分类： ACCA特许公认会计师考试题库

ACCA F1历年考试真题及答案大全（2002年-2007年）

Section A – This ONE question is compulsory and MUST be attempted
1 Flavours Fine Foods is a leading producer for the food industry, supplying many of Europe’s leading restaurants.
Started just five years ago by brothers Lee and Alan Jones, the organisation has grown from a small company
employing five people to a multi-divisional organisation employing 120 people.
The organisation’s production facility is divided into three separate departments. Each department has a single
manager with supervisors assisting on the production lines. The managers and supervisors, all of whom are aware of
their roles, work well together. However, although the organisation has grown, the owners continue to involve
themselves in day to day activities and this has led to friction between the owners, managers and supervisors.
As a result a problem arose last week. Alan Jones instructed a supervisor to repair a machine on the shop floor, which
he refused to do without confirmation and instruction from his departmental manager. The supervisor’s manager,
Dean Watkins, became involved and was annoyed at what he saw as interference in his department’s activities. Dean
told Alan Jones that he “should have come to me first” because although the responsibility for the overall organisation
was a matter for the brothers, action taken in the factory was his through powers that had been delegated to him and
through his authority, as manager. In the argument that followed, Alan Jones was accused of failing to understand
the way that the hierarchy in such a large organisation operates and that interference with operational decisions by
senior management was not helpful.
As a consequence of this, Alan Jones has asked you to explain to him and his brother the issues behind the dispute
to clarify the roles of managers and supervisors and to indicate how and why successful delegation might be achieved.
Required:
(a) Explain to Alan Jones the main differences between the work of a manager and that of a supervisor.
(13 marks)
(b) Explain in the context of Flavours Fine Foods, what is meant by:
(i) responsibility; (4 marks)
(ii) authority; (3 marks)
(iii) delegation. (3 marks)
(c) To correct the problems at Flavours Fine Foods, explain to Alan Jones:
(i) the need for delegation; (3 marks)
(ii) how effective delegation might be achieved; (6 marks)
(iii) problems with delegation; (4 marks)
(iv) how these problems might be overcome. (4 marks)
(40 marks)

Section B – FOUR questions ONLY to be attempted
2 The activities of an organisation have to be managed and co-ordinated to ensure that its objectives are met. The
organisation’s structure is designed to support this.
Required:
(a) What is meant by the term ‘organisational structure,’ often shown as an organisation chart? (5 marks)
(b) Explain Mintzberg’s five organisational components. (10 marks)
(15 marks)
3 Organisations need to recruit new employees. An important step in the process is the selection interview.
Required:
(a) Explain the purpose of the selection interview. (4 marks)
(b) Explain the advantages and the disadvantages of:
(i) the face to face interview between two people; (6 marks)
(ii) the panel interview with more than one interviewer. (5 marks)
(15 marks)
4 All organisations require trained employees. However, training can take many forms, some of which are internal to
the organisation.
Required:
Explain what is meant by the terms:
(a) Computer based training. (3 marks)
(b) Coaching. (3 marks)
(c) Mentoring. (3 marks)
(d) Job rotation. (3 marks)
(e) Job instruction.

ACCA P2（International）历年考试真题及答案大全（2002年-2008年）

包含（2002年-2008年）ACCA P2（International）历年考试真题及答案，文件列表如下：
Dec-2002.PDF、Dec-2003.PDF、Dec-2004.PDF、Dec-2005.PDF、Dec-2006.PDF、Dec-2007.PDF、Dec-2008.PDF；
June-2003.PDF、June-2004.PDF、June-2005.PDF、June-2006.PDF、June-2007.PDF、June-2008.PDF；

Advanced Corporate
Reporting
(International Stream)

PART 3
TUESDAY 12 JUNE 2007

QUESTION PAPER
Time allowed 3 hours
This paper is divided into two sections
Section A This ONE question is compulsory and MUST be
answered
Section B THREE questions ONLY to be answered

