2022年ACCA-CAT歷模擬考試題和解答

2022年ACCA/CAT歷模擬考試題和解答姓名:年級:學(xué)號:題型選擇題填空題解答題判斷題計算題附加題總分得分評卷人得分1、(b)Brieflydescribethewayinwhicha'personspeci千icationJdiffersfromasjobdescription’.(3marks)正確答案：Part(b):HThedifferencebetweenapersonspecificationandajobdescriptionisthatapersonspecificationsetsoutthequaIitiesofanideaIOcandidatewhereasajobdescriptiondefinesthedutiesandresponsibiIitiesofthejob.2、(iii)thewarrantyprovision.(3marks)正確答案：(iii)WarrantyprovisionAgreetheprincipalassumptionsinmanagement5sestimateofIiabiIitiesunderwarrantiestothetermsofwarrantyUassetoutincontractsforsaIeofvehicIe.ForexampIe:-theperiodforwhichwarrantiesaregiven;-whetherforpartsrepIacementonIyorpartsandIabour;口-excIusioncIauses,perhapsforvehicIessoIdintoaparticuIarmarket,orusedinaspecifiedindustry(e.g.fiImmaking).AgreethereasonabIenessofmanagement5sassumptionsinthecaIcuIationoftheprovision.ForexampIe,theUproportionofvehicIesforwhichclaimsaremadewithinthreemonths,threetosixmonths,sixtoninemonths,etc.SubstantiatetheeconomicreaIityofthebasisofmanagement'scaIcuIations.ForexampIe:-agreethenumberofvehicIessoIdeachmonthtoasummarysaIesreport;-agreethecaIcuIationofaveragecostofarepairunderwarrantytojobrecords;口-testcostsofrepaironasampIebasis(e.g.partsrepIacedtopriceIistsandIabourchargestohoursworkedO(perjobrecords)andcharge-outrates).ConsiderthereasonabIenessofmanagement5sestimatebycomparing:□一theactuaIcostofafter-daterepairs(sayforthreemonths)againsttheappropriateproportionoftheprovisionTutoriaInote:SuchquaIificationsareextremeIyraresineemanagementshouIdbepersuadedtomakenecessary_|discIosureinthenotestothefinanciaIstatementsratherthanhaveusers'attentiondrawntothematterthroughaquaIificationoftheauditopinion.■TheIimitationonscopeoftheauditor5sworkhasbeenimposedbycircumstances.Jinack5saccountingrecords□(forinventory)areinadequate(non-existent)fortheauditortoperform,testsonthem.AnaIternativeproceduretoobtainsufficientappropriateauditevidenceofinventoryquantitiesatayearendisHsubsequentcountand'rollback’.However,theextentof'rollback'testingisIimitedasrecordsarestillunder□reconstruction.TheauditormaybeabIetoobtainsufficientevidencethatthereisnomateriaImisstatementthroughacombination□ofprocedures:O-testingmanagement5scontroIsovercountinginventoryafterthebaIancesheetdateandrecordinginventory□movements(e.g.saIesandgoodsreceived);一reperformingthereconstructionforsignificantitemsonasampIebasis;-analyticalproceduressuchasareviewofprofitmarginsbyinventorycategory.‘Anextensiverangeofinventory5iscIearIymateriaI.Thematter(i.e.systemsfaiIure)isnothoweverpervasive,as□onlyinventoryisaffected.UnIessthereconstructionissubstantiaIIycompIeted(i.e.inventoryiternsnotaccountedforareinsignificant)the□auditorcannotdeterminewhatadjustment,ifany,mightbedeterminedtobenecessary.Theauditor5sreportHshouIdthenbemodified,'exceptfor5,Iimitationonscope.However,ifsufficientevidenceisobtainedtheauditor'sreportshouIdbeunmodified.An'emphasisofmatter5paragraphwouIdnotbeappropriatebecausethismatterisnotoneofsignificantOuncertainty.TutoriaInote:AnuncertaintyinthiscontextisamatterwhoseoutcomedependsonfutureactionsoreventsnotunderthedirectcontroIofJinack.