题目内容
（请给出正确答案）
By the year 2010, scientist probably ______ a cure for cancer.
A．will be discovering
B．are discovering
C．will have discovered
D．have discovered
如果结果不匹配，请 联系老师 获取答案
更多“By the year 2010, scientist pr…”相关的问题
By the year of 2010, the world population probably ______ 6 billion.
A．have reached
B．will be reaching
C．will have reached
D．is reaching
A.上限位开关
B.极限开关
C.防坠安全器
D.安全节
The following trial balance relates to Highwood at 31 March 2011:
The following notes are relevant:
(i) An equity dividend of 5 cents per share was paid in November 2010 and charged to retained earnings.
(ii) The 8% $30 million convertible loan note was issued on 1 April 2010 at par. Interest is payable annually in arrears on 31 March each year. The loan note is redeemable at par on 31 March 2013 or convertible into equity shares at the option of the loan note holders on the basis of 30 equity shares for each $100 of loan note. Highwood’s finance director has calculated that to issue an equivalent loan note without the conversion rights it would have to pay an interest rate of 10% per annum to attract investors.
The present value of $1 receivable at the end of each year, based on discount rates of 8% and 10% are:
(iii) Non-current assets:
On 1 April 2010 Highwood decided for the first time to value its freehold property at its current value. A qualified property valuer reported that the market value of the freehold property on this date was $80 million, of which $30 million related to the land. At this date the remaining estimated life of the property was 20 years. Highwood does not make a transfer to retained earnings in respect of excess depreciation on the revaluation of its assets.
Plant is depreciated at 20% per annum on the reducing balance method.
All depreciation of non-current assets is charged to cost of sales.
(iv) The balance on current tax represents the under/over provision of the tax liability for the year ended 31 March 2010. The required provision for income tax for the year ended 31 March 2011 is $19·4 million. The difference between the carrying amounts of the net assets of Highwood (including the revaluation of the property in note (iii) above) and their (lower) tax base at 31 March 2011 is $27 million. Highwood’s rate of income tax is 25%.
(v) The inventory of Highwood was not counted until 4 April 2011 due to operational reasons. At this date its value at cost was $36 million and this figure has been used in the cost of sales calculation above. Between the year end of 31 March 2011 and 4 April 2011, Highwood received a delivery of goods at a cost of $2·7 million and made sales of $7·8 million at a mark-up on cost of 30%. Neither the goods delivered nor the sales made in this period were included in Highwood’s purchases (as part of cost of sales) or revenue in the above trial balance.
(vi) On 31 March 2011 Highwood factored (sold) trade receivables with a book value of $10 million to Easyfinance. Highwood received an immediate payment of $8·7 million and will pay Easyfinance 2% per month on any uncollected balances. Any of the factored receivables outstanding after six months will be refunded to Easyfinance. Highwood has derecognised the receivables and charged $1·3 million to administrative expenses. If Highwood had not factored these receivables it would have made an allowance of $600,000 against them.
Required:
(i) Prepare the statement of comprehensive income for Highwood for the year ended 31 March 2011;
(ii) Prepare the statement of changes in equity for Highwood for the year ended 31 March 2011;
(iii) Prepare the statement of financial position of Highwood as at 31 March 2011.
Note: your answers and workings should be presented to the nearest $1,000; notes to the financial statements are not required.
The following mark allocation is provided as guidance for this question:
(i) 11 marks
(ii) 4 marks
(iii) 10 marks
(a) IAS 37 Provisions, contingent liabilities and contingent assets prescribes the accounting and disclosure for those items named in its title.
Required:
Define provisions and contingent liabilities and briefly explain how IAS 37 improves consistency in financial reporting.
(b) The following items have arisen during the preparation of Borough’s draft financial statements for the year ended 30 September 2011:
(i) On 1 October 2010, Borough commenced the extraction of crude oil from a new well on the seabed. The cost of a 10-year licence to extract the oil was $50 million. At the end of the extraction, although not legally bound to do so, Borough intends to make good the damage the extraction has caused to the seabed environment. This intention has been communicated to parties external to Borough. The cost of this will be in two parts: a fixed amount of $20 million and a variable amount of 2 cents per barrel extracted. Both of these amounts are based on their present values as at 1 October 2010 (discounted at 8%) of the estimated costs in 10 years’ time. In the year to 30 September 2011 Borough extracted 150 million barrels of oil.