Section A – This ONE question is compulsory and MUST be attempted
1 The following draft balance sheets relate to Glove, Body and Fit, all public limited companies, as at 31 May 2007:
Glove Body Fit
$m $m $m
Assets
Non-current assets:
Property, plant and equipment 260 20 26
Investment in Body 60
Investment in Fit 30
Available for sale investments 10
Current assets 65 29 20
—— -— -—
Total assets 395 79 46
—— -— -—
Ordinary shares 150 40 20
Other reserves 30 5 8
Retained earnings 135 25 10
—— -— -—
Total equity 315 70 38
—— -— -—
Non-current liabilities 45 2 3
Current liabilities 35 7 5
—— -— -—
Total liabilities 80 9 8
—— -— -—
—— -— -—
Total equity and liabilities 395 79 46
—— -— -—
The following information is relevant to the preparation of the group financial statements:
(i) Glove acquired 80% of the ordinary shares of Body on 1 June 2005 when Body’s other reserves were $4 million
and retained earnings were $10 million. The fair value of the net assets of Body was $60 million at 1 June 2005.
Body acquired 70% of the ordinary shares of Fit on 1 June 2005 when the other reserves of Fit were $8 million
and retained earnings were $6 million. The fair value of the net assets of Fit at that date was $39 million. The
excess of the fair value over the net assets of Body and Fit is due to an increase in the value of non-depreciable
land of the companies. There have been no issues of ordinary shares in the group since 1 June 2005.
(ii) Body owns several trade names which are highly regarded in the market place. Body has invested a significant
amount in marketing these trade names and has expensed the costs. None of the trade names has been acquired
externally and, therefore, the costs have not been capitalised in the balance sheet of Body. On the acquisition of
Body by Glove, a firm of valuation experts valued the trade names at $5 million and this valuation had been
taken into account by Glove when offering $60 million for the investment in Body. The valuation of the trade
names is not included in the fair value of the net assets of Body above. Group policy is to amortise intangible
assets over ten years.
(iii) On 1 June 2005, Glove introduced a new defined benefit retirement plan. At 1 June 2005, there were no
unrecognised actuarial gains and losses. The following information relates to the retirement plan:
$m $m
31 May 2006 31 May 2007
Unrecognised actuarial losses to date 3 5
Present value of obligation 20 26
Fair value of plan assets 16 20
The expected average remaining working lives of the employees in the plan is ten years at 31 May 2006 and
31 May 2007. Glove wishes to defer actuarial gains and losses by using the ‘corridor’ approach. The defined
benefit liability is included in non-current liabilities.

ACCA P2（United Kingdom）历年试题大全（2002年-2008年）

包含（2002年-2008年）ACCA P2（United Kingdom）历年考试真题及答案，文件列表如下：
Dec-2002.PDF、Dec-2003.PDF、Dec-2004.PDF、Dec-2005.PDF、Dec-2006.PDF、Dec-2007.PDF、Dec-2008.PDF；
June-2003.PDF、June-2004.PDF、June-2005.PDF、June-2006.PDF、June-2007.PDF、June-2008.PDF；

Corporate Reporting
(United Kingdom)
Tuesday 10 June 2008

Section A – This ONE question is compulsory and MUST be attempted
1 The following draft balance sheets relate to Ribby, Hall, and Zian, all public limited companies, as at 31 May 2008:
Ribby Hall Zian
￡m ￡m Dinars m
Fixed Assets
Tangible assets 250 120 360
Investment in Hall 98 – –
Investment in Zian 30 – –
Financial assets 10 5 148
—- —- —-
388 125 508
—- —- —-
Current assets 22 17 120
Creditors: amounts falling due within one year (110) (7) (72)
—- —- —-
Net current assets/liabilities (88) 10 48
—- —- —-
Total assets less current liabilities 300 135 556
Creditors: amounts falling due more than one year (90) (5) (48)
—- —- —-
Net assets 210 130 508
—- —- —-
Ordinary shares 60 40 209
Other reserves 30 10 –
Profit and loss reserve 120 80 299
—- —- —-
Capital employed 210 130 508
—- —- —-
The following information needs to be taken account of in the preparation of the group financial statements of Ribby:
(i) Ribby acquired 70% of the ordinary shares of Hall on 1 June 2006 when Hall’s other reserves were ￡10 million
and the profit and loss reserve was ￡60 million. The fair value of the net assets of Hall was ￡120 million at the
date of acquisition. Ribby acquired 60% of the ordinary shares of Zian for 330 million dinars on 1 June 2006
when Zian’s profit and loss reserve was 220 million dinars. The fair value of the net assets of Zian on 1 June
2006 was 495 million dinars. The excess of the fair value over the net assets of Hall and Zian is due to an
increase in the value of non-depreciable land. There have been no issues of ordinary shares since acquisition
and goodwill has been impairment tested annually for both Hall and Zian and has not been impaired. Accepted
group policy is non-amortisation of goodwill under the ‘true and fair view override’ provisions of company law.
(ii) Zian is located in a foreign country and imports its raw materials at a price which is normally denominated in
pounds sterling. The product is sold locally at selling prices denominated in dinars, and determined by local
competition. All selling and operating expenses are incurred locally and paid in dinars. Distribution of profits is
determined by the parent company, Ribby. Zian has financed part of its operations through a ￡4 million loan
from Hall which was raised on 1 June 2007. This is included in the financial assets of Hall and the figure for
creditors: amounts falling due more than one year of Zian. Zian’s management have a considerable degree of
authority and autonomy in carrying out the operations of Zian and other than the loan from Hall, are not
dependent upon group companies for finance.
(iii) Ribby has a building which it purchased on 1 June 2007 for 40 million dinars and which is located overseas.
The building is carried at cost and has been depreciated on the straight-line basis over its useful life of 20 years.
At 31 May 2008, as a result of an impairment review, the recoverable amount of the building was estimated to
be 36 million dinars.
(iv) Ribby has a long-term loan of ￡10 million which is owed to a third party bank. At 31 May 2008, Ribby decided
that it would repay the loan early on 1 July 2008 and formally agreed this repayment with the bank prior to the
year end. The agreement sets out that there will be an early repayment penalty of ￡1 million.
(v) The directors of Ribby announced on 1 June 2007 that a bonus of ￡6 million would be paid to the employees
of Ribby if they achieved a certain target production level by 31 May 2008. The bonus is to be paid partly in
cash and partly in share options. Half of the bonus will be paid in cash on 30 November 2008 whether or not