□2006Ifthe2005auditor,sreportisquaIified'except千or'ongroundsofIimitationonscopetherearetwopossibiIitiesfor□theinventoryfigureasat30September2005determinedoncompIetionofthereconstructionexercise:O(DitisnotmateriaIIydifferentfromtheinventoryfigurereported;orO(2)itismateriaIIydifferent.In(1),withtheIimitationnowremoved,theneedforquaIificationisremovedandthe2006auditor'sreportwouId□beunmodified(inrespectofthismatter).HIn(2)theopeningpositionshouIdberestatedandthecomparativesadjustedinaccordancewithIAS8'Accounting□PoIicies,ChangesinAccountingEstimatesandErrors5.The2006auditor5sreportwouIdagainbeunmodified.□TutoriaInote:IftheerrorwasnotcorrectedinaccordancewithIAS8itwouIdbeadifferentmatterandthe□auditor'sreportwouIdbemodified('exceptfor'quaIification)disagreementonaccountingtreatment.9、(b)IIIustrateEACHofthesixprobIemschosenin(a)usingthedatafromtheBettamouIddivision/TRGscenario;and(6marks)正確答案：(b)AniIlustrationofeachoftheprobIemsusingthedatafromtheBattamoulddivision/TRGscenarioisasfollows:□MeetingonIytheIowesttargets-Inthescenario,thebudgetedvariabIecostof$200pertonnehasbeenagreed.ThereisnospecificincentivefortheBettamouIddivisiontotrytoachieveabetterIeveIofperformance.Usingmoreresourcesthannecessary一Inthescenario,thecurrentbudgetaIIowsfor5%machineidletime.Thereisevidencethatamovetooutsourcing□machinemaintenancefromaspeciaIistcompanycouIdheIpreduceidletimeIeveIsandpermitannuaIoutputinexcess□of100,000tonnes.[Makingthebonus-whateverittakes-Atpresent,theonIysanction/incentiveistoachieve100,000tonnesofoutput.Thereisnomentionofanysanctionforexample,ifprocessingIosses(andhencecosts)riseto20%ofmateriaIinputs.Competingagainstotherdivisions,businessunitsanddepartmentsO-Atpresent,theBettamouIddivisionsourcesitsmateriaIsfromchosensuppIierswhohavebeenusedforsomeyears.ThereisevidencethatmateriaIsofequaIspecificationcouIdbesourcedfor40%oftheannuaIrequirementfromanotherTRGdivisionwhichhassparecapacity.Whyhasthisnotbeeninvestigated?Ensuringthatwhatisinthebudgetisspent-IntheBettamouIdscenario,thereisafixedcostbudgetaIIowanceof$50,000,000.WearetoIdinthequestionthat_|saIariesofaIIempIoyeesandmanagementarepaidonafixedsaIarybasis.BettamouId,smanagementwiIInotwantaOreductioninthefixedbudgetaIIowance,sineethiscouldIeadtotheneedtoreducethenumberofempIoyees,which□theymayseeashavingadetrimentaIeffectontheabilityofthedivisiontomeetitsannuaIbudgetoutputtargetof100,000tonnes.Providinginaccurateforecasts-InthescenariotheremayhavebeendeIiberateeffortstoincreasetheagreedbudgetIeveIofaspectsofmeasuresand[costs.ForexampIe,byputtingforwardtheargumentthatthebudgetrequirementof15%processingIossesisacceptabIebecauseoftheIikeIihoodthatageingmachinerywiIIbeIesseffectiveinthecomingbudgetperiod.