax advice for the tax year 2006-07.
(5) The figure for other expenses of £71,340 includes £560 for gifts to customers of food hampers costing £35 each
and £420 for gifts to customers of pens carrying an advertisement for the clothing shop costing £60 each.
(6) Sam uses one of the eight rooms in the couple’s private house as an office for when he works at home. Th
running costs of the house for the year ended 5 April 2008 were £5,120. This cost is not included in th
and loss account expenses of £90,300.
(7) Sam uses his private telephone to make business telephone calls. The total cost of the private telephone
year ended 5 April 2008 was £1,600, and 25% of this related to business telephone calls. The cost of the
telephone is not included in the profit and loss account expenses of £90,300.
(8) During the year ended 5 April 2008 Sam took goods out of the clothing shop for his personal use without
for them and no entry has been made in the accounts to record this. The goods cost £820, and had a
price of £1,480.
(9) The tax written down values for capital allowance purposes at 6 April 2007 were as follows:
£
General pool 14,800
Expensive motor car 20,200
The expensive motor car is used by Sam.
Kim White

2008年6月、12月ACCA F7（International）考试真题及答案

Financial Reporting
(International)
Tuesday 9 December 2008

ALL FIVE questions are compulsory and MUST be attempted
1 On 1 April 2008, Pedantic acquired 60% of the equity share capital of Sophistic in a share exchange of two shares
in Pedantic for three shares in Sophistic. The issue of shares has not yet been recorded by Pedantic. At the date of
acquisition shares in Pedantic had a market value of $6 each. Below are the summarised draft financial statements
of both companies.
Income statements for the year ended 30 September 2008
Pedantic Sophistic
$’000 $’000
Revenue 85,000 42,000
Cost of sales (63,000) (32,000)
——– ——–
Gross profit 22,000 10,000
Distribution costs (2,000) (2,000)
Administrative expenses (6,000) (3,200)
Finance costs (300) (400)
——– ——–
Profit before tax 13,700 4,400
Income tax expense (4,700) (1,400)
——– ——–
Profit for the year 9,000 3,000
——– ——–
Statements of financial position as at 30 September 2008
Assets
Non-current assets
Property, plant and equipment 40,600 12,600
Current assets 16,000 6,600
——– ——–
Total assets 56,600 19,200
Equity and liabilities
Equity shares of $1 each 10,000 4,000
Retained earnings 35,400 6,500
——– ——–
45,400 10,500
Non-current liabilities
10% loan notes 3,000 4,000
Current liabilities 8,200 4,700
——– ——–
Total equity and liabilities 56,600 19,200
——– ——–
The following information is relevant:
(i) At the date of acquisition, the fair values of Sophistic’s assets were equal to their carrying amounts with the
exception of an item of plant, which had a fair value of $2 million in excess of its carrying amount. It had a
remaining life of five years at that date [straight-line depreciation is used]. Sophistic has not adjusted the carrying
amount of its plant as a result of the fair value exercise.
(ii) Sales from Sophistic to Pedantic in the post acquisition period were $8 million. Sophistic made a mark up on
cost of 40% on these sales. Pedantic had sold $5·2 million (at cost to Pedantic) of these goods by 30 September
2008.
(iii) Other than where indicated, income statement items are deemed to accrue evenly on a time basis.
(iv) Sophistic’s trade receivables at 30 September 2008 include $600,000 due from Pedantic which did not agree
with Pedantic’s corresponding trade payable. This was due to cash in transit of $200,000 from Pedantic to
Sophistic. Both companies have positive bank balances.
(v) Pedantic has a policy of accounting for any non-controlling interest at fair value. For this purpose the fair value
of the goodwill attributable to the non-controlling interest in Sophistic is $1·5 million. Consolidated goodwill was
not impaired at 30 September 2008.