(vi) Ribby operates a defined benefit pension plan that provides a pension of 1·2% of the final salary for each year
of service, subject to a minimum of four years service. On 1 June 2007, Ribby improved the pension entitlement
so that employees receive 1·4% of their final salary for each year of service. This improvement applied to all prior
years service of the employees. As a result the present value of the defined benefit obligation on 1 June 2007
increased by ￡4 million as follows:
￡m
Employees with more than four years service 3
Employees with less than four years service (average service of two years) 1
—
4
—
Ribby had not accounted for the improvement in the pension plan.

ACCA P3历年考题及答案大全（2002年-2008年）

包含（2002年-2008年）ACCA P3历年考试真题及答案，文件列表如下：
Dec-2002.PDF、Dec-2003.PDF、Dec-2004.PDF、Dec-2005.PDF、Dec-2006.PDF、Dec-2007.PDF、Dec-2008.PDF；
June-2003.PDF、June-2004.PDF、June-2005.PDF、June-2006.PDF、June-2007.PDF、June-2008.PDF；

Strategic Business
Planning and
Development

PART 3
MONDAY 11 JUNE 2007

QUESTION PAPER
Time allowed 3 hours
This paper is divided into two sections
Section A This ONE question is compulsory and MUST be
answered
Section B TWO questions ONLY to be answered

Section A – This ONE question is compulsory and MUST be attempted
1 Introduction
Bonar Paint is a medium-sized paint manufacturer set up by two brothers, Jim and Bill Bonar. Turnover has been
static for some years and both brothers are now wanting to retire from the business. The brothers have created a loyal
workforce and feel that this loyalty will be strengthened if they sell the business to the three senior managers: Roy
Crawford, production manager; Tony Edmunds, sales and marketing manager and Vernon Smith, chief accountant.
The three managers recognise that this is a major opportunity for them to change the direction and growth of the
company, but one that will involve the raising of significant loan and equity finance to buy the business. Equally
significant are the equity stakes of ￡100,000 from each of them, which the banks will require to show the senior
managers’ personal commitment.
Company product range and processes
Bonar Paint makes high quality specialist paints for a range of industrial customers. Its major customers include car
manufacturers, steel makers and the oil companies investing heavily in offshore oil rigs. Bonar Paint also supplies
many smaller industrial customers. Raw materials are sourced from large chemical companies. Jim Bonar has the
necessary chemical expertise and Bill has the complementary sales skills to meet the specialised paint needs of their
demanding customers. Bonar Paint has a good reputation for product innovation and its product range of over 200
paints include paints able to tolerate harsh and demanding conditions. The small research and development team,
headed by Jim, has an excellent track record of meeting the technical demands and timescales for developing new
high performance paints. New paints are normally developed in response to customer demand and, consequently,
there is no formal process for new product development. Replacing Jim’s technical skills and leadership will
undoubtedly create problems for the senior management buyout team. Jim and Bill have taken all the key strategic
decisions to date with little reference to the senior management team.
Bonar Paint’s product innovation success has come at a price. Its product range is far too extensive to sustain with
the majority of the paints produced infrequently and in small batches. As a consequence customers often experience
long lead times when ordering a particular paint. This results in higher than necessary stock levels, much of which
is unlikely to be bought. Paints are supplied directly to each and every customer. Unfortunately, its management
information systems fail to show the profitability or otherwise of individual paints and the future demand for the paint.
There is little communication between sales and the research and development part of the business. Roy Crawford
has consistently argued for the benefits of reducing the product range and increasing the size of the batches produced.
Such a policy would give him more control over production, and lower costs. Higher volumes would also justify
investment in new production technology, which would bring labour savings with fewer and less skilled workers
needed to operate the new machinery. There has been little recent investment in new plant or machinery. Simplifying
the product range would also improve quality and reduce expensive warranty claims when paints fail to perform in a
hostile environment. Such claims require extensive investigation to determine where the responsibility lies.
Competitive environment
Tony Edmunds, as sales and marketing manager, is very resistant to any attempt to reduce the product range. Such
a move, he feels, would upset customers and lead to their defection to competitors. The UK paint industry is very
fragmented – at the top end of the industry are large international paint manufacturers with significant brands and
supplying both industrial and domestic paint customers. They produce in high volumes and offer a comprehensive
but limited range of paints. At the bottom end of the industry are many small and medium-sized paint makers. Many
have chosen to produce own label paints of the large Do-It-Yourself (DIY) retailers. Specialist paint makers, such as
Bonar Paint, are finding it increasingly difficult to survive with neither the sales volumes nor brands to compete with
their larger competitors. The industry as a whole is seen as mature and lacking in innovation. There is increased
environmental concern about the toxic by-products of lead-based paints and the development of less toxic water-based
paints is only slowly emerging. Even more worrying is the increased usage of plastics and other materials, which do
not require painting. The DIY market is dominated by the same large international paint makers and the market for
industrial paint is vulnerable to the usage of alternative materials and entry into the UK market by large European
paint makers.