[Meetingthetargetbutnotbeatingit一Inthescenariothebonusof5%ofsaIaryispayabIeasIongasthe100,000tonnesofoutputisachieved.ThisdoesnotrequirethatactuaIresultswiIIshowanyotheraspectsofthebudgetbeingimprovedupon.ForexampIethereisnoneedtoconsiderareductioninthecurrentIeveIofquaIitychecks(25%ofdailythroughput)tothe10%IeveIthatcurrentLJevidencesuggestsisachievedbycompetitorcompanies.ThecurrentbudgetagreementaIIowstheBettamouIddivision□totransferitsoutputtomarketbasedprofitcentresat$200+$500=$700pertonne.ThereisnospecifiedpenaltyifcostsexceedthistargetIeveI.Avoidingrisks-BettamouIdhasnotyetincorporatedthechangesIistedinnote4inthequestion.Forexamplewhyhasthesourcingof40%ofrequiredmateriaIsfromanotherTRCdivisionnotbeenquantifiedandevaIuated.ItispossibIethatthedivision[withsparecapacitycouIdsuppIythemateriaIatcost(possibIybasedonmarginsIcost)whichwouIdbeIessthan□currentIypaidtoasuppIierexternaItoTRC.ItmaybethatBettamouIdhavenotpursuedthispossibiIitybecauseofriskfactorsreIatingtothequaIityofthemateriaItransferredoritscontinuedavaiIabiIitywherethesupplyingdivisionhadanupturnintheIeveIofmoreprofitableexternaIbusiness.10、(c)AssumingthatStuart:purchased201,000sharesinOmegapIcon3December2005;and(ii)dieson20December2007,caIcuIatethepotentiaIinheritancetax(IHT)liabilitywhichwouIdariseifRebeccaweretodieon1March2008,andnofurthertaxpIanningmeasuresweretaken.AssumethataIIassetvaIuesremainunchangedandthatthecurrentratesofinheritancetaxcontinuetoappIy.(6marks)正確答案：Freeestate￡P(guān)ersonalty：sharesinOmegaplc(1)Freeestate￡P(guān)ersonalty：sharesinOmegaplc(1)10,502.100/ess：BPR(2)(5.251.050)RebeccafacesthefollowingpotentialIHTliability：investmentscashcashfromlifeassurancepolicy5,251,050250,000130,000200,0005,831,050900,0006,731,050(263,000)6,468,0502.587,220Realty：residenceLess：nilratebandChargeableestateIHTat40%Notes：ThesharesinOmegaplcarevaluedatthelowerof：quarterup(208+025(216-208))-210paverageofmarkedbargains(207+215)/2-211p21Oppefshare.Thetotalshareholdingisworth￡10.502.100((4,800,000/201,000)x￡2-10)AsBPRappliedonStuarfsdeath,itwillautomaticallyapplyonasubsequentchargeabletransfer(Rebecca^death),i.e.itisnotnecessaryforthedoneetobuilduptheirownqualifyingperiodofownefship.□11v(b)RouterhasanumberoffiImstudiosandofficebuiIdings.TheofficebuiIdingsareinprestigiousareaswhereasthefiImstudiosareIocatedin'outoftown5Iocations.ThemanagementofRouterwishtoappIythedevaluationmodeIJtotheofficebuiIdingsandthe'costmodeIJtothefilmstudiosintheyearended31May2007.Atpresentthe4revaIuationmodeIthe4revaIuationmodeIJ.Oneofthefilmstudiosthemepark.InthiscaseonIy,theIandandbuiIdingsontheparkareIeasedonasingleIeasefromathirdparty.TheIeasetermwas30yearsin1990.TheIeaseoftheIandandbuiIdingswascIassifiedasafinanceIeaseeventhoughthefinancialstatementspurporttocompIywithIAS17'Leases’.Thetermsoftheleasewerechangedon31May2007.RouterisnowgoingtoterminatetheIeaseearIyin2015inexchangeforapaymentof$10millionon31May2007andareductioninthemonthIyIeasepayments.Routerintendstomovefromthesitein2015.TherevisedIeasetermshavenotresultedinachangeofcIassificationoftheIeaseinthefinanciaIstatementsofRouter.(10marks)Required:DiscusshowtheaboveitemsshouIdbedealtwithinthegroupfinanciaIstatementsofRouterfortheyearended31May2007.