2008年6月、12月特许公认会计师（ACCA）F8（International）考试真题及答案

Audit and Assurance
(International)
Wednesday 4 June 2008

3 (a) With reference to ISA 520 Analytical Procedures explain
(i) what is meant by the term ‘analytical procedures’; (2 marks)
(ii) the different types of analytical procedures available to the auditor; and (3 marks)
(iii) the situations in the audit when analytical procedures can be used. (3 marks)
Zak Co sells garden sheds and furniture from 15 retail outlets. Sales are made to individuals, with income being in
the form of cash and debit cards. All items purchased are delivered to the customer using Zak’s own delivery vans;
most sheds are too big for individuals to transport in their own motor vehicles. The directors of Zak indicate that the
company has had a difficult year, but are pleased to present some acceptable results to the members.
The income statements for the last two financial years are shown below:
Income statement
31 March 2008 31 March 2007
$000 $000
Revenue 7,482 6,364
Cost of sales (3,520) (4,253)
—— ——
Gross profit 3,962 2,111
Operating expenses
Administration (1,235) (1,320)
Selling and distribution (981) (689)
Interest payable (101) (105)
Investment income 145 –
—— ——
Profit/(loss) before tax 1,790 (3)
—— —— —— ——
Financial statement extract
—— ——
Required:
(b) As part of your risk assessment procedures for Zak Co, identify and provide a possible explanation for unusual
changes in the income statement. (9 marks)
(c) Confirmation of the end of year bank balances is an important audit procedure.
Required:
Explain the procedures necessary to obtain a bank confirmation letter from Zak Co’s bank. (3 marks)
(20 marks)

2008年6月、12月ACCA F9考试真题及答案

Financial Management
Thursday 4 December 2008

ALL FOUR questions are compulsory and MUST be attempted
1 Dartig Co is a stock-market listed company that manufactures consumer products and it is planning to expand its
existing business. The investment cost of $5 million will be met by a 1 for 4 rights issue. The current share price of
Dartig Co is $2·50 per share and the rights issue price will be at a 20% discount to this. The finance director of Dartig
Co expects that the expansion of existing business will allow the average growth rate of earnings per share over the
last four years to be maintained into the foreseeable future.
The earnings per share and dividends paid by Dartig over the last four years are as follows:
2003 2004 2005 2006 2007
Earnings per share (cents) 27·7 29·0 29·0 30·2 32·4
Dividend per share (cents) 12·8 13·5 13·5 14·5 15·0
Dartig Co has a cost of equity of 10%. The price/earnings ratio of Dartig Co has been approximately constant in recent
years. Ignore issue costs.
Required:
(a) Calculate the theoretical ex rights price per share prior to investing in the proposed business expansion.
(3 marks)
(b) Calculate the expected share price following the proposed business expansion using the price/earnings ratio
method. (3 marks)
(c) Discuss whether the proposed business expansion is an acceptable use of the finance raised by the rights
issue, and evaluate the expected effect on the wealth of the shareholders of Dartig Co. (5 marks)
(d) Using the information provided, calculate the ex div share price predicted by the dividend growth model and
discuss briefly why this share price differs from the current market price of Dartig Co. (6 marks)
2 The following financial information related to Gorwa Co:
2007 2006
$000 $000
Sales (all on credit) 37,400 26,720
Cost of sales 34,408 23,781
——- ——-
Operating profit 2,992 2,939
Finance costs (interest payments) 355 274
——- ——-
Profit before taxation 2,637 2,665
——- ——-
2007 2006
$000 $000 $000 $000
Non-current assets 13,632 12,750
Current assets
Inventory 4,600 2,400
Trade receivables 4,600 2,200
—— ——
9,200 4,600
Current liabilities