(ii) Borough owns the whole of the equity share capital of its subsidiary Hamlet. Hamlet’s statement of financial position includes a loan of $25 million that is repayable in five years’ time. $15 million of this loan is secured on Hamlet’s property and the remaining $10 million is guaranteed by Borough in the event of a default by Hamlet. The economy in which Hamlet operates is currently experiencing a deep recession, the effects of which are that the current value of its property is estimated at $12 million and there are concerns over whether Hamlet can survive the recession and therefore repay the loan.
Required:
Describe, and quantify where possible, how items (i) and (ii) above should be treated in Borough’s statement of financial position for the year ended 30 September 2011.
In the case of item (ii) only, distinguish between Borough’s entity and consolidated financial statements and refer to any disclosure notes. Your answer should only refer to the treatment of the loan and should not consider any impairment of Hamlet’s property or Borough’s investment in Hamlet.
Note: the treatment in the income statement is NOT required for any of the items.
The following mark allocation is provided as guidance for this requirement:
(i) 5 marks
(ii) 4 marks
Introduction and client background
You are an audit senior in Staple and Co and you are commencing the planning of the audit of Smoothbrush Paints Co for the year ending 31 August 2010.
Smoothbrush Paints Co is a paint manufacturer and has been trading for over 50 years, it operates from one central site, which includes the production facility, warehouse and administration ffices.
Smoothbrush sells all of its goods to large home improvement stores, with 60% being to one large chain store Homewares. The company has a one year contract to be the sole supplier of paint to Homewares. It secured the contract through signifi cantly reducing prices and offering a four-month credit period, the company’s normal credit period is one month.
Goods in/purchases
In recent years, Smoothbrush has reduced the level of goods directly manufactured and instead started to import paint from South Asia. Approximately 60% is imported and 40% manufactured. Within the production facility is a large amount of old plant and equipment that is now redundant and has minimal scrap value. Purchase orders for overseas paint are made six months in advance and goods can be in transit for up to two months. Smoothbrush accounts for the inventory when it receives the goods.
To avoid the disruption of a year end inventory count, Smoothbrush has this year introduced a continuous/perpetual inventory counting system. The warehouse has been divided into 12 areas and these are each to be counted once over the year. The counting team includes a member of the internal audit department and a warehouse staff member. The following procedures have been adopted;
1. The team prints the inventory quantities and descriptions from the system and these records are then compared to the inventory physically present.
2. Any discrepancies in relation to quantities are noted on the inventory sheets, including any items not listed on the sheets but present in the warehouse area.
3. Any damaged or old items are noted and they are removed from the inventory sheets.
4. The sheets are then passed to the fi nance department for adjustments to be made to the records when the count has fi nished.
5. During the counts there will continue to be inventory movements with goods arriving and leaving the warehouse.
At the year end it is proposed that the inventory will be based on the underlying records. Traditionally Smoothbrush has maintained an inventory provision based on 1% of the inventory value, but management feels that as inventory is being reviewed more regularly it no longer needs this provision.
Finance Director
In May 2010 Smoothbrush had a dispute with its fi nance director (FD) and he immediately left the company. The company has temporarily asked the fi nancial controller to take over the role while they recruit a permanent replacement. The old FD has notifi ed Smoothbrush that he intends to sue for unfair dismissal. The company is not proposing to make any provision or disclosures for this, as they are confi dent the claim has no merit.
Required:
(a) Identify and explain the audit risks identifi ed at the planning stage of the audit of Smoothbrush Paints Co. (10 marks)
(b) Discuss the importance of assessing risks at the planning stage of an audit. (4 marks)
(c) List and explain suitable controls that should operate over the continuous/perpetual inventory counting system, to ensure the completeness and accuracy of the existing inventory records at Smoothbrush Paints Co. (10 marks)
(d) Describe THREE substantive procedures the auditor of Smoothbrush Paints Co should perform. at the year end in confi rming each of the following:
(i) The valuation of inventory; (3 marks)
(ii) The completeness of provisions or contingent liabilities. (3 marks)
SUPPLEMENTARY INSTRUCTIONS
1. Calculations and workings need only be made to the nearest RMB.
2. Apportionments should be made to the nearest month.
3. All workings should be shown.
TAX RATES AND ALLOWANCES
The following tax rates and allowances are to be used in answering the questions.
