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提问人：网友cclczx 发布时间：2022-01-07

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Brigham Co has owned 70% of Dorset Co for many yea...

Brigham Co has owned 70% of Dorset Co for many years. It also holds a $5 million 8% loan note from Dorset Co. One of Dorset Co's non-current assets has suffered an impairment of $50,000 during the year.There is a balance in the revaluation surplus of Dorset Co of $30,000 in respect of this asset. The impairment loss has not yet been recorded.The entity financial statements of Dorset Co show a profit for the year of $1.3 million.What is the amount attributable to the non-controlling interests in the consolidated statement of profit or loss？

A、$264,000

B、$880,000

C、$900,000

D、$270,000

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更多“Brigham Co has owned 70% of Dorset Co for many yea...”相关的问题

第1题

（b) Historically, all owned premises have been measured at cost depreciated over 10 to 50

(b) Historically, all owned premises have been measured at cost depreciated over 10 to 50 years. The management

board has decided to revalue these premises for the year ended 30 September 2005. At the balance sheet date

two properties had been revalued by a total of $1·7 million. Another 15 properties have since been revalued by

$5·4 million and there remain a further three properties which are expected to be revalued during 2006. A

revaluation surplus of $7·1 million has been credited to equity. (7 marks)

Required:

For each of the above issues:

(i) comment on the matters that you should consider; and

(ii) state the audit evidence that you should expect to find,

in undertaking your review of the audit working papers and financial statements of Albreda Co for the year ended

30 September 2005.

NOTE: The mark allocation is shown against each of the three issues.

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第2题

4 You are a senior manager in Becker & Co, a firm of Chartered Certified Accountants o

ffering audit and assurance

services mainly to large, privately owned companies. The firm has suffered from increased competition, due to two

new firms of accountants setting up in the same town. Several audit clients have moved to the new firms, leading to

loss of revenue, and an over staffed audit department. Bob McEnroe, one of the partners of Becker & Co, has asked

you to consider how the firm could react to this situation. Several possibilities have been raised for your consideration:

1. Murray Co, a manufacturer of electronic equipment, is one of Becker & Co’s audit clients. You are aware that the

company has recently designed a new product, which market research indicates is likely to be very successful.

The development of the product has been a huge drain on cash resources. The managing director of Murray Co

has written to the audit engagement partner to see if Becker & Co would be interested in making an investment

in the new product. It has been suggested that Becker & Co could provide finance for the completion of the

development and the marketing of the product. The finance would be in the form. of convertible debentures.

Alternatively, a joint venture company in which control is shared between Murray Co and Becker & Co could be

established to manufacture, market and distribute the new product.

2. Becker & Co is considering expanding the provision of non-audit services. Ingrid Sharapova, a senior manager in

Becker & Co, has suggested that the firm could offer a recruitment advisory service to clients, specialising in the

recruitment of finance professionals. Becker & Co would charge a fee for this service based on the salary of the

employee recruited. Ingrid Sharapova worked as a recruitment consultant for a year before deciding to train as

an accountant.

3. Several audit clients are experiencing staff shortages, and it has been suggested that temporary staff assignments

could be offered. It is envisaged that a number of audit managers or seniors could be seconded to clients for

periods not exceeding six months, after which time they would return to Becker & Co.

Required:

Identify and explain the ethical and practice management implications in respect of:

(a) A business arrangement with Murray Co. (7 marks)

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第3题

Blackcutt is a local government organisation whose financial statements are prepared using

International Financial Reporting Standards.

(a) Blackcutt wishes to create a credible investment property portfolio with a view to determining if any property may be considered surplus to the functional objectives and requirements of the local government organisation. The following portfolio of property is owned by Blackcutt.

Blackcutt owns several plots of land. Some of the land is owned by Blackcutt for capital appreciation and this may be sold at any time in the future. Other plots of land have no current purpose as Blackcutt has not determined whether it will use the land to provide services such as those provided by national parks or for short-term sale in the ordinary course of operations.

The local government organisation supplements its income by buying and selling property. The housing department regularly sells part of its housing inventory in the ordinary course of its operations as a result of changing demographics. Part of the inventory, which is not held for sale, is to provide housing to low-income employees at below market rental. The rent paid by employees covers the cost of maintenance of the property. (7 marks)

(b) Blackcutt has outsourced its waste collection to a private sector provider called Waste and Co and pays an annual amount to Waste and Co for its services. Waste and Co purchases the vehicles and uses them exclusively for Blackcutt’s waste collection. The vehicles are painted with the Blackcutt local government organisation name and colours. Blackcutt can use the vehicles and the vehicles are used for waste collection for nearly all of the asset’s life. In the event of Waste and Co’s business ceasing, Blackcutt can obtain legal title to the vehicles and carry on the waste collection service. (6 marks)