2008年6月、12月ACCA P1考试真题及答案

Professional
Accountant
Monday 8 December 2008

Section A – This ONE question is compulsory and MUST be attempted
1 The scientists in the research laboratories of Swan Hill Company (SHC, a public listed company) recently made a very
important discovery about the process that manufactured its major product. The scientific director, Dr Sonja Rainbow,
informed the board that the breakthrough was called the ‘sink method’. She explained that the sink method would
enable SHC to produce its major product at a lower unit cost and in much higher volumes than the current process.
It would also produce lower unit environmental emissions and would substantially improve product quality compared
to its current process and indeed compared to all of the other competitors in the industry.
SHC currently has 30% of the global market with its nearest competitor having 25% and the other twelve producers
sharing the remainder. The company, based in the town of Swan Hill, has a paternalistic management approach and
has always valued its relationship with the local community. Its website says that SHC has always sought to maximise
the benefit to the workforce and community in all of its business decisions and feels a great sense of loyalty to the
Swan Hill locality which is where it started in 1900 and has been based ever since.
As the board considered the implications of the discovery of the sink method, chief executive Nelson Cobar asked
whether Sonja Rainbow was certain that SHC was the only company in the industry that had made the discovery and
she said that she was. She also said that she was certain that the competitors were ‘some years’ behind SHC in their
research.
It quickly became clear that the discovery of the sink method was so important and far reaching that it had the
potential to give SHC an unassailable competitive advantage in its industry. Chief executive Nelson Cobar told board
colleagues that they should clearly understand that the discovery had the potential to put all of SHC’s competitors out
of business and make SHC the single global supplier. He said that as the board considered the options, members
should bear in mind the seriousness of the implications upon the rest of the industry.
Mr Cobar said there were two strategic options. Option one was to press ahead with the huge investment of new plant
necessary to introduce the sink method into the factory whilst, as far as possible, keeping the nature of the sink
technology secret from competitors (the ‘secrecy option’). A patent disclosing the nature of the technology would not
be filed so as to keep the technology secret within SHC. Option two was to file a patent and then offer the use of the
discovery to competitors under a licensing arrangement where SHC would receive substantial royalties for the twenty-
year legal lifetime of the patent (the ‘licensing option’). This would also involve new investment but at a slower pace
in line with competitors. The licence contract would, Mr Cobar explained, include an ‘improvement sharing’
requirement where licensees would be required to inform SHC of any improvements discovered that made the sink
method more efficient or effective.
Required:
(a) Assess the secrecy option using Tucker’s model for decision-making. (10 marks)
(b) Distinguish between strategic and operational risks, and explain why the secrecy option would be a source
of strategic risk. (10 marks)
(c) Mr Cobar, the chief executive of SHC, has decided to draft two alternative statements to explain both possible
outcomes of the secrecy/licensing decision to shareholders. Once the board has decided which one to pursue,
the relevant draft will be included in a voluntary section of the next corporate annual report.
Required:
(i) Draft a statement in the event that the board chooses the secrecy option. It should make a convincing
business case and put forward ethical arguments for the secrecy option. The ethical arguments should
be made from the stockholder (or pristine capitalist) perspective. (8 marks)

2008年6月、12月ACCA P2（International）考试真题及答案

Corporate Reporting
(International)

(ii) The retirement benefit liability is shown as a long-term provision in the Statement of Financial Position and
comprises the following:
$m
Liability at 1 December 2007 96
Expense for period 10
Contributions to scheme (paid) (10)
Actuarial losses 4
—-
Liability at 30 November 2008 100
—-
Warrburt recognises actuarial gains and losses in the statement of comprehensive income in the period in which
they occur. The benefits paid in the period by the trustees of the scheme were $3 million. There is no tax impact
with regards to the retirement benefit liability.
(iii) The property, plant and equipment (PPE) in the Statement of Financial Position comprises the following:
$m
Carrying value at 1 December 2007 360
Additions at cost 78
Gains on property revaluation 4
Disposals (56)
Depreciation (36)
—-
Carrying value at 30 November 2008 350
—-
Plant and machinery with a carrying value of $1 million had been destroyed by fire in the year. The asset was
replaced by the insurance company with new plant and machinery which was valued at $3 million. The
machines were acquired directly by the insurance company and no cash payment was made to Warrburt. The
company included the net gain on this transaction in ‘additions at cost’ and ‘other income’.
The disposal proceeds were $63 million. The gain on disposal is included in administrative expenses. Deferred
tax of $2 million has been deducted in arriving at the ‘gains on property revaluation’ figure in ‘other
comprehensive income’.
The remaining additions of PPE comprised imported plant and equipment from an overseas supplier on 30 June