ACCA P4历年试题大全（2002年-2008年）

包含（2002年-2008年）ACCA P4历年考试真题及答案，文件列表如下：
Dec-2002.PDF、Dec-2003.PDF、Dec-2004.PDF、Dec-2005.PDF、Dec-2006.PDF、Dec-2007.PDF、Dec-2008.PDF；
June-2003.PDF、June-2004.PDF、June-2005.PDF、June-2006.PDF、June-2007.PDF、June-2008.PDF；

Advanced Financial
Management
Thursday 5 June 2008

Time allowed
Reading and planning: 15 minutes
Writing: 3 hours
This paper is divided into two sections:
Section A – BOTH questions are compulsory and MUST be attempted
Section B – TWO questions ONLY to be attempted
Formulae tables are on pages 11-15.

2 Venus Systems, a publicly quoted company, is a specialist manufacturer of mechanical control units for both the
defence and civil aviation industries. Its principal customers are the defence procurement agencies of a number of
western governments and European Aerospace Co, an aeroplane manufacturer. Over recent years the company has
suffered a collapse in profitability and has attempted to respond by reducing its defence related business and focusing
on its civil aviation business.
On the civil side, long delays at European Aerospace Co in the development of a new large-bodied passenger
aeroplane, the European Aircoach, have severely impacted upon suppliers such as Venus Systems. As a result Venus’s
share price has declined over the last three years, in line with movements in the sector index. However, market
valuations have not followed the general decline in earnings across the sector. Market analysts attribute this to the
high level of advance orders by airlines for the Aircoach and the confident expectation that full production will
commence in mid 2009.
Orders for defence components have fallen rapidly over the last three years and the company has taken the decision
to scale down its defence division and switch production resources to the civil side of the business. Wherever possible
the company has redeployed and retrained its workforce. Indeed, its commitment to its workforce has helped maintain
good industrial relations and the redeployment has been successfully matched against its natural labour turnover in
the civil division.
During 2007 the company commenced the decommissioning of its defence manufacturing site and began
rationalising both defence and civil production to one site.
The summary financial statements for the company over the last three years are as follows:
Venus Systems
Accounts for the year ended 30 April:
2008 2007 2006
$m $m $m
Income statements
Revenue 72·6 88·2 90·0
Cost of Sales 44·0 50·5 58·0
—— —— ——
Gross Profit 28·6 37·7 32·0
less other operating costs 27·0 25·2 24·0
—— —— ——
Operating profit 1·6 12·5 8·0
Finance Costs 1·4 1·4 2·5
—— —— ——
Profit before tax 0·2 11·1 5·5
Income tax expense (at 30%) 0·1 3·3 1·7
—— —— ——
Profit for the period 0·1 7·8 3·8
———— ———— ————
Summary statements of cash flows 2008 2007 2006
$m $m $m
Operating cash flow -4·0 25·4 35·0
less interest -1·4 -2·5 -2·5
less taxation -3·3 -1·7 -6·5
—— —— ——
Free cash flow before reinvestment -8·7 21·2 26·0
Dividend paid 0·0 -5·0 -12·0
Capital expenditure 10·0 25·0 -30·0
Financing 0·0 -13·0 0·0
—— —— ——
Net cash flow 1·3 28·2 -16·0
———— ———— ————
Market value of equity ($ million) 40·0 97·0 105·0
The board believes that it can reverse the decline in the company’s profitability with the following turnaround strategy:
1. By cost saving and other measures, it can return to its 2007 level of operating profit on its existing business.
2. By investment in new fabrication equipment at a cost of $35 million, it can increase the value of the company
by $20·2 million.
3. Through the introduction of just-in-time manufacturing systems, it anticipates that it can reduce its inventories
by 10 days in each of the next three years. Its current receivables can be brought back to the 2007 level by
improvements in its credit control but, because of the nature of its business, it does not anticipate being able to
improve beyond that.

