(ii) Describe the procedures to verify the number of serious accidents in the year ended 30 November 2007.(4 marks)
(ii) Describe the procedures to verify the number of serious accidents in the year ended 30 November 2007.
(4 marks)
相关考题：
(c) (i) State the date by which Thai Curry Ltd’s self-assessment corporation tax return for the year ended30 September 2005 should be submitted, and advise the company of the penalties that will be due ifthe return is not submitted until 31 May 2007. (3 marks)(ii) State the date by which Thai Curry Ltd’s corporation tax liability for the year ended 30 September 2005should be paid, and advise the company of the interest that will be due if the liability is not paid until31 May 2007. (3 marks)
(ii) Describe the basis for the calculation of the provision for deferred taxation on first time adoption of IFRSincluding the provision in the opening IFRS balance sheet. (4 marks)
(b) Ambush loaned $200,000 to Bromwich on 1 December 2003. The effective and stated interest rate for thisloan was 8 per cent. Interest is payable by Bromwich at the end of each year and the loan is repayable on30 November 2007. At 30 November 2005, the directors of Ambush have heard that Bromwich is in financialdifficulties and is undergoing a financial reorganisation. The directors feel that it is likely that they will onlyreceive $100,000 on 30 November 2007 and no future interest payment. Interest for the year ended30 November 2005 had been received. The financial year end of Ambush is 30 November 2005.Required:(i) Outline the requirements of IAS 39 as regards the impairment of financial assets. (6 marks)
(ii) Explain the accounting treatment under IAS39 of the loan to Bromwich in the financial statements ofAmbush for the year ended 30 November 2005. (4 marks)
(b) Describe with suitable calculations how the goodwill arising on the acquisition of Briars will be dealt with inthe group financial statements and how the loan to Briars should be treated in the financial statements ofBriars for the year ended 31 May 2006. (9 marks)
4 (a) Router, a public limited company operates in the entertainment industry. It recently agreed with a televisioncompany to make a film which will be broadcast on the television company’s network. The fee agreed for thefilm was $5 million with a further $100,000 to be paid every time the film is shown on the television company’schannels. It is hoped that it will be shown on four occasions. The film was completed at a cost of $4 million anddelivered to the television company on 1 April 2007. The television company paid the fee of $5 million on30 April 2007 but indicated that the film needed substantial editing before they were prepared to broadcast it,the costs of which would be deducted from any future payments to Router. The directors of Router wish torecognise the anticipated future income of $400,000 in the financial statements for the year ended 31 May2007. (5 marks)Required:Discuss how the above items should be dealt with in the group financial statements of Router for the year ended31 May 2007.
(d) Additionally Router purchased 60% of the ordinary shares of a radio station, Playtime, a public limited company,on 31 May 2007. The remaining 40% of the ordinary shares are owned by a competitor company who owns asubstantial number of warrants issued by Playtime which are currently exercisable. If these warrants areexercised, they will result in Router only owning 35% of the voting shares of Playtime. (4 marks)Required:Discuss how the above items should be dealt with in the group financial statements of Router for the year ended31 May 2007.