正確答案：(b)IAS16'Property,PIantandEquipment5permitsassetstoberevaIuedonacIassbycIassbasis.ThedifferentcharacteristicsHofthebuiIdingsallowthemtobecIassifiedseparateIy.DifferentmeasurementmodeIscan,therefore,beusedfortheoffice[buildingsandthefilmstudios.However,IAS8'AccountingpoIicies,changesinaccountingestimatesanderrors5saysthatonceanentityhasdecidedonitsaccountingpoIicies,itshouIdappIythemconsistentIyfromperiodtoperiodandacrossaIIOreIevanttransactions.AnentitycanchangeitsaccountingpoliciesbutonIyinspecificcircumstances.Thesecircumstances□are:(a)wherethereisanewaccountingstandardorinterpretationorchangestoanaccountingstandardO(b)wherethechangeresultsinthefinanciaIstatementsprovidingreIiabIeandmorereIevantinformationabouttheeffectsoftransactions,othereventsorconditionsontheentity'sfinanciaIposition,financiaIperformance,orcashfIowsVoIuntarychangesinaccountingpoliciesarequiteuncommonbutmayoccurwhenanaccountingpolicyisnolongerHappropriate.RouterwiIIhavetoensurethatthechangeinaccountingpoIicymeetsthecriteriainIAS8.Additionally,HdepreciatedhistoricaIcostwiIIhavetobecaIcuIatedforthefilmstudiosatthecommencementoftheperiodandtheopening[balanceontherevaIuationreserveandanyotheraffectedcomponentofequityadjusted.Thecomparativeamountsforeach[priorperiodshouIdbepresentedasifthenewaccountingpoIicyhadalwaysbeenappIied.ThereareIimitsonretrospectiveappIicationonthegroundsofimpracticabiIity.OItissurprisingthattheIeaseoftheIandisconsideredtobeafinanceIeaseunderIAS17'Leases’.LandisconsideredtohaveanindefiniteIifeandshould,thereforenormaIIybecIassifiedasanoperatingIeaseunIessownershippassestotheIesseeduringtheleaseterm.TheIeaseoftheIandshouldbeseparatedoutfromtheIeaseandtreatedindividuaIIy.ThevaIueofthe11andsodeterminedwouIdbetakenoffthebaIancesheetintermsoftheliabilityandassetandtheIeasepaymentstreatedasrentaIsintheincomestatement.ApriorperiodadjustmentshouIdaIsobemade.ThebuiIdingswouIdcontinuetobe□treatedasproperty,pIantandequipment(PPE)andthecarryingamountnotadjusted.However,theremainingusefuIIifeofthebuiIdingshouIdberevisedtorefIecttheshorterIeaseterm.ThiswiIIresu11inthecarryingamountbeingdepreciatedoverHtheshorterperiod.ThischangetothedepreciationpoIicyisappIiedprospectiveIynotretrospectiveIy.OTheIeaseliabilitymustbeassessedforderecognitionunderIAS39'FinancialInstruments:RecognitionandMeasurement’,HbecauseoftherevisionoftheIeaseterms,inordertodeterminewhetherthenewtermsaresubstantiaIIydifferentfromtheOoId.Thepurposeofthisistodeterminewhetherthechangeintermsisamodificationoranextinguishment.Thechangeseemstoconstitutea'modification'becausethereisIittIechangetotheterms.TheIeaseliabilityis,therefore,amendedbydeductingtheoneoffpayment($10miIIion)fromthecarryingamount(afteradjustmentfortheIeaseofIand)togetherwithanytransactioncosts.TheIeaseliabilityisthenremeasuredtothepresentvaIueoftherevisedfuturecashfIows,discountedusingtheoriginaleffectiveinterestrate.AnyadjustmentmadeinremeasuringtheIeaseliabilitywillbetakentotheincomestatement.