考试全攻略ACCA2010考试全真真题

1、ACCA2010年12月份考试真题（P1）2011-02-15 来源 沬知作者:编辑部参与讨论：会计论坛【会计网校课程打折优惠，火爆招生中】【2011年会计从业资格考试，轻松拿会计证！】【2012初、中级职称考试保过班：五大班次+内部资料精华班+辅导教材=300元/科！】Section A-This ONE questi on is compu Isory and MUST be atte mp ted1 In the 2009 results p rese ntati on to an alysts,the chief executive of ZP T,a global internet

2、com mun icatio ns company,announced an excelle nt set of results to the wait ing audie nce.Chief executive Clive Xu announced that,co mp ared to 2008,sales had in creased by 50%, profi ts by 100% and total assets by 80%.The divide nd was to be doubled from the p revious year.He also announced that b

3、ased on their outsta nding p erforma nce,the executive directors would be p aid large bonu ses in line with their con tracts.His own bonus as chief executive would be $20 milli on. Whe n one of the an alysts asked if the bonus was excessive,Mr Xu remin ded the audie nee that the share p rice had ris

4、e n 45% over the course of the year because of his efforts in skilfully guidi ng the company.He said that he exp ected the share p rice to rise further on the results announ ceme nt,which it duly did.Because the results exceeded market exp ectati on ,the share price rose ano ther 25% to $52.Three mo

5、n ths later,Clive Xu called a p ress conference to announce a restateme nt of the 2009 results.This was n ecessary,he said,because of someregrettable acco unting errors.This followed a meet ing betwee n ZPT and the legal authorities who were in vestigat ing a po ssible fraud at ZP T.He disclosed tha

6、t in fact the fi gures for 2009 were in creases of 10% for sales,20% for profi ts and 15% for total assets which were all sig nifi can tly below market exp ectati on s.The propo sed divide nd would now only be a modest 10% more tha n last year.He said that he exp ected a market reacti on to the rest

7、ateme nt but hoped that it would only be a short-term effect.The first questi oner from the audie nee asked why the auditors had not spo tted and corrected the fun dame ntal acco un ti ng errors and the sec ond questi oner asked whether such a dis parity betwee n in itial and restated results was du

8、e to fraud rather tha n acco un ti ng errors.Whe n a journ alist asked Clive Xu if he inten ded to pay back the $20 millio n bonus that had bee n based on the p revious results,Mr Xu said he did no t.The share price fell dramatically upon the restateme nt announ ceme nt an d,because ZPT was such a l

9、arge compan y,it made headli nes in the bus in ess p ages in many coun tries.Later that mon th,the company announced that follow ing an internal in vestigati on ,there would be further restateme nts,all dramatically dow nwards,for the years 2006 and 2OO7.This caused ano ther mass selli ng of ZPT sha

10、res result ing in a fi nal share value the followi ng day of $1.This rep rese nted a loss of shareholder value of $12 billio n from the p eak share p rice.Clive Xu resig ned and the gover nment regulator for bus in ess ordered an in vestigati on into what had happened at ZP T.The shares were sus pen

11、 ded by the stock excha nge.A month later,hav ing failed to gain p rotect ion from its creditors in the courts,Z PT was declared bankrup t.Noth ing was p aid out to shareholders whilst supp liers received a fraction of the amounts due to them.Some non-curre nt assets were acquired by comp etitors bu

12、t all of ZP Ts 54,000 empio yees lost their jobs,mostly with little or no termin atio n p ayme nt.Because the ZPT empio yees pension fund was not p rotected from creditors,the value of that was also severely reduced to pay debts which meant that empio yees with many years of service would have a gre

13、atly reduced pension to rely on in old age.ced to pay debts which mea nt that empio yees with many years of service would have a greatly reduced pension to rely on in old age.ced to pay debts which mea nt that empio yees with many years of service would have a greatly reduced pension to rely on in o

14、ld age.ced to pay debts which meant that empio yees with many years of service would have a greatly reduced pension to rely on in old age.The gover nment in vestigati on found that ZPT had bee n maintaining false acco un ti ng records for several years.This was done by deve loping an overly-co mp li