(c) Blackcutt owns a warehouse. Chemco has leased the warehouse from Blackcutt and is using it as a storage facility for chemicals. The national government has announced its intention to enact environmental legislation requiring property owners to accept liability for environmental pollution. As a result, Blackcutt has introduced a hazardous chemical policy and has begun to apply the policy to its properties. Blackcutt has had a report that the chemicals have contaminated the land surrounding the warehouse. Blackcutt has no recourse against Chemco or its insurance company for the clean-up costs of the pollution. At 30 November 2012, it is virtually certain that draft legislation requiring a clean up of land already contaminated will be enacted shortly after the year end. (4 marks)

(d) On 1 December 2006, Blackcutt opened a school at a cost of $5 million. The estimated useful life of the school was 25 years. On 30 November 2012, the school was closed because numbers using the school declined unexpectedly due to a population shift caused by the closure of a major employer in the area. The school is to be converted for use as a library, and there is no expectation that numbers using the school will increase in the future and thus the building will not be reopened for use as a school. The current replacement cost for a library of equivalent size to the school is $2·1 million. Because of the nature of the non-current asset, value-in-use and net selling price are unrealistic estimates of the value of the school. The change in use would have no effect on the estimated life of the building. (6 marks)

Required:

Discuss how the above events should be accounted for in the financial statements of Blackcutt.

Note: The mark allocation is shown against each of the four events above.

Professional marks will be awarded in question 3 for the clarity and quality of the presentation and discussion. (2 marks)

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第4题

3 You are the manager responsible for the audit of Lamont Co. The company’s principal acti

vity is wholesaling frozen

fish. The draft consolidated financial statements for the year ended 31 March 2007 show revenue of $67·0 million

(2006 – $62·3 million), profit before taxation of $11·9 million (2006 – $14·2 million) and total assets of

$48·0 million (2006 – $36·4 million).

The following issues arising during the final audit have been noted on a schedule of points for your attention:

(a) In early 2007 a chemical leakage from refrigeration units owned by Lamont caused contamination of some of its

property. Lamont has incurred $0·3 million in clean up costs, $0·6 million in modernisation of the units to

prevent future leakage and a $30,000 fine to a regulatory agency. Apart from the fine, which has been expensed,

these costs have been capitalised as improvements. (7 marks)

Required:

For each of the above issues:

(i) comment on the matters that you should consider; and

(ii) state the audit evidence that you should expect to find,

in undertaking your review of the audit working papers and financial statements of Lamont Co for the year ended

31 March 2007.

NOTE: The mark allocation is shown against each of the three issues.

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第5题

You are a manager at Chennai & Co, a firm of Chartered Certified Accountants. One of t

he partners has asked you to investigate and respond to a number of issues which have arisen with two different companies.

(a) Delhi Co, a potential new client, is a privately owned and rapidly expanding company which currently operates below the audit threshold in the country in which it is based. The company’s management is currently considering having either a full audit or a limited assurance review of their financial statements. The partner would like you to assist the management of Delhi Co by writing a response to them in which you:

(i) Explain the difference between an audit of historical financial statements and a limited assurance review. (4 marks)

(ii) Discuss the relative advantages and disadvantages to Delhi Co of having an audit of their historical financial statements as opposed to a limited assurance review. (8 marks)

Delhi Co was incorporated in 2005, with founder and chief executive Mr Nimesh Dattani as the sole shareholder. After a period of rapid growth, Delhi Co took out a ten-year bank loan facility in June 2007 to finance Mr Dattani’s ambitious expansion plans. This was supported by a further injection of financial capital in 2014 through a new issue of shares in the company. The shares were sold to Mr Robert Hyland, an ex-business partner of Mr Dattani. The sale gave Mr Hyland a 40% shareholding in Delhi Co. He has no involvement in the management of the company.

Until recently Delhi Co operated with a small accounting department, comprising one full-time member of staff and one part-time employee. Due to the expansion of the company and Mr Dattani’s plans to expand the customer base internationally, it has been necessary to increase the size of the accounting function to include two new full-time members of staff. Both of the new recruits are part-qualified accountants and Mr Dattani has committed to sponsoring them through their remaining training and ACCA examinations.

Required:

Prepare the response to the management of Delhi Co as requested by the partner.

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

(b) The audit committee of another client, Mumbai Co, has asked the partner to consider whether it would be possible for the audit team to perform. a review of the company’s internal control system. A number of recent incidents have raised concerns amongst the management team that controls have deteriorated and that this has increased the risk of fraud, as well as inefficient commercial practices. The audit report for the audit of the financial statements of Mumbai Co for the year ended 31 March 2016 was signed a few weeks ago. Mumbai Co is a listed company.