1.
(a) The following is the statement of enterprise income tax (EIT) payable prepared by the accountant of Company P for the year 2010:
Notes:
(1) The union has not yet been set up and the expense is a general provision.
(2) The original cost of the fixed asset was RMB 150,000 and the accumulated depreciation was RMB 105,000, while the accumulated tax allowances claimed were RMB 120,000.
(3) The creditor had been liquidated three years ago.
(4) Last year (2009) was the first year a debtors provision was made. A general provision of RMB 500,000 was made but the whole amount was disallowed by the tax bureau. This year the management decided to write back part of provision amounting to RMB 150,000.
Required:
(i) Briefly comment on the correctness of the accountant’s treatment of the 12 items marked with an asterisk (*) in the income tax calculation sheet; (17 marks)
(ii) Calculate the correct amount of enterprise income tax (EIT) payable by Company P for the year 2010. (6 marks)
(b) Briefly explain the term ‘arm’s length principle’ in the context of transactions between associated enterprises pursuant to the enterprise income tax law, together with the adjustment methods that may be used by the tax bureau in cases where this principle is not complied with. (6 marks)
(c) Company C, a limited company with equity of RMB 1,000,000, borrowed two loans from related companies:
– RMB 1,000,000 at a 7% annual interest rate from Company A; and
– RMB 2,000,000 at an 8% annual interest rate from Company B.
The market interest rate for the equivalent loans is a 6% annual interest rate.
In 2010, the interest paid to Company A and Company B was RMB 70,000 and RMB 160,000 respectively. The total amount of interest of RMB 230,000 was allocated RMB 140,000 to interest expense and RMB 90,000 to construction in progress in Company C’s accounts.
Required:
Calculate the amount of interest that will be disallowed for enterprise income tax under each of the account headings: interest expense and construction in progress. (6 marks)
2.
(a) Mr Y, a local Chinese national, a professional writer and artist, had the following income during 2010:
(1) Received income of RMB 45,000 for publishing the first edition of a book, and of RMB 15,000 for the second edition of the same book. The book was also published in a newspaper and he was paid RMB 5,250 for this.
(2) Sold one of his paintings for RMB 5,400.
(3) Gave a speech and was paid RMB 28,500.
(4) Acted as a translator for a movie and was paid RMB 60,000.
(5) Gave a speech in overseas country M and was paid the gross equivalent of RMB 27,000, from which the equivalent of RMB 6,750 in overseas tax was deducted at source.
(6) Sold one of his paintings in overseas country H, and was paid the gross equivalent of RMB 15,000, from which the equivalent of RMB 2,250 in overseas tax was deducted at source.
(7) Received interest of RMB 7,500 on a loan he had made to a domestic enterprise.
Required:
(i) Calculate the individual income tax (IIT) payable by Mr Y in respect of each of the items (1) to (7); (12 marks)
(ii) State how and when any IIT due on Mr Y&39;s overseas income will be reported and paid. (3 marks)
(b)
(i) State when a withholding agent must report and pay the individual income tax (IIT) deducted on a monthly basis from employment income; (1 mark)
(ii) List ANY FOUR situations in which an individual taxpayer needs to do self-reporting for IIT purposes. (4 marks)
3.
(a) Enterprise G, a general value added tax payer incorporated in Shenzhen for more than 20 years, had the following transactions in the month of May 2010. Some of the enterprises sales are subject to the standard value added tax (VAT) rate, while others are exempt (VAT) activities. All figures are stated including any applicable VAT:
(1) Sold product A (a standard VAT rate item) for RMB 400,000 and product B (a VAT exempt item) for RMB 350,000.
(2) In addition to the sales in (1) above, distributed product A with a market value of RMB 20,000 for staff welfare benefit.
(3) Purchased RMB 500,000 production materials, of which RMB 50,000 was used for a self-constructed building.
(4) Purchased RMB 200,000 agriculture product, of which RMB 20,000 was used for staff welfare benefit.