2008年6月、12月特许公认会计师（ACCA）P3考试真题及答案

Business Analysis
Wednesday 11 June 2008

Section A – This ONE question is compulsory and MUST be attempted
The following information should be used when answering question 1.
1 Introduction
AutoFone was established almost twenty years ago at the beginning of the mobile telephone boom. It was formed by
a dynamic Chief Executive Officer (CEO) who still remains a major shareholder of the company.
AutoFone brought two new concepts to the market. Firstly, it established retail shops where customers could go and
handle the products and discuss mobile phone options with trained sales people. Before AutoFone, all mobile
telephones were sold through the customer directly contacting the telephone network provider (like conventional home
land line services) and were generally aimed at business rather than leisure users. Secondly, AutoFone sold products
and services from all the four major network providers licensed by the government to provide telecommunications
services in the country. Previously, customers could only choose products and services from within one network
provider’s range. AutoFone allowed customers to choose products and services across the range of the four providers
and reflected this in the company’s motto ‘ethical advice: the customer’s choice’.
In 1990, AutoFone signed a thirty-year supply contract with each provider. Although, in retrospect, these deals were
on commercially favourable terms for AutoFone, the network providers were happy to agree these deals because none
of them believed that mobile telephones could be successfully sold through retail shops. However, speaking in 2003,
the managing director of one of the networks suggested ‘that AutoFone had got away with incredible profit margins’
when they signed the deals in 1990. The four network providers themselves had re-signed twenty-five year licence
deals with the government in 1995. Under the terms of these deals, licences will be restricted to the four current
providers until their renewal date of 2020.
Retail shops Division
AutoFone currently has 415 shops around the country. To reduce costs most shops are on the edge of (but not in)
the main shopping area of the town they serve. It is usual for AutoFone to sign a fifty-year shop lease in return for
low initial annual rental and a rent-free period at the start of the lease while the company fits out the shop to reflect
AutoFone’s corporate image. In 1997, AutoFone floated on the country’s stock market to assist the funding of further
shops and so continue its organic growth. The national coverage of its shops, the publicity generated by its CEO and
a successful television advertising campaign culminated, in 2005, with it being rated by consumers as one of the top
20 brands in the country.
The CEO of AutoFone established the retail shops along, in his words, ‘entrepreneurial lines’. He regards each shop

2008年6月、12月ACCA P4考试真题及答案

Advanced Financial
Management
Thursday 4 December 2008

Section A – BOTH questions are compulsory and MUST be attempted
1 It is now 1 December 2008. You have been hired as a financial consultant to the Blipton International Entertainment
Group which is evaluating a proposal from its hotel division to build a 400 bedroom hotel in the East End of London.
This area has developed rapidly over the last 15 years and the prospects have been further enhanced by the
announcement that London is to host the 2012 Olympics. Blipton is based in Dubai and both reports and accounts
for all its transactions in dollars. The current dollar/sterling spot rate is $1·4925/£. The operating costs for the hotel
are expected to be £30 per occupied room per day (variable) and a fixed cost of £1·7 million per annum expressed
in current prices. The proportion of bedrooms occupied, on the basis of opening for 365 days a year, is expected to
be as follows:
Year ended occupancy
31 December 2009 construction
31 December 2010 40%
31 December 2011 50%
31 December 2012 90%
31 December 2013 60%
31 December 2014 60%
UK inflation is currently projected by the Bank of England as 2·5% per annum and inflation in the United States is
4·8% per annum. These rates are expected to be constant over the term of the project. Blipton’s real cost of capital
is 4·2%. UK hotel property values within the London area are expected to rise in real terms by 8% per annum.
The construction cost for this hotel is estimated to be £6·2 million and it will be built over the 12 months to
31 December 2009. As part of the UK’s Olympic Development Plan, a 50% first year capital allowance is available
for tax purposes on building projects related to the Games. The balance of the capital expenditure can be claimed in
equal instalments over the following three years. UK profit tax is 30% and is levied and paid on profits in the year
they arise. There is no additional tax liability on remittance to or from Dubai. The company has sufficient UK profits
on its other activities to absorb the capital allowances on this project.
In making investment decisions of this type the company operates the following procedure:
1. All cash flows including construction costs are assumed to arise at the end of the year concerned and are to be
projected in nominal (money) terms over the six year period.
2. The residual value of the investment at the end of six years is assumed to be the open market value of the
property less a charge for repairs and renewals.
3. The charge for repairs and renewals is expected to be £1·2 million in current prices payable on disposal.
4. The net present value of the project should be based upon a 100% remittance of net cash flows to Dubai and
should be calculated in dollars.
5. Average room rates are set at the level required to recover variable cost plus 100%.
Required:
Prepare a report for management to include the following:
(a) A six year nominal dollar projection of the after tax cash flow for this project distinguishing between cash
flows arising from its investment phase and those arising from its return phase. (12 marks
(b) An estimate of the project’s dollar net present value and the modified internal rate of return.