□12、1RowlandsMedeIeev(RM),amajorIistedEuropeancivilengineeringcompany,wassuccessfulinitsbidtobecomeprincipal(Iead)contractortobuiIdtheGiantDamProjectinanEastAsiancountry.TheboardofRMprideditselfinobservingthehigheststandardsofcorporategovernance.RM5scIient,thegovernmentoftheEastAsiancountry,hadtakenintoaccountseveraIfactorsinappointingtheprincipalcontractorincludingeachbidder5strackrecordinIargecivilengineeringprojects,thevaIueofthebidandastatement,requiredfromeachbidder,onhowitwouIddeaIwiththe'sensitiveissues'andpubIicitythatmightariseasaresultoftheproject.TheGiantDamProjectwasseenasvitaltotheEastAsiancountry5seconomicdeveIopmentasitwouIdprovideaIargeamountofhydroeIectricpower.Thiswasseenasa'cleanenergy,driveroffutureeconomicgrowth.ThegovernmentwaskeentopointoutthatbecausehydroeIectricpowerdidnotinvoIvetheburningoffossiIfueIs,thepowerwouIdbeenvironmentaIIycIeanandwouIdcontributetotheEastAsiancountry5sabiIitytomeetitsinternationaIIyagreedcarbonemissiontargets.This,inturn,wouIdcontributetothereductionofgreenhousegasesintheenvironment.Critics,suchastheenvironmentaIpressuregroup'Stop-the-dam',however,arguedthattheprojectwasfartooIargeandthecosttotheIocaIenvironmentwouIdbeunacceptabIe.Stop-the-damwashighlyorganisedand,accordingtopressreportsinEurope,wascapabIeofdisruptingprogressonthedambymeasuressuchascreating'humanbarriers5tothesiteandhidingpeopIeintunneIswhowouIdhavetobephysicaIIyremovedbeforeproceeding.AspokesmanforStop-the-damsaiditwouIddefiniteIybeattemptingtoresisttheGiantDamProjectwhenconstructionstarted.Theprojectwasintendedtodamoneoftheregion5slargestrivers,thuscreatingamassiveIakebehindit.TheIakewould,thecriticscIaimed,notonIydispIaceanestimated100,000peopIefromtheirhomes,butwouIdaIsofIoodproductivefarmlandanddestroyseveraIrarepIantandanimalhabitats.AnumberofimportantarchaeologicalsiteswouIdaIsobelost.TheIargestcommunitytobereIocatedwastheindigenousFirstNationpeopIewhohadIivedonandfarmedtheIandforanestimatedthousandyears.AspokesmanfortheFirstNationcommunitysaidthatthe'trueprice'ofhydroeIectricpowerwas4miseryandcruelty1.Apressreportsaidthatwhi1sttheFirstNationwouIdbeuniikeIytodisruptthebuiIdingofthedam,itwashighlyIikeIythattheywouIdprotestandaIsoattempttomobiIiseopinioninotherpartsoftheworIdagainsttheGiantDamProject.TheboardofRMwasfullyawareofthecontroversywhenitsubmitteditstendertobuildthedam.Thefinancedirector,SaIIyGrignard,hadinsistedonputtinganamountintothetenderforthemanagementof'IocaIrisks’.SallywasaIsoresponsibIeforthefinancingoftheprojectforRM.AlthoughthecIientwasexpectedtoreIeasemoneyinseveraI'interimpayments'asthevariouspartsoftheprojectwerecompIetedtostricttimedeadIines,sheanticipatedanumberofworkingcapitaIchaIIengesforRM,especiaIIynearthebeginningwhereanumberofearIystagecostswouIdneedtobeincurred.TherewouId,sheexpIained,aIsobefinancingissuesinmanagingthecashfIowstoRM'smanysubcontractors.AlthoughthemajorbanksfinancedthecIientthroughaIendingsyndicate,RM'susuaIbanksaiditwaswaryofIendingdirectIytoRMfortheGiantDamProjectbecauseofthepotentiaInegativepubIicitythatmightresu11.AnotherbanksaiditwouIdprovideRMwithitsearlystageworkingcapitaIneedsontheunderstandingthatitsinvoIvementinfinancingRMtoundertaketheGiantDamProjectwasnotdisciosed.ApressstatementfromStop-the-damsaidthatitwouIddoaIIitcouIdtodiscoverRM'sfinanciaIIendersandpubIicIyexposethem.SallytoIdtheRMboardthatsomedebtfinancingwouIdbeessentiaIuntiIthefirstinterimpaymentsfromthecIientbecameavaiIabIe.WhenitwasannouncedthatRMhadwonthecontracttobuildtheGiantDamProject,someofitsinstitutionalsharehoIderscontactedRichardMarkovnikoff,thechairman.TheywantedreassurancethatthecompanyhadfullytakentheenvironmentaIissuesandotherrisksintoaccount.OnefundmanageraskedifMrMarkovnikoffcouIdexplainthesustainabiIityimpIicationsoftheprojecttoassesswhetherRMshareswerestillsuitabIeforhisenvironmentaIIysensitivecIients.MrMarkovnikoffsaid,throughthecompany'sinvestorreIationsdepartment,thatheintendedtogiveastatementatthenextannuaIgeneraImeeting(AGM)thathehopedwouIdaddresstheseenvironmentaIconcerns.HewouIdaIso,hesaid,makeastatementontheimportanceofconfidentialityinthefinancingoftheearIystageworkingcapitaIneeds.(a)AnylargeprojectsuchastheGiantDamProjecthasanumberofstakehoIders.Required:Definetheterms'stakeholder'and'stakeholderclaim5,andidentifyfromthecaseFOURofRM'sexternaIstakehoIdersasitcarriesouttheGiantDamProject;(6marks)正確答案：(a)(i)StakeholdersAstakeholdercanbedefinedasanypersonorgroupthatcanaffectorbeaffectedbyanentity.Inthiscase,stakeholdersarethosethatcanaffectorbeaffectedbythebuiIdingoftheGiantDamProject.StakehoIdingisthusbi-directional._|StakehoIderscanbethose(voIuntariIyorinvoIuntariIy)affectedbytheactivitiesofanorganisationorthestakehoIder□maybeseekingtoinfIuencetheorganisationinsomeway.AIIstakehoIdingischaracterisedbythemakingof'cIaims'uponanorganisation.Putsimply,stakehoIders4wantsomething5althoughinsomecases,the4want5maynotbeknownbythestakehoIder(suchasfuturegenerations).Itis□thetaskofmanagementtodecideonthestrengthsofeachstakehoIder5sclaiminformuIatingstrategyandinmakingdecisions.InmostsituationsitisIikeIythatsomestakehoIderclaimswiIIbepriviIegedoverothers.[RM'sexternaIstakeholdersinclude:-ThecIient(thegovernmentoftheEastAsiancountry)Zl-Stop-the-dampressuregroup-FirstNation(theindigenouspeopIegroup)一ThebanksthatwiIIbefinancingRM'sinitialworkingcapitaI-Shareholders13、(ii)ExplainhowtheinclusionofrentaIincomeinCora15sUKincometaxcomputationcouldaffecttheincometaxdueonherdividendincome.(2marks)Youarenotrequiredtopreparecalculationsforpart(b)ofthisquestion.Note:youshouIdassumethatthetaxratesandaIIowancesforthetaxyear2006/07andforthefinanciaIyearto31March2007wiIIcontinuetoappIyfortheforeseeabIefuture.正確答案：(ii)TheeffectoftaxabIerentaIincomeonthetaxdueonCora15sdividendincomeRemittingrentaIincometotheUKmaycausesomeofCoraIJsdividendincomecurrentIyfallingwithinthebasicratebandtofaIIwithinthehigherrateband.TheeffectofthiswouIdbetoincreasethetaxonthegrossdividendincome□from0%(10%lessthe10%taxcredit)to221/2%(321/2%less10%).HTutoriaInoteOItwouIdbeequaIIyacceptabIetostatethattheeffectiverateoftaxonthedividendincomewouIdincreasefrom0%□to25%.14、6AnimportantpartofmanagingpeopIeinaprofessionaIorganisationistobeabletodistinguishbetweenaggressivenessandassertivenessinanempIoyee.Required:(a)ExplainandgiveexampIesofaggressivebehaviour.