(5) Purchased a production machine for RMB 100,000 and sold a used machine for RMB 10,000. The used machine had been bought in May 2009 and used by the enterprise ever since then.
Required:
Calculate the value added tax (VAT) payable by Enterprise G for the month of May 2010. (7 marks)
(b) Enterprise H, a small-scale value added tax payer, had the following transactions in the month of May 2010. All figures are stated including VAT:
(1) Sold product for RMB 20,000.
(2) Purchased RMB 500,000 of production materials.
(3) Purchased a production machine for RMB 100,000 and sold a used machine for RMB 10,000. The used machine had been bought in May 2009 and used by the enterprise ever since then.
Required:
Calculate the value added tax (VAT) payable by Enterprise H on each of the above transactions, giving brief explanations of their treatment. (4 marks)
(c) Company X, a property developer, had the following transactions in 2010:
(1) Donated a new building to a high school. The cost of construction of the building was RMB 500,000 and the deemed profit rate is 10%.
(2) Contributed an office building as part of a capital contribution. The cost of the building was RMB 600,000 and the market value RMB 800,000.
(3) Sold an equity holding of unlisted stock for RMB 900,000. The equity holding had been obtained by the contribution of a factory building by Company X which had cost RMB 300,000.
(4) Obtained a six-month bank loan of RMB 2,000,000 from 1 July 2010 with the pledge of a shop owned by the company. During the loan period, the bank did not charge any interest, but instead the bank had the right to use the shop rent free. The market interest rate for a similar loan is 6% per year. At the end of the loan period, Company X sold the shop for a price which gave it RMB 1,000,000 more than the amount needed to repay the bank loan.
Required:
Calculate the business tax (BT) payable by Company X as a result of each of the above transactions (1) to (4), giving brief explanations of their treatment. (6 marks)
(d) State the THREE conditions that must be met for a transportation fee paid by the seller to be excluded from the sale consideration for the purposes of value added tax (VAT). (3 marks)
4.
(a) Company K carried out the following transactions:
(1) Imported a vehicle costing RMB 300,000 and paid transportation costs of USD 10,000 for the journey from the overseas supplier to the port in China.
(2) Shipped a machine with a value of RMB 500,000 overseas for repair and paid for materials of USD 10,000 and a repairing fee of USD 30,000. The machine was shipped back to China in the same month.
(3) Subcontracted some domestic raw materials valued at RMB 200,000 to an overseas company. The related fee and transportation costs were USD 100,000 and USD 20,000 respectively.
(4) Imported raw materials costing RMB 30,000,000 and paid transportation costs of USD 50,000 for the journey from the overseas supplier to the port in China. After the arrival of the materials, Company K discovered that 20% of the materials had a quality problem. The supplier agreed to ship a further 20% replacement materials at no cost to Company K in the same month. Both parties agreed that the quality problem goods should be kept in China.
Required:
Calculate the customs tariff, consumption tax (CT) and value added tax (VAT) payable by Company K as a result of each of the above transactions.
Note: for the purposes of your calculations you should assume that:
(1) The customs tariff for all kinds of imported goods is 20%.
(2) The rate of consumption tax (CT) is 10%.
(3) The USD:RMB exchange rate is 1:6·6
(b) Briefly explain the procedures, including any time limits, for the declaration and payment of the customs
5.
Briefly explain the consequences of the following actions, including any fines or other penalty that may be imposed:
(a) Failure to keep or maintain proper accounting records/vouchers. (2 marks)
(b) Failure to file a return within the prescribed time limit. (2 marks)
(c) Failure to file a return and hence not paying or paying less tax than is duly payable. (1 mark)
(d) Failure to pay tax by concealment of property. (3 marks)
(e) Refusal to pay tax by violence or menace. (2 marks)
请帮忙给出每个问题的正确答案和分析，谢谢！
【C1】
A．whereas
B．as
C．though
D．so
Introduction
The country of Mahem is in a long and deep economic recession with unemployment at its highest since the country became an independent nation. In an attempt to stimulate the economy the government has launched a Private/Public investment policy where the government invests in capital projects with the aim of stimulating the involvement of private sector firms. The building of a new community centre in the industrial city of Tillo is an example of such an initiative. Community centres are central to the culture of Mahem. They are designed as places where people can meet socially, local organisations can hold conferences and meetings and farmers can sell their produce to the local community. The centres are seen as contributing to a vibrant community life. The community centre in Tillo is in a sprawling old building rented (at $12,000 per month) from a local landowner. The current community centre is also relatively energy inefficient.
