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提问人：网友liyxiang 发布时间：2022-01-07

[主观题]

A manager is more confident of his or her assessment of a situation if it involves risk rather than uncertainty.

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第1题

The Safe Soap Co makes environmentally－friendly soap using three basic ingredients. The st

The Safe Soap Co makes environmentally-friendly soap using three basic ingredients. The standard cost card for one batch of soap for the month of September was as follows:

The budget for production and sales in September was 120,000 batches. Actual production and sales were 136,000 batches. The actual ingredients used were as follows:

Required:

(a) Calculate the total material mix variance and the total material yield variance for September. (8 marks)

(b) In October the materials mix and yield variances were as follows:

Mix: $6,000 adverse

Yield: $10,000 favourable

The production manager is pleased with the results overall, stating:

‘At the beginning of September I made some changes to the mix of ingredients used for the soaps. As I expected, the mix variance is adverse in both months because we haven’t yet updated our standard cost card but, in both months, the favourable yield variance more than makes up for this. Overall, I think we can be satisfied that the changes made to the product mix are producing good results and now we are able to produce more batches and meet the growing demand for our product.’

The sales manager, however, holds a different view and says:

‘I’m not happy with this change in the ingredients mix. I’ve had to explain to the board why the sales volume variance for October was $22,000 adverse. I’ve tried to explain that the quality of the soap has declined slightly and some of my customers have realised this and simply aren’t happy but no-one seems to be listening. Some customers are even demanding that the price of the soap be reduced and threatening to go elsewhere if the problem isn’t sorted out.’

Required:

(i) Briefly explain what the adverse materials mix and favourable materials yield variances indicate about production at Safe Soap Co in October.

Note: You are NOT required to discuss revision of standards or operational and planning variances. (4 marks)

(ii) Discuss whether the sales manager could be justified in claiming that the change in the materials mix has caused an adverse sales volume variance in October. (3 marks)

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第2题

（a) You are an audit manager in Weston & Co which is an international firm of Chartere

(a) You are an audit manager in Weston & Co which is an international firm of Chartered Certified Accountants with branches in many countries and which offers a range of audit and assurance services to its clients. Your responsibilities include reviewing ethical matters which arise with audit clients, and dealing with approaches from prospective audit clients.

The management of Jones Co has invited Weston & Co to submit an audit proposal (tender document) for their consideration. Jones Co was established only two years ago, but has grown rapidly, and this will be the first year that an audit is required. In previous years a limited assurance review was performed on its financial statements by an unrelated audit firm. The company specialises in the recruitment of medical personnel and some of its start up funding was raised from a venture capital company. There are plans for the company to open branches overseas to help recruit personnel from foreign countries.

Jones Co has one full-time accountant who uses an off-the-shelf accounting package to record transactions and to prepare financial information. The company has a financial year ending 31 March 2015.

The following comment was made by Bentley Jones, the company’s founder and owner-manager, in relation to the audit proposal and potential audit fee:

‘I am looking for a firm of auditors who will give me a competitive audit fee. I am hoping that the fee will be quite low, as I am willing to pay more for services that I consider more beneficial to the business, such as strategic advice. I would like the audit fee to be linked to Jones Co’s success in expanding overseas as a result of the audit firm’s advice. Hopefully the audit will not be too disruptive and I would like it completed within four months of the year end.’

Required:

(i) Explain the specific matters to be included in the audit proposal (tender document), other than those relating to the audit fee; and (8 marks)

(ii) Assuming that Weston & Co is appointed to provide the audit service to Jones Co, discuss the issues to be considered by the audit firm in determining a fee for the audit including any ethical matters raised. (6 marks)

(b) Ordway Co is a long-standing audit client of your firm and is a listed company. Bobby Wellington has acted as audit engagement partner for seven years and understands that a new audit partner needs to be appointed to take his place. Bobby is hoping to stay in contact with the client and act as the engagement quality control reviewer in forthcoming audits of Ordway Co.