ACCA P5历年试题大全（2002年-2008年）

包含（2002年-2008年）ACCA P5历年考试真题及答案，文件列表如下：
Dec-2002.PDF、Dec-2003.PDF、Dec-2004.PDF、Dec-2005.PDF、Dec-2006.PDF、Dec-2007.PDF、Dec-2008.PDF；
June-2003.PDF、June-2004.PDF、June-2005.PDF、June-2006.PDF、June-2007.PDF、June-2008.PDF；

Advanced Performance
Management
Friday 6 June 2008

2 The Rubber Group (TRG) manufactures and sells a number of rubber-based products. Its strategic focus is channelled
through profit centres which sell products transferred from production divisions that are operated as cost centres. The
profit centres are the primary value-adding part of the business, where commercial profit centre managers are
responsible for the generation of a contribution margin sufficient to earn the target return of TRG. The target return is
calculated after allowing for the sum of the agreed budgeted cost of production at production divisions, plus the cost
of marketing, selling and distribution costs and central services costs.
The Bettamould Division is part of TRG and manufactures moulded products that it transfers to profit centres at an
agreed cost per tonne. The agreed cost per tonne is set following discussion between management of the Bettamould
Division and senior management of TRG.
The following information relates to the agreed budget for the Bettamould Division for the year ending 30 June 2009:
(1) The budgeted output of moulded products to be transferred to profit centres is 100,000 tonnes. The budgeted
transfer cost has been agreed on a two-part basis as follows:
(i) A standard variable cost of $200 per tonne of moulded products;
(ii) A lump sum annual charge of $50,000,000 in respect of fixed costs, which is charged to profit centres, at
$500 per tonne of moulded products.
(2) Budgeted standard variable costs (as quoted in 1 above) have been set after incorporating each of the following:
(i) A provision in respect of processing losses amounting to 15% of material inputs. Materials are sourced on
a JIT basis from chosen suppliers who have been used for some years. It is felt that the 15% level of losses
is necessary because the ageing of the machinery will lead to a reduction in the efficiency of output levels.
(ii) A provision in respect of machine idle time amounting to 5%. This is incorporated into variable machine
costs. The idle time allowance is held at the 5% level partly through elements of ‘real-time’ maintenance
undertaken by the machine operating teams as part of their job specification.
(3) Quality checks are carried out on a daily basis on 25% of throughput tonnes of moulded products.
(4) All employees and management have contracts based on fixed annual salary agreements. In addition, a bonus
of 5% of salary is payable as long as the budgeted output of 100,000 tonnes has been achieved;
(5) Additional information relating to the points in (2) above (but NOT included in the budget for the year ending
30 June 2009) is as follows:
(i) There is evidence that materials of an equivalent specification could be sourced for 40% of the annual
requirement at the Bettamould Division, from another division within TRG which has spare capacity.
(ii) There is evidence that a move to machine maintenance being outsourced from a specialist company could
help reduce machine idle time and hence allow the possibility of annual output in excess of 100,000 tonnes
of moulded products.
(iii) It is thought that the current level of quality checks (25% of throughput on a daily basis) is vital, although
current evidence shows that some competitor companies are able to achieve consistent acceptable quality
with a quality check level of only 10% of throughput on a daily basis.
The directors of TRG have decided to investigate claims relating to the use of budgeting within organisations which
have featured in recent literature. A summary of relevant points from the literature is contained in the following
statement:
‘The use of budgets as part of a ‘performance contract’ between an organisation and its managers may be seen as a
practice that causes management action which might lead to the following problems:
(a) Meeting only the lowest targets
(b) Using more resources than necessary
(c) Making the bonus – whatever it takes
(d) Competing against other divisions, business units and departments
(e) Ensuring that what is in the budget is spent
(f) Providing inaccurate forecasts
(g) Meeting the target, but not beating it
(h) Avoiding risks.’

ACCA P4历年试题大全（2002年-2008年）

包含（2002年-2008年）ACCA P4历年考试真题及答案，文件列表如下：
Dec-2002.PDF、Dec-2003.PDF、Dec-2004.PDF、Dec-2005.PDF、Dec-2006.PDF、Dec-2007.PDF、Dec-2008.PDF；
June-2003.PDF、June-2004.PDF、June-2005.PDF、June-2006.PDF、June-2007.PDF、June-2008.PDF；

Advanced Financial
Management
Thursday 5 June 2008

Time allowed
Reading and planning: 15 minutes
Writing: 3 hours
This paper is divided into two sections:
Section A – BOTH questions are compulsory and MUST be attempted
Section B – TWO questions ONLY to be attempted
Formulae tables are on pages 11-15.