In 2010 a business case was put forward to build a new centre on local authority owned land on the outskirts of Tillo. The costs and benefits of the business case are shown in Figure 1. As required by the Private/Public investment policy the project showed payback during year four of the investment.
Figure 1: Costs and benefits of the business case for the community centre at Tillo
New buildings built under the Private/Public investment policy must attain energy level targets and this is the basis for the estimation, above, of the energy savings. It is expected that the new centre will attract more customers who will pay for the centre’s use as well as increasing the use of facilities such as the cafeteria, shop and business centre. These benefits are estimated, above, under increased income. Finally, it is felt that staff will be happier in the new building and their motivation and morale will increase. The centre currently employs 20 staff, 16 of whom have been with the centre for more than five years. All employees were transferred from the old to the new centre. These benefits are shown as better staff morale in Figure 1.
Construction of the centre 2010–2011
In October 2010 the centre was commissioned with a planned delivery date of June 2011 at a cost of $600,000 (as per Figure 1). Building the centre went relatively smoothly. Progress was monitored and issues resolved in monthly meetings between the company constructing the centre and representatives of the local authority. These meetings focused on the building of the centre, monitoring progress and resolving issues. Most of these issues were relatively minor because requirements were well specified in standard architectural drawings originally agreed between the project sponsor and the company constructing the centre. Unfortunately, the original project sponsor (an employee of the local authority) who had been heavily involved in the initial design, suffered ill health and died in April 2011. The new project sponsor (again an employee of the local authority) was less enthusiastic about the project and began to raise a number of objections. Her first concern was that the construction company had used sub-contracted labour and had sourced less than 80% of timber used in the building from sustainable resources. She pointed out the contractual terms of supply for the Private/Public policy investment initiatives mandated that sub-contracting was not allowed without the local authority’s permission and that at least 80% of the timber used must come from sustainable forests. The company said that this had not been brought to their attention at the start of the project. However, they would try to comply with these requirements for the rest of the contract. The new sponsor also refused to sign off acceptance of the centre because of the poor quality of the internal paintwork. The construction company explained that this was the intended finish quality of the centre and had been agreed with the previous sponsor. They produced a letter to verify this. However, the letter was not counter-signed by the sponsor and so its validity was questioned. In the end, the construction company agreed to improve the internal painting at their own cost. The new sponsor felt that she had delivered ‘value for money’ by challenging the construction company. Despite this problem with the internal painting, the centre was finished in May 2011 at a cost of $600,000. The centre also included disability access built at the initiative of the construction company. It had found it difficult to find local authority staff willing and able to discuss disability access and so it was therefore left alone to interpret relevant legal requirements. Fortunately, their interpretation was correct and the new centre was deemed, by an independent assessor, to meet accessibility requirements.
Unfortunately, the new centre was not as successful as had been predicted, with income in the first year well below expectations. The project sponsor began to be increasingly critical of the builders of the centre and questioned the whole value of the project. She was openly sceptical of the project to her fellow local authority employees. She suggested that the project to build a cost-effective centre had failed and called for an inquiry into the performance of the project manager of the construction company who was responsible for building the centre. ‘We need him to explain to us why the centre is not delivering the benefits we expected’, she explained.
Required:
(a) The local authority has commissioned the independent Project Audit Agency (PAA) to look into how the project had been commissioned and managed. The PAA believes that a formal ‘terms of reference’ or ‘project initiation document’ would have resolved or clarified some of the problems and issues encountered in the project. It also feels that there are important lessons to be learnt by both the local authority and the construction company.
Analyse how a formal ‘terms of reference’ (project initiation document) would have helped address problems encountered in the project to construct the community centre and lead to improved project management in future projects. (13 marks)
(b) The PAA also believes that the four sets of benefits identified in the original business case (rental savings, energy savings, increased income and better staff morale) should have been justified more explicitly.
Draft an analysis for the PAA that formally categorises and critically evaluates each of the four sets of proposed benefits defined in the original business case. (12 marks)