Required:

Explain the ethical threats raised by the long association of senior audit personnel with an audit client and the relevant safeguards to be applied, and discuss whether Bobby Wellington can act as engagement quality control reviewer in the future audits of Ordway Co. (6 marks)

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第3题

Glove Co makes high quality, hand-made gloves which it sells for an average of $180 per pa

ir. The standard cost of labour for each pair is $42 and the standard labour time for each pair is three hours. In the last quarter, Glove Co had budgeted production of 12,000 pairs, although actual production was 12,600 pairs in order to meet demand.

37,000 hours were used to complete the work and there was no idle time. The total labour cost for the quarter was $531,930.

At the beginning of the last quarter, the design of the gloves was changed slightly. The new design required workers to sew the company’s logo on to the back of every glove made and the estimated time to do this was 15 minutes for each pair. However, no-one told the accountant responsible for updating standard costs that the standard time per pair of gloves needed to be changed. Similarly, although all workers were given a 2% pay rise at the beginning of the last quarter, the accountant was not told about this either. Consequently, the standard was not updated to reflect these changes.

When overtime is required, workers are paid 25% more than their usual hourly rate.

Required:

(a) Calculate the total labour rate and total labour efficiency variances for the last quarter. (2 marks)

(b) Analyse the above total variances into component parts for planning and operational variances in as much detail as the information allows. (6 marks)

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第4题

Section B – TWO questions ONLY to be attemptedYou are a manager in the assurance departmen

Section B – TWO questions ONLY to be attempted

You are a manager in the assurance department at Raphael & Co, a firm of Chartered Certified Accountants. Your firm has been appointed by Sanzio Co to perform. a due diligence review of a potential acquisition target, Titian Tyres Co. As part of the due diligence review and to allow for consideration of an appropriate offer price, Sanzio Co has requested that you identify and value all the assets and liabilities of Titian Tyres Co, including items which may not currently be reported in the statement of financial position.

Sanzio Co is a large, privately owned company operating only in this country, which sells spare parts and accessories for cars, vans and bicycles. Titian Tyres Co is a national chain of vehicle service centres, specialising in the repair and replacement of tyres, although the company also offers a complete range of engine and bodywork services as well. If the acquisition is successful, the management of Sanzio Co intends to open a Titian Tyres service centre in each of its stores.

One of the reasons for Titian Tyres Co’s success is their internally generated customer database, which records all customer service details. Using the information contained on the database software, the company’s operating system automatically informs previous customers when their vehicle is due for its next service via email, mobile phone text or automated letter. It also informs a customer service team to telephone the customer if they fail to book a service within two weeks of receiving the notification. According to the management of Titian Tyres Co, repeat business makes up over 60% of annual sales and management believes that this is a distinct competitive advantage over other service centres.

Titian Tyres Co also recently purchased a licence to distribute a new, innovative tyre which was designed and patented in the United States. The tyre is made of 100% recycled materials and, due to a new manufacturing process, is more hardwearing and therefore needs replacing less often. Titian Tyres Co paid $5 million for the licence in January 2015 and the company is currently the sole, licenced distributor in this country.

During a brief review of Titian Tyres Co’s financial statements for the year ended 30 June 2015, you notice a contingent liability disclosure in the notes relating to compensation claims made after the fitting of faulty engine parts during 2014. The management of Titian Tyres Co has stated that the fault lies with the manufacturer of the part and that they have made a claim against the manufacturer for the total amount sought by the affected customers.

Required:

(a) Describe the purpose of a due diligence assignment and compare the scope of a due diligence assignment with that of an audit of historical financial statements. (6 marks)

(b) (i) Recommend, with reasons, the principal additional information which should be made available to assist with your valuation of Titian Tyres Co’s intangible assets.

(ii) Explain the specific enquiries you should make of Titian Tyres Co’s management relevant to the contingent liability disclosed in the financial statements.

Note: The total marks will be split equally between each part. (14 marks)

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第5题

________ is a citizen of one country appointed to a management position in another co

A.Expatriate Manager

B.Managing Director

C.Chief Executive Officer

D.General Manager

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第6题

An office is the "brain" of a business.In an office, figures, lists and information are co

An office is the "brain" of a business. In an office, figures, lists and information are compiled which tell the managers or heads of the business what is happening in their shops or factories. These figures guide the managers【51】telling them what has happened and what is happening.