2 Venus Systems, a publicly quoted company, is a specialist manufacturer of mechanical control units for both the
defence and civil aviation industries. Its principal customers are the defence procurement agencies of a number of
western governments and European Aerospace Co, an aeroplane manufacturer. Over recent years the company has
suffered a collapse in profitability and has attempted to respond by reducing its defence related business and focusing
on its civil aviation business.
On the civil side, long delays at European Aerospace Co in the development of a new large-bodied passenger
aeroplane, the European Aircoach, have severely impacted upon suppliers such as Venus Systems. As a result Venus’s
share price has declined over the last three years, in line with movements in the sector index. However, market
valuations have not followed the general decline in earnings across the sector. Market analysts attribute this to the
high level of advance orders by airlines for the Aircoach and the confident expectation that full production will
commence in mid 2009.
Orders for defence components have fallen rapidly over the last three years and the company has taken the decision
to scale down its defence division and switch production resources to the civil side of the business. Wherever possible
the company has redeployed and retrained its workforce. Indeed, its commitment to its workforce has helped maintain
good industrial relations and the redeployment has been successfully matched against its natural labour turnover in
the civil division.
During 2007 the company commenced the decommissioning of its defence manufacturing site and began
rationalising both defence and civil production to one site.
The summary financial statements for the company over the last three years are as follows:
Venus Systems
Accounts for the year ended 30 April:
2008 2007 2006
$m $m $m
Income statements
Revenue 72·6 88·2 90·0
Cost of Sales 44·0 50·5 58·0
—— —— ——
Gross Profit 28·6 37·7 32·0
less other operating costs 27·0 25·2 24·0
—— —— ——
Operating profit 1·6 12·5 8·0
Finance Costs 1·4 1·4 2·5
—— —— ——
Profit before tax 0·2 11·1 5·5
Income tax expense (at 30%) 0·1 3·3 1·7
—— —— ——
Profit for the period 0·1 7·8 3·8
———— ———— ————
Summary statements of cash flows 2008 2007 2006
$m $m $m
Operating cash flow -4·0 25·4 35·0
less interest -1·4 -2·5 -2·5
less taxation -3·3 -1·7 -6·5
—— —— ——
Free cash flow before reinvestment -8·7 21·2 26·0
Dividend paid 0·0 -5·0 -12·0
Capital expenditure 10·0 25·0 -30·0
Financing 0·0 -13·0 0·0
—— —— ——
Net cash flow 1·3 28·2 -16·0
———— ———— ————
Market value of equity ($ million) 40·0 97·0 105·0
The board believes that it can reverse the decline in the company’s profitability with the following turnaround strategy:
1. By cost saving and other measures, it can return to its 2007 level of operating profit on its existing business.
2. By investment in new fabrication equipment at a cost of $35 million, it can increase the value of the company
by $20·2 million.
3. Through the introduction of just-in-time manufacturing systems, it anticipates that it can reduce its inventories
by 10 days in each of the next three years. Its current receivables can be brought back to the 2007 level by
improvements in its credit control but, because of the nature of its business, it does not anticipate being able to
improve beyond that.

ACCA P5历年试题大全（2002年-2008年）

包含（2002年-2008年）ACCA P5历年考试真题及答案，文件列表如下：
Dec-2002.PDF、Dec-2003.PDF、Dec-2004.PDF、Dec-2005.PDF、Dec-2006.PDF、Dec-2007.PDF、Dec-2008.PDF；
June-2003.PDF、June-2004.PDF、June-2005.PDF、June-2006.PDF、June-2007.PDF、June-2008.PDF；