15、cated company structure that contained a n etwork of intern ati onal bran ches and a bus in ess model that was diffi cult to un dersta nd.Whereas ZPT had begu n as a simple telecom muni cati ons company Qive Xu had in creased the compi exity of the company so that he couldhidelosses and mis-re port

16、profi ts.ln the companys reportin g,he also substa ntially overestimated the value of future customer supply con tracts.The in vestigati on also found a nu mber of sig nifi cant internal con troi defi cien cies in ciudi ng no effective man ageme nt oversight of the exter nal reporting pro cess and a

17、 disregard of the reieva nt acco unting sta ndards.In additi on to Mr Xu,several other directors were comp licit in the activities althoughShazia Lo,a senior qualifi ed acco untant work ing for the fi nan cial director,had bee n unhappy about the situati on for some time.She had app roached the fi n

18、ance director with her concerns but hav ing failed to get the an swers she felt she n eeded,had threate ned to tell the p ress that future customer supply con tract values had bee n inten ti on ally and materially overstated(the cha nge in fair value would have had a profi t imp act).Whe n her threa

19、t came to the atte nti on of the board,she was in timidated in the hope that she would kee p quiet.She fi n ally acce pted a large personal bonus in excha nge for her sile nee in late 2008.The in vestigati on later found that Shazia Lo had bee n continu ally in structed,aga inst her judgeme nt,to re

20、port fi gures she knew to be grossly op timistic.Whe n she was offered the large personal bonus in excha nge for her sile nce,she acce pted it because she n eeded the money to meet several expen ses related to her mother who was sufferi ng a Ion g-term ill ness and for whom no state health care was

21、available.The money was used to pay for a lifesavi ng op erati on for her mother and also to rehouse her in a more healthy en viro nmen t.Shazia Lo made no personal fi nan cial gain from the bonus at all(the money was all used to help her mother)but her behaviour was widely rep orted and criticised

22、in the p ress after the colla pse of the company.The in vestigati on found that the auditorJJC partn ershi p(one of the largest in the coun try),had had its independence compro mised by a large audit fee but also through receiv ing con sulta ncy in come from ZPT worth several times the audit fee.Bec

23、ause ZPT was such an imp orta nt clie nt for JJC,it had many resources and jobs en tirely committed to the ZPT acco un t.JJC had,it was foun d,k nowin gly sig ned off in accurate acco unts in order to p rotect the man ageme nt of ZPT and their own senior partners en gaged with the ZPT acco un t.Afte

24、r the in vestigati on, JJCs other clie nts gradually cha nged auditor, not wanting to be see n to have any connection with JJC.Accord in gly,JJCs audit bus in ess has since closed dow n. This caused sig nifi cant disturba nee and up heaval in the audit in dustry.Because ZPT was regarded for many yea

25、rs as a high p erform ing company in a grow ing market,ma ny in stituti onal in vestors had in creased the nu mber of ZPT shares in their in vestme nt po rtfolios.Whe n the share p rice lost its value,it mea nt that the overall value of their funds was reduced and some in dividual shareholders dema

26、nded to know why the in stituti onal in vestors had not in terve ned sooner to either find out what was really going on in ZPT or divest ZPT shares.Some were esp ecially angry that even after the first restateme nt was announ ced,the in stituti onal in vestors did not make any atte mpt to in terve n

27、e.One small in vestor said he wan ted to see more shareholder activism,es pecially among the large in stituti onal in vestors.Some time later,Mr Xu argued that one of the reas ons for the devel opment of the complex ZPT bus in ess model was that it was thought to be n ecessary to man age the many ri

28、sks that ZPT faced in its complex and turbule nt bus in ess environmen t.He said that a mult ip licity of overseas offi ces was n ecessary to address excha nge rate risks,a belief challe nged by some observers who said it was just to en able the ZPT board to make their internal con trols and risk ma

29、n ageme nt less transparent.(a) Because of their large shareholdi ngs,i nstituti onal in vestors are sometimes able to in terve ne directly in the companies they hold shares in.Required:(i)Ex plain the factors that might lead in stituti onal in vestors to atte mpt to in terve ne directly in the man

