ACCA12份考试真题P1.docx

ACCA12份考试真题P1.docx

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ACCA12份考试真题P1

考试真题（P1）

　　SectionA-ThisONEquestioniscompulsoryandMUSTbeattempted

　　1Inthe2009resultspresentationtoanalysts,thechiefexecutiveofZPT,aglobalinternetcommunicationscompany,announcedanexcellentsetofresultstothewaitingaudience.ChiefexecutiveCliveXuannouncedthat,comparedto2008,saleshadincreasedby50%,profitsby100%andtotalassetsby80%.Thedividendwastobedoubledfromthepreviousyear.Healsoannouncedthatbasedontheiroutstandingperformance,theexecutivedirectorswouldbepaidlargebonusesinlinewiththeircontracts.Hisownbonusaschiefexecutivewouldbe$20million.Whenoneoftheanalystsaskedifthebonuswasexcessive,MrXuremindedtheaudiencethatthesharepricehadrisen45%overthecourseoftheyearbecauseofhiseffortsinskilfullyguidingthecompany.Hesaidthatheexpectedthesharepricetorisefurtherontheresultsannouncement,whichitdulydid.Becausetheresultsexceededmarketexpectation,thesharepriceroseanother25%to$52.

　　Threemonthslater,CliveXucalledapressconferencetoannouncearestatementofthe2009results.Thiswasnecessary,hesaid,becauseofsome'regrettableaccountingerrors'.ThisfollowedameetingbetweenZPTandthelegalauthoritieswhowereinvestigatingapossiblefraudatZPT.Hedisclosedthatinfactthefiguresfor2009wereincreasesof10%forsales,20%forprofitsand15%fortotalassetswhichwereallsignificantlybelowmarketexpectations.Theproposeddividendwouldnowonlybeamodest10%morethanlastyear.Hesaidthatheexpectedamarketreactiontotherestatementbuthopedthatitwouldonlybeashort-termeffect.

　　Thefirstquestionerfromtheaudienceaskedwhytheauditorshadnotspottedandcorrectedthefundamentalaccountingerrorsandthesecondquestioneraskedwhethersuchadisparitybetweeninitialandrestatedresultswasduetofraudratherthan'accountingerrors'.WhenajournalistaskedCliveXuifheintendedtopaybackthe$20millionbonusthathadbeenbasedonthepreviousresults,MrXusaidhedidnot.Thesharepricefelldramaticallyupontherestatementannouncementand,becauseZPTwassuchalargecompany,itmadeheadlinesinthebusinesspagesinmanycountries.

　　Laterthatmonth,thecompanyannouncedthatfollowinganinternalinvestigation,therewouldbefurtherrestatements,alldramaticallydownwards,fortheyears2006and2007.ThiscausedanothermasssellingofZPTsharesresultinginafinalsharevaluethefollowingdayof$1.Thisrepresentedalossofshareholdervalueof$12billionfromthepeakshareprice.CliveXuresignedandthegovernmentregulatorforbusinessorderedaninvestigationintowhathadhappenedatZPT.Thesharesweresuspendedbythestockexchange.Amonthlater,havingfailedtogainprotectionfromitscreditorsinthecourts,ZPTwasdeclaredbankrupt.Nothingwaspaidouttoshareholderswhilstsuppliersreceivedafractionoftheamountsduetothem.Somenon-currentassetswereacquiredbycompetitorsbutallofZPT‘s54,000employeeslosttheirjobs,mostlywithlittleornoterminationpayment.BecausetheZPTemployees’pensionfundwasnotprotectedfromcreditors,thevalueofthatwasalsoseverelyreducedtopaydebtswhichmeantthatemployeeswithmanyyearsofservicewouldhaveagreatlyreducedpensiontorelyoninoldage.cedtopaydebtswhichmeantthatemployeeswithmanyyearsofservicewouldhaveagreatlyreducedpensiontorelyoninoldage.cedtopaydebtswhichmeantthatemployeeswithmanyyearsofservicewouldhaveagreatlyreducedpensiontorelyoninoldage.cedtopaydebtswhichmeantthatemployeeswithmanyyearsofservicewouldhaveagreatlyreducedpensiontorelyoninoldage.

　　ThegovernmentinvestigationfoundthatZPThadbeenmaintainingfalseaccountingrecordsforseveralyears.Thiswasdonebydevelopinganoverly-complicatedcompanystructurethatcontainedanetworkofinternationalbranchesandabusinessmodelthatwasdifficulttounderstand.WhereasZPThadbegunasasimpletelecommunicationscompany,CliveXuhadincreasedthecomplexityofthecompanysothathecould'hide'lossesandmis-reportprofits.Inthecompany‘sreporting,healsosubstantiallyoverestimatedthevalueoffuturecustomersupplycontracts.Theinvestigationalsofoundanumberofsignificantinternalcontroldeficienciesincludingnoeffectivemanagementoversightoftheexternalreportingprocessandadisregardoftherelevantaccountingstandards.

　　InadditiontoMrXu,severalotherdirectorswerecomplicitintheactivitiesalthoughShaziaLo,aseniorqualifiedaccountantworkingforthefinancialdirector,hadbeenunhappyaboutthesituationforsometime.Shehadapproachedthefinancedirectorwithherconcernsbuthavingfailedtogettheanswersshefeltsheneeded,hadthreatenedtotellthepressthatfuturecustomersup