题目
A.Debit to the investment account for$10,000
B.Debit to the investment account for$4,000
C.Credit to the investment account for$4,000
D.Debit to a loss account for $4,000
第1题
A.$0
B.$30,000
C.$70,000
D.$160,000
E.$200,000
第2题
year end. Damian personally owns 10% of the ordinary issued share capital of Linden Limited, for which he paid
£10,000 in June 1998. He estimates that the current market value of Linden Limited is £9 million and that the
company will make taxable profits of £1·4 million in the forthcoming year to 31 July 2007.
(a) Damian believes that Linden Limited should conduct its activities in a socially responsible manner and to this
end has proposed that in future all cars purchased by the company should be low emission vehicles. The sales
director has stated that several of his staff, who are the main recipients of company cars, other than the directors,
are extremely unhappy with this proposal, perceiving it as downgrading their value and status.
The cars currently provided to the sales staff have a list price of £19,600, on which Linden Limited receives a
bulk purchase discount of 6% from the dealer, and a CO2 emission rate of 168 grams/kilometre. The company
pays for up to £400 of accessories, of the salesmen’s own choice to be fitted to the cars and all of the running
costs, including private petrol. The cars are replaced every three years and the ‘old’ cars are sold at auction,
because they are high mileage vehicles.
The low emission cars it is proposed to purchase will have the same list price as the current cars, but the dealer
is only prepared to offer a bulk discount of 5% on these vehicles. Damian does not propose to make any other
changes to Linden Limited’s company car policy or practice.
Required:
(i) Explain the tax consequences of the proposed move to low emission vehicles for both the individual
salesmen and Linden Limited, illustrating your answer by means of relevant calculations of the tax and
national insurance (NIC) savings arising. (9 marks)
第3题
(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 a
substantial number of warrants issued by Playtime which are currently exercisable. If these warrants are
exercised, 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 ended
31 May 2007.
第4题
A but ;
B but also ;
C as well as
第5题
A.Only the vacation home in Hawaii
B.Only the factory in Detroit
C.Both the vacation home in Hawaii and the factory in Detroit
D.Neither the vacation home in Hawaii nor the factory in Detroit
第6题
A.an affiliat
E.
B.a noncontrolling interest.
C.an equity investe
E.
D.a related party.
第7题
A.A representative office
B.An agency office
C.A branch office
D.A subsidiary
E.An export trading company
第8题
A、show the exchange of money between a company and the outside world also over a period
B、show what a company owns and what it owes at a fixed point in time.
C、show how much money a company made and spent over a period of time.
D、show the means of conveying to the management and to the interested outsiders a concise profitabilty and financial position of a business.
第9题
Nikau Ltd to develop a new product range, under the name ‘Project Sabal’. Nikau Ltd owns shares in a non-UK
resident company, Date Inc.
The following information has been extracted from client files and from a meeting with the Finance Director of Palm
plc.
Palm plc:
– Has more than 40 wholly owned subsidiaries such that all group companies pay corporation tax at 30%.
– All group companies prepare accounts to 31 March.
– Acquired Nikau Ltd on 1 November 2007 from Facet Ltd, an unrelated company.
Nikau Ltd:
– UK resident company that manufactures domestic electronic appliances for sale in the European Union (EU).
– Large enterprise for the purposes of the enhanced relief available for research and development expenditure.
– Trading losses brought forward as at 1 April 2007 of £195,700.
– Budgeted taxable trading profit of £360,000 for the year ending 31 March 2008 before taking account of ‘Project
Sabal’.
– Dividend income of £38,200 will be received in the year ending 31 March 2008 in respect of the shares in Date
Inc.
‘Project Sabal’:
– Development of a range of electronic appliances, for sale in North America.
– Project Sabal will represent a significant advance in the technology of domestic appliances.
– Nikau Ltd will spend £70,000 on staffing costs and consumables researching and developing the necessary
technology between now and 31 March 2008. Further costs will be incurred in the following year.
– Sales to North America will commence in 2009 and are expected to generate significant profits from that year.
Shares in Date Inc:
– Nikau Ltd owns 35% of the ordinary share capital of Date Inc.
– The shares were purchased from Facet Ltd on 1 June 2003 for their market value of £338,000.
– The sale was a no gain, no loss transfer for the purposes of corporation tax.
– Facet Ltd purchased the shares in Date Inc on 1 March 1994 for £137,000.
Date Inc:
– A controlled foreign company resident in the country of Palladia.
– Annual chargeable profits arising out of property investment activities are approximately £120,000, of which
approximately £115,000 is distributed to its shareholders each year.
The tax system in Palladia:
– No taxes on income or capital profits.
– 4% withholding tax on dividends paid to shareholders resident outside Palladia.
Required:
(a) Prepare detailed explanatory notes, including relevant supporting calculations, on the effect of the following
issues on the amount of corporation tax payable by Nikau Ltd for the year ending 31 March 2008.
(i) The costs of developing ‘Project Sabal’ and the significant commercial changes to the company’s
activities arising out of its implementation. (8 marks)
第10题
(3)
A.A business has an obligation to report the use of the assets to the creditors and owners.
B.A business has an obligation to report the accounts of the company to directors.
C.The creditors and owners have an obligation to report the use of the assets to the business.
D.The assets are not owned by the business, but by the creditors and owners.
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