30、ageme nt of a company; (6 marks)(ii)C on struct the case for in stituti onal in vestors atte mpting to in terve ne in ZPT afterthe fi rst results restateme nt was announ ced.(6 marks)(b)Dist in guish betwee n absolutist and relativist app roaches to ethics and criticallyevaluate the behaviour of Sha

31、zia Lo(the acco untant who acce pted a bonus for hersile nce)us ing both of these ethical persp ectives.(10 marks)(c) The ZPT case came to the atte nti on of Robert Nie,a senior n ati on al legislator in thecountry where ZPT had its head offi ce.The country did n ot have any statutory corpo rategove

32、r nance legislati on and Mr Nie was furious at the ZPT situati on because many of hisvoters had bee n badly fi nan cially affected by it.He believed that legislatio n was n eeded toen sure that a similar situati on could not happen aga in.Mr Nie intends to make a briefsp eech in the n ati on al legi

33、slative assembly outl ining the case for his propo sed legislati onand some of its propo sed p rovisi ons.Required:Draft secti ons of the sp eech to cover the follow ing areas:(i)Ex plain the importance of sound corpo rate gover nance by assess ing thecon seque nces of the corpo rate gover nance fai

34、lures at ZPT;(10 marks)(ii)C on struct the case for the man datory exter nal reporting of in ternal fi nancialcon trols and risks; (8 marks)(iii)Ex plain the broad areas that the prop osed exter nal report on internal con trolsshould in clude,draw ing on the case content as approp riate.(6 marks)Pro

35、fessi onal marks will be awarded in p art(c)for the structure,flow ,p ersuasive nessand tone of the an swer.(4 marks)Section B -WO questions ONLY to be attempted2 At a board meet ing of JGP Chemicals Limited,the directors were discuss ing some(50 marks)recent n egative p ublicity aris ing from the a

36、ccide ntal emissi on of a chemical p olluta nt into the local river.As well as it result ing in a large fine from the courts,the leak had created a great deal of con troversy in the local com munity that relied on the p olluted river for its no rmal use(i ncludi ng drinkin g).A prominent com munity

37、leader sp oke for those affected whe n she said that a leak of this type must n ever happen aga in or JGP would suffer the loss of support from the com muni ty.She also remin ded JGP that it attracts 65% of its labour from the local com munity.As a response to the p roblems that arose after the leak

38、,the JGP board decided to con sult an expert on whether the p ublicati on of a full ann ual environmen tal report might help to mitigate future environmen tal risks.The expert,Pro fessor Appo(a p romi nent academic),said that the company would n eed to establish an annual en vir onmen tal audit befo

39、re they could issue a repo rt.He said that the en viro nmen tal audit should in clude,i n additi on to a review and evaluati on of JGPs safety con trols,a full audit of the en viro nmen tal imp act of JGPs supply cha in.He said that these components would be very important in address ing the concern

40、s of a grow ing group of in vestors who are worried about such things.Pro fessor Appo said that all chemical companies had a structural en viro nmen tal risk and JGP was no exce pti on to this.As major con sumers of n atural chemical resources and p roducers of poten tially hazardous out puts,Pro fe

41、ssor Appo said that chemical companies should be aware of the wide range of ways in which they can affect the environmen t.CEO Keith Miasma agreed with Professor Appo and added that because JGP was in chemicals,a ny environmen tal issue had the poten tial to affect JGPs overall repu tati on among a

42、wide range of stakeholders.Whe n the board was discuss ing the issue of susta in ability in connection with theen viro nmen tal audit,the finance director said that susta in ability reporting would not ben ecessary as the company was already susta in able because it had no go ing concernissues.He sa

43、id that JGP had bee n in bus in ess for over 50 years,should be able tocon ti nue for many years to come and was therefore susta in able.As far as he wasconcern ed,this was all that was mea nt by susta in ability.In the discussi on that followed,the board no ted that in order to sig nal its serious

44、nessto the local com munity and to in vestors,the en viro nmen tal audit should be as thorough aspo ssible and that as much in formatio n should be made available to the p ublic in thein terests of transparen cy.It was agreed that contents of the audit(the agreedmetrics)should be robust and with lit