(b) (i) Discusses the principles involved in accounting for claims made under the above warranty provision.(6 marks)(ii) Shows the accounting treatment for the above warranty provision under IAS37 ‘Provisions, ContingentLiabilities and Contingent Assets’ for the year ended 31 October 2007. (3 marks)Appropriateness of the format and presentation of the report and communication of advice. (2 marks)
Required:Discuss the principles and practices which should be used in the financial year to 30 November 2008 to accountfor:(b) the costs incurred in extending the network; (7 marks)
Discuss the principles and practices which should be used in the financial year to 30 November 2008 to accountfor:(c) the purchase of handsets and the recognition of revenue from customers and dealers. (8 marks)Appropriateness and quality of discussion. (2 marks)
(b) Calculate the percentage of maximum capacity at which the zoo will break even during the year ending30 November 2007. You should assume that 50% of the revenue from sales of ticket type ZC is attributableto the zoo. (7 marks)
(ii) Illustrate the benefit of revising the corporate structure by calculating the corporation tax (CT) payablefor the year ended 31 March 2006, on the assumptions that:(1) no action is taken; and(2) an amended structure as recommended in (i) above is implemented from 1 June 2005. (3 marks)
(ii) Assuming that Donald operates through a company, advise Donald on the corporation tax (CT) thatwould be payable for the year ended 31 March 2007 if he pays himself a gross salary of ￡31,000, plusa net dividend of ￡10,000, instead of a gross salary of ￡42,648. (4 marks)
(ii) Assuming the new structure is implemented with effect from 1 August 2006, calculate the level ofmanagement charge that should be made by Bold plc to Linden Limited for the year ended 31 July2007, so as to minimise the group’s overall corporation tax (CT) liability for that year. (2 marks)
(ii) Calculate the corporation tax (CT) payable by Tay Limited for the year ended 31 March 2006, takingadvantage of all available reliefs. (3 marks)
4 (a) Explain the auditor’s responsibilities in respect of subsequent events. (5 marks)Required:Identify and comment on the implications of the above matters for the auditor’s report on the financialstatements of Jinack Co for the year ended 30 September 2005 and, where appropriate, the year ending30 September 2006.NOTE: The mark allocation is shown against each of the matters.
(c) In November 2006 Seymour announced the recall and discontinuation of a range of petcare products. Theproduct recall was prompted by the high level of customer returns due to claims of poor quality. For the year to30 September 2006, the product range represented $8·9 million of consolidated revenue (2005 – $9·6 million)and $1·3 million loss before tax (2005 – $0·4 million profit before tax). The results of the ‘petcare’ operationsare disclosed separately on the face of the income statement. (6 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 Seymour Co for the year ended30 September 2006.NOTE: The mark allocation is shown against each of the three issues.
(ii) Briefly explain the implications of Parr Co’s audit opinion for your audit opinion on the consolidatedfinancial statements of Cleeves Co for the year ended 30 September 2006. (3 marks)
(c) Describe the examination procedures you should use to verify Cusiter Co’s prospective financial information.(9 marks)
(b) You are the audit manager of Petrie Co, a private company, that retails kitchen utensils. The draft financialstatements for the year ended 31 March 2007 show revenue $42·2 million (2006 – $41·8 million), profit beforetaxation of $1·8 million (2006 – $2·2 million) and total assets of $30·7 million (2006 – $23·4 million).You are currently reviewing two matters that have been left for your attention on Petrie’s audit working paper filefor the year ended 31 March 2007:(i) Petrie’s management board decided to revalue properties for the year ended 31 March 2007 that hadpreviously all been measured at depreciated cost. At the balance sheet date three properties had beenrevalued by a total of $1·7 million. Another nine properties have since been revalued by $5·4 million. Theremaining three properties are expected to be revalued later in 2007. (5 marks)Required:Identify and comment on the implications of these two matters for your auditor’s report on the financialstatements of Petrie Co for the year ended 31 March 2007.NOTE: The mark allocation is shown against each of the matters above.
(b) Explain the principal audit procedures to be performed during the final audit in respect of the estimatedwarranty provision in the balance sheet of Island Co as at 30 November 2007. (5 marks)
(c) (i) Identify and describe FOUR quality control procedures that are applicable to the individual auditengagement; and (8 marks)
(ii) Identify and explain the principal audit procedures to be performed on the valuation of the investmentproperties. (6 marks)
(ii) State the principal audit procedures to be performed on the consolidation schedule of the Rosie Group.(4 marks)
单选题The British Royal Society for the Prevention of Accidents (ROSPA) is petitioning to keep the UK on British Summer Time all year round, and they claim that nearly 450 serious accidents occur each year because of the time change.Aall year round, and they claim that nearly 450 serious accidents occur each year because of the time changeBall throughout the year, and they claim that nearly 450 serious accidents occur each year because of itCall year, claiming that nearly 450 serious accidents occur each year because of itDall year round, claiming that nearly 450 serious accidents occur each year because of the time changeEall year round, and they claim that nearly 450 serious accidents occur each and every year because of the time change