ACCA12份考试真题P1Word格式文档下载.docx
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ACCA12份考试真题P1Word格式文档下载.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
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