ACCA_F8_Revision_Mock_June_2010_-_QUESTIONS[1]

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1、ACCAPaperF8(INT&UK)AuditandAssuranceRevisionMockExaminationJune2010QuestionPaperALLquestionsarecompulsoryandMUSTbeattemptedTimeAllowed15minutesReadingandplanning3hoursWritingDONOTOPENTHISPAPERUNTILYOUAREREADYTOSTARTUNDEREXAMINATIONCONDITIONS©TheAccountancyCollegeLtd,

2、May2010Allrightsreserved.Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmitted,inanyformorbyanymeans,electronic,mechanical,photocopying,recordingorotherwise,withoutthepriorwrittenpermissionofTheAccountancyCollegeLtd.Thisisablankpage.Thequestio

3、npaperstartsonpage4.ALLFIVEquestionsarecompulsoryandMUSTbeattempted1YouhavebeenassignedtotheauditofGlencoLtdfortheyearending31March2010.Theprincipalactivitiesofthecompanyincludetheassembly,sale,servicingandhiringoutofexcavatorsusedinthebuildingandconstructionindustry

4、.ComponentsandAssemblyTheexcavatorsareassembledfromcomponentsbroughtinfromsuppliers,mostofwhicharelocatedoverseas.Finished ExcavatorsCostrecordsaremaintainedforeachmodelofcompletedexcavator,detailingcostsofcomponentsanddirectlabour.Forinventoryvaluationpurposes,aperc

5、entageisallocatedtocoveroverheads.Workinprogressatanytimeisnotmaterial.ThemanagingdirectorwhostartedthebusinessfiveyearsagoisverykeentoinnovateandisconstantlystrivingtoenhancetheexistingrangeofexcavatorsanddevelopnewmodelsRetailand HiringOperationsInadditiontoitsasse

6、mblyplant,Glencohassixtradingoutletseachofwhichhasaretailing,servicingandhiringoutsection.Theexcavatorsusedinthehiresectionaretreatedasnoncurrentassetswhileavailableforhire.Theygenerallyhaveausefullifeoftwoyearsforhiringoutpurposes,afterwhichtheyaretransferredtoinve

7、ntoryintheretailsectionwheretheyaresoldatheavilydiscountedprices.InventoryCountingInventorycomprisesComponentsusedintheassemblyofexcavatorsandassparepartsfortheservicingandrepairingofcustomerexcavatorsFinishedgoodsconsistingofarangeofmodelsofexcavatorsExcavatorstrans

8、ferredtoretailinventoryfromthehiresection.Historicallythecompanyhasascertainedtheinventoryfigurefortheyearendaccountsbyundertaking