Information comes into an office in all sorts of【52】but the main items of information come

in regularly. It is part of the job of the clerks to collect and classify that information and to put it into a form. that is easily interpreted and understood. Offices collect information, then they【53】it.

This work of collection is common in an office from the sorting of mail every morning to the accountant's work in finding【54】the final figure for year's profit.【55】always requires the arrangement of the same kind of information, often into lists or columns. For this work, correctness, accuracy and speed, as in all office work, are essential.

There is no value,【56】, in collecting the figures【57】mean nothing.【58】are guides which should help us【59】decisions. The interpretation of information and of tables should tell us where success or【60】lies, where profit can be had and where【61】occur. On this kind of information and from the known figures, a choice is【62】and a series of such choices may make a policy.

A firm which has three factories may find,【63】. instance, from its figures, that one factory is losing money and a choice may lie between either a change of manager, a cut in production, an increase in production【64】closure of the factory. Whichever one of these decisions is taken becomes the policy. It is clear【65】a decision leading to a policy can only be as good【66】 the information【67】which it is based.

Consequently there is a constant search【68】more and more exact information. Managers will want to have all the necessary facts【69】they can make the best decision and it is normal for【70】to seek for more and more information.

(51)

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第7题

As a manager, I should know more about the hotel trade． A．businessB．industryC．e

As a manager, I should know more about the hotel trade．

A．business

B．industry

C．export

D．training

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第8题

To win the position, the most important task for Chris to do is to _____________.

A、pass the exam

B、earn more money

C、contact more clients

D、do favors to the office manager

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第9题

A typical first-level manager spends more of his or her time leading than planning.

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第10题

You are a senior manager in Bunk & Co, a global audit firm with offices in more than 3

0 countries. You are responsible for monitoring audit quality and ethical situations which arise in relation to audit clients. Wire Co is an audit client whose operations involve haulage and distribution. The audit report for the financial statements of Wire Co for the year ended 31 December 2014 was issued last week. You are conducting a review of the quality of that audit, and of any ethical issues which arose in relation to it. Relevant information obtained from a discussion with Lester Freeman, the audit engagement partner, is given below.

(a) Wire Co’s audit committee refused to agree to an increase in audit fees despite the company’s operations expanding into new locations. In response to this, the materiality level was increased during the audit, and some review procedures were not carried out. To reduce sample sizes used in tests of detail, the samples were selected based on judgement rather than statistical methods. In addition, only parts of the population being tested were sampled, for example, certain locations were not included in the sample of non-current assets selected for physical verification. (6 marks)

(b) Some of the audit work was performed by an overseas office of Bunk & Co in an ‘off-shoring’ arrangement. This practice is encouraged by Bunk & Co, whose managing partners see it as a way of improving audit efficiency. The overseas office performs the work at a lower cost, and it was largely low-risk, non-judgemental work included in this arrangement for the audit of Wire Co, for example, numerical checks on documentation. In addition, the overseas office read the minutes of board meetings to identify issues relevant to the audit. (5 marks)

(c) In July 2014, Russell Bell, Wire Co’s former finance director, joined Bunk & Co as an audit partner, working in the same office as Lester Freeman. Although Russell was not a member of the audit team, he did update Lester on some business developments which had taken place at the company during the period before he left. Russell held a number of equity shares in Wire Co, which he sold in January 2015. Since joining Bunk & Co, Russell has been developing initiatives to increase the firm’s income. One initiative is that audit team members should be encouraged to cross-sell non-audit services and references to targets for the cross-selling of non-audit services to audit clients is now included in partner and employee appraisal documentation. (9 marks)

Required:

Comment on the quality control, ethical and professional issues raised in respect of the audit of Wire Co and the firm-wide policies of Bunk & Co, and recommend any actions to be taken by the audit firm.

Note: The split of the mark allocation is shown against each of the issues above.

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