Advanced Performance
Management
Friday 6 June 2008

2 The Rubber Group (TRG) manufactures and sells a number of rubber-based products. Its strategic focus is channelled
through profit centres which sell products transferred from production divisions that are operated as cost centres. The
profit centres are the primary value-adding part of the business, where commercial profit centre managers are
responsible for the generation of a contribution margin sufficient to earn the target return of TRG. The target return is
calculated after allowing for the sum of the agreed budgeted cost of production at production divisions, plus the cost
of marketing, selling and distribution costs and central services costs.
The Bettamould Division is part of TRG and manufactures moulded products that it transfers to profit centres at an
agreed cost per tonne. The agreed cost per tonne is set following discussion between management of the Bettamould
Division and senior management of TRG.
The following information relates to the agreed budget for the Bettamould Division for the year ending 30 June 2009:
(1) The budgeted output of moulded products to be transferred to profit centres is 100,000 tonnes. The budgeted
transfer cost has been agreed on a two-part basis as follows:
(i) A standard variable cost of $200 per tonne of moulded products;
(ii) A lump sum annual charge of $50,000,000 in respect of fixed costs, which is charged to profit centres, at
$500 per tonne of moulded products.
(2) Budgeted standard variable costs (as quoted in 1 above) have been set after incorporating each of the following:
(i) A provision in respect of processing losses amounting to 15% of material inputs. Materials are sourced on
a JIT basis from chosen suppliers who have been used for some years. It is felt that the 15% level of losses
is necessary because the ageing of the machinery will lead to a reduction in the efficiency of output levels.
(ii) A provision in respect of machine idle time amounting to 5%. This is incorporated into variable machine
costs. The idle time allowance is held at the 5% level partly through elements of ‘real-time’ maintenance
undertaken by the machine operating teams as part of their job specification.
(3) Quality checks are carried out on a daily basis on 25% of throughput tonnes of moulded products.
(4) All employees and management have contracts based on fixed annual salary agreements. In addition, a bonus
of 5% of salary is payable as long as the budgeted output of 100,000 tonnes has been achieved;
(5) Additional information relating to the points in (2) above (but NOT included in the budget for the year ending
30 June 2009) is as follows:
(i) There is evidence that materials of an equivalent specification could be sourced for 40% of the annual
requirement at the Bettamould Division, from another division within TRG which has spare capacity.
(ii) There is evidence that a move to machine maintenance being outsourced from a specialist company could
help reduce machine idle time and hence allow the possibility of annual output in excess of 100,000 tonnes
of moulded products.
(iii) It is thought that the current level of quality checks (25% of throughput on a daily basis) is vital, although
current evidence shows that some competitor companies are able to achieve consistent acceptable quality
with a quality check level of only 10% of throughput on a daily basis.
The directors of TRG have decided to investigate claims relating to the use of budgeting within organisations which
have featured in recent literature. A summary of relevant points from the literature is contained in the following
statement:
‘The use of budgets as part of a ‘performance contract’ between an organisation and its managers may be seen as a
practice that causes management action which might lead to the following problems:
(a) Meeting only the lowest targets
(b) Using more resources than necessary
(c) Making the bonus – whatever it takes
(d) Competing against other divisions, business units and departments
(e) Ensuring that what is in the budget is spent
(f) Providing inaccurate forecasts
(g) Meeting the target, but not beating it
(h) Avoiding risks.’

ACCA P6（China）历年试题大全（2004年-2008年）

包含（2004年-2008年）ACCA P6（China）历年考试真题及答案，文件列表如下：
Dec-2004.PDF、Dec-2005.PDF、Dec-2006.PDF、Dec-2007.PDF、Dec-2008.PDF；
June-2005.PDF、June-2006.PDF、June-2007.PDF、June-2008.PDF；

Professional Level – Options Module, Paper P6 (CHN)
Advanced Taxation (China) June 2008 Answers
1 Report
To: The management of Nova Company Limited
From: Tax Advisers
Date: 2 June 2008
Subject: Customs duty and value added tax (VAT) implications of Newco’s export business
As instructed this report sets out the customs duty and VAT costs which would be incurred under the three business models being
considered.
(a) The VAT export refund rate for Product X is 13%
(1) Contract manufacturing
As all the finished products will be shipped out of China to the foreign consignor, the raw materials sourced outside
China by the consignor can be imported by Newco into China free of Chinese import duty and import (VAT) (i.e. they
may be bonded).
Further, under contract manufacturing, the processing fee income of Newco (the Processor) can be exempted from 17%
output VAT. However, the input VAT incurred by Newco on local purchases (e.g. local raw materials, utilities) cannot be
recovered nor refunded, thus this will become a real cost to Newco and should be charged to its cost of goods sold
(COGS).
Non-recoverable VAT = the input VAT incurred by Newco on local purchases (e.g. local raw materials, utilities):
i.e. (RMB 100 + RMB 100) x 17%= RMB 34
(2) Import manufacturing
Customs import duty and import VAT on imported raw materials can be exempted, provided that all the processed
finished goods are re-exported. As Newco will export all of Product X this exemption will apply.
Newco’s export sales income can be exempt from output VAT, and it can also receive from the Chinese tax authority a
refund of the input VAT incurred on local purchases (e.g. local raw materials, utilities). However, only if the refund rate
is 17%, will all of the VAT incurred on the local purchases be refunded. As the refund rate is lower than 17%, part of
the VAT incurred on the local purchases cannot be refunded, hence ‘non-refundable VAT’ which is a real cost to the
export manufacturer will arise. Therefore, non-refundable VAT calculated using the following formula should be charged
to the ‘cost of goods sold’ (COGS) of Newco.
Non-refundable VAT = (FOB value of the exported product – the value of import bonded raw materials) x (17% – the
applicable VAT refund rate for the exported product):
i.e. (RMB 2,000 – RMB 1,000) x (17% – 13%) = RMB 40
(3) Non-bonded export trade
Neither the customs import duty nor the 17% import VAT can be exempted on the imported raw materials.
As in (2) above, Newco’s export sales income can be exempt from output VAT, and it can also receive a refund of the
input VAT incurred on the purchase of local raw materials. However, again as the refund rate is lower than 17%,
non-refundable VAT will arise, resulting in a real cost to Newco.
Non-refundable VAT = FOB value of the exported product x (17% – the applicable VAT refund rate for the exported
product):
i.e. RMB 2,000 x (17% – 13%) = RMB 80
There is no provision for a refund on the import duty on importation and the whole amount of this becomes a cost to
the manufacturer.
Non-refundable import duty = Duty rate x value of imported raw materials:
i.e. 10% x RMB 1,000 = RMB 100
Conclusion
Based on the above, the first business model, contract manufacturing, incurs the least amount of non-refundable VAT and
Chinese import duty as such this should be the preferred business model for Newco to carry out the intended export business.
(b) The VAT export refund rate for Newco’s Product X drops to 0%
(1) Contract manufacturing
There will be no impact on the bonded tolling arrangement if the VAT export refund rate drops to 0%. The
non-recoverable VAT is therefore the same as that in (a) (1) above, i.e. RMB 34.
(2) Import manufacturing
If the refund rate drops to 0%, Newco cannot receive any refund of the input VAT incurred on local purchases of raw
materials and utilities from the Chinese tax authority.