(8marks)正確答案：6TogetthebestoutofpeopIe,managersneedtohaveeffectivecommunicationskills.ProfessionaIaccountantsasmanagersneedtounderstandthedifferencebetweenaggressiveandassertivebehaviour.OftenanexchangeofcommunicationcanbeinterpretedasabelligerentresponsefromanempIoyee.However,asIightdifferenceinapproachcancommunicatedifferentfeeIingsandachieveamorepositiveresult.O(a)AggressivebehaviouriscompetitiveanddirectedatdefeatingsomeoneeIse.ItisstandingupforoneseIfattheexpenseofotherpeopIe.Itisdefendingone5srightsbutdoingsoinsuchawaythatviolatestherightsofotherpeopIe.Aggressivebehaviourignoresordismissestheneeds,wants,opinions,feeIingsorbeIiefsofothers.□CharacteristicsofaggressivebehaviourincludeexcessiveTstatements,boastfuIness,andtheindividuaI'sopinionsexpressedasfact,threateningquestionsorposturesfromtheindividuaI,sarcasmandotherthrow-awayremarksandaconstantblamingofothers.[Aggressivebehaviourcanbeselfdefeating.11maycausesuchantagonismintheothersintheorganisationthattheywiIIrefusetoco-operateorworkwiththepersonshowingaggressivebehaviour.(ii)RecommendwhichoftherefrigerationsystemsshouIdbepurchased.YoushouIdstateyourreasonswhichmustbesupportedbyreIevantcalculations.(3marks)正確答案:The*Tectinofre?ze,refrigerationsystemhasthelargerNPVhoweverconsiderationneedstobegiventothefactthatwearecomparingtworefrigerationsystemswhichhaveunequallives.InordertodothiswecanconvertthecashflowsintoanequivalentannualcashflowwithNPVsof￡550,928forthe*StQddychilKand￡716.123forthei'fechnofreeze,refrigerationsystems.Theequivalentannualcashflowcanbecalculatedusingthefollowingformula：Nsprpsem川uuAnnuityfactorfornyearsatr%,Steadychill,3170

￡173,794''fechnofreezd￡7161234111￡174,197,Steadychill,3170

￡173,794''fechnofreezd￡7161234111￡174,197Ndprosem川uuAnnuityfactor(fromtables)EquivalentannualcashflowOnthebasisofequivalentannualc3shflowsthenthedirectorsofStayCodLtishouldbeadvisedtopurchasethe*li0chnofreezerrefrigerationsystem,althoughthedifferenceissosmallthatotherfactorswouldundoubtedlyinfluencetheirdecision.(b)ExplainTHREEprobIemsinundertakingaperformancecomparisonofGBCandTTCandaIsoexplainTHREEiternsofadditionaIinformationthatwouIdbeofassistanceinassessingtheoperatingandfinanciaIperformanceofGBCandTTC.(6marks)正確答案:(b)ThereIativeperformanceofGBCandTTCisdifficulttoassessduetothefollowing:O(i)TheywouIdappeartohavedifferingobjectives.GBCprovidesfreetransportforseniorcitizensandchargeslowerfares□thanTTC.GBCaIsousesenvironmentaIIyfriendIyfueI.Eachofthesefactorsinhibitsadirectcomparisonofthetwo□organisations.U(ii)Theorganisationsarefundeddifferently.ItisevidentthatTTCusesloanfinancetofundoperationswhichgivesriseto□made;□-currentyearprovisionpervehicIesoIdagainstpriorprovisionpervehicIesoId.■Assessmanagement,sabiIitytomakereIiabIeestimatesinthisareabycomparingIastyear5sprovisionwiththeactuaIrepairsunderwarrantycostsincurredduringtheyearinrespectofsalesmadeinpreviousyears.TutoriaInote:Thebasisofmanagement5sestimatemaytendtooverstateorunderstatetheprovi