45、tle room left for interp retati on-hey wan ted to be ableto dem on strate that they had comp lied with their agreed metrics for the environmentalaudit.Required:(a)Ex plai nsusta in abilityi n the con text of environmen tal audit ing and criticise the finance directors un dersta nding of susta in abi

46、lity.(6 marks)(b)Ex plain the three stages in an en vir onmen tal audit and expIo re,us ing in formati onfrom the case,the issues that JGP will have in deve loping these stages.(9 marks)(c)Defi nee nvironmen tal risk.Disti nguish betwee n strategic and op erati onal risks andexp lai n why the enviro

47、nmen tal risks at JGP are strategic.(10 marks)3KK is a large listed company. Whe n a non-executive directorshi p of KK Limited(25 marks)became availableJoh n Soria was nomin ated to fi II the vaca ncy.Joh n is the brother- in-law of KKs chief executive Ken Kava.Joh n is also the CEO of Soria Su ppi

48、ies Ltd,KKs largest sin gle supp lier and is,therefore,very familiar with KK and its in dustry.He has sold goods toKK for over 20 years and is on frie ndly terms with all of the senior offi cers in the company.ln fact last year,Soria Supp lies appoin ted KKs fi nance director,Susa nSchwab,to a non-e

49、xecutive directorsh ip on its board.The executive directors of KK all know and like Joh n and so plan to ask the nomin ati ons committee to appoint him before the next AGM.KK has recen tly un derg one a p eriod of rapid growth and has recen tly en tered several new overseas markets,some of which,acc

50、ord ing to the finance director,are riskier tha n the domestic market.Ke n Kava,be ing the dominant person on the KK board,has in creased the risk exp osure of the company accord ing to some in vestors.They say that because most of the executive directors are less exp erie nced,they rarely questi on

51、 his overseas expansion strategy.This expansion has also created a growth in empio yee nu mbers and an in crease in the nu mber of executive directors,ma inly to man age the in creas in gly comp lex op erati ons of the company .It was thought by some that the company lacked exp erie nee and kno wled

52、ge of intern atio nal markets as it expan ded and that this in creased the risk of the strategys failure.Some shareholders believed that the aggressive strategy,led by KenKava,has bee n careless as it has expo sed KK Limited to some losses on overseas direct in vestme nts made before all n ecessary

53、in formatio n on the in vestme nt was obta ined.As a large listed compan y,the gover nance of KK is imp orta nt to its shareholders .FinBrun is one of KKs largest shareholders and holds a large po rtfolio of shares in cludi ng 8%of the shares in KK.At the last AGM he comp lai ned to KKs chief execut

54、ive,Ke n Kava,that he n eeded more in formati on on direct orsp erforma nce.Fin said that he did nt know how to vote on board reappoin tme nts because he had no in formati on on how they had p erformed in their jobs.Mr Kava said that the board inten ded to in clude a corpo rate gover nance sect ion

55、in future annual rep orts to address this and to p rovide other in formati on that shareholders had asked for.He added,however,that he would not be able to p ublish in formati on on the p erforma nee of in dividual executive directors as this was too comp licated and actually not the concern of shar

56、eholders .It was,he said,the p erforma nee of the board as a whole that was imp orta nt and he(Mr Kava)would man age the p erforma nee targets of in dividual directors.Required:(a) Ex plain the termc onfl ict of in terest in the con text of non-executive directors and discuss the poten tial confl ic

57、ts of in terest relat ing to KK and Soria Supp lies if Joh n Soria(8 marks)were to become a non-executive director of KK Limited.(b) Assess the adva ntages of appointing exp erie need and effective non-executive(7directors to the KK board duri ng the p eriod in which the company was grow ing rap idl

58、y.marks)(c) Ex plain the typ ical contents of abest p racticecor po rate gover nance report with in an annual report and how its contents could help meet the in formati on n eeds of Fin4 During the global econo mic recessi on that bega n in mid 2008,ma ny companiesfound it diffi cult to gain eno ugh credit in the form of short-term loa ns from their banks and other len ders .In some cases,this caused work ing cap ital p roblems as short-term cash fl ow defi ci