ACCA P6（United Kingdom）历年考试真题及答案大全（2003年-2008年）

包含（2003年-2008年）ACCA P6（United Kingdom）历年考试真题及答案，文件列表如下：
Dec-2003.PDF、Dec-2004.PDF、Dec-2005.PDF、Dec-2006.PDF、Dec-2007.PDF、Dec-2008.PDF；
June-2003.PDF、June-2004.PDF、June-2005.PDF、June-2006.PDF、June-2007.PDF、June-2008.PDF；

Advanced Taxation
(UK Stream)

PART 3
WEDNESDAY 8 JUNE 2005

QUESTION PAPER
Time allowed 3 hours
This paper is divided into two sections
Section A BOTH questions are compulsory and MUST be
answered
Section B TWO questions ONLY to be answered
Tax rates and allowances are on pages 3-5

Section A – BOTH questions are compulsory and MUST be attempted
1 Today’s date is 8 June 2005.
David and Debbie were an elderly couple who had worked hard and over a number of years they built up a successful
family company, Dee Limited. Their success allowed them to accumulate a series of investments. David died in May
2005. Debbie is 66 and still in good health.
The couple had two children, Andrew and Allison. Andrew, aged 37, is single but is shortly to be married. He is the
managing director of the family trading company, Dee Limited, which was set up 30 years ago by David and Debbie.
Both Andrew and Allison are shareholders in the company, although Allison does not work for the company. She is
32, and lives abroad with her husband and two children (aged 2 and 4) in a villa gifted to her by Debbie in June
2003. The villa was worth ￡180,000 at that time, but the current value has fallen to ￡110,000 as a result of
exchange rate movements.
Dee Limited is currently worth ￡1,260,000 in total, and the value is unlikely to change in the foreseeable future. The
shareholdings in the company at the date of David’s death (May 2005) were held as follows:
Shareholders Shares %
David 3,000 60
Debbie 1,500 10
Andrew 1,000 20
Allison 1,500 10
In addition, David and Debbie had the following other assets as at the date of David’s death (May 2005):
Asset David Debbie
￡ ￡
Reversionary interest in trust 125,000 –
Family home (jointly owned) 275,000 275,000
Cash deposits 160,000 140,000
Paintings 112,000 116,300
Quoted shares in Don plc 125,000 125,000
(Representing a 6% holding for David and
a 1% holding for Debbie)
Death in Service policy 200,000 –
Additional information
The wills of David and Debbie currently leave all assets to the surviving spouse. On the death of the second spouse,
all assets pass to the children in equal proportions.
David gifted a holiday cottage worth ￡70,000 to Andrew in February 1998. The gift was on the condition that David
was allowed to occupy the cottage for two months per year, which he did up to the date of his death. The value of
the cottage is now ￡150,000.
David gifted ￡281,000 into a discretionary trust in June 1999. He paid the tax due himself. In addition, David also
gifted shares in Dee Limited to both his children in February 2000. Andrew received 20% of the shares, and Allison
received 10%. The values of holdings in Dee Limited on the relevant dates were as follows:
On gift At death
(Feb 2000) (May 2005)
￡ ￡
100% holding 900,000 1,260,000
190% holding 730,000 1,022,000
170% holding 475,000 1,665,000
160% holding 405,000 1,567,000
130% holding 175,000 1,245,000
120% holding 110,000 1,154,000
110% holding 150,000 11,70,000