Required:

In respect of the request for Chennai & Co to review Mumbai Co’s internal control systems: Identify and discuss the relevant ethical and professional issues raised, and recommend any actions necessary. (8 marks)

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第6题

Barbie DollsIn the mid 1940's, the young ambitious duo Ruth and Elliot Handler, owned a co

Barbie Dolls

In the mid 1940's, the young ambitious duo Ruth and Elliot Handler, owned a company that made wooden pictures frames. It was in 1945 that Ruth and Elliot Handler joined with their close friend Harold Mattson to form. a company would be named MATTEL, MATT for Mattson, and EL for Elliot.

In the mid 1950's, while visiting Switzerland, Ruth Handler purchased a German Lilli doll. Lilli was a shapely, pretty fashion doll first made in 1955. She was originally fashioned after a famous cartoon character in the West German Newsletter, Build. Lilli is the doll that would inspire Ruth Handler to design the Barbie doll. With the help of her technicians and engineers at Mattel, Barbie was born. Ruth then hired Charlotte Johnson, a fashion designer, to create Barbie's wardrobe. It was in 1958 that the patent for Barbie was obtained. This would be a fashion doll unlike any of her time. She would be long limbed, shapely, beautiful, and only 11.5 inches tall. Ruth and Elliot would name their new fashion doll after their own daughter, Barbie.

In 1959, the Barbie doll would make her way to the New York Toy Show and receive a cool reception from the toy buyers.

Barbie has a universal appeal and collectors both young and old enjoy time spent and memories made with their dolls.

When Ruth and Elliot Handler were young, they had a strong desire ______.

A．to go to school

B．to take photos

C．to make frames

D．to be highly successful

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第7题

Herman Swan & Co （HS) is a family-owned company that has made fashionable clothes and

Herman Swan & Co (HS) is a family-owned company that has made fashionable clothes and leather goods for men for over 100 years. The company has been successful in building a strong reputation for quality by sourcing from local textile and leather producers. It sells its goods across the world through a chain of owned shops and also franchised stalls inside large, well-known stores. The company is still owned and run by the family with no other shareholders. The main goal of the firm is to organically grow the business for the next generation of the Swan family.

Customers are attracted to HS products due to the history and the family story that goes behind the products. They are willing to pay the high prices demanded as they identify with the values of the firm, especially the high quality of manufacturing.

The competition for HS has been increasing for more than ten years. It is made up of other global luxury brands and also the rising national champions in some of the rapidly expanding developing countries. The competitors often try to leverage their brands into many different product types. However, the Swan family have stated their desire to focus on the menswear market after an unsuccessful purchase of a handbag manufacturer five years ago.

The company is divided into a number of strategic business units (SBU). Each production site is an SBU, while the whole retail operation is one SBU. The head office previously functioned as a centre for procurement, finance and other support activities. The company has recently invested in a new management information system (MIS) that has increased the data available to all managers in the business. This has led to much of the procurement shifting to the production SBUs and the SBU managers taking more responsibility for budgeting. The SBU managers are delighted with their increased responsibilities and with the results from the new information system but feel there is still room for improvement in its use. The system has assisted in a project of flattening the organisation hierarchy by cutting out several layers of head office management.

You are the management accountant at HS and have been trying to persuade your boss, the finance director, that your role should change. You have read about Burns and Scapens’ report ‘Accounting Change Project’ and think that it suggests an interesting change from your current roles of preparing and reviewing budgets and overseeing the production of management and financial accounts. Your boss is sceptical but is willing to listen to your arguments. He has asked you to submit an explanation of the change that you propose and why it is necessary at HS.

Also, your boss has asked you for an example of how your role as an ‘internal consultant’ would be valuable at HS by looking at the ideas of brand loyalty and awareness. You should consider their impact on performance management at HS, both from the customer and the internal business process perspectives and how to measure them.

Required:

(a) Describe the changes in the role of the management accountant based on Burns and Scapens work. Explain what is driving these changes and justify why they are appropriate to HS. (12 marks)

(b) Using HS as an example, discuss the impact of brand loyalty and awareness on the business both from the customer and the internal business process perspectives and evaluate suitable measures for brand loyalty and awareness. (8 marks)

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第8题

Short selling is the sale of a security that is not owned by the seller, or that the seller has borrowed.

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第9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10题

Which of the following would be recognised as an investment property under IAS 40 in the consolidated financial statements of Build Co？

A、A property intended for sale in the ordinary course of business

B、A property being constructed for a customer

C、A property held by Build Co as a right-of-use asset and leased out under a six-month lease

D、A property owned by Build Co and leased out to a subsidiary

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